Gil Luria of D.A. Davidson explains whether Intel&#x27;s sharp rally on Apple-related headlines is justified and what it would take for the company to turn renewed optimism into lasting results. Katie Stockton of Fairlead Strategies highlights other areas breaking out beneath the surface and identifies where momentum is building across the market. Bob Michele of JPMorgan Asset Management breaks down the fixed income landscape and explains what bond markets are signaling about growth, inflation and rates. The show also examines a growing corporate trend as companies shift from holding large cash balances to raising debt.<br><br>Mark Mahaney of Evercore tackles a surprising development in tech: every member of the Magnificent Seven has underperformed the S&amp;P 500 over the past month.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Closing Bell Overtime: Markets Search for New Leaders as Big Tech Stalls and Intel Surges 6/18/26

Closing Bell

# Full Transcript

**Podcast:** Closing Bell

## Participants

- **Melissa Lee** (CNBC)
- **Mike Santoli** (CNBC)
- **Christina Partsinevelos** (CNBC)
- **Gil Luria** (D.A. Davidson)
- **Katie Stockton** (Fairlead Strategies)
- **Bob Michael** (JPMorgan Asset Management)

## Transcript

The Bell's bringing an end to the trading day at the NYSE First Carolina Financial Services, ringing the closing bell. And at the NASDAQ, Live Oak Acquisition Corporation doing the honors. Welcome to Closing Bell Overtime. We are live from Studio B at the NASDAQ Market Site. I'm Melissa Lee, along with Mike Santoli. Stocks higher today following yesterday is late-day post-Fed sell-off. The Dow up about a quarter of a percent, the S&P a percent, and the NASDAQ, the big mover today, up about 2 percent.

The chips and, in particular, memory stocks leading the gains today with both semi-ETFs, the major ones, seeing gains of more than 6 percent. Much more on that ahead. Yields easing back a bit after a big spike yesterday following that Fed meeting. A big intraday reversal, meantime, for crude after dropping more than 3 percent. Oil turning positive in just the last hour, this despite the administration saying 12 million barrels have exited the Strait of Hormuz. Kuwait also said that they could return to full production within about a week or so.

But there are some doubts here, even as the old heroes of the market, they press into the close higher. Yeah, there's not a lot of room for relief on the Iran front at this point, based on how the market has behaved recently. You have the volatility index down, oil so far off the highs, etc. So it really is about, you know, whether we're just going to grab for the same winners again. That's kind of what's going on with the semiconductors, for sure.

Really kind of interesting divergences happening in the last five weeks from when the S&P first got to this level. You know, the MAG-7 is appreciably down. Bank stocks were down a little bit today but are up a lot in that period. So the market is attempting to maneuver away from its reliance on tech but with mixed success because today that was the main story. But even within the sectors, there's differentiation. I mean, within the banks, the large banks, Bank of America, Morgan Stanley, J.P. Morgan, they all hit highs today, even though they backed off of those highs today. Exactly.

So, you know, it's interesting to see the market trying to find its places here. But we mentioned, you know, the press into the close. Semiconductors, they finished pretty much at the highs of the session. This isn't just like let's bid them higher. Let's press into the close and bid them higher ahead of a holiday weekend. Without a doubt. I mean, it's really about sort of this risk-seeking behavior. And, again, momentum is so fulfilling until it stops. That's what we're seeing mainly right there.

And, you know, more broadly, I do think that there's a bit of comfort that we're in a strong patch for ...

Closing Bell Overtime: Markets Search for New Leaders as Big Tech Stalls and Intel Surges 6/18/26

Transcript

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Closing Bell Overtime: Markets Search for New Leaders as Big Tech Stalls and Intel Surges 6/18/26

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.