Closing Bell Closing Bell 11/12/25
Nov 12, 2025
Brian Belsky, CEO of Humulus Investment Strategies, shares insights on sector rotation, highlighting health care's strength amid a broadening rally. Lo Toney of Plexo Capital discusses AI infrastructure and the implications of hyperscaler spending, raising questions about potential M&A. Mike Santoli, CNBC commentator, provides a thematic analysis of the market's reaction to the Dow reaching 48,000. Christina Partsinevelos covers stocks moving into the close, including notable M&A and AI developments, setting the stage for future trends.
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Market Broadening Beyond Mega-Cap Tech
- The market is broadening beyond mega-cap tech into health care and financials, signaling healthier participation across sectors.
- Brian Belsky views this as a positive shift toward fundamentals and expects continued broadening into 2026.
Secular Bull Yet Cyclical Pullbacks Expected
- Belsky calls the current cycle part of a secular bull market that began in 2009 but expects eventual cyclical pullbacks.
- He forecasts low double-digit returns for 2026 and says another cyclical bear will come but likely later than expected.
Rotate Into Lagging Sectors If Rates Fall
- Consider reallocating into consumer staples, REITs, and small/mid caps if rates ease and fundamentals improve.
- Belsky highlights small/mid caps for earnings, cash flow, and dividend support as a contrarian play.
