Halftime Report The S&P Crosses Another Milestone 1/28/26
Jan 28, 2026
Mike Santoli, CNBC markets commentator who breaks down midday flows. Bryn Talkington, investment committee strategist focused on sector rotations. Jenny Harrington, portfolio manager weighing earnings and dividends. Joe Terranova, veteran trader on positioning and risk. They debate the S&P 7,000 milestone, narrow mega-cap leadership versus breadth, AI and CapEx scrutiny, and why energy is leading in 2026.
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Narrow Rally Behind S&P Milestone
- The S&P's new highs are driven by a very narrow group of mega caps rather than broad market strength.
- Joe Terranova warns investors to pause and not add risk until mega-cap earnings provide clarity.
Pause Before Adding Tech Risk
- Take a pause before adding risk ahead of hyperscaler earnings and Fed guidance.
- Allow Meta and Microsoft to report so you can assess ROI signals before increasing exposure.
ROI Is The Mega-Cap Question
- Microsoft and Meta face investor scrutiny on CapEx and return on investment ahead of earnings.
- Bryn Talkington says Microsoft is easier to validate via Azure growth while Meta's heavy CapEx is harder to justify.