Brian Belski joins Dan Nathan to break down why he still sees the S&P 500 moving higher — but warns a correction may come first.

Belski explains why this is now an earnings-driven market, why the Mag 7 may begin to hand leadership to the other 493 stocks, and what could trigger the next pullback. He also shares his views on AI stocks, SpaceX/OpenAI IPOs, financials, industrials, housing, rates, and why he believes the market could still end the year with “an 8 handle.”

Topics include:
• Why Brian Belski expects a correction before another rally
• The case for S&P 8,000 (and why it won’t be a straight line)
• AI enthusiasm, IPO mania & whether we’re in a bubble
• Why he’s bullish on financials, industrials & select cyclicals
• Treasury yields, housing, Walmart, Deere & the consumer outlook
• What could actually trigger the next bear market

Timecodes

00:00 Intro + Brian Belski Returns
02:00 Inside Belski’s New ETF (HIS) & Stock-Picking Strategy
05:45 How Belski Nailed the S&P 7,000 Call
08:30 Why 2026 Is an “Earnings-Driven” Market
09:45 Why Belski Expects a Market Correction
10:45 Mag 7 vs. The Other 493 Stocks
14:00 Walmart Warning, Consumer Trends & Retail Risks
17:15 Deere, Industrials & Why AI Could Benefit Old Economy Stocks
20:00 Why Belski Still Likes Financials Despite Weak Performance
21:45 Airlines, FedEx & The Transport Trade
24:00 Housing, Homebuilders & What Happens If Rates Fall
26:45 Will Treasury Yields Finally Move Lower?
31:00 SpaceX, OpenAI & Anthropic IPO Risks
33:00 Could AI IPOs Trigger a Market Shake-Up?
39:00 The AI Trade: Bubble, Boom or Just Getting Started?
44:00 What Wall Street Is Missing in Software & AI
45:45 Timing the Next Market Correction
48:00 What Could Actually Cause a Bear Market?
49:45 Belski’s S&P Outlook: Why He Sees an “8 Handle”

This episode is sponsored by Fidelity Investments and the all-new Fidelity Trader+ platform.

Try Fidelity’s most powerful trading experience yet: ⁠www.Fidelity.com/TraderPlus⁠

Fidelity Investments and Risk Reversal are not affiliated. Views, opinions, products, services, and strategies discussed are not endorsed or promoted by Fidelity Investments. Fidelity Brokerage Services LLC, Member NYSE, SIPC.

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