Speaker · Updated
Shannon Saccocia: latest market views
Neuberger Berman
Summary
Shannon Saccocia, CFA, is Managing Director and Chief Investment Officer - Wealth at Neuberger Berman (NB Private Wealth), a longtime CNBC contributor who was previously CIO of SVB Private and Boston Private Wealth.
Chorus has 9 views from Shannon Saccocia across 2 episodes on CNBC Halftime Report since October 8, 2026. Their latest calls: bearish on Starbucks.
Where they stand
Their latest bullish or bearish call on each company.
- StarbucksBearish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
Index highs mask weak breadth: 39% of S&P 500 stocks sit 20%+ below highs, and the Russell 2000 is worse.
Shannon cites S&P 500 all-time highs while 39% of its constituents are 20% or more below their all-time highs, and 56% of the Russell 2000 is similarly far off its highs. She links this to open questions about the next phase of AI adoption colliding with rate sensitivity, and to money rotating out of the broadening trade because of interest-rate and energy-price sensitivity.
“Right now, you see all time highs being hit in the S and P 500, for instance. And yet when you look below the surface, Scott, 39% of the S and P 500 is below... It's 20% below its all time high mark.”at 3:10
CNBC Halftime Report: Halftime Report Live at the CAIS Summit 10/13/26 ·
AI infrastructure & data centers
AI infrastructure demand remains intact in power and chips; no decline yet in evidence of demand.
Over the past year, each time investors took money off the table on AI concerns it proved the wrong call, because a new leader emerged and new demand evidence arrived within a month or two. Shannon says there has been no decline in the evidence of demand, and there is still meaningful demand in the power trade and for chips. Her argument is that new demand news keeps raising demand expectations.
“We haven't seen, Scott, any decline in that evidence of demand. Like, there is still meaningful demand out there, whether it's in the power trade or whether it's for chips.”at 14:23
CNBC Halftime Report: Halftime Report Live at the CAIS Summit 10/13/26 ·
Lending quality improved after the February reset, so private credit is probably a good time to invest.
Before the February software selloff, private credit spreads were very tight, covenants were light, and a lot of debt went to companies without the growth profile to justify the risk. Since that reset, Shannon argues the quality of the underlying lending universe has shifted for the better, so this is probably a good time for private credit. She adds that since everything is now AI-adjacent, investors need to think about diversifying, for example into high yield.
“But one could argue that since the reset in February, you're actually seeing sort of a new paradigm or shift in terms of the quality of that underlying lending universe. And the likelihood is that this is a... This is probably a good time for private credit.”at 19:55
CNBC Halftime Report: Halftime Report Live at the CAIS Summit 10/13/26 ·
Large banks' net interest income read-through is good for regionals, which depend less on trading revenue.
Saccocia cites combined net interest income of about $56.5 billion at JPMorgan, Citi and Wells Fargo. She says rising rates make this matter, but the more important point is the read-through to regional banks. Regionals are less dependent on trading revenue than the big banks, so the strong net interest income results are a positive signal for them.
“That's a good read through for regionals because they're not as beholden to the trading revenue as the big banks are.”at 46:45
CNBC Halftime Report: Halftime Report Live at the CAIS Summit 10/13/26 ·
Money should rotate to companies with strong balance sheets and free cash flow, including hyperscalers.
Shannon expects a continued rotation back to names with strong balance sheets and strong free cash flow, and says it does not matter whether they have taken on a lot of debt. She argues hyperscalers can still drive earnings. Selectivity matters, so investors need to be in the right sub-industries, such as which financials to hold, rather than just the right sectors.
“We think that there's gonna continue to be a rotation back to the names that have strong balance sheets, strong free cash flow. Doesn't matter if they've taken on a lot of debt.”at 9:30
CNBC Halftime Report: The Rally and Rising Rate Risk 10/8/26 ·
Bond yields at current levels look attractive; investors should add bonds despite the Fed hiking.
After three years of strong equity returns, Shannon says bond yields at these levels are attractive, so investors worried about what is happening under the surface can pick up yield and allocate more to bonds. She argues the average hiking cycle is about 300 basis points, not 50 to 75, and she does not think a protracted hiking cycle will happen. If that is right, yields are probably attractive here.
“bond yields at these levels are actually kind of attractive. And so there's really no reason if you're actually feeling concerned about what's happening underneath the surface that you can't potentially pick up some yields here and allocate a little bit more to bonds”at 9:30
CNBC Halftime Report: The Rally and Rising Rate Risk 10/8/26 ·
Real estate is being repriced for rates, and much of it still looks cheap.
Shannon says the perception that real estate is trading off interest rates misses that a significant shift is already happening in how real estate is priced. Even if rates are 100 basis points higher than today, she thinks much of real estate still looks pretty cheap. This is a valuation argument that real estate is underpriced relative to its rate exposure.
“There's actually, like, a significant amount of shift in terms of how real estate is being priced in the market, and a lot of it still looks pretty cheap.”at 11:22
CNBC Halftime Report: The Rally and Rising Rate Risk 10/8/26 ·
Her firm cut its overweight to small and mid caps, which look less attractive than large caps.
Shannon says her firm was very overweight small and mid caps six months ago, then cut the position last quarter and recently announced a further cut to its long-term overweight. Perceived rate sensitivity and slimmer margins in the universe drive this, along with housing-linked earnings that she expects to keep suffering. She thinks earnings in large caps are more attractive even with strong economic growth and no concern about the long end.
“We announced this week that we actually have cut our long term overweight to small and mid cap to... At Target. So we had been very overweight six months ago. We cut it last quarter.”at 17:20
CNBC Halftime Report: The Rally and Rising Rate Risk 10/8/26 ·
StarbucksBearish
Starbucks is an aging brand with a long turnaround ahead, so a Chipotle combination is premature.
Shannon contrasts Starbucks with Chipotle. Brian Niccol turned Chipotle around from safety problems and got growth back on pace. Starbucks is an aging global brand that needs a refresh, its traffic is down 15% from 2019, and its afternoon daypart needs optimizing. She says Starbucks needs a longer runway before it could digest another company that has hit speed bumps.
“Starbucks is an aging global demographic challenge... they continue to have traffic that's down 15% from 2019, and they have an afternoon daypart that needs to be optimized.”at 19:55
CNBC Halftime Report: The Rally and Rising Rate Risk 10/8/26 ·
Shows
- CNBC Halftime Report · 2 episodes
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