Good Monday morning. Welcome to Swalk on the Street. I'm Carl Kintanier with David Faber, Leslie Picker, live at Post 9 of the New York Stock Exchange. Sarah Eisen's off today.

Tech stocks rebounding to start the week. We're going to tell you about three chip stories that are driving the action this morning.

Trump accounts now officially live. The CEO of BNY Mellon, chosen as the financial agent for the accounts, will join us from the White House.

And the red card reversal heard round the world will explain how FIFA's decision to rescind

the suspension of a top U.S. striker is shaking up some betting markets today.

Let's get straight to the market action, though, as tech comes out hot to start the week,

joining us this morning is Steve Sosnik, chief strategist at Interactive Brokers, who joins us here at Post 9, Steve.

Great to see you. Welcome.

Good morning, Carl. Great to see you. Have you had time to sort of process this mid-year rotation, whether we're exiting tech, broadening, or reverting back to tech?

I think you're seeing two different factors occurring at once. I think what's going on is you still have the momentum trade going on in force and people

buying every dip.

The problem with momentum, of course, is if you're buying strictly by following trends, you're

looking at price action and you're saying fundamentals really could take a backseat or not

even matter.

Momentum strategies

are easy to implement. You could basically have an AI agent do it through your interactive

broker's account if you wanted to. But basically, so a lot of that is just pure trend

following, pure blind, you know, blind at buying. On the other end, you are starting to see

more investment-oriented accounts beginning to rotate into other sectors that had been lagging. The problem is there's not a ton of values out there right now. So I think it's just more of a search of spinning wheels to a certain extent, but I think it's better to spin your wheels into something cheap sometimes than just chase the expensive ones. Do you see those opportunities broadening, though, if the Fed doesn't need to follow through on some of their tough talk? Agreed. Yes. If the Fed is not going to follow through and raise rates, I don't think it's necessarily, you know, 20-by-basis points here and there is not an end-all-be-all. And I do think some of the stuff that Warsh wants to do behind the scenes in terms of, you know,

pseudo quantitative tightening, things of that nature, affect the liquidity that goes into the

markets.

But I think in general, you know, that's these, this is where you want to be strategic.

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