NEW YORK (TheStreet) -- Will there or won't there be a rise in interest rates? CNBC's "Fast Money Halftime" panel watched Federal Reserve Chair Janet Yellen's testimony to the Senate Banking Committee and isn't sure.
Jim Lebenthal, president of Lebenthal Asset Management, said that unless Yellen says otherwise when she testifies before the House Financial Services Committee Wednesday, it appears a June rate hike is off the table.
The chairwoman said nothing that would affect stocks, which is why they've been rising modestly today, Lebenthal pointed out. He thinks the Fed is waiting and watching how economies in other regions of the world are doing, mainly Europe.
Joseph Terranova, chief market strategist for Virtus Investment Partners, said stocks seem poised to continue moving higher, which he also asserted Monday. He sees global stock markets driven, in part, by increased liquidity from central banks. The current resolution over Greece's debt helped although there is also uncertainty about oil prices and whether they have indeed stabilized near current levels.
Josh Brown, CEO and co-founder of Ritholtz Wealth Management, pointed out Russian and Greek stocks are leading the way higher Tuesday. Global economies are beginning to show some life. It's no longer a "crisis" environment, he said, using Home Depot's (HD) - Get Home Depot, Inc. (HD) Report earnings results to show the strength of the U.S. consumer, economy and recovery.
The fact that a rate hike now seems to be delayed does throw some cold water on the long-financials trade, according to Pete Najarian, co-founder of optionmonster.com and trademonster.com. The financial sector stands to benefit from an increase in interest rates, so a delay isn't doing it any favors.
However, the sector is still positive on the day, indicating many investors may think the sector is going higher in the long term, Najarian added.
On Hewlett-Packard, Brown said he would avoid the stock ahead of earnings. He's not a seller of the stock but argued HP shares have rallied some 200% in the past two years and 45% in 2014. The turnaround seems priced into the stock.
Najarian disagreed, explaining that earnings have been the catalyst to push the stock even higher. The company continues to push into the cloud business, which seems poised to nearly double in the next three years.
"I don't think they'll crush results," Lebenthal added on HP, but the stock "still trades very cheaply."
While Apple continues its climb, now there seems to be some risk in the name, according to Andy Hargreaves, senior analyst at Pacific Crest. He has a sector perform rating on the stock but sees tough iPhone comparable sales at the end this fiscal year acting as a potential headwind.
The larger screen from the most recent iPhone 6 and 6 Plus seems like a "one-time" boost to the company's market share. The high-end smartphone market has relatively stagnant growth, so it will be tough to continue generating such lofty iPhone sales numbers. Hargreaves argued that even a successful smart watch likely wouldn't be enough to offset a decline in iPhone sales.
For their final trades, Lebenthal is buying General Motors (GM) - Get General Motors Company (GM) Report and Brown is a buyer of First Solar (FSLR) - Get First Solar, Inc. Report . Najarian is buying Hewlett-Packard and Terranova said to buy Northern Trust (NTRS) - Get Northern Trust Corporation Report .
-- Written by Bret Kenwell