that. curious what kind of read on industrial demand after j bill lowered its guide a couple weeks ago. >> we'll have to look. multinational, industrial, corporation, adhesives. certainly a sticky part of the market. >> thank you. >> that's going to do it for us here at "overtime." >> "fast money" starts now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money." here's what's on tap tonight. the dow and s&p closing in on all-time highs. inflation seemingly back under control. yet the talk on wall street and main street about a coming recession and rate cuts. why the data disconnect. we'll debate that. plus, hospitality hot streak from hotels to cruise lines to airlines and more. these stocks are rocking like the consumer is going to keep on knocking. is there still time to check in on this trade? and later, flying high. b boeing at its best level in more than two years. how long will the good times last? i'm melissa lee. on the desk tonight, tim

seymour, karen finerman, guy adami, and guest trader rebecca patterson. and we're waiting for president biden to begin a news conference with ukrainian president zelenskyy. we'll go do that -- actually, we're going to stay right here, because we are expecting this to happen any moment now. we're just discussing before, the reaction when we started this war, when -- not we started, we started funding the war, the war started happening, oil went higher. if we knew the war was going to end tomorrow, what do you think the reaction would be, rebecca? >> i mean, a lot of it will depend on how the war ends tomorrow. let's just say funding winds down, there's some agreement between the two sides, i think knee-jerk, at least, you're going to see materials higher. literally picks and shovels, because there's a huge amount of reconstruction to happen. there's a big question in my mind who pays for that. >> karen? >> along the same lines, the knee-jerk reaction when we got into the war was oil -- >> hang onto that thought. we are watching president biden

and president zelenskyy walk in. let's listen in. >> president zelenskyy, it's an honor to welcome you back to the white house. when president putin launched his brutal total invasion of ukraine in february of 2022, and russian tanks rolled over the border toward kyiv, there were those who thought ukraine wouldn't survive for a month. so, no one should forget that for you to be here today, again today, nearly two years later, and for ukraine to be staying strong and free, is an enormous victory already. putin has failed. failed in his effort to sub you gait ukraine. the people have defied putin's will, backed by the strong and unwavering support of the united states and our al i allies, an partners in more than 50 nations in europe and the indo-pacific.

ukraine will emerge from this war proud, free, and firmly rooted in the west, unless we walk away. the american people can be and should be incredibly proud of the part they've played in support, ukraine's success. we'll continue to supply ukraine with critical weapons and equipment, as long as we can, including $200 million i just approved today in a critical needed equipment, additional air defense interceptors, artillery, and ammunition. but without supplemental funding, we're rapidly coming to an end to help ukraine respond at the urgent operational demands it has. putin is banking on the united states failing to deliver for ukraine. we must -- we must -- we must prove him wrong. united states and congress must, as i asked last week, it's stunning that we've gotten to this point.

you know, we need to fully appreciate -- fully appreciate how this is being viewed around the world. and being used by russia. russian loyalists in moscow celebrated when republicans voted to block ukraine aid last week. the host of a kremlin-run show literally said, and i quote, well done, republicans. that's good for us. and of quote. let me say that again. this host of a kremlin-run show said, well done, republicans. that's good for us. that's a russian speaking. if you are being celebrated by russian propagandists, it might be time to rethink what you're doing. history -- history will judge harshly those who turn their back on freedom's cause. today, ukraine's freedom is on the line. but if we don't stop putin, it will endanger the freedom of everyone almost everywhere.

putin will keep going, and would be aggressors everywhere would be emboldened to try to take what they can be force. mr. president, i will not walk away from ukraine, and neither will the american people. a clear bipartisan majority of people across the united states and in congress support your country. they understand, as i do, that ukrainian success and its ability to deter aggression in the future are vital to security for the world at large. and i have repeatedly made clear from our first day in office, we also need ukraine to make changes to fix the broken immigration system -- we also need congress to make changes to fix the broken immigration system here at home. my team is working with senate democrats and republicans to try to find a bipartisan compromise, both in terms of changes in policy and provide the resources we need to secure the border. compromise is how democracy

works. and i'm ready and offer compromise already. holding ukraine funding hostage is not how it works. we need real solutions. i also ask congress for funding for israel, to take on hamas, and confront multiple other threats backed by iran in the wake of the october 7th assault. national security adviser sullivan will travel to the region this week and meet with the israeli war cabinet, as i have met with, to emphasize our commitment to israel, as well as the need to protect civilian life and ensure more humanitarian assistance flows and reaches into gaza for palestinian civilians. secretary austin will also travel to the region this week. to step up the international efforts to protect the free flow of commerce through the red sea.

the entire world is watching what we do. so, let's show them who we are. america stands for freedom today, tomorrow, and always. america stands against tyranny and against oppression. america stands with the people of ukraine. thank you again for being here today, mr. president, and thank you for everything ukraine is doing to hold the line for liberty in the world. the floor is yours, mr. president. >> thank you so much. thank you very much, mr. president. dear journalists. i'm glad to be here personally thank you and tell you how ukraine, what we've achieved together, defending life and freedom. in ukraine, we are fighting for our country and freedom and also in europe, we see for our freedom and yours.

this moment is not only in our country, not only in our hearts, not only in ukraine, but in poland, baltic states, and others. when freedom is strong, one country is strong, everywhere. it presents its merits to others. ukrainians have twice lasted revolutions this century, defending freedom. for two years, we have been in a full-scale war. the biggest -- the biggest since world war ii. fighting for freedom. we stand for, no matter what putin tries, he hasn't won any victories. thanks to ukraine's success in defense, other european nations are safe from the russian aggression, unlike in the past. ukraine can now tackle the russian dictatorship, so our children and other nations,

won't have to shed their blood and sacrifice lives defending against russian aggression. we've already made significant progress. we've shown that our courage and partnership are stronger than any russian hostility. and we've freed 50% of the territories russia occupied after february, and we won the black sea and are reviving our economy, thanks to maritime exports. ukraine's 5% economic growth this year proves our effective partnership. and we've shown no russian missiles can undo the powerful american systems. thank you very much. and even during war, we are reforming our country, our

insti institutions. today, president biden andd discussed how to increase next year. air defense and destroying russian logistics on ukraine's land. mr. president, thank you very much for your supporting us in these areas. like our victory in the black sea, we aim to win the air battle. crushing russian air dominance. this will intensify our ground advances in 2024 with our control of the skies. who controls the skies controls the war's duration. and today, i would like to thank, of course, the significant defense package, very much. second, yesterday, i met with american defense company le

leaders. they advised us on how to make our defense industries more faster and more effectively. thank you, president biden, for this important initiative we started with you. together, ukraine and america can strengthen democracy's arsenal. and this is vital for other free nations and the u.s., as it involves your companies, technologies, and technology advancement, and job creation. and it is important to know that american support for ukraine remains and works in the united states. i informed mr. president that ukraine has fulfilled all the recommendations of the european commission regarding the preparation for decision to start negotiations on ukraine's accession to the eu. and we constantly communicate

with european leaders about our joint staffs, sanctions, and political efforts to pressure russia. american leadership is crucial, is keeping this unity together, a unity that serves the entire free world. and i thank america for new sanctions, and today, we discussed putin's further isolation and making him pay for his aggression. it's very important that by the end of this year we can send very strong signal of our unity to the aggressor, and the unity of ukraine, america, europe, the entire free world. ever since we talked about today will help us in the year 2024. today's discussions in the white house and in congress across both parties and both chambers with the speaker were very productive. and i thank you for the

bipartisan support. as we approach christmas, on behalf of all ukrainian families separated by war and all sons and daughters on the front, ukraine's greatest wish is to near this war's victorious end. no one but putin wants a prolonged war. we dream of a christmas in the peacetime, of course, and we are working to turn our battlefield success into this. and we are heading there together with you and thanks, of course, to your support, thank you very much. mr. president, thank you, america. >> thank you. look, we're going to alternate asking questions, we're going to ask a total -- each ask two questions. i will ask the first question. i will ask -- i will recognize the first question asker.

i'll ask a question to you all. but danny kim? >> thank you, mr. president. president biden, ukraine's counteroffensive has stalled in recent months. congress is blocking aid and vladimir putin appears ready to just wait things out. so, what is the strategy for the u.s. and ukraine next year to try to turn this around? and if that fails, at what point do you say to ukraine, as a friend, that it is perhaps time to start looking at peace talks? and for president zelenskyy, welcome back to washington. can i ask you, did you hear what you wanted to hear from congress and from president biden? and are you indeed more worried than when you got here? thank you very much. >> well, let me answer the question first, let's put this in perspective. remember how far ukraine has come.

russia's failed. failed thus far in trying to erase ukraine from the map. and subsume it into russia. ukraine's taken back more than 50% of its territory seized since february of '22, and it's pushed back the russian navy, so ukraine can export grain and steel to the world through the black sea. and thanks to the incredible courage of the ukrainian people and the bipartisan support from our congress, but it's not just american support. there are more than 50 countries -- 50 countries helping ukraine with military, economic, and humanitarian assistance. 50. the burden sharing the u.s. has put up $75 billion, and our allies and partners have put up $100 billion. and more than 90% of our security assistance to ukraine is being spent in the united states to provide weapons for ukraine and replenish our stockpiles and build our industrial base. we need to ensure putin continues to fail in ukraine,

and ukraine to succeed. and the best way for that, to do that, is to pass the supplemental. >> can i answer in ukrainian, please? >> translator: thank you. first of all, i would like to add to the words of mr. president. about successes. i think that these were not easy successes, nonetheless, they were quite serious, we have serious steps forward. indeed, we gained victory on the sea, we've destroyed ships of the russian federation, we throw the remnants of their -- to russian territorial waters. they have something in the black sea, in the vicinity of our

temporarily occupied crimea, but we proceed this activity. we have destroyed 20,000 of wagner mercenaries. these are serious terrorists who were massing everywhere, on african continent, in syria, in ukraine. there were a lot of mass, and nucleus of this terrorist organization is not existing anymore. yes, we had a lot of problems, but nonetheless, we were able to do this. moreover, russia were not able to say any part of our territory, any village, any town. i'm not talking about large cities. and we are going to proceed with it. it is goes without saying that we have objectively have a clear plan, but if you allow me, i am not able to tell you in public on details of the 2024 operations. if i heard what i want, i heard

a lot, surely, i told what i wanted to, i feel and experience the support from president biden administration, from the neighbors, and we will be talk ing with the speaker. they were more than positive, but we know that we have to separate and we will count on particular rument. thank you. >> your turn for a question. >> yeah, sorry. >> recognize? >> thank you for taking my question. recently been told that ukraine need to cede some territories to stop fighting, to be very honest, have you ever considered such a step to cede the territories to stop fighting?

and mr. biden, could you please clarify the policy of your administration, the strategy of your administration, on ukraine? is it about helping the country to defend itself or to win the war? because it's obviously such a difference. >> i will begin. okay. >> translator: so, first, your question is -- if we are ready to give up on the territories? the aggression is not only about our wars of thoughts. aggression is about for what we are ready and for what we are not. how ukraine is able to give up its territories, that's insane, to be honest. we are mention ing god very often. we have our people, we have our families there, we have children

there, that's part of ukrainian society, and we are talking about human being. they are being on the tortured. they are being raped, and they are being killed, and those voices offer to give up our territory or give up our people. it's not a matter of territories, it's a matter of life, of children, our their histories. i don't know whose idea it is. but i have a question to this people, if they are ready to give up their children to terrorists. i think not. >> we want to see ukraine win the war, and as i've said before, winning means ukraine is a sovereign, independent nation, and -- that can afford to defend itself today and territorial aggression. that's our objective. >> trevor, reuters. >> thank you, sir.

first, a question for both of you, given the republican skepticism of the ukraine effort, do you worry that a second term for president trump would be the end of an independent ukraine? that's for both of you, and then, for you president biden, just an update, if you could, on the situation in gaza, on the reports that israel has begun flooding hamas tunnels and just the offensive in southern gaza generally, how long do you think that operation should last? thank you. >> well, first of all, with regard to political issupport f ukraine, there is strong bipartisan political support for ukraine. small number of republicans who don't want to support ukraine, but they don't speak for the majority, even in the republicans, in my view. we're in negotiations to get funding we need, not to pro promise -- not making promises,

but hopeful we can get there. i think we can. and you're right. the world's watching what we do. which is send a horrible message to an aggressor if we walked away at this time, and it would hurt our national security. if you want me to answer the other question, as well? regarding -- say it again? >> sorry, so, the question was just, if you could talk a little bit about the gaza operation, israel flooding hamas tunnels, and if you've had conversations with bibi netanyahu about how long that operation should last. >> well, i have had conversations, with -- and i want to make sure that we don't forget what we're doing here. we have to support israel, because they're an independent nation that's -- i mean, the brutality, the inhumanity, the way in which hamas treated the

israelis, i mean -- raping and burning and beheading, i mean, it's just -- just beyond comparison, beyond comparison. and to anything else that i've seen since i've been here, i've been around for a long time. but i think that we have made it clear to the israelis and are aware that the safety of innocent palestinians is still of great concern. and so, the actions they're taking must be consistent with attempting to do everything possible to prevent innocent palestinian civilians from being hurt, murdered, killed, lost, et cetera. and, look, it doesn't lessen the responsibility going after hamas, to innocent palestinias and hamas. look, we have a responsibility to protect civilians and ensure

they have access to humanitarian assistance. that's why i worked so hard with our arab friends, as well as the israelis, to get humanitarian assistance into israel, literally getting up to 140 trucks loaded with gear, loaded with food, loaded with everything that is needed by the palestinians, including fuel. so, you know, israel has stated its intent to fulfill these responsibilities, very difficult. with regard to the flooding of the tunnels, i'm not -- well -- there is assertions being made that they are quite sure there are no hostages in any of these tunnels, but i don't know that for a fact. i do know that every civilian death is an absolute tragedy, and israel has stated its intent, as i said, to match its words with iactions. that's why -- that's why what i

was talking about today. question three -- >> yeah, my turn. >> translator: so, addressing your question very quickly, i've been talking a lot with representatives of both parties, both democrats and republican, for support, and we will see, but before this, we've always been trusting in our strategic partner, the united states, and we will contisider that it will continue, and ukraine will not remain alone against a critical terrorist of the russian federation. >> thank you so much.

i'm from the news 4 agency, ukraine. next summer, the united states will host a summit in washington, d.c., which raises a lot of hope, especially for ukraine. president zelenskyy, what does the ukrainian side expect from this summit, and do you hope to hear direct invitation for ukraine to join the alliance? and president biden, under what conditions is the united states ready to support the initiative of inviting ukraine to be member of nato? thank you. >> thank you for your question. i will answer very quickly on this very complicated question. we are not -- we are allies, but

we are not members of nato, so, that's why i think i will pass this question to -- our big friend, president biden. >> look. i'm very proud that how strong and unified nato has become, and now it's even larger. i -- putin wanted -- of nato, when i met with him in geneva, right after i was elected, and he's gotten the natoization, instead. and nato will be in ukraine's future, no question about that. but as we said, ukraine will become a member of nato when all allies agree, and conditions are met. right now, we have to make sure that they win the war. and, you know, we launched the joint declaration of support alongside president zelenskyy,

and the g7 leaders, outlining a long-term commitment to supporting ukraine's defense needs. we also hosted a defense industry conference last week here in d.c. to get that critical work done. so, it's a step at a time. thank you all very, very much. >> thank you, everybody. thank you, everyone. this concludes the press conference. thanks, everybody. thanks, everybody. >> we have been listening to president joe biden, ukraine president volodymyr zelenskyy, just wrapping up their joint news conference at the white house. this is an important tour for president zelenskyy. he needs aid very badly in the fight to maintain his country and the boundaries of his country. let's go to eamon javers for the very latest. president biden mentioned a small group of republicans opposing funding, of course, the context to all of this, as we just came off of a bruising battle over the budget, fiscal responsibility concerns, and here we are, with president

zelenskyy asking for some more aid. >> yeah, two small olive branches from the president to the republican party in that set of remarks, melissa. the first one was when the president talked about security at the border. that's the demand, the negotiations from the republican side. they want to see border funding, more border security measures before they'll pass ukrainian military aid. the president here saying, yes, we're going to look into that, yes, we want to compromise with you on that, but no, let's detach that from this debate. so, going a step or two toward the republican position, but not all the way there. and then one of the questioners set up an opportunity for the president to tee off on former president donald trump, which you know in a political context president biden would normally love to do. here, he restrains himself, because he knows that volodymyr zelenskyy is courting republican support, including from a number of prominent trump supporters for that funding, so biden doesn't want to get in the way of that, so, fascinating to see

biden inching toward those republicans a little bit here. and from zelenskyy's perspective, i thought how fascinating to see him speaking in english to the american people. that's not something he was comfortable doing early in his tenure, early in the course of this war. now, he is, because he knows how important it is for him to make the case directly to the american people, to encourage them to sell their representatives in washington to support this country, and to support this war funding. >> is it a foregone conclusion that this ask will happen in terms of aid this time around, eamon? or is that still completely up in the air? >> no. it is up in the air. and there's some -- a couple days now where they could get this done before the end of the year break, but it's looking like this is going to have to slip into january. and of course, the ukrainian side wants the money approved and on the way as quick as possible. you saw some of the mentions of the defense industry here, melissa, and i thought that was also strategic by both sides. you saw zelenskyy mention the

fact that he had met with american defense ceos on a number of occasions, including yesterday in washington, d.c asked their advice on how to improve the ukrainian military industrial complex. that's been a point that the biden administration has been trying to make to those republicans, saying, look, yes, we're spending a lot of money on ukraine, but alot of it is going right to the u.s. defense sector, the money is staying in the united states, the weapons are going to ukraine, therefore, this is not really a drain on the u.s. economy in the sense that you might think 0 cash being shipped to ukraine might normally be. in this case, the u.s. defense industry benefits. and zelenskyy very key to make that point and talk about his meeting with those ceos just yesterday here in washington. >> all right, eamon, thank you. we'll see you soon. eamon javers in washington for us. we're just having a short conversation prior to president biden speaking, if we knew that the war was going to end tomorrow for whatever reason,

hope f hopefully peace, what would happen? what would be the knee-jerk reaction, what are some of the things you would look to in the markets, and we mentioned picks and shovels. >> right. the knee-jerk reaction when it happened, oil went up. and then turned around. so, i think the knee-jerk reaction would be down. but shipping routes you were just sent into, you know, i guess it was just a full-on panic, because they had to try all different routes and that meant more days in the water, that was more expensive. the reverse. >> right. >> fascinating. i don't know the answer to that question. i mean, historically, you'd say crude is going to collapse. maybe that flight to quality in the form of the dollar, maybe that reverses itself, maybe see the dollar continue -- i don't know the answer. i'll say this -- i don't think it's going to happen. we all want it to happen. there seems no indication, i mean, in some ways, it seems like they're digging their heels in a bit more. i'll say this. defense stocks which have sold off, i think on valuation alone continue to be interesting. >> yeah. we'll turn to our in-house russia export, tim seymour, for

some insight here. it sounded like president biden, at least, was pledging u.s. support until the very end, until ukraine could be sure that its borders were secure. that's -- he's going very far out here, so, we'll see if that actually happens, but what are the implications here? what would you have to assume putin would be willing to do if that happened? >> i -- look, i don't think putin is backing down in any capacity, and it's also been shocking to me, both in the last two years and even in the last five, where there's been some kind of misguided support for putin. in this country. and so, look, i think the follow-through here, unfortunately, on some level today, is political theater. it is about funding, it is about budget. it is about the dynamics of a fiscal process in the u.s. that really is -- is contentious as its ever been at a time when obviously we focus every single

day on the fiscal dynamics as much as we ever have been. i get back to just the energy security ush she issue. i think what you've seen in the last 12 to 18 months is, first of all, opec plus, nonopec supply coming into the market and the oil and the energy space has never been stronger. u.s. production is as high as it's ever been. there's some real positives from this, karen talked a little bit about just the dynamics around both energy prices, but the inflationary elements of this, if there was some type of a settlement, i think, are also, you know, this could provide additional relief. think of what this meant for europe, think of what this meant for germany, but again, i -- i would express my skepticism, too, and i don't think putin is backing down. >> all right, we're going to take a break here. coming up, we'll take a look ahead to tomorrow's fed decision and the markets on the doorsteps of new highs. "fast money" is back in two.

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knee-jerk bullish reaction to that news. mike schumacher is the firm's head of macro strategy. knee-jerk bullish, but i guess that implies you don't think that's the right reaction? >> probably not. really it's based on the idea, melissa, that almost everyone we talk to is jay powell is groing to talk down the fact that the fed is going to ease soon. if you want to look at a recent example, go back to december 1st, he had an appearance at spellman college, he didn't sound dovish, but the market said, well, he wasn't super hawkish, so, it was off to the races. maybe it's not as dramatic tomorrow, but something like that is on tap. >> do you think he will try to be super hawkish and just the markets will not believe him no matter what he says? >> the problem is, he's not a super hawk. he'll try to be hawkish, but in his core, he's not really a hawkish guy, in my opinion. so, it's difficult for him to try to make that point.

>> super core, which is one of the things -- they talk about watching very closely. there seems to be some sort of reacceleration going on there, so we can talk about this number being cool, but the number they look at is going the wrong way for them. >> yeah, super core is ugly. if you look at the annualized rate over the last three months, it's above 5%. the fed's target is 2%. it's not 5%. even if you look at core inflation, same math, annualized three-month rate, it's 3%. it's been around 3% for the last four, five months. it's down a lot, but that really occurred during april, may, june, that time frame. not recently. so, momentum, it's stalled. >> so, one thing tomorrow that i would expect we'll see a change in the statement is around financial candidates. the last time they mentioned that financial conditions were tightening. they've been easing. so, i expect a language change. it seems like they are making this a smaller issue. it's not front and center. but if we saw bond yields continue to come down, stocks continuing to rally, that might

be the knee jerk tomorrow. when does it become a front and center issue, or do you think it does? >> it's becoming a bigger concern, and when you think about bond yields coming down a lot. real yields in particular, that's the basic barometer of how tight policy is. to, just to frame that a bit, when you look at the ten-year treasury, real yield is 2% and it's down from 2.50 plus. it's still tight, but not nearly as tight. the market is doing a lot of lifting for the fed, but does the fed want that lifting done right now or rather wait three months? that's the big question. >> so, what's going to be most important data for you? what do you think is the most telling? >> it's the press conference tomorrow. no question about it. so, statement, fine, couple words change, what have you. the dots are sort of interesting, but it's going to be what jay powell says and how the market really takes that. that's where the action is for us, karen. >> but it really sounds like no matter what jay powell does, he's going to be interpreted as dovish and with seasonality working in the bulls' favor at this point, it seems like we're just going to be off to the races, which is back to the

knee-jerk higher. >> it's tough for him. he's managed to outhawk the market once or twice, but it's a high bar to get over for him, so, that to me is the big challenge. >> anything in pce that will -- not pce, sorry, ppi, which is the other part to the cpi, which feeds into the fed's preferred gauge of inflation, piece it together and get the pce, anything that we can learn from that? >> not too much, frankly. >> no. >> cpi told a pretty good story today, i think as far as the overall picture is improved, but it's not really getting better faster. so, i think that's the big takeaway on the inflation front. >> where do you think rates are in two months? or three months? >> yeah, i'd say pushing out towards the end of the first quarter, somewhat lower, but not a ton. you think about the move in november, that was the express elevator straight down. >> yeah. >> now we're taking the escalator down kind of slowly. ten-year treasury yield, call it 30 basis points lower than

today. not bad, but not super aggressive. we think it's because people look at the comments, think about the comments from the central bankers, even though they're not incredibly hawkish, they say, maybe they're not quite ready to ease, maybe it's going to be a second half thing and perhaps it's not april, may, maybe it goes out to september, something like that, so, that easing in the market gradually gets pushed out and that slows down the descent in yields. >> do you think that descent is positive for stocks at that point or no? >> probably positive for risk in general. the recent reactions have been yields down, stocks up. i'll defer to chris harvey as far as the details, but that mechanism seems in place. >> michael, great to have you, thank you. >> thank you for your patience today. >> absolutely. >> michaelschumacher. you think yields go down, and that's not necessarily a good thing for risk. >> i understand the mechanism stays in place, especially in the middle of december when we're on auto pilot here. and mike it's been spot on with this. but i will say, if the fed is

true to their word, you know, some of the things that i saw today in terms of what they've been focused on, not me, should be concerning for them. so you said, you know, is he going to be hawkish, will the market believe him? we're going to find out tomorrow for sure. >> housing, rent, used car prices, tim, all higher. i mean, oil's working in our favor, rates are working in our favor what's your take here? >> yeah, and i think this conversation we're having is inflation -- if inflation is falling and rates remain stable, this is the dilemma within the fed, are you becoming more restrictive with the market saying, is that inflation falling faster than the economy? and i think we're all saying the same thing. there are some elements here of inflation, core, super core, whatever, aren't going anywhere. that's why the fed really has to hold the line here. but we get back to the equity market, where i think we can continue to trudge higher. if you look at how that's manifesting in terms of risk,

we're about to be -- i think we are sub 12 on the vix. so, we're at a place where, i think, again, if high rates were bad, low rates are supposed to be good and i know we all know that to some point they become a problem, but they're not a problem. and i would just get back to the biggest stocks in the world that we know have been the big outperformers, but you are starting to see, after -- equal weighed to underperform is 14% year to date. it's really lagged. we are seeing broadening. look at bio tech and other parts of, i would say, slightly riskier dynamics, now up over the 200-day. you're seeing breakouts in certain parts of the market. but this is the ammunition you need, with a seasonal. i don't see what stops us between now and mid to end january. coming up, boeing, boeing, gone. trading at levels it hasn't seen

in 2 1/2 years. we'll take you inside the stock's climb right after this. but first, super host heartache. analysts cheque ocking out of a. where they see the stock going next. more "fast money" in two.

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welcome back to "fast money." shares of airbnb dropping after a bearish call from barclays. downgrading the stock to underweight, lowering the price target to $100 from $135, citing a cautious travel season in 2024. marriott and hilton hitting all-time highs. so, where does the travel trade go? i think what was important in this note, tim, was that the reasoning behind this was competition from hotels, so, hotels may be winning at airbnb's expense. >> they are. and look at hilton and marriott. and pricing has been veriry sill yent. demand's been very strong. i think airbnb, the third quarter numbers were solid,

there's a multiple here at some point. look, the best name in the space is bookings. bookings trades 18 times forward. so, rentals business in addition to lodging is growing very fast. they are the largest player in the world in terms of bookings per room per night. i would say, by a significant margin, so -- airlines, i think, are getting a tailwind here, sorry, for what's going on in energy, because they didn't get credit on the reopening side, and when their pricing was holding up. prices are starting to come under some pressure, but i continue to like airlines here. >> expedia got a downgrade from the same analyst and he says if you believe a recession is around the corner or coming, then you should be out of expedia or you should be careful of expedia and booking, because they both lost 60% in the last recession. >> makes a lot of sense. and it's funny that tim mentioned delta, because it's rallied 30% from that recent low. but he's right in indicating these are great trading stocks, and all the things you said are

probably true, but it doesn't mean that delta can't rally another 15% from here, which would probably make sense, given the context of this range we've been in. >> rebecca, what do you think -- pent-up travel spending is almost over is what the analyst said. >> bank of america had an analyst on your air this morning who was talking about what they're seeing from all their consumer data, and basically consumers moderating, but at the margin, and where they are spending, it is increasingly experiences so, the hotels, the flights. doesn't mean the stock is going to move exactly with that, but from a macro perspective, moderation in spending, but still pretty resilient. and until that changes, i think -- and they're focused on services, this holds up. coming up, boeing flying higher on a big delivery win. is it clear skies ahead for them? we'll debate that when "fast money" returns. the biggest ideas inspire new ones.

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welcome back to "fast money." shares of boeing hitting their highest levels since june 2021. the company reporting november deliveries putting them closer to 2021 targets. phil lebeau has the details. >> you can really see the momentum boeing has enjoyed. they have notched a number of significant orders. those are reflected in what we

see for november. the company logging 104 airplane orders for the month of november. their net orders year to date, 945. they are easily going to stop 1,000. that is the expectation at this point. deliveries, 56 airplanes. most importantly, the bulk of those being 737 maxes. by the way, the company is on track, essentially, to hit the guidance, its lowered guidance of delivering the number of maxes that it said it would deliver this year, as well as for the number of dreamliners. the total number of aircraft in bag log now at 5,324. and the momentum you're seeing with boeing right now, a lot of people are saying, yeah, it's not only because of the orders they've logged, it's the potential for china, perhaps within the next couple of weeks, to say, you know what? we're ready to accept deliveries once again. there's no indication of when china will do this, but the pressure is building, melissa, because there's so much demand and traffic has grown so much in

china, they need the airplanes. and that's why many on wall street are saying at some point here, china will say, we're ready to take deliveries again. >> phil, thank you. phil lebeau. tim, you think that happens? given the relationship between the u.s. and china these days? >> i'm not sure. and there's plenty to talk about how that relationship's getting worse and, you know, we've had a lot of conversations in the semiconductor space. i think the recovery of the max and the border book, and 45 delivered in november versus 32 a year ago, is the story. max certification, plus just reopening dynamics, get this company to 15 bucks of free cash flow a share. probably by next year. which is the story for moving the share price higher, so -- i've been long, i've been patient. it's been frustrating. but this company, there are -- there's not a lot of places to go. whether the chinese come back or not, there's other folks in the

order book, and the max is really the key, even though it's not the most profitable of the airlines they produce. of the bodies, but i think ultimately, this is part of the story. >> i agree with tim that, you know, china's going to have to buy them from somewhere. they're going to need a lot of planes. and boeing said for the next 20 years, chinese demand is 20% of all the plane demand, all the plane purchases. so, they're a big player here. but we know that there's bipartisan support in congress, there's new stuff coming out right now as we speak to try to tighten the screws between the u.s. and china and so i think there is a risk that china might retaliate and say no boeings, thank you. up next, final trades.

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final trade time. rebecca patterson? >> i want to short the euro. the ecb is going to cut faster than the fed. growth is going to disappoint next year, you're just not going to see a lot of capital going to europe, especially if the war continues. >> tim seymour? >> i like bookings. multiple also their ad cost is coming down. margins are going higher. bookings. >> karen? >> yes, first, i have to say

happy birthday to my brother mark, before i forget. heart of gold. and ibb. tim mentioned it earlier. >> happy birthday, mark. >> happy birth day, mark. ibm, mel. >> all right, thank you for watching "fast." "mad money" withimrar ar rhtow.j cme my mission is simple. to make you money. i'm here to level the playing field for all investors. i promise to help you. mad money starts now. . >> . i'm jim cramer. welcome to med money. my name is to educate and teach you. call me or tweet me at jim cramer. every raleigh has a lifecycle.