they say something about this target refine what we're looking to hit on labor and on inflation or is it going to be more of this impressi impression >> two day event kicks off tomorrow amazon prime day will be over. that's it. "fast money" begins now. yes, it does "fast money" does start now live from the nasdaq market site overlooking new york's times square i'm scott wapner in for melissa lee. our traders are -- tonight, t a snape disaster shares of the social media company sinking after one of its lead underwriters turns on the stock. how low can it go? plus, prime day in full swing. we'll have a special report and later, terry simpson is here with a contrarian market call that is sure to have all of wall street talking but first, we start with another

day and another trump rally tantrum. the dow and s&p taking a midday dive dow singing more than 100 points this is donald trump jr. tweeted out screen shots of e-mails s setting up a meeting with the russian lawyer the fear though quickly displaced and this is what we've seen all year long during these trump related sell offs. and the revelation of those comey memos. stocks have always come back and then some. so with the rally remaining resilient, the is trump drama not a risk to the market do you keep buying these tantrums >> you know what, yes, is the short answer because that's to your point, you talk everything through it that's been the pattern. it's been broken coupled with that is the fact that b ooefb on a day like today, volatility index, vix was down 2%

it won't care until it does. that said, you know, the rally's still in tact. the only thing that's going to derail this is earnings. now, you're going to get the earnings growth that everybody wants. my question will be will you get the revenue growth that to me is really the big story. zbl yeah, no question. today wasn't a panic scenario. when the news hit the tape, it's tapering out, saw the redhead line on bloomberg, everybody said what's going on here. we had no clue exactly why that market peeled back looked and saw the balance the it was clear this is an algo driven market. a majority is either algo or massive market we're in a grind higher sort of scenario that's going to keep persisting and there's no letting your foot off the gas now. the question is what sectors do you own as you grind higher.

>> are we unshakable or complacent or both >> could be both the most important news of the day, as interesting as the tweets and e-mails was the that mcconnell has asked the senate to stay. that's more interesting to me. that maybe gives a health care bill that was just doa, a chance for revival and if that were to get done, thep maybe you could really see some momentum for the tax reform, which now seems doa. so i thought that was actually interesting to get a chance for health care. market loves it every time >> volatility has been slowly escalate iing and it's been on

historical terms, we're still low, but probably up 15, 20% from where we were a few years ago. this continues to be something, i agree, it's going to take a lot, first of all, i've said this clearly the market wants this administration to stay donald trump jr. has been a friend of the show whatever he has to say is going to move the market, but to say that doesn't matter and that the market is going to play on through this, the most important thing today with the comments out of the fed that gave people a sense that interest rates can go sideways. 238 has the market very, very happy. >> if you stay there -- what about the comments from jamie dimon today who said these are sort of unprecedented at times >> that scared me a lot more the fear really is when the market starts to tick higher not only go lower.

nobody really cares. they're underweight, underexposed you raised it. the point is not -- >> have it both ways at 11, it's hard the feel upset. hard to feel anxiety it's 20% higher than where we were we've got the concept of higher rates and at least another round of elevating and escalating headlines coming out of the white house. the market which is totally passive driven, we talk about it all the time on the show, will take a lot longer to react and when it does, it's going to react a lot harder i think time would say, karen as well, that the economy is getting be better. if that's the case, i don't

think it's as devastating to the market as rates going up for the wrong reasons, meaning they've lost control i think if rates go up too qu k quickly, that could have a debt remental effect on the market without question >> i think there's fed error is off the table. i think people think i'm nuts when i say that. but they are not going to screw this up. there's no question they're not. they're not going to go too quickly. it's going to be a measure ed pe and it's not going to derail the market if you will all these headlines about them taking down the ambulance sheet, it's ain't going to happen >> not right away. >> they may not have control >> scares me from the perspective if they make a move, they need to have powder dry in order to make sure they can back up guy would say they've screwed it up

that's why they can screw it up even if they're not trying to. >> despite unnerving headlines, our next guest says to keep calm and buy on terry is a strategist from blackrock. good to see you. what do now make, some of the risks maybe being ignored. >> it's important, even as investor, we're always trying to make regular examinations of our views and be confident going into them, so there are some significa significant head winds potentially, talking about that later this year, but also, i would say the ip interpreter traditiinterpretation of low volatility, in our estimation, we had our mid year meeting, we don't believe these are head winds that are going to be moving investors away. we think it's an opportunity to be investing in risk asset >> but you still favor assets

outside the u.s. over u.s. based stocks, right? >> we're rtrying to find value you. to a certain extent and remaining overwalgt. >> what are you seeing in terms of flow? where do people come to, where do they want to have their money? >> it's a great question you guys talk about this come place enpsy. one of the things we're seeing and this whole argument we talked about three years ago about great rotation is is we still see a tremendous amount of rotation with that suggests is that there's still opportunities for equity markets to continue to perform and if you're in the sustained economic expansion, i think you could have more capital. >> this unds like something you have and can say and i get the point. i totally, i'm investing in

emerging japan and europe overweight, but the story about rates going lower, if you invest and credit for the first half of the year, you're outperforming you've had a good year certainly when you consider the risks you're take ng the equity market at what point is that game on? because you need to see a fundamentally different background than what we've had >> it's a great point. when you think about this again, why the fed at least in our idea, why they want to be call your attention overcaution, that none is done in a very expedited manner if they do go quick or don't interpret it appropriately, then they lose control of the sbes rate environment, term structure and and we see all markets start to reprice >> you read the jamie dimon quotes today, i'm sure, at least

heard about they will them what em them he talked about this is unprecedented. in size and scale. not only here in the u.s., but globally now he said you better be. >> we have to work at it can't just discount it and throw it out the window and say everything's going to be okay. we don't have another -- 100% guarantee, that's just disingenuous to put that out there. just doesn't seem -- >> i know you favor outside the rust is there more risk being in or out of the u.s. market how would you answer that? >> i would think about this.

if you look at the u.s. economy, it's performing healthy. a lot of people talk about high evaluations and it's a concern for us, but we try to do a lot of relative value analysis you can look all equity market, but when we think about the u.s. equity markets, equities still look very attractive just because they're high, doesn't mean they can be high longer there's a lot of reason why interest rates will remain anchored, to support valuations. >> the other interesting play is oil. on a day where goldman sachs says to go under 40 bucks. so, the oil -- >> listening to goldman?

we were expecting this rebalancing across global inventories, not just u.s. inventories to happen in q2 of this year. >> a lot of people aren't just putting money to appreciate it as always. >> terry simpson of blackrock. dow's down 100 trump jr. e-mails hit. you want to buy stocks at that moment >> i thought the sell off would have continues once the headlines came out that said there's this resent won't take place, the senate is going to have to stick around. every sell has been a head shake for me so why should this one be >> the dax was struggling, when it got up to 115, dax fell under

a lot of pressure. ultimately, testing that support, i think you stay european stocks here those two strads still work. >> i'm long u.s. for sure, but i want to have more outside exposure than i have in a long time i think they're a few years behind us. and valuations are cheap >> i always say you go on it, you're buying it, so yes, i'm always apprehensive. >> coming up, two of the bigs ipos of the year are in full meltdown mode. if things could be about to get worse. for one of these names which one is it?

plus, it's not just all about amazon, a top technician says big tech is about to get off the sidelines and back into the game he'll be here to ek plain why and later, tim is b about to get into the game, too, with a fast pitch on a stock that's up nearly 20% in the past three months can he get the other traders on board? much more fast straight ahead. your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain

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it's a new kind of network. xfinity mobile. welcome back snap sinking 9% to an all time low after morgan stanley downgraded the stock slashed by more than ten bucks sights increased competition that kicks off our top trades. morgan stanley was the heed underwrite for snap, responsible for taking the company public. back in late march, the first analyst gave it a $28 price target shares only down 30% since then. shocking the proukt is not evolving quick enough. they got competition coming from facebook who tried to acquire them a while back. no doubt they're under facebook. setting up for an interesting trading opportunity here, no question the company on the street, numbers down, they couldn't blow q2 if they blow the first two

quarters, it's lights out. you look at the morgan stanley downgrade today, is it catalyst for shares to go lower it's a set up for buy into earnings when they report on august 15th. when is the lock up expiration in august? >> in my opinion, less of a threat here. the threat is the lock up comes off and you've got a disappointing q2 they need to make sure they beat street expectations. >> some say the card that will sin was blowing q1 >> yeah, that's a bad one. high profile one like that and come out of the gate because you could see it though in the s1, some of the metrics were headed the wrong way >> you're making it, not suggesting it, but it's not like they can engineer this there are companies out there that engineering and the next question does morgan stanley gain credibility by downgraded

they've screwed up their model there was a buy side from the call they had to bring it down. embarrassing as far as i'm concerned. i say in general, like i said, this is a name that's got fierce competition from facebook. facebook is going after their jugular. they are gaining user traction quicker than people anticipate, much faster than snap chat unless they bolt down another product that can help expand a monthly active user, they're going to sfrtruggle. this is a twitter part two >> you said morgan standly was the lead understood wrirt. so it stands to reason, they should know the company as well as any firm out there. that's accurate. so, my question, what changed since the ipo. >> nothing changed so that's, wonder why people -- >> worse than they thought >> two days ago saying they think that they should be given

a little bit more confidence if r having a rocky or a rough delivery of their first couple of rounds. >> that might be the case, hence the guy down by the street they don't want to blow q2 they're going to say the same thi thing, but that could be two years from now there are people who think this will be a single stock >> facebook didn't have competition in facebook. this business is. >> matt:ive. you look at companies like facebook and amount of users they have. there's no way for companies like blue apron to compete

>> some haven't come back all the way. this is a fast one last night. they can't compete buying right now, and you're going to have them eat their lunch. whole foods can basically cut costs. they're pricing it below the range at ten bucks just showing up any price, whatever works >> they still, there's not a lot of shares by this thing.

you think there should be enough interest to keep this at a better level talk about another stock getting crushed today. >> kors plunging more than 7%. after mk and partners initiated coverage with a sell and $28 price target that stock was lower today >> well, kors sadly is a name i know well. however, gross margin pressure, revenue pressure north american comp sales pressure, none is new to the core story we know that for sure. we know they want tho scale back so we're going to see the deleverages aspect there if kors, expectations are really, really low i feel like this is a little

bit, the horse is out of the barn already, recommendation, could go lower of course. i think they're early in the turn around, but i think so much of the bad news is priced in it's not as cheap, they've got a great balance sheet. could it go lower? i feel like it's late to recommend a downgrade. >> how about some of these retail stocks that unfairly punished too much. selena gomez, got -- >> she does it for you >> she's got it locked up with coach. they're going to change that toward a younger demographic i think coach wins ultimately.

i think kors has an inventory issue. >> tom coming up, big banks are selling off ahead this week, but there's one stock trader expecting to be to make winner we're going to give you the trade and that name. you're watching "fast money" on cnbc in the meantime, whooers what else is coming up on fast! it's amazon prime day. where prime members and are a top technician is here to explain why it could mark the beginning of a tech takeover plus, tim is about to serve up the best pitch of a lifetime, but will the oerth traders play ball much more "fast money" still ahead. you always pay

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second half of the show. some of the biggest tech and media moguls in the world gathering in sun valley, idaho for the annual allen & company conference this has been a hot bed in the past we'll tell you what to expect this time around and later, tim steps up to the pitcher eers mound throwing out his best idea now, but can he convince the traders and you to buy we'll find out when he gives the -- first, amazon's third annual prime day shoppers head online for 30 hours of exclusive deals >> hi, scott, so amazon giving b cnbc ab b update on how prime day is progressing we have nine and a half hours left to go though. the company says the most shopped for themes are home chef, for the home and techies they have sold two times more echo family devices than last year's prime day and three times more worldwide

beyond amazon's own devices, top selling items from small businesses and entrepreneurs include the 23 and me dna test slice intelligence giving us a summary on the weekend's early prime day deals. that was for prime now and alexa powered shopping the data comes from a scan of millions of e-mail receipts and slice says that amazon prime now sales for this past weekend were up 14% compared to the previous weekend. amazon.com sales were up 6% for the whole site over the past weekend and 15% of amazon prime now buyers over the weekend were actually first time prime now shoppers, so they got the delivery in one or two hours a lot of discussion has been over the prime day discounts, market track ran a comparison o deals also sold by walmart, jet, best buy and target. it found that while amazon was the big leader on price, walmart

actually beat amazon's prime deal for has dlts bbro's speak u and call of duty by $3 and the world ee world's largest retailer had prices that matched. >> thank you so much did you get your mini prep to go with the apron >> no. we do some >> yeah. >> next time i buy something online, will be the first time i'm not an amazon prime, rare, whatever none of that stuff with that said, one of the things we talked about last night was if you want to play retail, how do