of growth has downshifted and we have to deal with what that means and watching the bond market every step of it. >> i hope nike is watching they will get jealous they're not in the top two things you watch. >> they're an exception. >> thanks so much for watching "fast money" starts right now. welcome to "fast money" tonight. get your glow sticks, live music is back and that could mean big things for the world's largest concert promoters. why one of the traders said live nation is going to have a very big year and viva brazil, the recent reforms that are creating opportunities in the latin america countries. plus, stay tuned for a bonus hour and what the crackdown means for trade with the u.s.

and for your portfolio that's all coming up at 6:00 p.m. eastern time. welcome. i'm deirdre bosa in for melissa lee. tim seymour, karen finerman and jeff mills and hello, everyone thrilled to be here. we might as well get right to it markets losing steam in a big way at the end of the session with the s&p closing near the lows of the day. all three major indexes snapping three-week winning streaks strong results overshadowed by inflation concerns the latest data shows the inflation expectations at the highest level in 13 years, guys. so does today's action raise a warning sign for stocks? tim, let's start with you. how are you reading this going into another busy earnings week? >> well, first of all, deirdre bosa, you know, welcome to the show and i think we now have to -- because we have nicknames and i

think we need to crown you as deebo. i think this is from the ambassador or from the icebreaker, bonin and eisen or from the chairwoman, karen finerman welcome to the show. we have been talking all week about some of the disconnect between the headline indices and where you're seeing an approach to risk and some of the cyclical sectors have pull back the disconnect between powell's view of inflation and what we're getting out of the data, even consumer confidence today which tells you, you know, where there's a lot of uncertainty and certainly i think the sense that there's maybe more risk out there. so, you know, i think the tape this week was relatively ugly. even though apple had a 3.5% move on a five day there's a way to hide the pain below the surface. >> certainly more macro data, but karen, as we look at next week, we have more earnings, more quarterly results than we do macro numbers and, you know,

to some it feels like we're at peak everything. peak earnings, peak policy, but perhaps not peak inflation, right? >> right i mean, i think the fed would say we're at peakish transitory inflation, but i'm not positioned that way. it's not exactly -- i don't think we're in runaway inflation, but what tim touched on, we get into the earnings and how confident are they in the sort of the reopen but then also, what's the set-up for the stocks going in to them? so we talked about, you know, banks going into earnings were really high. banks put out good numbers they had low growth, so the banks traded off to near their lows of last week. i don't know if we'll see the same thing the f.a.n.g. names have had a nice run and the following week we'll see amazon, facebook,

alphabet the only thing to fear is how positive people are going into it. >> yeah. what's your take then? we did see the mega caps hitting record highs so potentially priced for perfection is that the risk there that they may not have the same catalyst going forward? >> yeah. i think karen makes a good point and i think that's specific to that particular sector or sub sector generally speaking, it's somewhat of a reversal of the trend we had before. buy the rumor, sell the news i think this recent pullback -- i will add today there's settlement and things like that that will lead to more volatility the recent pullback might set up nicely going into earnings. >> right jeff, you know, karen mentioned bank earnings. they were quite good, yet we didn't see that kind of reaction in their share prices.

have earnings or could they become an excuse for an investors to take profit >> well, i think what you have been seeing under the surface for a little while is actually some weakness being masked by the strength in technology that karen was alluding to. look at the s&p 500 as an example, less than 50% of stocks trading above the 50 days is not as broad of a market and the equal weight s&p 500 is not making new highs and you're seeing bifurcation some of the names not following suit, so this is no longer a rising tide lifting all boats kind of a market i think investors are really looking for fundamentals at the moment and this is amid reason my hot sentiment so i think you can make the case over the next couple of months volatility could be present. but i will just say one thing. i think the retail sales nu numbers, some of the data we got today. it's generally encouraging to

me i know you can point to certain nuances that are less than stellar, but at the same time, there's evidence that spending is occurring even as fiscal stimulus is starting to wane you're seeing that handoff from stimulus to fundamentals, job growth, wage increases those sorts of things. so thinking about longer term market performance i'm still in the camp we're earlier on in the bull market. >> tim, do you agree, are you seeing some of the recent data in a positive light? >> well, deebo, i think you have a case here where there's no question that the growth and the gdp, you know, of the next couple quarters is going to be north of 7%. i don't think we question where reopening or pent-up demand is key. what i have always is said i believe in the same way that we overshot on the way down we're going to overshoot on the way up but when we get back to normalized earnings we have to pay the piper because we went for probably a year that we're

throwing that mulligan out there certainly on '21 and certainly on '20, excuse me. now that '21 is coming in we're getting to the place where have we priced from perfection? look, another $150 billion in stimulus is coming in mailboxes as we speak from the child care credits. i think the retail story has plenty of good news ahead of it. so i want to be clear. while i see markets, i see a vix up and i see a greater, you know, focus on risks that have been there for a long time those are market dynamics. i think the economy is in a very strong place between now and year end so i think the data we'll continue to see is going to be enough to keep the fed encouraged about growing full employment which is what they seem obsessed on and i think that the federal reserve is obsessed on an asset i wouldn't say bubble because they wouldn't say bubble that's not what i think is

slowly created here, but i think that the fed is absolutely always focused on the wealth effect and i think they are going to guide as best they can on tapering with as much, you know, foresight as possible. i think there's only so much they can do. that's where the market started to go this week. >> yeah. fair point by the way, tim, you're hitting a good quota of deebos we're trying to hit 15 feel free. meanwhile, we have a news alert for you. facebook responding to some strong cushions from the white house. >> so what happened earlier today, president biden was leaving the white house and there was a scrum and he responded specifically, pointing out social media companies and facebook by saying, quote, they're killing people so facebook has now responded with their own statements and while -- i'll attribute it to the spokesperson

quote, we won't be distracted by the accusations that aren't supported by the facts it's more than any other place on the internet, more than 3.3 million americans have used our vaccine finder tool to find out where and how to get a vaccine. the facts show that facebook is helping save lives period that is the information we're getting right now from facebook in response to the statement from biden, they're killing people back to you. >> well, that's certainly a strong response and sort of balance between misinformation and facebook trying to get information out there. the theme that continues to play out. moving on, there's a jam-packed week of earnings coming our way. facebook not till later, but a ton of big names reporting let's tackle the hottest ones out there. we are going to play some trade it or fade it. guys, i was watching you play this game. i love that i get to run it now.

ibm, reports after the bell on monday up nearly 4% since the last earnings report. tim, i think it was jeff that mentioned the bifurcation in tech stocks. it faded a little. what say you >> yeah. deebo, i'm going to fade this one. i think there's a place that ibm continues to be very slow. all we do is talk about the sum of the parts and talk about where the red hat acquisition is going to get them into the exciting part and i think red hat has a ton of competition second quarter departure of the ceo, a big disappointment. they acquire 11 acquisitions, eight or nine last year. while some is what it is, they concern me no, i'm not a buyer here of ibm into the earnings. >> and jeff, what say you? >> so deebo, well, first of all,

being anointed a nickname by tim seymour is a high honor. i would be a buyer here of ibm you have a 4% -- 4.7%, almost 5% dividend yield so you have some margin of safety the gross margins are improving some i think it could be an inflection point they're seeing 18% year over year there i think they can take the cash, continue to invest it back in areas like cloud areas like ai that can continue to drive bottom line growth for the company so there's certainly work to be done there. this is not a slam dunk by any stretch of the imagination, but at 14 times approaching 130 which is long term support i think you take a chance on the stock. >> right certainly more of a value play and the newerish ceo spending a little more. up next, netflix, it's down more

than 4% since last reporting karen, trade or fade it? >> yes, deebo, i will fade this one. really, it's just a question of the price. i love the product, obviously, but in terms of valuation, streaming is getting very competitive. clearly, the giant first mover here maybe the competition is also getting off the couch for people i don't know that's kind of a sticky -- people like the couch. the third thing, the arms race for content, right so costs, you know, i think we didn't see a lot of production last year. now we will. so it's going to be more expensive and so put it all together the valuation is just too high for me. >> right i stopped using the acronym f.a.n.g., but you like it? >> indeed, deebo and i'm trading this, buying on weakness i understand that a lot of the

focus is on the arpu, sub growth going into the earnings but what i'm focused on is the streaming gaming i know they'll point to the competitors, listen, there's been mixed results about the rollout, but netflix can use this as an auxiliary offering to draw in more sub growth as opposed to it being a core growth for them. they're in a unique situation where all of the upside is in the auxiliary business so i'm trading it >> yeah, you know, bonn awin, i'm listening to the chatter tomorrow let's move on to twitter now out thursday, up 1% since the last earnings report jeff, trade or fade it >> yeah, i'll continue to trade twitter here for me, the sticking point is the fact that advertisers see better and rely on other platforms so they'll continue to

have competition there i think they're making strides but i don't know if they have done enough. you know, i'm generally skeptical of some of the forecasts that they have put out for 2023 $7.5 billion in revenue among other things and even if they were to hit some of the lofty targets still trading at a pretty high price to sale multiple twitter is a stock i'm staying away from now. >> karen, that's a question, isn't it they have a pretty strong pipeline of innovation jack dorsey not afraid to experiment in public but are they able to monetize it >> well, deebo, a little bit of a funny thing. i just checked my notes it said trade. that's wrong that's my mistake. i wrote that, but i meant fade so i'm kind of with the general here you know it's totally made up that gap down it had after the disappointment of last quarter's earnings so if we're playing the

advertising social media, it's a would you rather facebook. sorry about that that was my bad. >> a double fade, and yeah, i think certainly investors have been bidding up facebook despite all of the regulatory scrutiny and the headline we got. intel wraps up the week. down nearly 14% since last reporting. trade it or fade it? pat gelsinger and team, they reportedly want to make some big moves in the foundry business. >> well, deebo, i'm trading this as well, deebo that's a double trade and a double deebo, by my count that's about ten. listen, the struggles of the company are documented over the lat two years. what can go wrong has gone wrong and i think that's priced into the stock. there's much to do about the price pay for the foundry acquisition, but what i think ask more dangerous is them sitting back watching the walls

closing in on them and doing absolutely nothing for the first time in a long time, there's a clear, cohesive strategy they're going forward, you know, given the tensions with china and chip shortages and the ability to keep that stuff in house domestically i think they're positioning themselves to take advantage of that i'm buying it on weakness. >> yeah. we will see. pat gel singer has an ambitious plan has anyone talked to guy adami i think he'll take credit. coming up guys -- yeah >> you know, i appreciate you actually referencing deebo and adding to the totals on your own. thank you very much. >> everything i can do, guys whatever i can do. coming up, time to crank the music. goldman sachs is getting bullish on live nation as concerts return in a big way. we are tuning into that call next. at gplus, our chart of the week.

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shares sinking almost 1.8% despite a big bullish call from goldman sachs analysts saying that the return of live concerts will be a catalyst for the stock. you can read more about the call on our website go to cnbc.com/pro to sign up. karen, you into live nation. what's your reaction >> i mean, it's pricey, but it should be. you know, there's a lot of catalyst that goldman's piece points to and there's the reopening of venues and people dying to go to concerts. they're very focus on getting that spend up for each concert goer whether that's through beer or t-shirts. they also own ticketmaster and that's a big business. they can do things like vip packages that are super high margin i think there's even theoretically an nft possibility

there. so they have done an extraordinary job, they control so many venues there no one even close in the business it's just expensive, but it should be. the one thing holding me back from buying more here is that it already trades at well over the enterprise value going into the pandemic that doesn't include the billion plus they lost last year, so it's not cheap it's a great company. >> bonawyn, is it cheap enough to entice you? do you think that there's still more for it to run up? >> listen, i really don't make a habit of catching falling -- but i do make a point of adding in from a technical perspective it's flirting from the 200 day moving average and i look at that as support. anecdotically, walking around and seeing people in lines for everything and then looking at the durable goods numbers, people are likely to be spending more on services and experiences. i think live nation is a constructive way to play that.

i'm in. >> and tim, karen mentioned an nfts and my ears pricked up a little bit and one of the risks in the note was the adoption of virtual concerts and over the pandemic you saw the likes of big names going to the met averse for the concerts. could that be a risk for live nation >> i don't think so. deebo, i see you throwing on your def leppard t-shirts and rocking out in the clubs and that's what people want. live nation, they're breaking out of a vertical that's owned and operated the venues so it's not just the ticket master story where the investments in the digital technology there and i think the owned and operated an managed venues is the exciting part of the story here. >> jeff, last word to you. up nearly double from the pandemic low. >> yeah, i'm going to double

down on live nation. it was a final trade of mine a number of weeks ago. it has been a little bit of a dud but i'll point to some of the supply/demand dynamics let's assume that's there, and i think it is. goldman note said there's twice as many major artists touring than in a typical year so i think there's an ability to capitalize on that as people want to go out more and more i'm surprised that people haven't brought it up yet, but the risk of covid and the delta variant, i think rising cases are not enough to justify a lockdown and politically that genie is out of the bottle the voters will push back, so that's not a major risk relative to the stock so i still like it. >> interesting, even as you saw l.a. reinstate sort of a mask mandate. great thoughts. coming up, a jam-packed "options action" coming your way. the traders are sipping on a

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it is already time for the final trade. let's go around the horn tim? >> deebo, deebo, deebo, incredible job if that didn't put us over the top, petrobras will. that's the whole story, but good dividends in brazil and certainly petrobras, great job today. >> and jeff, we definitely hit our deebo quota. what's your final trade? >> i like the builder correction, dhi is down 16%,

back down to 7.5 times forward earnings so adding in exposure makes sense. >> bonawyn >> i'm similarly constructive on brazil ewz. much to do about the tax reform. i think they can be more moderate ewz. >> and karen, your final trade >> yeah. deebo, there's always room for more deebo like jell-o my final trade is anthem i like the valuation, i like the digital initiatives so anthem. >> guys, it has been a pleasure. n'gonyers it for "fast money." dot awhe. "options action" is next

welcome to "options action." i'm deirdre bosa in for melissa lee. here's what's an tap tonight >> you can have a coke, but can you have a smile carter worth thinks so the consumer staples giant on deck to report next week and we'll show you why and how to play it then -- tonight, we're taking more of your twitter questions. but first, tony zhang is going to show you how to trade twitter itself finally -- moderna being called the tesla o