>> yeah. and and cyber security, no matter what is going on with the macro economy. if it's coming to protecting and data security, et cetera, this is where the dollars continue to flow for now an uncertain world. >> yeah, and your house, you don't shut off the alarm system because the economy is bad you don't want to get robbed on top of losses. that does it for "overtime." "fast money" starts now. right now on "fast," rates are heading higher and faster, too. chair powell telling the senate they may have to high more quickly, too the historic reaction to the bond market and sell-off. plus, a shot in the arm for obesity drug, ww ipging a deal to prescribe weight loss drugs some say this is a watershed moment others fear we are jumping on the fat loss bandwagon too fast. we'll dig in. later, would you rather with

one bitcoin defined the crypto slump and the airlines in the down market. this is "fast. we have a full house here tonight. we start off with a major reckoning for the market the fed chair warnings rates may go higher as the fight against inflation is the no over the dow dropping nearly 6 # 0 points snapping a four-day win streak and falling back into negative territory for the year. the s&p and nasdaq following suit the real move came in the rates market the yield on the two-year treasury topping 5% for the first time since july 2007 it spread with a ten-year now more than 100 basis points that is the widest it has been since 1981 so with today's testimony the straw that broke the bear market rally's back guy. >> i don't know about that every time i have thought the market is going to take the next

leg lower it finds footing again. we are talking about an s&p that is flirting with 4,000 so i am in the ready to say that what i am ready to say is jerome powell continues to talk the talk the market chose to listen today for whatever reason. i will say this. going to 104 right now, we don't need to stop at one. lets go to 1.04% inversion that's problematic i am not an economist. i am not smart enough. but that is a problem for the economy. you mentioned 42 years i think the last time it was 15%, 14%, and things didn't fare particularly well. the market is realizing higher rates should not be bullish for stocks. >> we will hear from him tomorrow we have to really sort of temper that i said last night on the show i wasn't sure, i thought the senate was going to push him dovish i am not sure that happened. fo i don't think he sounded dovish.

what is the house going to push him? dovish or hawkish? probably hawkish, right? they are going to demand fiscal responsibility. >> they are going to push back as senator warren did on raising unemployment, right? >> they are -- >> gambling with people's lives, she said, with a hope that, you know, rising unemployment will tamper down inflation. >> this is the first time every i feel as if i agree with elizabeth warren on anything i feel -- and his comeback was, should we do nothing a lot of people saying maybe we should do nothing. how do you prove or disprove the counter factual on whatever he is talking about wait until tomorrow, see what the market digests tomorrow. >> we don't know that's the thing kevin griffin was on bloomberg and said the fed is in unchartered territory. that is a fact we don't know what the impacts are. we don't know if it will work in

the end. >> we don't know and this fiscal stimulus we have this is the "x" factor here. that brings us into this unknown situation. so you can say perhaps they should do nothing, but isn't that exactly what we slammed them for being late what was the saying? late to the party and staying too long. >> or start doing nothing. you can't argue they will do nothing now. they should have done nothing for. >> they have done a lot. we haven't seen the effects. >> they should have gotten involved much earlier, shown up earlier and perhaps headed off and understood what this fiscal stimulus was going to do to help avoid the situation we are in now. that's what i would posit. with that said, what i thought was interesting is what he also said when he was questioned was it's very important that we get inflation expectations under control because that is the linchpin or what underscores how people are going to make their spending and saving decisions. i think that's very important.

i think the economy while they were fighting back, they didn't sound like they bought into the higher for longer situation. it seems like markets today started to buy into the narrative of we may be going higher faster. and i think that's what shocked markets. i think we thought at least if we are going to end up higher, we tapered the pace of rates and that seemed to be turned on its head today >> i feel like he has been hawkish, hawkish, hawkish all along. send out the hawk, right >> listen to us. >> right. >> listen to us. >> so it's surprising to me all of a sudden oh, my god, look how h hawk he is that to me seemed a mistake. it's painful to raise rates. it's never easy. i think he is doing the right thing. i am amazed how there seems to be a lack of understanding of some -- of how some of the economy works when they keep

pound og on him and yet fiscal policy, right, is not helping. it's not helping him at all. so he is in a tough spot i sort of think he is doing the right thing. we heard a lot about, well, you know, the effects of these rates are going to take time, you know, he is really threatening the economy. i guess, i know, that's why you see the further out bond curve was -- didn't really move anywhere remotely close to what the near part of the curve did i think he is doing the right thing. it's painful but the alternative is for runaway inflation. >> that's what he said would you rather - >> would you rather people have their jobs but have 5 or 6% -- >> but does he have control -- exactly. does he have control over where you see the runaway inflation? we talked about this from the start, that the tools that he has can't control where the inflation really -- it was a supply chain disruption out of 100-year-old pandemic that we had it and now we are expecting jerome powell to handle it with

his fiscal policies, monetary policies. >> right for more on the market reaction to pothwell steve liesman we have been having a debate on the desk what has moved is expectation for march at the very least. >> yeah, that's a bit of an understatement a surge, a soar. take a look at the probability now for a 50 where it was before powell started speaking and now. you were at a 23% probability of a 50 and i think the last number i looked at was something like 62%. so that 50 is now the odds-on favorite for the market right there. and then if you look across the broad spectrum, all rates are higher in every contract for the fed funds as you might expect. they are all records now the peak rate in october now 5.63 that's dialed in and then you have the year end rate of 5.40 and change that

dialed in as well. still a little bit of cuts left in but not much. there is some back end belief that the fed might back off. but i think the message was clear. i like what karen was saying if i could be a little bit subtle here, what i would say is i think powell's always been hawkish. he allowed himself in previous conversations to be intercepted as dove ishl it was the use of that word of disinflation at the last press conference that people who wanted to hear a dovish message glommed on to, it was said 15 times and most of those times were in a dovish context this time he used it once in a hawkish context. he is not allow himself to be misinterpreted this time he was clear and succinct with his language you should walk away with the idea that if inflation is going to remain high, the fed will remain higher. >> steve, pleasure to have you, particularly when it comes to

fed and monetary policy. do you think there is risk that he has to back off from any of the statements that he made today tomorrow do you think -- i mean, so, the market rek acts the way it's going to rekt a. do you expect similar follow through with the testimony tomorrow >> well, let me say that that's the exact right question to ask because it is not -- it has happened before that day two is the redirect day i look at these rates, i look at the market reaction and i don't think he wants to redirect i think he is happy with this. i think to some extent the market -- the market reaction was the one that he wanted and i think what he did was push the market in the direction that it was going if you look at what happened to the, for example, the january '24 fed funds rate, we had a one percentage point increase in that outlook that. is a massive change in the outlook for a month. so he just kind of said, you

know what? keep going, guys keep going it's going to depend on the data i may not do 50 if the data is not strong but i may do it and you ought to price it in i think he is happy with the result here. i would not think he has a reason to back off or backtrack. >> do you think he will be happier if a pause or a pivot is moved out even further in time the notion of -- >> yeah -- >> longer, i'm not sure is in there. >> i'm shooting myself because i didn't bring my favorite heart for you, melissa, which which shows the cuts that are built in for next year. i can read them to you which is through 2024, if you take the peak rate of 5.63, there is 140 basis points of cuts built in. i don't think, melissa, that's a problem for him right now. i think if he could he would

shift that high rate a little bit further into january/february but i don't think he is too concerned that the market has some optionality on things working out for the better here and that's what i think you call it i think if we had the year end funds rate that as you remember was calling for 80 basis points of cuts, i would think he would think that's a problem i don't think he is too exercised at this point. you know, a month goes by, two months goes by, that may be something on his radar i don't think it bothers him right now. >> all right steve, thank you as always, steve liesman michael, always good to see you. what was your takeaway here? were you surprised by the market's reaction? >> you know, steve is absolutely right. with regards to, you know, everything he said about chair powell being happy about the market's reaction today. this is a fed that needed to get

more hawkish so maybe i would push back a little bit on karen only from the perspective, karen, that, you know, i just don't think he did enough to articulate the view that the fed wants basically a slowdown of the economy and is okay with that and what chair powell has done over the last, you know, several months is basically reiterate this idea of a soft landing, how it's possible, how the unemployment rate doesn't have to go up that much, a and i know he is trying to be optimistic but it served against the purpose of actually being hawkish, which really the committee is, right? so i think today's reaction is exactly what it should have been you know, the curve is really, really important i think that, you know, that has gotten more inverted that's going to slow the economy. it's going to continue to slow bank lending and at the end of the day that is the goal of the fed in terms of their rates. i think he is happy with the

market reaction. i think it's what we should have expected and i don't think it necessarily stops here either. >> so i am sort of confused about the part where we don't agree because i sort of agree with everything that you said. i thought there was one -- someone who question the him and said, you know, housing slowed and that you want the economy to slow and you want jobs to, you know, raise unemployment and he said, yes, yes, yes. i recognize all of those things will happen. maybe he should have said it a little more forcibly, but i thought he was admitting we have to do this it's collateral damage that -- for a higher purpose. >> today he did, karen no doubt about it. i think the last press conference he got a little bit too cute and probably the last couple times he has spoken, quite frankly, i wrote a piece about this i believe in february how his communication strategy at the last may have been the biggest blunder since basically

covid. i thought even though the committee was very clear that there were going to be higher for longer, he kinda left the door open to really a chance for a soft landing and unemployment not going up that much and not being that much pain i think, quite frankly, chair powell and representing the committee had although not declared victory, had started to see signs that maybe all of their policy had started to work and now he has had to backtrack a little bit i think that's what today was. so i think he is finally acknowledging for the first time in a while, maybe not since the summer, there is going to be real pain. i think that's exactly what he needs to communicate listen, you can't bring down demand and the service side of the economy without bringing up unemployment right? there is no way to do that it's a fairy tale to think otherwise. i think communicating that today was the right thing to do. you know, i think there is probably more of that to come

over the coming weeks, particularly if we get a strong cpi print, a strong jobs number and/or a strong retail print ail of which are going to happen before the next meeting. >> i wonder if you think he is basically saying that a hard landing is possible, an acknowledgment -- before it was a soft landing is possible he that is a possibility here, that could really get the message across >> yeah, i think that's exactly right. i think he needs to say that a hard landing is possible and we won't cut rates until the unemployment rate goes up, you know, 100, 200 basis points. that's going to get the message across once and for all. maybe he'll say that, you know, in coming meetings you know, if the market does its work for him, he won't need to but the loosening of financial conditions this year has been something. the increase in inflation expectation has been pretty dramatic and an easy way to satisfy what the fed wants to

achieve and that's basically to say unemployment needs to go up. >> michael, good to see you. thank you. >> thank you >> what do we see today? we saw real estate getting crushed. all of the things that depend on lower rates to work or not in a deep inversion. >> i don't think banks depend on it it always seems to trade with that, even though i don't know that it has that effect or more than that that the markets assigned to. >> it comes down to this i think in 2018 in my opinion jerome powell in october was on the right course he said we are raising rates, autopilot, the whole thing, reducing the balance sheet i said they were on the right course of action they got browbeat by the administration and the market went down 19.9%. he is not looking to make the same mistakes then or in 1972,

1937. coming up, crowdstrike, shares surging plus the tale of the tape alphabet versus meta. who are you putting your money on would you rather of epic proportions when "fast money" returns. of up to $26,000 per employee. all it takes is eight minutes to get started. then work with professionals to assist your business with its forms and submit the application. go to getrefunds.com to learn more.

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welcome back to "fast money. we have an earnings alert on crowdstrike. reporting after beats on the top and bottom lines and strong guidance for the year. >> yeah, strong results from crowdstrike and a lot to like in this report. let's start with the beat on the top and bottom lines eps 47 carson wentz versus 43 cents the street was looking for. rev guidance off strong for the current quarter and full year largely beating expectations expecting up to $3 billion in sales this year alone. some other highlights though annual recurring revenue, big metric here, strong as well up 48% year over year to $2.56 billion plus a record for

net new recurring revenue in the quarter $221 million and free cash flow also hitting new records $676 million up from $441 million a year ago. now, those are the highlights, the call is just starting. i will have more updates as they come. >> thank you a pop in light of the disappointment of the software sector in particular cyber stocks >> all right so, yes, steve pointed out the good things. i will point out not so good operating margins 15%, same last year, 18.7%. stock trading 65 times next year's numbers maybe you have 25% or so eps growth you make the decision yourself trading at 20 times revenue. so i get it. i understand why the stock is bouncing we have bounced from 92 to current levels that's from october or so. so it has seen a significant bounce if you look at the levels right now and steve could probably chart this, we are in a pretty significant down trend i don't want to be a hater here

because there was a good quarter. he think he is looking to take profits. >> what do you think >> it's been a declining trend line since november of 20 went one is what guayaquil is pointing out it has to pop further from here. this has been a segment of stocks that can't find their wa out of a hole. this is a great environment for them you would think, if you scripted an environment where cybershould be at all-time highs, i don't know if you could script one better than the environment right now. the stocks never seem to work, although all of the fundamentals seemed extremely impressive and that free cash flow off the charts >> there is a lot more "fast money" to come here's what's coming up next. >> ring the bell time for a big tech battle alphabet versus meta, vying for your money

so who is more expensive the would you rather you have all been waiting for. plus, the biggest loser could be the biggest winner. the battle for the billions at stake in fighting obesity. who is best positioned to surge on these slimming drs?ug you are watching "fast money" live from the nasdaq market site in times square. we're back right after this. because now clean energy is more affordable energy. we've been investing in american infrastructure for thirty years... lowering electricity costs today, and protecting from volatile energy prices tomorrow. so walk with us— and let's make cutting energy costs real. (vo) is three hundred and ninety-one thousand four hundred and thirty-four square feet... enough space for your ambition? loopnet. the most popular place to find a space.

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. welcome back to "fast money. the recent surge in shares of meta accomplished something that hasn't happened in a while so the first time since late 2019 the facebook parent is now more expensive on a forward pe basis than alphabet. that got us thinking, would you

rather meta or alphabet i'll go to karen. >> okay. >> you have been tormented about this question for a while. >> yes, i have and it's actually more pronounced than it looks because alphabet has more cash per share on the balance sheet as presented to then meta so then i was going -- alphabet is my biggest position i paired and then bought some back and meta has appreciated much more. listening to the words of our sage producer, i want my cake and eat it, too. i don't know if that's outside of the of rules of would you ra. >> yeah. >> in front. >> sorry it's already can you answer can you play this gproperly >> i don't end up in the penalty box. might be a melissa thing whoa, whoa, whoa, hold on, man, that's not what i'm saying so i am going with google here

the reason is karen mentioned the cash i mention the growth you are paying a half a turn sheet for the growth on google here that's why i prefer that company. >> so i am going to pick google. >> you picked -- >> yeah. i have actually -- yeah, thank you. i was long -- i am agnostic when it comes to profits. i bought meta on that dip. it rallied i sold it. >> what do you mean you are agnostic on profits? you don't care how much they make >> wherever the momentum goes, that will trump fundamentals for me not all the time, but in this case the stock was grossly oversold i bought it. i added to it. i wound up riding it heyer on momentum but alphabet had a huge debacle when it came to a.i. they have to climb out of their hole they created for themselves on a performance level i think alphabet is the laggert. i would rather buy them instead of meta which nobody understands what metaverse is. >> it's weird the a.i. thing

we have been saying that the impact is far off and yet it has a hole right now that it has to climb out of. >> and yet they have a.i >> yes they have a.i. >> the problem they created is all hands on deck. i mean, they messed that up. karen talks about this all the time they have been working on this over a decade. it's not like they are behind the curve necessarily. they have been playing the game correctly. for me google as well. facebook had its move, justifiably so i think we are ahead of ourselves in terms of where we are. the tiktok news the last 15 or so dollars in the stock from 173 to current levels. google i think you are anticipating a facebook type move for google with- incrementl news. >> coming up, shares of ww international rocketing higher after getting in on the weight loss drug surge. the billions of dollars at stake. and deal or no deal. used car prices higher again

the biggest month to montecito spike in 15 years. what is behind this automotive u-turn "fast money" is back in two.

money. another check on the markets today. stocks closing near the lows of the day as fed chair powell spooked investigators by saying rates are heading higher and the pace may be quicker than anticipated. the dow dropping almost 575, the s&p down 1.5%, the nasdaq down 1.24%. gbtc shot up while bitcoin slumped. karen, you flagged this for us it appears as a result of an appeals hearing related to the effort to turn gbtc into an etf which would unlock that discount. >> it's off the board, 36.5% discount, which is enormous. it seemed like from what i read that the arguments went pretty well so that's good it makes sense to me intuitively that there is so much money

caught up in this that the s.e.c. trying to -- i don't know how this helps investors even though there may be institutional investors caught in it. it's been the downfall of many to be in this arbitrage. i would think you could redeem and get your bitcoin out that's a lot of upside you have wait probably until the fall for a decision. >> okay. meantime, the market for a new c class of weight loss drug, ozempic, wegovy, rybelsus is $2.5 billion right now could grow to $50 billion by 2030 ww has decided it wants to get in on this piece of the weight loss market. they acquired a telehealth company to describe these weight loss drugs to customers. the stock soaring 80% today. the market cap shy of $500 million the ceo joined closi"closing be:

overtime" overtime last hour. >> we are in the business to employ doctors to prescribe the medications. it's an easy pathway to access the provider who will decide it is medically appropriate or not. and either way, the good news is they have options with weightwatchers. >> reporter meg tirrell, very interesting deal for a company that may be ultimately supplanted by the weight loss drugs. >> the stock reactions speak to that weightwatchers up 80% today. if you look at the makers of these weight loss drugs, eli lilly and novo northis, stocks lower with the overall market, really shows that it's -- the market is saying weightwatchers needs this, these companies don't need weightwatchers necessarily. the launches have been going so fast a note last night in response to

this news with weightwatchers, quote, even as supply grows we expect every dose to be spoken for. and just to review what the drugs are, ozempic is approved for diabetes, wegovy is approved for obesity. it's expected approval for obesity early next year. the market expected to be huge som somen analysts saying perhaps the biggest ever there are key questions, including in the weight loss space. more long-term studies on the health outcomes from these drugs to see how that changes. >> has there been any analysis on the sort of cannibalization -- i can't think of a better word -- of the drugs it the extent that obesity is the cause, is the root problem for a lot of other problems like heart disease, cholesterol, et cetera, that these weight loss drugs will take away from, you

know, sales of the other drugs >> it's a question coming-up today. i think it's interesting it's not something that i have seen analysts folk on. merck's new cholesterol drug yesterday, i have not seen analyses suggesting their cholesterol market will disappear because the obesity drugs will be so successful. that's something i'd love to hear doctors talk about. >> all right thank you very much. meg tirrell. karen, just quickly on weightwatchers, small company. they made money out of thin air on this acquisition. >> they did. i mean, this is, you know, it's a lot of projections there was one we talked about. it's scaled to a 25 million run rate five times revenues. obviously, a huge 11% short interest but people say, well, is it cannibalizing their own business that's happening anyway. interesting acquisition for them. >> all right for more on what some are calling the holy grail drugs for obesity and weight loss dr. wise, entrepreneur and resident

at third rock ventures and a cardiologist at uc san francisco health great to have you with us, ethan. in terms of these -- in terms of, you know, a deal like weightwatchers, it gets you thinking about what these drugs will displace or intermediatiate in the market. i was talking to meg about the other drugs that may not get prescribed as much fwauzbecause people are now not overweight. do you think about that or is it way too early? >> i think it's probably early for that i would be surprised if we see that i mean, there is -- there is very little sort of direct competition between these different class of medications cholesterol is cholesterol it improves slightly if you lose weight it wasn't dramatically improve i don't see that as being a potential issue. >> how do you think about these drugs because if you were to say the drug companies can think of a k drug, has a addressable market,

almost everybody is overweight in this country and you have to take forever, seems like this is the ultimate drug you can come up with. >> yeah. i mean, i think a couple of things one is this class of drugs was introduce today the market in 2005 which was approved -- i can't remember i think they had that drug we have a wealth of experience with these drugs what we have seen recently is an increase in n the dose which pushed the weight loss effect. you know, they were approved for people initially obese, bmi greater of 30%, and that's not the stories about different celebrities and other people getting involved, trying to get access to these drugs now. the way i look at it, it's an incredibly important advance to kind of bridge what we have lifestyle therapies that are in existence like weightwatchers and all the way up to bariatric

surgery, which is available to people who are desperate por something. >> you are talking to patients who actually need this drug because their bmis are too high. but as you mentioned and as we see on instagram, plenty are taking it whose are not that high will we be in situation wihere people want these pills even if they are not indicated for it under fda approval that they are going to seek out doctors -- i guess this happens with every drug, but it seems like this might be more so where you create situations where there can be, i don't want to say pill mills, but places you know you can go get a prescription. >> yeah. i mean, there is not a black market run on cholesterol medications. it's not like people are banging down the door. this speaks to something everybody wants. you are right. this is a, you know, weight loss is somebody that everybody probably wants to some degree. the drug is not indicated for people who are normal weight and so for those people it will be incredibly expensive

important to remember this is not a pill these are inintelligence committees and so there will be barriers to people using them widespread it doesn't mean that celebrities -- people with a lot of money won't get access them the vast majority of people who get the drugs will be people who they are really indicated. >> it's karen. thanks for being on. we know november a nord disc and eli lilly are ahead of the pack. will other competition bring the price of these drugs down? >> i think they are really far out. hard to imagine people competing directly if i had to speculate i guess that the place that the other companies might be able to make a dent is on trying to address some of the issues with these drugs and the main ones are tolerability rather than safety it it itself they are hard to use this is not take a pill, forget about it, put your bathing suit

on, go to the beach. it's a chore to take these it's not everybody who can do it either. >> what's the next step in the science of these drugs >> there are pill forms. i don't see that as being gigantic forward, you know, may change a few people's minds. we have experience with cholesterol medicines where the latest sclas of medicines, those are injectable we were concerned about whether patients would want to take them when they came to the market in 2015 turns out that patients love it. it's a once every couple of week injection and they forget about it so i think that the advances of -- that i would hope to see and patients hope to see is improving on that tolerability, that side effect profile, particularly the gi stuff and the nausea and, you know, that's the thing i hear the most from patients now, is that, you know, can be difficult to take these medicines. >> dr. wois, thank you so much

for joining us appreciate t. my pleasure. >> ethan wise. >> all right eli lilly had a rough day, 308 or so, 3 2e7b. that's where we bottomed out september of last year you look at the sell-off, obesity is clier a health problem. but being chronically lazy is something different. maybe that's a societal problem that you can't trade a stock around maybe we should be thinking more about that. >> lazy because you are taking the pill instead of dieting? >> make your own interpretations, mellas a. or so lazy you don't want to inject the drug. >> i think there will be a host -- where do we get to the side effects we are at the tip of the spear but just to make it tradeable, something to do with the cholesterol side which we had news where meg talked about earlier. merck has the best chart in this space bar none there is not even anything close

to it. but i think i would have been where you are at i think this cannibalizes the crest of the world fur not as heavy, you have a lower cholesterol rate you are not going to be taking those pills simultaneously. >> where do you stand on pharma? >> back to weightwatchers, right? i am wondering if the efficacy of the treatments work best if they work in tandem. a lifestyle change accompanied with actually taking a pharmaceutical i think that's probably the best-case scenario for customers or clients or, you know, the obese. and probably the best-case scenario for weightwatchers as well i am not inclined to buy a company that just rallied 7 # or 80%. while they are not approaching this from a position of strength, i think that's the best outcome and one that's aligned with the user. >> all right up next, sticker shock when you thought it was about that time to get a good deal on a used car prices are spiking

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money. sticker shock on used cars, prices rising 4% last month, the largest since 2009 f phil lebeau has more on the latest data. >> and it's all about the target you were showing there let's show it again because what you are going to see here is something we weren't expecting

the beginning of last year used car prices moving higher. up 4.3% in the month of february compared to january. by the way, that is the third straight month that used vehicle prices have climbed and what happened in february has a lot of people in the auto industry saying, hmm, perhaps we were premature thinking inflation is over a couple of things to keep in mind it is the largest february increase since 2008 and every single segment up, cars, trucks, suvs, you mname, it people were paying more for those vehicles the supply dropped in february so you have a situation where if you were selling a used vehicle, which many dealers were, obviously, there are people who were selling them as well, they were in the driver's seat. manheim crunches all of these numbers on a regular basis, issued a statement today releasing its report about used car prices saying the month saw sellers with more pricing power than what is typically seen for

this time amof year. bottom line. if you thought we were going to see lower prices this spring, think again. take a look at the auto retailer stocks the dealer stocks. car max, lithia, sonic, all of them are likely have a pretty strong spring, although a note today that they think we will see a moderation in used vehicle prices at the end of the day a lot has to do with the fact that the new vehicle manufacturers, and we are just showing you gm, ford, think about what happened over the last three years ever since the chip crisis hit, you saw a real drop in production not just production overall. production of moderately priced vehicles, sedans, smaller cars, everybody, not everybody but a lot of people got out of making those. well, that's really been the support for the used vehicle market for a long time now if you are somebody looking for a toyota corolla, there is

not a lot of selection out there and that's what we're seeing right now. >> phil, thanks. phil lebeau. >> you bet. >> bye. >> affordability, right. with rates higher, it's more expensive to buy a new car all the terms are not in your favor right now. to phil's point, he made it. it makes the fed -- that's how we led the show. their job is much more difficult. for all of those out there that magically thought inflation was going away, this one input suggests it's not. >> it's bullish for the rent a car companies. when you look at the fleet value that's the metric when you value the rent a car companies also a four-door gm, think how many cars come off of lease. when the used car prices are down, there is lease impairments. this has to be a tailwind. it's bullish for a rent a car company and less so for the legacy automakers. >> bullish for auto retail >> yeah. >> i mean, for a carvana, not bad for them, right?

they have a giant, you know, inventory of used cars >> oh, right. that's worth more. >> that is good for them i thought gm said they weren't having supply issues so i'm not quite sure what to make of that but it's interesting i mean, to your point as well, everything is more expensive. >> i think it also benefits companies like autonation where you do self-help, repair, things of that nature i think -- the fed, yeah, certainly makes their job more difficult because we have been saying goods have come down and services have stayed sticky and this flies in the face of that. >> yeah. up next, airline stocks define the turbunclee in the market today the upgrade helping to give a lift and the bullish "options action" ahead. "fast money's" back in two

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silvergate shares surging steve has the details. >> look at shares up about #% in the bloomberg headline saying they are in talks with the fdic to save the bank we don't have much more than that sounds like investors are on the hope that they can rescue

things they have been going through a lot of struggles with their relation with ftx. according to this report, they are trying to get crypto investors to shore up liquidity to keep things afloat here we reached out out to the company and we will have more if they get back to us. >> the stock hadn't popped as much as 16% in the after hours session. those gains right now salvage and bank, not a good combination of words in general. >> not a good combination. i think, i mean, to me i don't -- that sounds like things are really unraveling and they want to save it. i understand that. saving a bank is not easy. we are the j.p. morgan bear stearns where they saved bear stearns but it was the price that started at like one buck a share. but i am long put, so might have a bias here. >> okay. meantime, shares of delta after an upgrade from evercore, options traders booking it their tickets. how is the action looking? mike

>> delta traded more than three times the average daily call volumes. calls outpacing puts three to one. the most active contract was the 40 1/2 strike call that expires the end of this week an average price of 17 cents buyers of those calls betting that stocks rally could continue we saw bullish in united airlines, spirit airlines and the etf that tracks them nentk you. tu io the full show friday, 5:30 eastern time. up next, final trade

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time for the final trade. >> sonos, music to my ears. >> nice. a compelling piece around ferrari. i'm going with race. >> karen >> if it's good enough for would you rather, which i screwed up the game, google then. alphabet. >> i like that self-flagellation. guy? >> daniel jones, four-year deal.

sign jones and then you put a tag on saquon. you had this a week ago. lock down. >> lock down. >> nick, i mean, when the last time you saw the knicks like this >> unbelievable. >> so is amgen buy the stock here. >> thanks for watching "fast." be back tomorrow a good evening and welcome to this cnbc special "taking stock. we have an action packed hour coming your way reckoning. they plan to possibly more quickly as well. stocks tumbling more than 75 points, the s&p 500 down and nasdaq down 1.25% on the day and rates on the move in a big way