the contract >> exclusively here on overtime tomorrow ibm ceo. and that's not the only big name tomorrow on overtime global foundry is going to break down the chipmaker's earnings here as well you don't want to miss it. meanwhile, that's going to do it for "overtime. see you with all of that news tomorrow fast money begins right now. >> right now on fast, treasury secretary janet yellen right here saying as early as june 1, the u.s. will run out of money to pay for the bills this as the president gets set for a debt limit showdown tomorrow how worried should the market be as the debt clock keeps ticking? plus, checking chuck shares of charles schwab down 40e 40%. they still remembering it. we'll hear from one. later, one of our traders is ready to take a fresh look at airbnb and door dash

see why he is pine pinning the tone an uber i'm melissa lee. thank you for joining us we start off with markets on edge ahead of a big week for stocks they managed to close just in the green. the dow is down 55 points. banks are still worried about a slowing economy and deposit outflows and they're more potential catalyst for the markets in the coming days from tomorrow's debt ceiling showdown between president biden and speaker mccarthy to inflation data this week and, of course, next big read on the consumer when retail earnings kick off next week. is today just the calm before the storm? kind of feels that way, dan. >> yeah. you see vix at 17. you sigh the move index. they track the volatility and the treasury bond market that's pigging up a little bit but i guess the thing that i mentioneded this a couple times here, what you're saying about the senior loan officers survey,

there really is concern about credit i think you want tie a look at the small cap. we mentioned this on a few occasions. the russell 2,000 is changed on the year it's down from the 2021 highs. they did top out two months before the s&p 500 the lack of direction in the mall caps is more indicative of what is going on in the broader economy here in the u.s. than what has gone on in the major indices. there was a tweet talking about the eql weight s&p 500 and the market cap it's just basically highlighting how much these ten stocks are doing at least through the overall market that's why i bring it back to the small caps you can say to me, okay, apple's market cap is equal to the entire russell 2,000 that's fine. but there are 2,000 stocks in the russell 2,000 that are saying something very different than what the s&p 500 is saying. >> i'm going to say something stupid >> never stopped you before. >> i know.

>> amazing if you're out there and investing in the top ten stocks, what do you care what the rest of 2000 is doing you're in the top ten stocks you're okay. this is the head scratcher it is amazing how durable this market has been in a debt ceiling crisis and showdown. we're motoring along, karen. >> i guess it's been on the expectation that the fed is done right? i guess. i mean, and also, this, you know, we've been afraid talking about a recession for, i don't know, seven months now, eight months it has yet to arise. so -- and the data has been okay right? and so, maybe all of that is -- is it possible we're in a soft landing where the fed -- inflation is coming down the fed can ease off and, yet, comet hasn't really been hurt? certainly the labor market still seems to be in great shape >> yeah. >> so that would make sense to me >> yeah. >> i think we have shook off everything as you just said, we -- year

after year, things that would have knocked this market down, i don't know whether it's a testament to how electronic the market is, how small the average lot size is, things that would normally knock the market don't anymore. i think it's about rates i think that's the holy grail of the market right now so, if rates continue to do what they're doing, which is basically fall in the near term, i would guess that people think it's already done. i -- let's say something provocative. what happens if we already had recession? what happens if it's over already? i think you're going to hear that chant that we've already been through it already. >> roigt there is always a declaration when there is a recession. you have been firmly in the bear camp in terms of the markets and what's going to happen to the economy and how that impact the markets a what point do you say, you know, maybe things are not hooking so bad the data is okay

and maybe credit conditions are tightening and flab maybe theres one more hike. maybe we go through the debt ceiling showdown and things are fine. >> that's what i struggle with, clearly. when can you be wrong? when are you pushing towards instead of trying stay knew i had, you fall into the dogma camp maybe i'm there. earnings weren't as bad as expected that gave the market somewhat firm footing but is it just a matter of time before we start to see is that lag effect taking longer than i thought it would? i think so i think there is an inevitability in things we've been talking about there is some pretty negative things it's across a series of sectors across the series of stocks. why does the market continue to grind higher they don't look at headlines no fears are necessarily

associated with passive investing. the headwinds are out there. the market is expensive. the debt ceiling is a thing. i do think they're going to push the envelope here just given the climate that we find ourselves in i don't think the market is taking that into consideration >> let's be clear. the s&p 500 is up 8% of the year it's been groupeding when we all said this. you know, the earnings were clearly better than a lot of people expected. i think if you were just look in a vacuum and say okay, maybe we're coming out of something to steve's point. but i guess, you know, put it together with what we're seeing in tighter credit conditions the stock market is selling off in late 2021 the fed is going to battle inflation. here we, okay, about a year and a half later we have interest rates at 5% the fed funds here

these are levels not conducive to valuation wez have been accustom to. i think that is really important. if you look at where the s&p 500 is trading, 18.5 times, we're above the five-year average. above the ten-year average that doesn't make a lot of sense. i'll take you back to what's going on with the financials here when you think about the cost that's are going to come on the big banks for all of this extraordinary measures to kind of backstop this or help contain this sort of regional banking crisis, to me, it doesn't feel like it's over what i'm saying is we're still down from that 4800 level in the s&p 500. i just thinkthatwe could be unchanged to down like that. >> i agree with everything you said getting back to rates. if rates start to come in other we get to the end of the tightening cycle, you're going to start to see margin expansion. you probably could squeeze out

20, 21 times that's going to fool everybody again and they're going to dive into the ten names where you started the show >> treasury secretary just telling our own sarah eisen that it's essential that congress raise the debt ceiling and that failing to do so would be an economic ka tcastro if i. -- catastrophe. >> she warned of the catastrophic impact of a debt default that would happen if congress doesn't raise the debt limit by early june. it would have tremendously adverse effects on the financial markets and the economy. and as for status update, there is still a big gap between where the president and the republicans are on the issue ahead of the key meeting tomorrow the president will talk spending cuts with regard to the budget but not going around the debt ceiling to do that with a, quote, gun to america's head that's her way of putting it and for the first time when i

asked her about the dollar, she said it risks the reserve currency status. listen. >> if we were to compromise the credit rating of the united states and even worse to default on the debt, i think that would have an adverse impact on the dollar's use >> quite a statement from a treasury secretary threatening reserve currency status. as for the regional banks, we had to talk about that, too. she noted share pressure that we've seen in the market the earnings pressure that banks are still facing she prepared to aact again if we another bank failure. >> regulators stand ready to use the same tools we have in the past if there are further pressures that arise that could create contagion >> as for the idea of temporarily banning short selling on the banks, which is an sec decision, she did say

there is a high bar for that and had -- had more negative impact in the financial crisis. didn't sound like she was really onboard with that idea she did say that there say conversation happening with the fdic the bank regulator on the benefits of raising deposit insurance. but again, through that statement, really more of the implicit guarantee of deposit insurance. i asked her about the tightening impact of credit conditions on the economy after that report we got that showed that is happening. this afternoon she said it's part of the process of the fed raising rates and pointed to the strength in the labor market with another good jobs report on friday as evidence that the economy is still holding up relatively well despite that head wind and she still sticking with the view it is a soft landing because she doesn't see unemployment spiking or layoffs mounting. so far, it has been right. we'll see if that can continue >> sarah, thank you sarah eisen with the treasury secretary. tomorrow is the big meeting. the stakes are high. the expectations are very low in terms of what will actually

happen and if anything will get resolved i'm not going to step in here. i'm not going to help the process along. it is up to president biden and kevin mccarthy and i'm staying out of it. and they haven't met in a very long time. karen? >> i think you're right about the bar being low. i think the most surprising outcome would be some sort of deal that would be shocking, i think. i don't think it's going to happen i get we'll get a sense of how far apart they are maybe there is a sense of a willingness to kproments i don't know the expectations are low >> i think everyone should jot down september 30th on the calendar i think that is the most likely outcome. they're going to kick it another couple of months and redo it at that point i think they'll overt the crisis i think we're still going to be dealing with this and a handful of months from now i'm not expecting anything tomorrow at least of which the trillion dollars coin being housed at the federal reserve or the enactment of the 14th amendment. neither of those things are not happening which we heard about

>> more of the debt ceiling and market, let's bring in senior managing director. julian, great to have you with us the markets -- you said the invincible market. here we are. it is. it seems that way. >> it s look, at the s&p 500 level, you have been literally motionless for seven months now. of course, the concern is that the year to date returns are call it almost two-thirds driven by those top five names all of which have ai in there somehow or another and that is a concern particularly when you see the russell 2000 really approaching its lows of last year. so, it seems like it's okay. and, frankly, from our point of view, we don't understand why the vix is as low as it is given the fact that the t bill markets a week ago, one month t bill yields were 100 basis points lower than they are now. that one month is now over the x date

same concern in the credit default swap markets we think there say little bit of disconnect that is likely to get resolved with a little bit more volatility in the coming weeks right julian, you mentioned ai it does seem to be something that investors are excited about this year. it's not just one of the sort of mini bubbles that we have seen when we talk about what we saw in spac and what we saw in crypto and all these other tech things, we're talking about maybe one or two trillion dollars. n. totality. when you think about what moved the entire stock market, it seems like all of the risk is transferred into a handful of names. is that sort of thing as a strategist with volatility readings where they are, doesn't that make you nervous we could have a snowballing effect if there was something to cause, i don't know, some concern about this bubble where a lot of investors placed a lot of hopes? >> it does look, to us, theai revolution is likely quite real, quite significant. but as we all know, whether it's the internet or what have you,

these things unfold in it waves. you get a little bit too much enthusiasm and the stock sell off. if the rest of the market was participating that, is another thing. but that's not the case. and i have to tell you, that's very odd conversations the last several days with people who actually think there is an amount of money -- it's probably not large, that actually look at t bills and wonder whether they're safe, look at bank deposits over 250 k and wonder whether they're safe and are putting money in the top five large cap tech names >> they're safe. >> it's extraordinary. >> when you say too much concentration in the top five names, that implies there is a run for the exits. that is sort of a danger of that -- i mean what -- you know, if you're investing in the top five names, most of america through passive investing, right? what's going to make me sell

so then where is the instability in the market? let's say the economy does hit the skids, where is the instability in the market? >> the instability is, again, as you said, the public is continues to be disproportionately exposed to those names. the fact is, and we've been talking about this for months now, i think it's part of the frustration, we almost want the recession to come to get the clearing event we've been talking about it for a year but the fact is until the labor market does what the fed would like it to do, in terms of its projections, there isn't going to be any real urgency to sell stocks. >> so, for you, what do you tell clients? that's a tough sell to just sort of, wait, it's going come. it's going to come the labor markets are going to crack. you just wait, wait, wait. in the meantime, the markets are mortering along and clients are, like julian, you tell me to hang on here. what's going on? >> so our view is you want to stay in the more defensive

sectors. interestingly enough, with all this ai talk, health care and consumer staples have outperformed since april 1st we think they're going to continue outperforming it's a good place. the biotech also among health care there is m & a activity going on and that's a sector that does well when the fed pauses and we think they are pausing here. >> julian, thank you great to see you julian emanuel >> what do you think, karen? >> a circular thing. if it cracks because the labor, you know, finally moves, does that really give the fed the green light to pause >> right >> and so that has been bearish l last year. the other sued is maybe we buy the rumor of the fed pausing, sell the news. i don't know which >> yeah. >> i feel as if we've all been sitting here talk being about the only six stocks that matter forever now. i think people are just starting to pay attention it's concentrated in just a

handful of names maybe ten names instead of six names before but whether you tell your clients cash everyone starts to scratch their head and they get bored with that. people want a certain amount of risk passive investing, that's what's keeping nashgt right here. -- this market right here >> 7% performance in the stock market, if this the year this is 2023 that is not bad. considering all that we've digested in the first four months of the year >> in this environment, it's extraordinary, i would submit. listen, and steve said about interest rates i agree to pint. i actually think the fed's a bit of a side show now i think, quite frankly, doesn't mat wrer interest rates go within reason because regulation is coming. credit conditions are tightening whether or not rates go up or down, i think credit conditions are tightening again, what i've been wrong about other than the direction of the market is the how long this lag effect is taking.

it's going to have an impact if you read some of the earnings releases over the last couple weeks, outside of the big names we talk about all the time, companies are absolutely feeling it >> what was that saying, guy, i think your friend from college, the market can stay irrational longer than you can stay solvent. we seem to be in that phase. i think it's really important going back to where the s&p 500 is it's not making a lot of progress at a time where i think a lot of the he had winds are starting to mount. to me, the narrower this rally gets, the more danger you have >> the quarters coming up. a big revenue warning out of one key weight loss drug the forecast cut that ndease trs tumbling don't go anywhere. "fast money" is back in two. old school hard work meets bold new thinking. ♪♪ at 87 years old,

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welcome back to "fast money. paypal shares lower despite a top of the bottom deal and the company boosting profit guidesance the conference call is under way. kristina >> i got off the phone with him 20 minutes ago the ceo who attributed the earnings being an increase in full year eps to two main

factors, firstly, the business is growing across the united states and across the uk, australia and aurp secondly, he said e-commerce is coming in stronger than expected saying we thought it could be low as in flat and now it could grow low single digits, maybe even mid-single digits the drop in inflation here in the united states is helping consumers spend more on goods, specifically within fashion as well as electronics. and, yet, what we saw is the stock is selling off down, 5% there could be two reasons that stand out. q-2 guidance the range came in at 1.15 to $1.17. that's a small thing but the other big flag could be that the company expects less operating margin growth for the second half of the year. that comes after months of cutting. he just said on the analyst call that is under way that the board has formed a subcommittee and working with a leading search form they plan to announce his replacement by year end.

he is retiring at the end of this year. >> thank you what do you make >> look, you're looking for things to buy. after some of the quarters that we've seen where stocks have gone up -- you know, this thing is expected to have, what, high single digit eps growth. sales growth here. he is excited or whatever. you probably be selling. >> if stocks trade up on bad news, that's a good thing. where we have, if you read this report, you would have thought the stock would be up after hours. if you look back on the stock and where they were buying pinterest, stock was a $270

stock. they were worried of being out of growth. look at pinterest where that was. the for me, i don't think you can buy it just yet. >> the company maintaining delivery estimates of the lower end of guidance issued earlier this year. the conference call getting under way. we have more on this >> not a lot to like in lieu sid. they missed on top and bottom line losing 43 cents a share. it raises the question, really what happened in the first quarter, i had a conversation with peter rolens. he said there were a couple of main factors that caused them to have lower production and lower deliveries in the first quarter.

not often heard that as the main reason for a miss in terms of quarterly production and so forth. he said there was the ev tax credit ending. it used to be prior to the ira tax rules going into effect that you would get a $7500 federal tax credit now the lucid models are too expensive. it has an impact in production and deliveries and now guidance they're planning to build at least 10,000 vehicles for 2023 remember the guidance at the end of the fourth quarter was for production of the between $10,000 and 14,000 vehicles this year no longer giving that higher end of saying they could hit 14,000. that's a slight tweak in terms of the guidance. and they now say they're liquidity is enough to last into the second quarter of 2024 previously, they said they had enough to get into the first quarter of 2024. now they pushed it into the

second quarter of 2024 by the way, they're sitting on $4.1 billion in liquidity. i asked the cfo if they have the option in terms of are they looking at the prospect of raising more capital he said there will be more capital needed in the future, no plans to announce as of right now. but bottom line is this. there is nothing really to hang your hat on in this first quarter. >> wow phil, keep us posted the conference gets under way in a few moments for lucid. that is a terrible excuse. >> especially when you're trying to ramp up and it's not -- >> right you feel like an excitement for the car to come out. january is slow. >> production deliveries where phil left on for a company that is in the phase that lucid is in right now, you can't be missing on both those fronts we sthau with tesla years and years ago.

now tesla has become an extreme case to the side of success. but the stock is still tremendously volatile. tesla, you're going to be talking about energy production along with deliveries and that's a two prong thing. >> and in terms the capital raise, i mean, maybe they're hoping that interest rates will fall guy, i don't know. they have to think of something. >> second quarter 24 will be here faster than people realize, in tub one that cash burn is going to happen they have to do it they said we have to do a raise at some point. probably trades close to four times revenue which is too expensive. probably getting more expensive given this miss. there is nothing like them everybody was gaga over the stock a couple years ago we actually talked about it being ridiculous in terms of valuation. and the valuation is still at 7 and change still a little excessive. i still think there is room on

the down side of the stock unfortunately. >> just if you want to be longer stock, you must believe that public investment fund which owns 60% of the company will just step up and pay whatever they need. because they will run out of money without them >> yeah. all right. there's a lot more "fast money" to come here's what's coming up next talk about slimming down shares of one weight loss drug manufacturer tumbling even as demand skyrockets. what the move could mean for production plus, the banking blues continue and one name can't seem to get out of its own way the stock to watch ahead

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welcome back to fast money katalent shares dropping after a company warned of a $400 million cut to the annual revenue forecast catalent is a manufacturer for a weight loss drug it is the second time in the last month the stock has fallen by more than 25% in a single day. shares are down nearly 50% over the past two months. the move not impacting know vor 'tis at all. shares were up, actually, 3% in today's session. you're digging into this >> i was you highlighted something interesting is going on here and so four days ago they announced another contract manufacturer and the perception was to increase for all that demand they're getting. and that probably is true. however they said risk mitigation and in hindsight, it may appear that, wow, maybe catalent weren't doing a good job they said we're going to

diversify. that is a relevant piece of information. they were in talks maybe that's why it fell apart i don't know it sort of another -- it's an -- in hindsight, it looks a lot different why nova nortis did that >> there were all the individual events and now you're like were they all connected guy? >> yeah. it's fascinating karen did the work on this i'm not going to get into catalent specifically. it speaks to the strength of nova nortis. if you told me yesterday what would happen and then play in the nova nortis game, the stock is up 10%. it's fascinating the underlying strength again, look at eli lilly, america merk below the surface, there are things to be concerned about >> all right coming up, real trouble or just temporary pain what our next guest says

investors are getting all wrong about charles schwab as shares remain under pressure. more own that next a technical look at gig stocks the tas endeilwh "fast money" returns.

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welcome back stocks muted to day ahead of key inflation data dow falling 50 points. the s&p 500 and nasdaq getting small gains. shares of tyson foods dropping 16% after the company posted unexpected loss. tyson's worst day since 2008 shares of palentir surging reporting a second straight quarter of positive net income guy, you're commenting on tyson. >> listen, we reached the point now where companies can no longer successfully pass their cost on to the consumer. at least that's what i took from the tyson call they're talking about how people getting away from beef, pork and chicken. they haven't seen that in quite some time. now people can't afford it so they're trading down. whatever trading down means in the food world tyson is feeling it. those things are happening right before our very eyes

that is a significant move in a very important stock again, the stock market doesn't seem to care people say you only focus on the negative things. problem, of course, is it's a very big negative thing that for the first time in a while you're seeing companies not being able to pass on their costs to the consumer of that's the first step in this whole puzzle i think coming to fruition >> all right let's move on to shares of charles schwab posting deeper losses to day dropping 30% the stock is down more than 40% in the last three months they're saying they're mistaking a temporary problem for a permanent trend. alex fitch joins us now. he manages two funds that own schwab alex, thank you so much for joining us you're not the only one on the street who likes sh chwab. it trades horribly though. so, what is the street thinking about this on compared to what

investors are thinking it seems like investors are painting it with the same brush as an svb like there is a mark to market problem lurking in schwab's balance sheet. >> we agree it trades horribly it's a wonderful business that deserves a premium multiple. our forecast trades at high si single digit multiple. the big problem is that you do have a little bit of a mark to market issue you've had deposit outflows. those are commonalities you don't want to have today i think they're very different for schwab schwab is having depositout flows because customers are moving funds from the bank to money market funds that's what you expect to see in a world of a 5% fed funds rate i think a lot of investors don't fresh that if first republic customers move their accounts to jpmorgan chase or bank of america and they upended that relationship that, account is

not coming back. that's very different than what's going on with schwab customers. you have a schwab account. you buy a money market fund in the account. that customer is not gone. that money is not gone you actually see schwab growing accounts faster than they were before the banking crisis. there is different profile that really matters >> so, the departments are still stored or housed within the charles schwab complex it's just in a different bucket. when you say there is a little mark to market problem, can you explain that so we can understand why it's a little problem and not a big problem or problem that can get worse if interest rates continue to rise? >> sure. so schwab has mark to market losses not to the extent that silicon valley or first republic, not even close they do have mark to market losses the reason i say it's a little problem and not a big problem is you really can't look at just one side of the balance sheet in the market if you mark to market the

assets, you also want to mark to market the liabilities in silicon valley's case, those turned out to be short duration. we think they're to be long duration deposits. the equity value there is greater than it looks if you just mark the securities >> quick one though. so, there is plenty of cash on the balance sheet. to your point about marketing the assets and liabilities, the stocks, to use mel's technical term does trade horribly it trades like the company has to raise capital, you know, and we've seen a lot of instances where companies have come out and said they need to raise capital. we've seen what happened to their equity here. to me, closing very near two-year low what is your sense does this company -- would it benefit them to raise capital and kind of p thought to bed if it's the sort of franchise i think we know it to be, wouldn't that be something that could actually maybe put a bottom in some of the -- we wouldn't be having this segment with you right now if maybe, like, we felt comfortable about that

capital base >> understood. i do not think they have to raise capital. they have materially above their regulatory minimums in p capital today. and the only wayt changes, the rules change around mark to market and that is certainly on the table. but with a time delay. and one thing i think isn't appreciated about schwab, when you earn 2 1/2 or 3 times the return on equity of most of the banks out there, you also fill a capital hole through earnings 2 1/2 to 3 times faster. to the extent that there is some type of look through on this ma, to market, i think schwab is much better off filling the hole organically and better ability to do so than most of the banks that we talk about today >> it's karen. thanks for being on. when you think about valuing this stock, how do you value the different parts of the business? where do you think they should trade in a -- if we get through this crisis and calm is restored >> the way we see it, it's a

brokerage business that decides to monetize through bank deposits, essentially. i agree with one of the points made earlier that there is a head wind to the business and to the earnings profile in the next few years. you're losing deposits you have to use higher cost funding to fill that hole. it's not a permanent head wind in the earnings profile. eventually when you get down to that frictional deposit base that is just cash between accounts and deposits grow again, you're going to replace that high cost funding and get back to being this bank that has $5 to $6 of mid cycle earnings power and is worth a above market multiple. >> and the two funds you manage, you have increased your allocation to schwab >> yes it was a new position during this quarter and we increased it >> okay. alex, thank you so much for joining us appreciate it. >> thanks for having me. >> guy, your take on schwab.

>> it's one of those unique properties without question. i think it's a really important company for market sentiment as well it's onest things where as the stock goes lower, which by the way it has since sarah's interview a couple weeks ago with the ceo, stock went from $45 to $60 it round tripped the entire thing. the equity goes lower, depositors are saying, wait a second, what's going on here if depositors flee, the stock goes lower then it is the self perpetuating thing. i'm not trying to be a fear mongerer i'm paying attention to what is going on and listen to the comments from warren buffett over the weekend talking about banks. there is clearly something happening but under the hood here in charles schwab you wonder is this stock going to -- you know, are they a stand alone company a year from now? are we going see a similar fate? do you see a take under? i guarantee there are people out there salivating at the thought of being able to own charles schwab it's not at this price i don't think. >> the options trading to day in schwab was bearish

mike has the reaction. the. >> yeah. it was one of the busiest financial stock option that's we saw today. one of the top ten actually. it wasn't extraordinary for its own volume recently. but that is only because the average put volume is ten times what it was over the previous ten years. the most active puts that we saw expiring this week were the 44s. we saw buy over 1,000 of those pay 13 cents 3200 of them traded. buyers of these options obviously think that there may are further weakness in the days and weeks ahead. >> all right for more actions, tune into the full show friday, 5:30 p.m. eastern time coming up, two gig economy stocks that should be on your radar. one trader is backing it up with a chart. the technicals straight ahead. the "fast money" is back in two.

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take advantage of the expanded coverage by calling today. uber is up 2%. they're now up nearly 6 0e% for the year the two other gig economy stocks are come ago long for the ride dan, you flagged this and looking at doordash and airbnb >> we talk about the concentration among the top

names in the nasdaq. i think when you look at how uber traded last week after results and what dara had to say, i think gave investors increased confidence about this path towards further profitability. and that move was really interesting. new 52-week highs to day and follow-through because looking at airbnb. it has been profitable they're expected to grow trades 36 times this year. 30 times next. you say to yourself, okay. this does not fall in that category of, like, kind of an earnings or gap versus adjusted sort of thing. look at that chart it's been consolidating. $130 level looks interesting to me if you back it out five years, you say there is lots of room up above. okay the other one. i don't like this company particularly that much it's doordash. i don't like the unit economics for this they're still not profitable but just on a technical setup, again, held the 200 moving

average and the gig thing comes out. these are the sorts of name that give you increasing confidence that the rally would be broadening out these are real market cap companies. airbnb has $70 billion plug. uber is a big one too. you want to see it migrating, some of the enthusiasm to the other names. >> you like any of these >> well, when you look at the doordash chart on this, this is really the epitome of the definition of building a base on this one it's up a decent chunk for the year but when you look at the chart, it looks like it wants to start stepping up. all the other ones he mentioned definitely have already made their move and will continue that move because i think people are going to go out on the risk curve now. so if you get into this feeling that you think you're safe in those top ten large cap names, now you start to migrate and dip your toe in these other ones and these are the ones that he's tipping his toe in >> am coming up, results are in. there is one place investors are putting manien that might surprise you everything out of the latest

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investors expect the markets to drop 10% in the next three months for now, let's welcome back our editor in chief caleb silver good to have you with us. >> good to be here >> it feels like since the last time we talked, about a month ago, after the bank failure started, there is a real change in sentiment >> absolutely. they're playing a lot more defense. defense ones championships but you have to score too. there's been a little rally going on it's been choppy but the headlines are really scaring investors whether it is banks, inflation, the debt ceiling. all these things are putting investors back on their heels and they're not that committed right now. 56% say they're worried about it you mentioned one in thee expect the market to fall 10% in the next three months. 37% are investing less lately. that's more than a third much these are active investors as you know and the fact that they don't want a player right now is interesting. >> a lot of them have start the bank accounts in order to get high yield savings that's where their head is at

right now. >> even though they lost trust in financial institutions given what's happened, they're putting non high yield savings accounts. they're looking for money market funds and cds which are popular when we spoke about six weeks ago. super popular again. one of the top searches. what are the best cd rates right now. >> and i love the question where would you put an extra $10,000 right now? because traditionally it's been apple will, microsoft, you know, the big ones no the this time this time it's cds. >> yeah. cds. equalling individual stocks and the big stocks for the first time since we ever ran this survey they want that guaranteed yield right now. stocks feel a little slippery. stocks feel scary. there is a lot of headline risk as we mentioned. they're putting money in the bank and in cds >> how long you have been doing this survey? >> just right around when the pandemic broke i guess three years ago we started surveying investors. that's when the fear factor started rising to the extreme. so we do this every eight weeks and we have been watching this wax and wain of this either fear or this greed depending on

what's going on. right now really feels like they're back on their heels playing defense. >> can you give us context in terms of how -- i don't want to say panicked, how cautious ininv investors are? >> go back to march, april, may, extremely worried back then. but right now they're just cautious also not active. you can be cautious and want to do something about it. that's where they were two months, four months ago. right now they're cautious and not really willing to do a lot with their portfolio >> the market always climbs a wall of worry. we have heard that saying. is this something where -- is there a lag effect between the worry in your opinion? it's a three year control group here but in your opinion, do -- are we going to see the worry up front here is that a lagging effect do you have any opinion on that whatsoever >> i think it's one of the lagging effects. i think if we get a ral lishgs you think a lot of the individual investors want to play they're looking for a reason to believe to quote the boss. they want to put money to, would. they haven't had the

opportunity. and now there are reality earntives. we went from tina to tara. they're putting many wrn it is safe even in the bank, even though they lost that trust in a the lot of banking institutions. >> what do you make of this not doing anything i that i is fascinating. >> i love the sentiment stuff. i do think that the active nature of the people that are going to engage in that. i mean, give us a sense, like, over the last couple years we talk about some of the bubbles. does it get as granular as do you remember in a year and a half ago in 2021 people talking about that extra $10,000 would go into nfts and cryptos the. >> you think they may want to put money in crypto given the rally right now. yes. these are individual investors who track manias like bitcoin and cannabis stocks when those were hot if you look at the list of the top ten stocks which we do all the time, they're the biggest ten stocks in the market plus a little intelligence which i thought was interesting this time around as well. given the results. still, playing it safe with the home cooking and now putting

money in a safe place, the bank. >> caleb, good to see you. caleb silver up next, final trades. she had a lot of questions when she came in. i watched my mother go through being a single mom. at the end of the day, my mom raised three children, including myself. and so once the client knew that she was heard. we were able to help her move forward. your client won't care how much you know until they know how much you care. ♪ asking the right question until they know can greatly impact your future. - are, are you qualified to do this? - what? - especially when it comes to your finances. - are you a certified financial planner™? - i'm a cfp® professional. - cfp® professionals are committed to acting in your best interest. that's why it's gotta be a cfp®. ♪ imagine, a car that goes as far as it does fast. as sleek as it is spacious.

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final trade? >> he willel dorado gold >> one month treasuries, price ford panic >> dan >> i'm buying paypalate $-- paypal at $720 tom. >> my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. m mad money starts now >> hey, i'm cramer welcome to "mad money. people want to make friends, i'm trying to make a little money. my job is not to entertain but educate and teach you. call me. or tweet me. you hear about missing the forest through the trees abou