that tightening financial conditions or the threat of further tightening of financial conditions, that's hit those areas. and hit cyclicals more often maybe yields could pinch the real economy, as well, at certain levels >> all right, mike, thank you for joining me all the major averages finishing the day lower and, of course, we will have more from that amazing interview with amazon ceo andy jassy tomorrow that's going to do it for us at "overtime. "fast money" begins right now. right now, rattled by rates. stocking struggling as bond yields spike and as we count down to the jobs report tomorrow should investors fear markets will wilt under the blistering move in bonds? plus, the billionaire battle r r royale meta's new social media app threads racking up millions of u users in a single day. and later, new york city delivering bad news to a host of gig economy stocks we'll have the latest on youber

door dash and manufacture. i'm melissa lee, this is "fast money. we start off with the unrelenting rise in rates. the two-year yield jumping another seven basis points today, rising above 5% for the first time since march and its peak for the session, it was at its highest level in over 16 years longer term treasuries followed suit with the ten-year crossing back above 4%. the move coming after much stronger than expected private payroll report raised expectations for more rate hikes. those worries sending stocks down the dow down more than 500 at its lows, still put in its worst day since early may. is the best behind us for stocks or maybe this is a nice blowoff before earnings season begins, steve. >> yeah, i think -- i'll go with the latter, for 500, jack. >> okay. >> if it's a game show, but i think mike said it well, he said he thinks this is the result of better economic growth coming

forward. obviously the front end of the curve is going to be fed responsible. back end, you could pick your poison is it going to be a long recession, a deep recession, a shallow recession. it's eventually going to be a recession. but until we get to that level, we traded up 600 handles in change and the s&p all talking about a recession. let's not talk about the recession, let's talk about earnings earnings did not collapse the way people thought they would collapse, which meant that the market went higher will earnings collapse this time i don't think so i think that corporations are starting to spend some money, are starting to see through some of the headwinds i don't know if we can go higher from here, but i don't think we're crashing >> again, once again, in this sort of, you know, good news is bad news for the stock market scenario, courtney stronger than expected private payroll report, people are wondering, does the fed stay higher for much longer, is that

second hike from here in november, do the odds go up of that, could there be more than two at this point? these are questions that opened up thanks to the number this morning. >> what's probably off the table is fed cuts later in the year. that's what we've been talking about earlier, and people are finally putting that aside realistically, and you had a good point, the markets have done really well over 500 basis points of an increase over the last year in fed rate hikes so, what is another 25, 50 basis points from here they are going to continue to do well in that environment but i do think you want to be cognizant. we are going to be higher for longer, and that's where some of your wlonger duration act sets are probably still going to continue to be under pressure. i am optimistic, but some of those stephen stocks have been running things up. don't chase those right now. >> julie, i know that you watch "fast money" when you're not participating on the show. lars night, we talked about 4% being the key level and whether or not that spells sort of the end to this rally. we popped up above 4% on the ten-year yield and what did we

see in the markets today we definitely saw a dip. what is your take on this spike higher in yields >> i think there's a lot of psychology at play right now, where, you know, there's this thing my kid does when i try to tell him to do something, he says "don't tell me. and the market has just been consistently saying, don't tell me to the fed. and jerome powell is being really clear, rates are going to be higher for longer the longer the market continues to say, don't tell me, the longer risk we have for a more precipitous collapse what's driving this rally is enthusiasm about new technology, and i think that's valid, to a point, but you are seeing earnings being softer, weaker, jernly l generally speak, and concern, do companies run out of pricing power while they're still having to pay higher wages for their workers? and i think that's where the krun of ch happens, and that's what people are worried about. >> and that's what we could see in the next earnings period, at least in the guidance going forward, tim

it's interesting, because people often say, you know, the ten-year yield, the highest since before svb a lot of things are different since svb, including levels, including valuations of stocks at this point. and then you put on top the rates. so, a lot is different since then, even though rates have reached that same level. >> and there's a lot of mixed signals this those numbers today. you had a nonmanufacturing ism that was close to contractio last month and now up 3.7 handles to kind of almost just under 54 huge, huge relief for the largeest part of our economy by far. those adp numbers showed there actually was tech hiring in terms of a.i 3,200 jobs added out of the tech region i don't know if they were all attributed to a.i., but a lot of signals in there that the economy is better. and be careful what you wish for, because did we really want to see 48 on the nonmanufacturing ism or 100,000 jobs in adp?

this is a market that really -- i don't think is necessarily pricing for less fed right now, because there's no reason why they should be i would take some solace in that the economy is not deteriorating as fast as possible, and again, although the jolts numbers were down, job openings, there's still 2 1/2 jobs for every person looking so, the labor market is better all the while, all we did last night was talk about some of the things that are getting worse with the consumer. we've actually talked about that for a couple weeks so, i'm not wildly bullish here. stocks have had a great run. anybody that thought that the fed was sudden lip getting ready for the first sign of weak numbers to throw in the towel is young. fed fund futures out one year show 25 bips to the end of the year, and the end of '24 showing another 50 from there. but anyway -- i thought today was a fascinating day. vol happens very quickly

if you look at one point, the vix was up 20%, if you look at market positioning, aa, ii, bull/bear, bulls are out in full force, positioning is certainly heavy. that's what today was. i don't think a lot more >> we spoked above 16 on the volatility index at one point, which is still low, even though we saw a stripike of 20%. nobody wants to cheer for an economy that is weakening, but at underscores the battle the fed has. if 2% is the target, how much harder do they lean or how much longer do they keep this battle going in terms of keeping rates higher and that's the concern here. >> well, 2% -- i think it's 2% now. we don't know what it's going to be somewhere, a little bit more forward in the overall economy but just remember how much money was thrown out there during the pandemic, after the pandemic how much aid there's so much money from that. does that -- does that have the

long variable lag, too how long does that money stay floating around? because it seems a little extended for there still to be the pandemic aid -- >> people are wracking up debt on their credit cards. >> it could have been, but there's still unutilized credit on the data points now they're not maxed out on the credit cards right now so, there's still more to be had on that front. where is the long and variable lag with the fed which one ends first and i think the fed, we already know it's going to be one, two, maybe three, i'm sure the market will factor in courtney brought up the most important point, which is, now everyone saying there's not going to be a cut. and if you look at the way the market has been reacting to all this negativity, or how every -- whatever headwinds are coming at us, it's pretty encouraging. >> yeah. julie, do you think the consumer is still juiced by stimulus at this point i don't know, it seems like a lot of it is gone, unless they're still feeling wealth in

the wealth effect from housing, which has stayed rell thifly strong, as well as the stock market >> if you look at the data, you know, people talk a lot about the $2 trillion in excess savings, and we spent down a little more than 1 trillion. the thing is, the part that people don't really think about is that remaining bucket is typically in very, very high net worth individuals. and they're not spending that money, they don't need to, they've bought the yachts that they're going to buy, they're kind of done and so, that money is kind of gone, actually and you see that, that's kind of why you're seeing credit card payments starting to really tick up is that the lower income consumer, the one where there's more velocity in the actual spend, those are the ones that are actually out there and spending and so, i think the consumer is as healthy as the job market is, because clearly consumers just happy to spend, happy to put on their credit card, as long as they have a job. if they lose their job, i think that unwinds really quickly. >> and that gets back to how

hard will the fed push here? our next guest says the fed is dead serious about keeping rates higher for longer. and that chasing high flyers can only end in tears. rosenberg research founder and president david rosenberg joins us now david, you know, to the nay sayers out there, they'll say, as we mentioned at the top of the show, the markets have advanced significantly since the fed started raising interest rates, and so i'm wondering, have we seen now the cracks of this starting to appear in terms of the whole, you know, ending in tears bit >> well, i mean, the stock market hasn't really been ra rallying since last year, and last year, the s&p 500 was down almost 20%, you know, for the year as a whole. you know, the stock market, at any given moment in time is going to be influenced by a whole range of factors you really have to take an approach there's fundamentals, valuation, market positions, fund flows,

and there's momentum and there are times where you can get a serious momentum-driven market and so, i don't think we can argue a 19 multiple, that's pretty rich. benchmark against risk-free rates over 5%, bit of a no brainer. you've had the generative a.i. boom going on, so on and so forth, it sort of looks a little bit like the internet mania we had back in the late 1990s again, it was partly fundamental, but that was a massively momentum-driven market so, i don't know if the market's telling you anything about earnings, anything about the economy. it's been a sentiment and momentum-driven market i think rather devoid of the fundamentals, and at some point, the fed's tightening is going to break the back of something. it wasn't the regional banks that wasn't the back it reminds me of new century financial closing doors in january of 2007, it was a big

ho-hum and we moved on who could have connected the dots between what happened in '08 snl so, the reality is this. unless you are willing to say hope is going to triumph over experience, how many aggressive cycles, of the likes we're seeing right now, the most acute tightening cycle since 1981, and people are saying that this is somehow going to end well, that somehow the u.s. economy, a credit-driven economy, is immune to such higher interest rates is totally ridiculous i just -- tells me that people can't see past the tip of their nose the next 12 months is going to be really rough. that's when all the lags are going to be kicking in hard. >> so, the lags will be kicking in, and that's what the fed believes, too, david, so, i'm curious, do you think, you know, we're fully priced in basically for a hike at the next meeting, november is-- the odds are going up, you know, slightly in your mind, is there a

possibility beyond two, or is the variable that the fed keeps rates higher for longer in order to battle what's going on, to get inflation back down to two >> well, you know, the -- it's -- there's a risk that they will go two or two-plus. and it's not a forecast, just an observation, as to what the fed is looking at. this is not our father's or grandfather's fed. i don't get a sense this fed has confidence in its forecast or confidence in its models it is basically telling us that it is data-dependent and everybody comes on cnbc and they talk about, well, of course, they're data-dependent, but i've never seen a central bank so focused on the data that are inherently contemporaneous and lagging. they're focused on inflation even though inflation expectations are so well anchored, they're so nervous that at some point the dam is going to break, but they're focused on inflation -- service sector inflation, service sector

cpi is in the index of lacking economic indicators. saw know, and of course, we're talking about payrolls tomorrow, nobody talks about the work week so, we're adding more bodies and we're furloughing them it's a very interesting dichotomy. it 's like cognitive dissonance april 2020, the economy was locked down and nobody talks about that so, the fed's focused on lagging indicators they inherently take time to turn this is what the fed's focused on and i think they've already, you know, tightening into such a deeply inverted yield curve, which of course everybody says is a relic of the past, they say that every cycle i think the fed has already gone overboard. again, maybe a recession was always in their plan, to destroy the inflation they created through the overly accommodative policies they pursued in 2020 and 2021 so, correct one mistake with another mistake. but for the people say, where's

the recession -- it's like they're saying the same thing in 2000, oh, it was in 2001 where's the recession? i got that in merrill every day, in 2007, where's the recession, where's the recession? okay, well, it came big-time in 2008 so, yeah, the lags this time are longer, because the energizer bunny called the biden budget buster that was actually -- gave the fiscal stimulus was the gift that kept on giving, but that's coming to an end, and now we're going to see the full throttle of these lags that everybody's talking about. the lags are staring us in the face and i think, right, it might not be this or next quarter's story, but it's going to be coming in the next 12 months or else we'll just take the history books, throw them out, we'll tell everybody that mother nature and the business cycle has been repealed and that recessions don't exist. but they always follow the pattern of what the fed's already been doing he's already told us that he's the modern day paul volker everyone reveres him he killed inflation by

back-to-back recessions, right >> david, it is always good to get your thoughts. david rosenberg, rosenberg research tim, it's sobering he makes a lot of fantastic points, but how do you reconcile that with what's going on in the markets and a call for what's going to happen or might happen in the next 12 months with the markets we have on our hands right now? >> he sure does. david's done thoughtful work for a long time, and the data points he's bringing up are undeniable. volker is cited as a hero, but what volker -- he was obsessed over the psychology of inflation, which he felt he had to break and didn't matter if he broke the economy. i don't know where this fed falls in line with that, but what's clear is that the sequencing of this market has been very different than people had expected and that means not only the timing of recession, which david pointed out, i think people probably got wrong in 2007 through 2009 and maybe they're

getting wrong here the things that are most important to me are, valuations always matter at some point, and i do think that a 19 times forward, which is well -- two or three turns higher than where we were pre-covid, is something you have to pay attention to the other thing is, again, where you've seen some of the stocks that have moved the market, when the world's largest company moves 54% in, you know, from january 4th to this point, without fundamentally game-changing news or growing their earnings profile, i mean, you have to ask some questions and the biggest question for investors is, is any of this going to get away from you right now if you take what's been a pretty decent run? i'm not saying that you should be running for the hills, i'm saying you've had a very good run here and i think rotation and the market that you have is very different than the market you had two months ago >> all right, now let's get to now developments in the social media battle between elon musk's twitter and mark zuckerberg's new app threads. musk is threatening legal action over the new social media platform

the details from julia boorstin. julia? >> well, melissa, twitter's attorney wrote a letter to meta, threatening to sue, accusing it of stealing trade secrets to create a copy cat app of twitter in threads now, as the fast-growing threads from meta hit 30 million users overnight, there's no question it has drawn the attention of rival twitter. "twitter has serious concerns that meta has engaged in systematic, luflwill ufl, and ul misappropriation of twitter's trade secrets. accusing meta hiring twitter employees who had and still have access to twitter's trade secrets. andy stone responding on threats earlier, he posted a thread, saying, "no one on the threads engineering team is a former twitter employee that's just not a thing. i have reached out to twitter for comment and have not heard back yet and we have not gotten anymore

detail on how meta expects to respond or plans to respond to this legal yquery. melissa? >> this is not a formal lawsuit, is it a formal anything at this point or is it just a, hey, be on notice? >> it is not a formal lawsuit. it is a threat and it is a warning. a shot across the bow from twitter, saying, if you are using our information, if you are scraping our platform, then that is against the law. so, we'll see how meta responds, we'll see if there's anymore detail from twitter. i mean, it would be great to get a comment from them and what their goal is with this letter, but they're certainly paying attention and looking for similarities between twitter and threads. >> tjulia, thank you elon musk tweeting, competition is fine, cheating is not this is in response to an article, a report, there was this sort of letter going out.

anyway, we'll have much more on the billionaire battle and the ripple effects on the social stocks coming up later in the hour. meantime, amazon ceo andy jassy sitting down with jon fortt. the outlook he had for the e-commerce giant, next. plus, an apple a day keeps one of our traders away. why someone on this desk tonight sold out of apple completely and the name they're scooping up in its pcela don't go anywhere. "fast money" is back in two. k but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business.

welcome back to "fast money. amazon shares down today, down by 1.6%, but on a tear this year ceo andy jassy speaking exclusively with our own jon fortt on "overtime." here's what he had to say about the strength of the consumer >> it's an uncertain economy, so where as in the past you had multiple variations of a product, where people might shade towards price variations, you're seeing the opposite they are quite interested in bargain hunting, so, it's why we've worked with our hundreds of thousands of selling partners to provide millions of deals in this prime day, so, we want customers in an uncertain economy where they're very conscious about price, where they want to have a very broad

assortment they can buy at deeply discounted prices that's what we're hopeful they'll get. >> a tradedown is not a great thing for a retailer, julie, in general. and that's what jassy is talking about. >> yeah, i think you see that kind of across all the landscapes, but what it really means is that no matter where you are in the income segment in retail, you have to have good merchandise. before it was the rising tide that lifted all boats because we were just so desperate to spend money staying at home, but now, you need to be able to execute well you see that in thedy verve jens of fortunes for dollar tree versus dollar general. if you have the right merchandise, people are willing to shop. if you don't, they absolutely will not be in their store amazon is particularly well-positioned in the sense they can really look at demand trends and what people are excited an enthusiastic about buying and they can push those thoughtfully >> yeah. courtney, where do you stand on

amazon here? >> i do think they're going to continue to be under pressure here my biggest problem with them is, they are extremely expensive they trade at, what, 72 times next year's earnings they've done fantastic this year you are starting to see, like, even in aws, you're starting to see, people are really trying to optimize their spending, they are bulling back there, consumers are trading down and even on the whole foods side, people are wanting to get cheaper groceries. they're trading down to a trader joe's or a walmart for groceries so, they are going to continue to be under pressure here. they've done fantastic i wouldn't be jumping in here with two feet. >> that's the problem. every segment of their business, people are trading down, grasso. >> true. but when you look at that multiple that they've been paid, it was always the aws kicker that everyone -- and jon fortt asked him repeatedly, over how many years, when they're going to spin off aws -- >> since the first interview >> that's the holy grail to where you're going to sell amazon that's going to be good stock/bad stock. so, when you look at the

comparisons that we put up there, those stock prices are beta, compared to amazon, on wayfair, right so, you're going to get a bigger bang, or bigger upside to that stock, bazecause you didn't get the sustainable run that you had with an amazon people buy amazon because of aws. that's why no one ever understood that bezos could turn on or off the spfaucet whenever wants. and now there's competition, huge competition in aws. how does he milk that a little bit longer and make the focus on that, where people are willing to pay an outsized multiple on it, and then throw in the kicker of a.i.? >> tim, do you own this, going into tough times there's an argument on both sides. >> well, i think you own it going into prime day, and if you look at -- the expectations are mid to high single digits on prime sales this year.

you've seen the stock run into prime day and for the couple days it's happening. kind of in this period here, amazon, which traded down in a difficult tape today, but -- i like the play here, and i believe some of the cloud trends and some of the pressures around aws -- i think we're starting to see at least a little bit of a bottoming there. i will say, and courtney mentioned this, i heard tradedown, i think walmart and remain long walmart, not as long as i was, it's had a good run, but i think walmart has proven to be very resilient. they have spent a lot of money on digital, on e-commerce, and on their people and in their stores and i think there's margins that are higher ahead for walmart. there's a lot more "fast money" to come here's what's coming up next the gig economy is taking on the big apple. while uber, doordash and grubhub are suing new york city. and how much impacting the stocks. plus, a billionaire social battle zuck and musk clashing as meta

rolls out its twitter rival. but will it be a competition killer the numbers and the latest ahead. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. with two max-strength pain relievers, so you can rise from pain like a pro. icy hot pro.

welcome back to "fast money. uber and doordash both dropping today after the companies filed a lawsuit against new york city to block its minimum wage law from taking effect next week the law would require app-based delivery companies to pay drivers $18 an hour, with the rates ramping up to $20 an hour by 2025.

this seems like they would really throw this business model on its head, grasso. >> yeah, i would assume. when you start screwing around with that, the numbers don't make sense and you want people to get a fair share and you want people to get a fair income level, but whenever you try to tip your finger on the scale, it always winds up coming back to bite what you're actually trying to do, so, it defeats the purpose i don't think -- i think it's a terrible headline for the names, and i think there's a tremendous amount of headwinds that are associated with trying to tip the scales >> lyft felt pressure, though it's not a delivery service app, per se lyft is the l in your lags trade. how concerned are you about this >> sure is sure is lagging. well, i think residents in new york city should be suing the government as well as the city for what they're doing to raise the cost this raises everybody's cost, what they're doing, but what's great for lyft and uber, they

raised the cost of taxis 27% on january 1, so -- you know, i think the operating environment for lyft and uber in new york city is actually in their favor. i think they also have a much more fertile job pool to dra from in terms of drivers and i think you've got an economy that's probably a lot more resilient again, listening to city hall and how they mick economic decisions for the better part of the welfare of the people of the city that pay the taxes, i'm obviously -- i have a view on that, so, i'll stop talking now. >> yeah, i have a view, too, but i won't share it. coming up, more on the billionaire battle the showdown between mark zuckerberg and elon musk isn't just happening in the octagon. the jabs zuck took after meta's latest launch. and just how strong has threads debut been we'll look at the numbers and the possible lawsuit, when "fast money" returns

welcome back to "fast money. stocks selling off after better than expected job data this morning, increasing job expectations of more fed rate hikes. the s&p and nasdaq falling 0.8%. and levi strauss slashing full-year eps guy dance and

delivering a weak outlook. jim cramer will be speaking with their ceo ahead on "mad money. don't miss that interview, 6:00 p.m. eastern time right here. meantime, the battle between elon musk and mark zuckerberg heating up amid the launch of threads. zuck with the big dig at his rival, saying twitter had the opportunity to become a public conversations app, but quote, hasn't nailed it he went on to say he hopes threads will musk firing back, saying it's far more preferable to be attacked on strangers on twitter than indulge in the false happiness of hide the pain instagram. twitter threatening to sue meta for using trade secrets. so, who can win the battle so far, tim, it seems like meta's doing quite well in terms of the initial interest. >> yeah, and it's -- there's a lot of debate whether this is going to move the needle for meta relative to some other things, and more importantly, their reels business right now is really exciting but when you think about the billion and a half instagram

followers and what you need to do on 10% to 15% penetration, what that could mean it is interesting to know what mark zuckerberg means in terms of defining what having nailed it means because again, i would argue that twitter has nailed it you know, to the -- they haven't nailed it from a monetization perspective, they have nailed it from, i think, their -- how they have been relevant to a news flow and simultaneous news flow and even broadcast this is something that facebook or meta wants an opportunity to compete in, and i think they can. and to be clear, the whole story around meta over the last six to nine months has really been about the year of efficiency it hasn't really been about a whole lot of anything else and growth right now, something they're really going to get from this story they are getting it from reels >> yeah. i mean, so far, it's a small dent in how many in terms of how many twitter users there are, the number of people on threads, about a tenth or so, courtney. but the same time, if they just get a fraction and if threads just seems relatively better

than twitter, it seems like that could be the choice that people ultimately make. it doesn't have to be the greatest thing, doesn't have to be the best, it just has to be better at this point >> yeah, and i think people forget how quickly people will switch platforms i mean, myspace was the biggest thing and then it's gone, it's nowhere to be seen now it's facebook. i think people will easily switch to where they are, and i think what this does have to offer, it brings in all of your instagram followers, people are you already following. i was very shocked, i knew this was coming out, i just kind of thought it was going to be a no-name, you know, whatever kind of story 30 million followers in one day? that's very impressive when you look at the monthly active users for instagram, it's up 2 billion, compared to the 250 million monthly active users on twitter so, they do have a lot more user base they can pull from, and i think the longer term story, are they going to get that into advertising revenue, which you already have brands and celebrities that are on this platform if that continues, they can monetize it.

i don't think that's going to happen in the short-term, but long-term, it could be something and twitter clearly finds this as competition, the fact they are sending this cease and desist letter, whatever we're calling it right now >> let's bring in brentian bill jeffries meta has been doing well on other fronts, reels, a lot of excitement on that, and the ad load we're seeing shape up does this excite you, in terms of upside for the stock, threads? >> i think it's really exciting. i don't think it moves the needle in the storm term, but i think this is super exciting 30 million sign up in less than two days you look at the excitement already on the platform, i downloaded the app, spending time -- it's early the famous skier summed it up, i'm here, i'm not sure what i'm doing, but i'm here. it's exciting. and it ties you to your social graph of your friends.

so, i think it's a little more lighthearted, exciting, probably ties to, you know, non-work related, maybe non-world related items. so, i think there's going to be room for both, for twitter and for the new app here, but i think over time, there's no question there's going to be a collision course, and i think the biggest single issue on twitter, the product is highly unusable and so hard to use for the average person, this app is clean, it's usable, if they can keep it that way, they're going to get a lot more on the platform and twitter has 230 million plus, insta gra's got 2 billion. there's an incredible opportunity. the advertisers aren't here yet, so, we'll have to see what happens in terms of monetization, but out of the gate, this looks pretty exciting, and zuck looks pretty clear he's going to -- he wants to take it head-on >> growth may come first at this point, but it seems like the monetization switch could be flipped on fairly easily given the infrastructure, the

ad-selling infrastructure that meta already has in place. is that the right takeaway here, that it sort of got a head start, because it's got at mature ad-selling in infrastructure >> absolutely. they can just light this up whenever they want right now, they're not they're letting users get on the platform and over time, they will do what they did with reels. reels, everyone poo-pooed it at the beginning, said, this isn't tiktok, and reels has taken off and gotten as a more serious contender to tiktok. this, i mean, i think they're going to have an easier time against twitter. twitter has been unusable as a platform so, i think they've got a real shot it's really early. but the leverage across the platform, again, is exciting >> what i thought was really interesting that seems to be slightly overlooked and maybe it's not interesting to other people, brent, is that threads was built on a protocol that other social media apps were built on that are decentralized. and so, potentially in the future, you could communicate with others in another -- on another social media platform.

how do you think about this particularly when you're thinking about, you know, the eventual metaverse plans or, you know, the longer-term game plan for facebook why would they go this route it's not because they want people to communicate with others on hmastadon right now, but there has to be a bigger game plan. >> it's a good point, and i don't know, i haven't gotten that far into this, but if you further pull the thread you're on right now, ultimately, if they can open this up, it's all about the users, and the more users on the platform, the advertisers want to be there the cleaner the content, if you have content across your different platforms, whether it's facebook, it's your instagram feed, you're in the meta verse, the more information they're collecting, the more exciting it is for advertisers this is the number one driver for the story, and long-term, if you can plug into another another network, it's all about -- it's all about that user base. that attracts those advertisers to be there. so, advertisers are going to be

in a potential, again, on your thread, they have to be here they can't run away from the platform so, just makes it that much more appealing for those advertisers long-term. again, short-term, i don't believe that's the playbook they're going to run they're going to let the platform build short-term, get the excitement, and then start the ad -- the ad move and see what happens, but yeah, long-term, that could be super exciting >> all right, brent, thank you for taking some time out from the great outdoors there beautiful shot brent. >> thank you >> steve, how optimistic are you in terms of, we've come very far, so far this year on shares of meta? >> yeah, so, it's up 143%, some odd percent like that. so, touching on what you just said, i -- look at what the headwind was for meta. it was the metaverse, no one knew what the metaverse was, so, once he started to cut spend, the outsize spend on the metaverse and there was a political element that was a

headwind that went away, he's not talking about the metaverse anymore, he made the cuts, people understand what threads are, that's why it's a tangible stock right now. don't talk about metaverse, talk about threads. coming up, one trader hitting the sell button on apple. who made the move? we'll find out after the break. and shares of a firm having an awful day, but if you buy now, will you pay later? we'll hit the options pits for that trade, next

welcome back to "fast money. one of our traders calling it quits on apple who was it steve grasso he sold his stake in the iphone maker below $191 a share got into the name at $127. so, why now? >> so, the $3 trillion number and the stock price right around $190.73 and change or so i've owned it forever. i've owned it since december of 2020 on this last leg. i do believe it has the capability of trading above $200, but it's going to be a little bit of a grind, and i wanted to get out of that, free up some money to buy rivian. >> and why rivian?

>> because they are the beta play for me right now. apple, the chart looks spectacular, it's a staircase up, but rivian is a spike higher, and i think they could be trading at $30 to $50 without blinking an eye. starting to act like a real car company. nervous about production, and then that -- those numbers have sort of -- or those worries have sort of been brushed aside they're actually looking like a real car company with real products, and i think there's tremendous upside to this stock, on a move higher, versus an inc incremental grind higher for apple. >> meanwhile, shares of affirm downgraded options traders look to be thinking the same thing. mike khouw's got the action. mike >> yeah, a firm traded 1.5 average day little options volume a lot of volatility over the coming weeks and months,

actually the busiest contract other than those that expire tomorrow were the august 15 calls, but it wasn't bullish flow. just under 5,000 of those traded for about 89 cents on average. and that was mostly sellers, so, a lot of those traders are expecting that whatever volatility is going to experience, not likely to break higher over the course of the next several weeks >> all right, mike, thank you. mike khouw for more options action, tune into the full show that's tomorrow, 5:30 p.m. eastern time coming up, a major alzheimer's treatment just receiving a thumb's up from the fda. we're talking to the ceo of one of the xcompanies behind that drug next. much more "fast money" in two. ws i should be trading. look! what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah!

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basically no hiccups? you guys have no idea how good you've got it. how old are you? like, 80? back in my day, it was scary stories and flashlights. we don't get scared. oh, really? mom can see your search history. that's what i thought. introducing the next generation 10g network. only from xfinity. welcome back to "fast money. we've got a developing story in the health care space. the fda just a short time ago giving leqembi full approval medicare saying it will cover a lot of the cost, making the treatment accessible to a much wider population one of the makers of that drug is azai. ivan chung joins us now with this exciting news

thank you for joining us >> thank you for having me today. >> there's a lot of excitement, because of the numbers so many people are affected by this you projected $7 billion by 2023 does that still sound on track >> we believe so we believe today is a true triumph from the alzheimer's disease community, after so many years of hard work by many, many scientists, clinicians, and, of course, clinical trial participants and their care partners we are very pleased that leqembi is the first and only treatment to receive full approval by the fda, meaning the first and only treat to slow the progression of this horrific disease. >> this is definitely a glimmer of hope, and yet, there is some debate over the benefits of this, given what it does the study has shown that it slows the disease by 27% versus a placebo, but at the same time, there are considerable side effects, such as brain swelling

in a fifth of the patients that received it. how do you walk through, or how do you think about the total addressable market, given the balance that doctors have to make the judgment call that patients have to to make balancing these two things >> yes, the fda announced earlier, this treatment is safe and effective for alzheimer's disease. the benefit/risk profile is well established from the large late stage clinical trial, and we believe in year three about 100,000 individuals could be diagnosed and eligible for this treatment. and, of course, after that, as we have further adoption of a simple blood test to diagnose the pathology of this disease, the adoption will further expand >> are there any obstacles to the initial ramp in terms of usage of this drug as i understand it, there is a lot of demand, but at the same time, neurologists have to order brain scans in advance and

infusion centers have to be found to handle the patients to deliver the drug >> we have talked with many health systems across the country, and i'm glad to note that many health systems are quite ready, there are health systems that require more time to have more operational steps to get the patient journey ready, but you're right. we will be doubling down our efforts in terms of getting the patient journey ready from screening to pathology, diagnosis, to monitoring, this is going to be the most critical work for us over the next 90 to 120 days >> and just -- we have one minute, so, sort of an unfair question, but do you think within our lifetime we'll see a cure or something that will actually halt the disease entirely are we on that track >> i do believe today's a catalyst for much more research into alzheimer's disease so that one day, not only slowing down

the progression of the disease, but halting, stopping the progression altogether, i think that is very possible, and we are doing that beyond leqembi. >> ivan, thank you so much for your time. biogen shares are halted, so, of course, we'll be watching that to see if that's a pop in tomorrow's session tim, where are you in this space, quick >> well, long some lilly, long some pfizer, long some merck this is such exciting news, and clearly an addressable market and excitement around the multiple markets are going to buy first and ask questions later. and ask questions later. up next, final trades. are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days. gold bond. champion your skin.

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time for the final trade tim seymour? >> altria. i think the downside is priced in the limited downside to the multiple and a great dividend yield not a reason to buy the stock. buy it here. >> julie biel? >> market axess. revenue growth in 19 of the last 20 years and at a historical low multiple >> courtney garcia >> bxp it's gotten hammered, but at

91%, commanding top rents, it's worth a look at. >> steve grasso? >> rivian. since going straight down since november of 2021, the stock has a pulse. >> all right thank you for watching "fast money. see you back here tomorrow "mad money" with jim cramer starts right now welcome to metlife. i am kramer. call me. i don't know about you but, i