in the meantime we just had another down day for most of the major averages today, another down week, and it's been tech and it's been energy that's been outperforming. >> near some key levels as mike santoli has been tell us on the s&p, so got to come to overtime to see what's happening with those. >> all right, have a great weekend. that does it for us here at "overtime." >> "fast money starts now. >> indeed it does. thank you, folks. live from nasdaq market site in the heart of new york city's times square, this is "fast money". sputtering out. stocks giving up early gains and ending in the red on friday. the latest blow in what has been an ugly week for the markets. the s&p and nasdaq both logging their worst five-day streak since march. the dow less than half a percent from its 200 day moving average, and that's not moving in the right direction higher. so as we count down towards a government shutdown, is there

more pain ahead in the week ahead? plus, striking out. the uaw expanding stoppages at gm and now president biden may be joining the picket line. what's it all mean for the auto industry and the suppliers? we're going to dig in on that one. later in an otherwise rough week for markets, one stock's gains caught our traders' eyes. the name far outpacing the broad indexes today and where it's going next. good afternoon, everybody. i'm tyler matheson in for melissa lee. on the desk tonight, tim seymour to my right, bonawyn ice ton my left, and guy adami, wherever he is, an undisclosed location. glad to have you here. we start on this friday fizzle on wall street. major markets all dropping to end the week, despite earlier gains today. the dow down more than 100 points, more than a third of a percent. the s&p 500 losing .2% and even

the nasdaq slipping into the red at the close. but basically flat on the day. the losses adding to what has been a rough run for the marks. the s&p in nasdaq both down for a third straight week, and each posting their worst stretches since march. take a look at some of the biggest laggards since monday. target down 8.5%, trading at its lowest level now since may of 2020. dollar general at its worst level since january 2019. walgreens, have not seen it at this level since 1998. >> yeah, don't remind me about that one. >> what does all this action tell us as we head into the final week of the month and quarter? could be a second straight month of lower prices per stocks. tim, what are you seeing? >> disappointing we closed on the lows. i still think the fed's rhetoric from wednesday is what they had to do and not necessarily where we are going. it doesn't mean, though, the

higher for longer rhetoric, which i think is the theme for the week, it was a week where fixing -- on the treasury curve, bond yields broke out, and we have been talk about the relationship between equities and bonds for a long time. the good news for equity investors, if you look at bullish investing or lack thereof, we're at six-week lows again and have done this a couple times. i think you've seen investors shift over. this allocation shift is going to be big for equities. we're in a place where the equity shift for higher yield income is going to -- it's a week when the da the wasn't terribly supportive on housing, wasn't supportive in terms of where the energy prices areand the head winds that are there and all we hear about now is a government shutdown. >> september living up to its reputation being one of the hardest months to make money in the market. >> investors are living up to their reputation of hearing what

they want to hear. we can criticize the fed until we're blue in the face, but i think they've gotten this one right, and they can say i told you so. what has changed? tim talked about the volatility on the curve and i want to focus in on the long bond. we've got 20 basis points of high to low action. what has changed? has check outlook changed? this isn't the inflation model that they're saying. why the price action that we're seeing here? i think we continue to fight the fed here. the higher for longer rhetoric, again, is not new. yet we're punishing stocks with longer duration or other assets with longer duration on no new news, which tells me that the rally higher seemed to be one where there was no real alternative. again, to mention another one, higher yielding lower risk assets are a real alternative now, and i think if nothing else that got brought front and center with the feds speaking the rhetoric around that.

other than that, i really don't see anything stock specific that would lead that -- look at the beta on the moves. like you mentioned, target, that's not a name that should move 8%. that's a name that should have maybe half that move when you look at the indices as a whole. >> if we look at a longer term chart of target, there it is down 4% today. the we look longer term at that stock, lows not seen since may of 2020. and guy, it's not that the consumer is all that sick, but there seem to be troubles in a lot of the consumer names. >> yeah, you have to be concerned, i think, in terms -- let's talk about the consumer real quick. when you see walmart making all-time highs and target, dollar general, dollar tree, five below, all those making 52-week lows or to your point, multiyear lows, that's got to create some concern. the optimists will say target is target specific, dollar general is dollar general. i get it. but the problem of course is

dollar ggen, five below, that's where people trade down to. people are trading from below those names. you have to look at what's going on. walmart seems to win in any environment, but there's clearly something gone on in mid tier lower tier retailers, andi that's concerning terms of the market, quickly, typically on a friday when the market rallies like it did earlier today, that rally could continue. we rolled over around 1:30, 2:00, went negative. then the market tried to rally again. some 20 handles. you're like, typical friday. didn't do it. gave the entire thing back. to tim's point, i don't think that's particularly encouraging. i don't want to make a big deal out of one day, but fridays historically have been days where the trend has been higher and those highs seemingly are made at the end of the day. >> before we go to phil lebeau, tim, earlier we had a slide up of where the market is year to

date. nasdaq is still up some 20% for the year. the question -- if we've got those numbers it would be great to see them again. is this a healthy market or unhealthy market? >> if you look at equal weighted s&p and that versus the nasdaq, we know where the gains have been outside, mega cap tech, and that's something to be excited about and say, see, this is where we're going to have continued support, or concern. s&p now is back up 12%. there's a couple things that should worry multinationals. that dollar today closed also at highs for this cycle. finished 105.60ish on the dixie. i guess i look at the s&p and look at levels, and some of this is the market we have. on this show we are fast money but we're also thinking tactically midterm and as bonawyn talked about, there's dynamics set up into the year end. i think we're going to get the year-end rally, but i don't think there's any reason the s&p shouldn't -- technicals telling

me we're going lower before higher. >> let's talk about the auto workers. the uaw expanding strikes today to 38 gm and stellantis factories. now there's word biden will travel to speak about the strike and show support. phil lebeau has the latest. >> reporter: in terms of raw numbers this is not a huge expansion. 5,600 uaw members. that's not huge compared to the 50,000 overall. having said that, look at this map. shows you the parts distribution centers. these are centers that ship parts to dealerships around the country, so yes, we could start to see dealerships running low on certain parts over the next couple weeks, and depending on the part, you may have to wait to get a repair done. one of the parts distribution centers we were at today is

detroit. that's where we caught up with the president of the uaw sean payne, and he talked about how important it for people to remember not just people on the assembly lining but the people we met in the parts distribution centers. >> these are the best of times in the history of these companies and, these workers have created these massive profits and they continue to be left behind and going backwards. that has to stop. >> all right, so what's wall street's take in terms of where things stand with the uaw? mixed message. citi out with a note saying it is encouraged that the uaw says there is real progress when it comes to the uaw and ford and their negotiations. on the other hand, a note this morning saying this strike may go until november. finally you've got wells fargo saying it expects at least two more weeks of pressure. how much pressure remains to be seen. as you take a look at shares of gm, ford, and stellantis,

inventories haven't seen it because the bulk of plants continue to crank out new models, but that may change in the weeks ahead, and we'll see what happens tuesday when biden come here. let's see how much pressure that adds to both sides to do more in term of negotiations. tyler, back to you. >> phil, ford was spared this expansion of strikes because there's apparently progress made or at least the perception of it. >> yes. >> between the two of them. >> correct, and while that's encouraging, tyler, keep in mind that shawn fain after he said that on his facebook live, he then said, we've got a long ways to go with ford some yes it's encouraging but doesn't mean we see encouragement any time soon. >> bonawyn what do you do with the stocks or the parts companies? how do you trade this? >> i don't think from a trading standpoint these are very different.

sorry, from an investing standpoint. i think ford tends to outperform in the interim, but i don't think this a positive setup. there's not a unite front being presented. you have ford that's the outlier. you've seen there's going to be less interruptions in terms of production and retears. but until they start striking production equipment, i think that's where you start to see profits particularly around the truck side. right now these are secondary vehicles that are being serviced so i don't think this has a revenue impact that you would see long-term. it's still at the negotiating table, and until that grows into something much larger -- >> until it really does target those high profit, high margin vehicles, which are the trucks -- >> there's a couple things to say. in response to the union chiefs, these stocks are not trading like they're at record profits and they haven't for a long time. if you look at gm, 32 to 34, these are two-year lows. the stock's done nothing. the fact is more jobs are going to be lost the more they stay

out of it. the market is saying that the investment into ev and profitability in the future for these guys is what they're most worried about. i think there's going to be a relief rally. i think there's more pressure on the union. >> all righty, coming up, a demand for the latest iphone is red hot. fans packing into apple stores as the new devices went on sale today. but will it be enough to boost the stock? the chart master will join us with an update to what he says is his most controversial pairs trade. and later on options action, a bank. how they say you should play it xt.

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welcome back to "fast money," everybody. apple's iphone 15 going on sale worldwide today with investors watching whether the latest model can give a much needed jolt to the slumping smartphone market. shares finishing the day a little bit higher by a half percent on an otherwise down day. steve kovac has been standing by at apple. how long have been you been standing by at apple's flagship store? >> tyler, about 13 hours.

not too bad. and actually, the line is just now starting to thin out. but still lots of crowds, lots of tourists, lots of gawkers. and look, the story here is people are still showing up for the iphone. i talked to a bunch of people in line, not only showing up for that, they're showing up for the pro line of iphones, the more expensive ones, including the max phone, the top tier phone that cost $100 more than it did a year ago. those are the devices that apple really needs to sell well, not just this quarter, especially in the holiday quarter starting in a few weeks. we know smart demand is low. we know apple is facing its fourth quarter of declining sales in a row. that would make it a full fiscal year of down sales. things will get better next quarter just because of all those production problems, but everyone's counting on the demand for the pro staying strong. just a few data points we have been getting, bank of america out with a note this morning saying wait times for the pro

max, you're going to have to wait about a month if you order online if you're not lucky enough to stand in line like these folks. the that continues that shows there's an appetite for this more expensive phones that could make up for the average selling price of the phones and keep that top line revenue growth coming back, tyler. >> all right, steve kovac, thanks very much. hope you get to sit down soon. appreciate it. >> guy, what's your thought here on apple? steve kovac made the point earlier today -- and i was kind of arguing a little bit -- that from one it ration of an iphone to the other, the changes are incremental. >> although guy's at iphone 3, guy, is that correct? >> if you're at an iphone 3 and iphone 11 and held on to phones longer than has been the case before, it really is a different phone from four years ago. >> yeah, i mean, my favorite application is the clock app. it tells me what time it is, oddly enough. this is going to sound -- i'm

going get a lot of hate mail, i'm sure, but if you're waiting online to get into an apple store you're living life the wrong way for sure. in terms of the stock, tim said this and he's right -- it's expensive. the you didn't know what it was and you said, here appears the company trading close to 30 times next year's numbers, three quarters of decelerating earnings, margins are seemingly contracting or at least have been moved all that much, mid single digit eps growthish, maybe mid single digit growth. it's expensive, especially in this environment. this was a prior high, 175 level. if china wants to ratchet up the rhetoric, it's going low from here. >> let's go to the chart master. four months ago the chart master made what he says was his most controversial pairs trade -- sell app and microsoft and buy amazon and google.

today he says it might be time to, quote, book it. let's bring in carter worth of worth charting to explain. hi, carter. >> hi. yeah, it was just so steep. sometimes it's as simple as that. or adored and loved apple, microsoft, their market cap in may was twice that after amazon and google, so those two stocks representing 20% of the qqq and amazon and google were down to 11. the pair trade was trade those what have been loved and those lagging embrace them. talking about apple, we can put up charts with we talk. apple, here's the real issue, it's relative performance peeked a year ago, apple up 13%. the tech sector up 34%. ibm is up 20. apple is trailing ibm, intel. it has not been a good pick, and it was so loved and now what?

i just don't like it. >> so, what do you think? >> i tell you, it's a case where i agree on the charts this 170, 175, guy framed that level as well. steve kovac framed the dynamics. we're going into our fourth quarter of slower sales. the anyone can manufacture eps, it's apple. between the balance sheet and free cash flow generation, that's what this is going to be. the dynamics in china i don't think are priced into the stock i'm not sure what we're supposed to price in. i do believe huawei is a threat. yes, that's part of the story. i don't think the rug's going to get pulled on apple in the short run. this gets back to discretionary spend and multiples we're willing to pay for stocks on the week we're talk the about the tenure that move up 15 bips. that's the story. >> it wasn't so long ago apple was trading at an all-time high for apple, but as carter points out, it has trailed the group of technology stocks. it's trailed ibm, it's trailed

intel. it is a sick stock? >> it's not. the ibm comparison is very eye opening. eye eye popping. but you've got to go further back. what you're getting with apple is a much more steady march up and to the right and i think investors are willing to pay for that. particularly when you're comparing to ibm, you're still getting growth and an orderly appreciation of your stock investment. >> all right, carter, thanks very much. we'll see you shortly on "options action," and it will be fun, i promise. coming up, an emerging opportunity -- shares of alibaba getting a big bounce today even as the broader market struggled. what was behind the move, and can the momentum last? that is next. and as cnbc celebrates hispanic heritage, here's the cfo of toast. >> i'm really proud to be a hispanic latina and in a c level

role, and i think i represent what's possible for a lot of young latinas out there, including my young daughters. there's so much rich history and culture and music and family that i would love to share with my nonhispanic colleagues, and when i think about the fact that hispanics will be such an important part of our communities, of our work force in the future, i think it's really important to bring them into the fold and really enrich the conversations that we're having every day in our communities and in the workplace.

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bmo. welcome back to "fast money."

alibaba topping the tape today, the stock bouncing 5%, far outpacing the broader market which was forced down. the chinese tech giant gaining ground on a report beijing is relacking rules on how much foreigners can informs in publicly trading companies. shares still basically flat on the year even after today's move. tim, you flagged this one. >> yeah, it's a combination of just the sentiment in china is so poor right now that in some sense the government is inviting global dynamics and wants more western investors. any time we've seen this out of china it's important. for all the geopolitics out there, china all along still wants to be a global money center they want these companies to be world class companies that trade on a global stage. this is great for the entire space. also they're going to be -- their logistics arm they own 70% of, and one of the stories around alibaba is monetizization.

they're getting companies ready to sell, and on some level that's going to unlock a lot of value. as someone who's been long from higher up and actually lower down, my recent run in this stock is to be adding to weakness, because i think a lot of the worse is behind it. >> quick thought, guy, on alibaba? >> 84 was the june low. that's where we just traded down to a couple days ago. tim can tell you, this has been a stock are you trade it opportunistically from the long side, and i think we're in one of those spot now. >> bonawyn, thoughts on alibaba? >> it's certainly cheap. can't argue with the valuation. >> should we do our final trades? thank you for having me. let's start with you, guy. >> i dig you, tyler. have a great weekend. vistayan. >> tim? >> walmart. bottom line is the consumer. walmart is the consumer that didn't go down i think their

margins are getting better here. and i know it's at near all-time highs. you stay there. >> you think about target, dollar general, they're struggling. walmart is cleaning up. my wife was in a target last night. she said it was empty. >> what did she buy you? >> nothing. she said there was nothing here. >> kind of like a.r.m. that ipo price reversele is scary. i would say away from this one. you'll probably get a better opportunity. >> that does it for "fast money," but "options action" is we.tus up next st wh . 'll be right back. do you mean this one - the one with titanium? switch to verizon, you can trade in any iphone, and get the new iphone 15 pro on them. (vo) trade in any iphone in any condition for a new iphone 15 pro on us. only on verizon.

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welcome,er, and right now on o.a., how to win with a perpetual loser. we're taking on banks that are still bust even in a rising interest rate environment. how does that happen? then, grab your oversized jar of cheese balls and a cold one. we've still got earnings on our shopping list in costco and constellation brands. as the saying goes, a bird in the hand is worth two in the bushel we'll look back on an