jon, strength in treasuries today. stability in oil, strong market breadth helping stocks. the key question now is, what we get with ppi and fed minutes? >> indeed. that's going to do it for us at "overtime." "fast money" begins right now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money." here's what's on tap tonight. stop, drop, and rally. as bond yields fall, stocks head higher from builders to bank, from industrials to big parts of tech, a dove ush fed and a treasury tumble. can investors trust this formula for a real rebound? plus, soda pop. pepsi climbing on the back of strong earnings. a hike to its full-year forecast and continued pricing power. and later, what's behind the two-day bounce at bank of america? why rivian shares were all revved up today, and inside the results for lvmh.

i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- steve grasso, karen finerfinerm dan nathan, and guy adami. the dow was nearly 900 points higher. and look at treasuries. the bond market was closed yesterday, but yields on the ten-year dropped 16 basis points today, its biggest pull-back since march. the moves coming amid some more dovish talk out of the fed today. atlanta fed president rafael bostic adding to the chorus of officials like lorie logan and phillip jefferson suggesting the central bank may be done raising rates. retail to builders to even the recently utilities all higher in today's trade. so, does this set the stage for a market rally into year end? guy? i pause because i know the

answer -- >> how do you know the answer? >> because i know you, and i'm in your head. >> you are my head. >> if rates do come down, i mean, that does seem to, in recent, you know -- >> in recent past, lower rates are supportive of stocks. the question is, why are rates going lower? part of the reason could be what we're seeing now, obviously, gio politically overseas, flight to quality in the form of bond yields. no question. and i was talking to dan earlier today, we play the game. if you had told me. if you had told me last week what would have transpired over the weekend, i would have been horrified, but i would say, mel, rates are going to be significantly lower in the back of that. not 4.65% in the ten-year, closer to 4.4, 4.5. and we're not. the fact that rates moved lower makes sense. the fact they didn't meaningfully move lower is somewhat problematic, i think, especially when we have inflation numbers coming out. >> and they don't make any sense in the context of economic data. friday morning, the jobs report, the cpi that we're looking forward to, it is expected to be

3.6%. a lot of us thought that we would see that 9% print from june or july cut in half. but really, the story of the data we're having right now, we spend a lot of time last night, we had that great conversation with bill simon and the consumer, and he had some trepidation about the consumer, but a lot of the data suggests that those inflationary pressures are sticky. guy, you were calling it, what, pesky and persistent. >> pesky and persistent. >> that was you last year and it's proven to be that way. so, i don't know how the fed can be meaningfully dovish in face of -- >> but they have been dovish. they been dovish just yesterday. they were dovish today. >> not all the fed. you're talking about chair powell. >> as an institution, steve. >> no, no, i get it. i'm helping you. >> good, good. >> doesn't even sound like you're on the same side. >> exactly. when we agree, we disagree. so, when you look at rates, though, rates are up 84 basis

points from august 1st. that is screaming higher. those are overdone. so. we could say, any reason why they're backing off? they're backing off. it's bullish. there's always, when you say recent past, there's always an inverse correlation to rates and the equity market. they've just been so low for so long that we never really realized the correlation was still on. so, when you say, what's that, geopolitical, we're all nervous. market, earnings, maybe financials are going to have a headwind on them. i said it on friday, the ten-year did the lifting for the fed. they'll never, to your point, or dan's point, whichever i agreed with, they're never going to say they're done. never. doesn't behoove them to say they're done, because then inflation creeps in again. if inflation creeps in again, inflation has been falling. what's been sticky? wages have been sticky. unemployment is low. wages going up, people have jobs, the market's okay. >> they have a lot of savings. number of banks reacting to

revised government day which shows there's more savings at households than previously anticipated. citi saying more than a trillion in savings still that consumers have, which would be good for soft landing. >> it would. it's -- there seems to be a lot of noise, then, around where the consumer -- where the consumer's balance sheet really is. they're employed, which is good. we are seeing a number of, you know, in the auto space, the auto workers, they're going to have decent, whatever they settle on, ultimately, will be a decent hike, but i've been surprised at how much the markets moved, how quickly. i think it could all go away with a bad number tomorrow, particularly thursday, cpi, that will just reverse what we've seen, because i think some of it was, we were down so much in such a short amount of time that a bounce-back, didn't know if this fits into your 50% -- >> italian -- great man. we studied together.

>> yeah. galileo is in the other class, yeah. >> advanced class. it's interesting. we had mentioned -- i thought 4190 was a logical place. stephen mentioned that, as well, in terms of levels where we would find support. we got down to 4235. markets rallied 4% since those lows we made, i think sometime last week. what has it rallied on? certainly not fundamentals. oversold condition, people have talked about that. we worked that off. fundamentals aren't getting better. yes rates have backed off. and this resteepening of the yield curve is not really a good thing. we're seeing that happen right before our eyes, and if you get a hot number, which, you know, the calendar suggests we will. last month's inflation number started to trend higher. i think that will continue. fed's in a bit of a box here. >> so these guys just said the bounce wasn't really fundamental, we had that uptrend coming from the october low in the s&p 500, the horizontal line, if you can picture it at

your head at 4200. they all converged last week at that spot where they bounced now 3.5%, 4%. i can draw another line, though. if you look at the chart right there, you can draw a line from the recent highs and you can see that it's actually connecting a series of lower highs there, so, we're reaching a technical level in the not so distant future here where it's going to be a sort of moment of truth. we're going to break out to the upside and go back towards those prior highs. how do we close the year, and really, ultimately, it will come down to fundamentals. we're going to be in the throes of q-3 earnings. i suspect a lot of the things that we've heard from financials and from consumer-related companies over the last momonth and a 1/half -- >> can i ask a question? >> it's your show. >> if i told you that treasury yields will end at 4.25% -- >> higher. >> where will equities be?

>> that's a great question. i mean, just in that vacuum alone, you would think it would be higher. why are rates going to 4.25, what broke to get them down to 4.25%? >> right, but look at how we all started this conversation, and we've been revolving around this conversation. we thought on friday that rate cuts were off the calendar for 2024. now they're pulled forward. a third of the respondents think you're going to have a rate cut in march. why would they be cutting? because things are so bad. the market doesn't care. >> which lates are you saying? >> ten-year yield. >> okay. you could find a few scenarios that aren't terrible. oil trades down. inflation does moderate. and maybe the unemployment rate ticks up a little, not a disastrous amount, but just a little bit to cool things down. >> is that a scenario that you see happening or is thatten unlikely scenario? because that's basically threading the needle. >> i'm always optimistic,

because i'm always long, so, you have to be, otherwise it's a miserable life. i could see that happening. that wouldn't surprise me. i don't know if it's the most likely ly outcome -- >> this is the most short people have been, in the 96th percentile. >> short equities. >> when was the last time 96% of the market was right? >> was right? >> right, they're always the wrong side of the boat. so, everyone -- it's very easy to be short the market, it's very easy to be negative the market. there's a host of reasons why we should be negative and unfortunately, the market keeps rallying for the bears. >> yeah, if i'm just looking at the tea leaves, though, through the lens of the stock market, underneath the major indices, which we know are driven by ten stocks are so, ten stocks that make up 25% of the s&p 500, ten stocks that make up 50% of t

nasdaq. all were in correction territory. they were all telling you something, or, at least investors were voting with their feet. the markets are so much more complex, steve, you know this as well as anybody, a lot of that data could be, you know, they could be hedges, you know what i mean? >> sure. >> so i -- >> 96 percentile -- >> i'll leave it with this. equal weight s&p actually % outperformed the market -- >> but equal weight s&p went down on the year last week. >> you doknow what happens. ma we've been around the markets for 30 years. a little longer for guy, less for you. seven stocks lift the rest -- >> they are going to be the seven stocks that lead the market lower when we go down 20%. >> 100%. good news that the equal weight is catching up, though it would be a very small data point. >> let's get to our guest now. he's known for predicting -- >> look at him speaking up.

>> big short investor steve i eisman is with us. great to see you. >> thanks for having me. >> you've said before, not too long ago, like two weeks ago, banks were uninvestable. you came on our show, said the same thing. do you still see that and what are you looking specifically for in earnings at this point, is it -- what makes them uninvestable at this point? >> well, let's start with the conclusion, they're still uninvestable. the problems are, net interest margins are still under pressure. there are about $2 trillion in excess deposits in the system that are going to gradually leave. so, estimates are probably still too high. you've got the regulators fighting, as i like to say, the generals fighting the last war. increasing the capital

requirements of the banks. and so, that will hurt returns next year. and, i mean, i have no prediction about there being a recession at all. as of now, there's no day tashgs b data. the only reason to invest in banks is they're cheap. but there's one thing i learned in all -- in my career and i've only had to learn this the hard way multiple times, investing because something is cheap is a value trap. and just because something is expensive is a death wish. so -- i'll be on the calls, and then thankfully the weekend will start, so people won't be all that depressed about it. >> you are also not optimistic about the consumer. >> that's not fair. that's not true at all. you've got wrong information. >> okay. >> you like the consumer where they stand? >> it's not that i like the consumer, i mean, in terms of the overall health of the

economy, the consumer is fine. the consumer has savings, the consumer is employed, the consumer has income, so, it's not a data point in terms of there being a recession. where i think you can be negative is just that, you know, rates are a lot higher, it's more expensive to buy a house, a car, people finance something, it's more expensive to put a solar panel on your house. so, any part of the economy that requires -- involved with the consumer buying something and being financed has problems. that's not an indictment of the consumer. that's just a mathematical fact. >> so, are you positioned to reflect that, in other words, are you short any of the -- >> i don't short for clients anymore. but i wouldn't own home builders right now. they've had a great run. but the home builders have been subsidizing their customers with lower rates, but even that's going to bite. i wouldn't be involved with building products to any

significant degree on the residential side. i don't think you should buy somebody who finances new cars or used cars, et cetera. anything in that universe, i think, just going to have trouble, because of simple math. i did this calculation when rates -- when mortgage rates were 7%, now they're 8%, but when they were 7%, for you to buy someone out of a house where they have a 3% mortgage, for you to have the same monthly payment, the house price had to be down 40%. so, now it's 50%. >> wow. >> that's just math. now, no one's going to sell their house down at all if they have a job. they just won't move. so, the housing market is locked. people can't buy and they can't sell. now, you know, the housing market is not nearly as important part of the economy as it was in 2008, doesn't help the economy, but you know, i'm surprised that the economy is as strong as it is. you have to respect it. >> so, you're talking about the consumer, you think the consumer is in okay shape, but isn't able

to do the things that they've been doing in the last couple of years, buy cars -- >> less of it. right. >> so, ultimately, how do you think that stalemate resolves? do they continue to not buy those things -- >> i think they continue to not buy those things. >> rebuild their savings and spend again or -- >> yeah, that's probably what happens. like i said, you would have thought, given what's gone on with rates at this point that the economy would be in a recession, and not only are we not in a recession, we're not even close to a recession. so -- look, i'm not an economist, i think everybody should have a little humility at this point about predicting a recession. i watch your show, i watch other people's shows, i read other people, you know, there were people who were negative going into the end and positive, people that were positive became negative, they were all wrong. people should just say, the data currently says there's no recession and we'll see what happens. >> steve, you mentioned that the banks are uninvestable, you've seen that routinely. they've acted horribly as a group.

we would all agree that they're not all created equal. you know, there was an article yesterday in bloomberg -- >> let me guess, bank of america? >> yeah, b of a's wrong-way -- >> by the way, in my world, that's old news. >> that's the thing. you watch our show, we've been talking about the relative underperformance, karen has a bank that she likes an awful lot, and this one acts -- >> which one is that -- >> jpmorgan. >> ah. >> so -- >> you don't watch that much then. >> no, but -- >> no, i mean, my whole -- i if i was still a sell side analyst covering just banks, i would write the same thing every single day. banks are uninvestable, if you have to buy a bank, buy jpmorgan and call me in a year. >> when you think about bank of america, can they work their way out of this blunder? does it become investable at some point? it's getting really cheap, and if you think about what they did, if they don't have a draw on deposits -- >> let 's not get people crazy.

this is not silicon valley. they had a much bigger problem in terms of the math than bank of america, and their depositors were all venture capitalists pulled their money. bank of america, i don't lose any sleep worries about bank of america, believe me. would i buy bank of america today? i wouldn't, because it has an earnings problem. it's an earnings progress, it's not a solvency problem. it's a question of, what do you want to pay for a wbank that ha net interest problems? when you have a $700 billion portfolio that's under water, it's a problem. not a disaster. >> small business hires, i think, almost 65%, 70% of the people in this country, the -- basically, the life blood of small business are small and regional banks. credit conditions tighten, regulation, how important is that whole set of circumstances to the economy? >> well, they are already tighting because they're losing deposits. i had a small -- small idea that

when silicon valley happened, it would slow the economy. it hasn't. not sure why. but there's a lot of fiscal stimulus. people in business can still get loans. so, on the margin, it's restrictive, but to this point, it doesn't seem to be having an impact. and i'm surprised by that. >> steve, you mentioned before that, you know, shorting stocks just because they're expensive is a death wish. i'm wondering, your comments about recession i think are really spot on, because there are been so many people who have been dogmatic in their view that a recession was going to happen this year and that has caused them to miss the move higher in equities. >> right. >> so, i mean, is there sort of a parallel, you know, trying to call a recession, trying to basically short the economy, is also like a death wish? >> not a death wish, it's like -- you know, in our business, being early or too early is the equivalent of being wrong. the question is, how early?

so, if you are a year or two early, you're wrong. if you are a month too early, you're a genius. so iltd's a question of timing. i would say anybody trying to predict a recession, i get your th thesis, but why don't we just wait for a data point that indicates that it's happening before they start to make a major call about it. >> so, last time you were here, you were positive on in infrastructure. >> i still am. >> okay, i wanted to know if you still are. do you think the move in rates has dampened the infrastructure demand? >> oh, it happens anyway. it's $1.2 trillion that the united states government is going to spend. that doesn't mean that there aren't parts of the in infrastructure greenification story that aren't impacted, like residential solar is definitely impacted. yes, you can get a tax break, if you are going to be paying triple monthly what you were going to pay two years ago, you may not put a solar panel on your house.

solar was considered a growth industry and now volumes are neg negative, which shocked the hell out of everybody. i think there will be a time where that will come back. that's not uninvestable, it's investable, just a question of when. i think it's a little early. >> steve, we talked about it stop of the show. wages are sticky, wages have gone up. can we make the connection that consumer stocks that you don't need to finance for are probably going to be stronger going forward, sort of cou counterintuitive. >> reallocation of money. possible. i mean, you -- when you buy stuff on amazon, you generally don't financial. you finance it on your credit card and that's fine, because you can pay it off quickly. anything that has any financing duration is a problem. >> how do you feel about the big cap tech stocks, the so-called magnificent seven. are you long any of them? >> like everybody else, i am. i don't know if i have more insight than anybody else.

but -- >> more than you have to? >> not because i have to, because i want to, because -- >> if your benchmark -- >> it's where all the dine mitchell in the economy is going to be for a long time. we had the ceo of nvidia in last week. i don't think i've ever seen a ceo so calmly confident in my entire life. i've never seen anyone so completely relaxed and so confident about their prospects in my entire career. >> convincing, then? >> yeah. >> steve, we hope you come back soon. >> before we let steve go. you mentioned genius, i don't know who your stylist is, but he or she is a genius, because that ja jacket, with the brown, fantastic. >> you can thank my wife. she forced me to buy it. >> thank you, valerie. >> well done. geez. >> lucky man. >> steve, thank you. >> valerie, thank you, as well.

with a good pick. what do you think? >> it's interesting. we haven't even mentioned enterprise spending. so, if paul tudor jones is correct, and at some point early next year, we are in a recession, that's the next shoe to drop, when you talk about the so-c so-called magnificent seven, they are going to be the ones that lead to the downside. they've made their business really efficient. they refinance their debt, they're getting paid 5% -- >> they don't have debt. >> well, on a net basis, but like, they refinance debt. >> my biggest takeaway was the guy with the big short claim to fame told you you're probably too negative. >> yeah. i guess my point is that i -- i think they lead to the downside, because markets, investors are going to sniff it out. we haven't talked about a decrease in enterprise spending, and that will be one of the things that gets hit when it becomes very clear we're seeing weakening economic data. >> well, that could happen, but i want to say, if it's a balance sheet thing, that is where you want to hide -- >> i'm saying that's why the money's going there right now,

because i think a lot of folks feel that when it was a drag on these companies' valuation, because they had $100 billion in cash, earning nothing, right, in treasuries, right, brian moynihan was buying lots of, okay, these folks were refinancing and still earning billions of dollars a quarter, you know what i mean -- >> i agree with you on one thing. the math of the buy-back no longer works, when the cash makes five and the earnings are north of 20, it doesn't work the same way. >> yeah. >> math. no, it's interesting. steve is very pragmatic, but you listen to paul jones on the network dshgs then you listen to marco on our show a couple weeks ago, there are people that are extraordinarily bullish and there are people on the flip side of that coin. we've dn doing this show a long time. people are dug in on both sides and you can make a cogent argument for both sides. >> i heard from steve that he likes nvidia. he didn't say it, but that's what i heard. >> up 213% year to date and

everyone talks about pixie dust -- these are the companies that are actually monetizing a.i. everything else is sort of a wish scheme. but they're actually making, i think, this year, $20 billion on a.i. >> every day, there's a new story about one of their customers, who is buying those chips who are actually developing competing chips. for now -- i want to say one other thing, okay? jensen huang walked into newberger before the meta verse, before data center, before crypto mining, and was calmly optimistic. he's a genius ceo, he's been in front a lot of the big trends. this one feels like the big one right now, but it has happened before. that stock sold off 75% -- >> yes. >> after the big meta verse push. >> right now, they have 85% of the a.i. market, yes, it's theirs to lose, you always point that out, it's a great point. right now, they're the ones that are monetizing it. >> no commercialized product in the next year, where companies

are making earnings -- >> we have to pay some bills, mel. >> thank you, guy. >> you're welcome. coming up, a pepsi pop. good discussion, though. shares of the soda maker bubbling after its report this morning. the numbers ahead. and some fast movers catching our traders eyes from banks to bumpers. why these stocks should be on your radar. don't go anywhere. "fast money" is back in two. since my citi custom cash® card automatically adjusts to earn me more cash back in my top eligible category... suddenly life's feeling a little more automatic. like doors opening wherever i go... [sound of airplane overhead] even the ground is moving for me! y'all seeing this? wild!

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welcome back to "fast money." shares of pepsi popping after earnings beat. the beverage giant raising its full-year outlook, contrary to walmart's commentary to a dip in snack sales, pepsi saying they are no impact yet from the popularity of weight loss drugs. steve? >> well, i think that you're not going to see it right off the bat, right? and what have than been seeing? people are eating less sugar, less salt, so, they want smaller portions. smaller portions, i immediately go to a higher margin. so, i think this is a tailwind for them, but i'm not sure how long the diet drugs are going to take to have an impact on their business, because it will be

coming. >> they are raising their prices again, they raised their forecast three times. i mean, that is really good news. when we -- we thought that the consumer was going to be pushing back. how much, as we said this before, time and time again, how much are you going to pay for a bag of doritos? >> well, me, zero. >> yes, yes. >> i get that people like it. what they do is, you know, pepsi has said, well, our costs have gone up, so, we're increasing our prices. their costs, the raw material costs, are not the entire cost of making them. so if they have 5% increase cost and put on a 5% higher ticket price that's a bigger margin. so, i don't know how long until the consumer says, i have to switch to a generic, store brand, kroger brand, i don't know. good for them, i'm sort of surprised they weren't seeing the same thing. walmart is pepsi's biggest customer, i'm surprised they had two different takes on it. but it's not crazy expensive

here, but i'm not inclined to jump in. >> seems like a lot of retailers in particular, from the shrinkage to the glp-1s, throwing everything at this thing. whatever the weakness is, again, like, literally, the excuses are piling up a little bit. when you tell me that the makers of these sorts are foods are not seeing the thing that the seller of these foods -- i don't think a walmart customer is in the market right now for, you know, these sorts of drugs anyway, so i think we're really early on all this, and what it brings me back to is that there is something going on with the consumer and it's being evidence, look at the travel stocks, look all over the place. there's evidence if you want to see it. and so, we can say, you know, i guess because they have jobs and because wage growth is healthy, but there does seem to be a pull-back. >> how come we haven't seen the clothing stocks go up. if there's weight loss, people are buying no clothes. how come the same thing -- going to eat less calories, morgan stanley put out a piece, there's going to be 9% of the population is going to be on the weight

loss drugs by 2030. how come we haven't seen -- everyone expects the food industry to get hit, how come we haven't seen the clothing industry -- >> i'll tell you why. they are discounting pretty heavily right now. and look at where all these department stores are. they're all at 52-week lows. it's weighing on their margins -- >> someone should be buying their clothes. that's a trough, so -- somebody should be buying it. the pendulum swings both sides, right? so, if you are going to be eating less food, you have to be buying more jeans. >> i still have the jeans from high school. i'm not kidding around. >> and they still fit. you wear them a lot lower. >> they still fit. >> really tmi. >> 162. we talked about this last night with tim. that was a low in june '22. gives you something to trade against. coming up, two stocks moving in very different directions today. what had rivian revving up, and netflix streaming lower? plus, a handbag holdup. lvmh missing sales estimates, so, is this a sign that even the

high-end consumer has lost his or her footing? you're watching "fast money," live from the nasdaq market site in times square. back rig aerhihtft ts. (aidyl) hi, i'm aidyl, and i lost 90 pounds on golo. i struggled with weight loss and weight gain my entire life. with all the yo-yo dieting i did in the past, i would lose 20, 30, 50 pounds just to gain them over and over again. thanks to golo, i've been able to steadily go down the sizes in my closet and keep the weight off. for the first time in forever,

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feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. welcome back to "fast money." treasury yields decline. the dow jumping 134 points, the s&p and nasdaq up half a percent. energy, the only sector to close in the red. single stock moves that caught our attention today. shares of rivian revving up after nearly 5% after a ubs upgrade. after the stock's post-capital raise selloff, investors are focus on improving fundamentals. not every name in the green today. netflix falling more than 3%. streamer down 15% over the past

month. and afterhours moves in the health care space. this jus ct crossing here. novo nordisk up. shares of dialysis companies like davita now down sharply in the afterhours on the back of this. it is amazing, all the things they're studying semaglutides for use in, karen, and this is just the latest one. >> it is amazing how many things it touches. so, obviously something like this, if you have kidney improvement, then -- so, obviously it's bad for them, but so many parts of the economy. talking about clothing, you know? that's kind of amazing that this is just the tsunami coming of change for, i don't know how many people, that's the big question, right? >> yeah. i mean, but we've seen the impact on -- on this, on any sort of diabetes instrument, monitoring systems, lap band surgery, you don't need procedures anymore. the list goes on and on.

>> we had a conversation about weight watcher, last night. a myriad of things. i'm sure e li lily is leaghighes well. it traded higher, we're within an earshot of an all-time high in the stock, which makes sense, quite frankly. you've seen selloffs in this name a number of different times over the last few years of this magnitude. i think they report on november 2nd. >> when we started reporting on these, and you have taken a strong interest in it, kind of an interesting thing, it seems like a megatrend, you kind of zone in on those sorts of things. when we start reporting on it, it was a $25 billion market, then a 50, 100, now we're hearing 150. and the more that you hear about this sort of stuff and, you know, away from it, it's pretty fascinating. and to guy's point about, like, a lilly that really feels like it's about to make a new all-time high. it really feels like the nvidia of the rest of the market, away

from a.i. >> does that mean you think it's overvalued? >> we all looked at pfizer and said, moderna, what they did during the pandemic with the shots and they've round tripped those whole moves. at some point, it becomes digested in the forward outlook of this company, and then it just doesn't look interesting anymore. you start seeing the deceleration. >> right, so, when you look at -- to keep that analogy, right? nvidia had 85% of the market, lilly sucked up all the oxygen in the room. amgen is going to be working in the space. they are going to start getting that attention. that stock is up 3% year to date. lilly is up 58%. if you have the luxury to make the profit in lilly, switch gears, go to amgen now. coming up, the lap of luxury isn't looking too comfortable. a big sales miss of lvmh as high end shoppers put the bags back on the shelf. and china tech on a tear. the kweb etf jumping. can the group keep up the climb? we'll debate that when "fast

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welcome back to "fast

money." lvmh earnings providing some insight into the high end consumer. shares dropping after the company reported disappointing sales growth in the latest quarter. shares have closed the day in paris up 3%. q-3 revenues were in decline. you pointed out asia, which was weak, karen. >> yeah, so, there was a lot not to like, sadly, because i am long. so, they talked about cognac being particularly terrible. i really don't know why, actually, both -- >> globally. >> they said -- this is sort of a funny line, a tiny bit of inventory in champagne and precious stones, which, i don't know, i find that kind of amusing. so, they didn't -- it -- they weren't -- they were kind of defensive. they didn't give a, oh, everything is great, they didn't give a particularly outlook one way or another. they talked about travel being down. the chinese consumer, not just in china, but with the chinese

consumer around the world, they spend more, and that's not happening, as well. europe, the united states wasn't as good. so, there was really a lot to not really love. the only thing i really do love about it is the enduring brands and the valuation. so, this stock at 20 times is -- 20 times earnings -- has not been this low in a very long time. the business has grown a lot. they are in the pole position. i have a position in caring, which doesn't have the same spirits exposure. we'll see, probably will trade down tomorrow, a fair amount, but -- i'm sticking with it. clearly, i should have told it months ago, but i didn't. if i owned none, what would i do? i would buy it today. >> are you still in capri? >> i'm out of capri on the tapestry buyout. and it just stayed static around the low 50s. but if you think about tapestry, tapestry bought capri and they are going to sell off jimmy choo and versace. they bought it for michael kors.

they have the hidden gem in there. so, when you see tapestry fall off a cliff after the takeout, it seems to be a value buy. unfortunately, it's done a nose dive, so, it spooked a lot of people. >> and i look at this and it brings me back to this magnificent seven and the point we were making about multiple compression, if earnings estimates look -- listen, this company, lvmh, is only expected to have mid to high single digits earnings growth. the stock is down 25% before they just reported this. so, the market has already sniffed this out. investors sniffed out this slowdown. we'll see how the stock reacts to the news, right? they didn't -- like you said, there's a lot not to like in this report. visibility looks poor, valuation came in that's still above a market multiple, that sort of thing. that could happen to some of the much beloved names that is really keeping the market elevated. >> you know what i love on nbc, the more you know. >> with the rainbow. >> it's fantastic. >> i was supposed to do one and i was sick that day. >> no kidding.

c.q. has. can i do a more you know here? we're coming into sort of -- >> we're doing it. >> a lot of people are looking -- jimmy choo shoes, as i mentioned a number of times -- >> run small. >> very narrow. very narrow shoes. if you have a wider foot, jimmy choo is not for you. >> the rainbow. >> the more you know. >> thank you. coming up, the key witness in the prosecution of sam bankman-fried taking the stand today. did the testimony end in a heartbreak? a live report and the red-hot details ahead. but first, the kweb shooting h higher. how the traders are playing this rally, next.

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guy chuckling in the background. welcome back to "fast money." time for the move of the day. the kweb china tech etf surging 3.5%. at its highest level in other a month. still in negative territory for the year. notable winners today, tal education, ke holdings, each jumping more than 6%. with others like weibo, ali baba with gains. a bloomberg report saying the chinese government was looking

to raise money to put together a new stimulus package, which could help the economy. >> and we've been waiting for the chinese economy to get off its back for a longer time, and the closer you get to that end, the more these stocks are going to run. plus, you have the kicker of a lot of these names are tech, a lot of these names are growth. what happens when rates go down? you buy growth and you buy that further out looking stocks. >> yeah, if tim were here, he'd talk about ali baba. we've seen 86i 84ish is a levels held a number of times. again, it's about risk-reward. ali baba against 84, you buy it here and you stock out below 84, the risk/reward is very good. >> the deirdre bosa was here, she'd be talking about pdd, they have this temu app that's destroying it right now. and she's been reporting on this, she kind of gave me the down load on this whole thing. when you think about, you know,

e-commerce app that's working here in america that's chinese-owned with $100 billion plus market cap, you have to say this is on our sights here, because our e-commerce companies can't be over there. this is, like, easy pickings right now. >> i just can't believe how cheap they sell things and i can't believe -- >> maybe it's just a data collection thing. >> they are tying in american -- >> it is obviously data collection. >> if they are coming after tiktok, whatever the thing is, they're coming off this thing. >> well, those sites, specifically, are going after walmart, they're going after amazon, they're going after every single e-commerce platform out there. they could sell $4.99bathing suits. >> pardon me? >> and consumers are strapped for cash these days. they're going to buy the $4.99 bathing suit and not the $9.99 one -- guy, you are looking at me like i'm an it alien. >> there are certain things you don't skimp on. >> for you, i'll pay $20. >> thank you, mel. coming up, sam bankm

bankman-fried's ex-girlfriend taking the stand. what she said and the crime revealed, next. and jim is chatting with the car max ceo. catch the full interview, top of ho on "mad money." in the meantime, for "fast money" in two.

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welcome back to "fast money." the prosecution's key witness taking the stand today in the fraud trial against ftx founder sam bank man freed. caroline ellison was the mile herest rhighest rank ing employ and his ex-girlfriend. kate rooney has the latest from lower manhattan. >> caroline ellison painted a picture of sam being extremely involved and aware of the financial strain of his hedge fund and its use of ftx customer funds. the prosecution coming out swinging today, asking her right away, did you commit financial crimes when you were running sam bankman-fried's hedge fund? she said yes, then went on to say, quote, sam directed me to commit these crimes the she

described bankman-fried wanting to make billions of dollars in investments through ftx ventures. alameda was the one funding those investments with loans, but bankman-fried didn't want alameda's name involved, so they called it ftx ventures instead. and they used something, you might have heard of nav, net asset value, they used something called nav minus sam coins. that was a way to look at the value of this hedge fund without all of the crypto-currencies sam either invented or invested in. by that calculation, the value of alameda, she said, was negative $2.7 billion. you might also remember bankman-fried acquired a 7% stake in robin hood last year. ellison saying today those shares were initially paid for by alameda. then, they were transferred to another entity when they had to disclose that to the s.e.c. she says that was because sam bankman-fried wanted to talk publicly about the robin hood investment without it all being

linked back to alameda. this was just day one of her testimony. elly sohn left the courthouse today, initially actually got in the wrong uber, or the wrong black car, happens to the best of us, but she returns again tomorrow to testify. back to you. >> imagine if she took that car. kate, thank you. kate rooney. what a trial it's been so far. only day one. bitcoin has been pretty stable of late. >> hanging in there. we talked about this at the time, was never an indictment on bitcoin -- >> right. >> it was an indictment on the alleged, i got to be careful here, right, fraud that was going on there. all right, up next -- oh. it's final trades. >> it's time already? >> wow.

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we can help with that. is it possible to use predictive monitoring to address operations issues? we can help with that, too. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. a look at some of the dialysis stocks. davita down by 12%. fresenius down by 8%. this was a once weekly injectable semaglutide kidney trial called flow, they expect the full readout in the first half of 2024. so, we're seeing that pop in novo nordisk. shares up by 3% and e li lily is

up by 1% at this point. >> i know you know a lot about this space, but what other trials are going on that we could see, like, something else out of nowhere, we're stopping the trial? >> like this? i mean, there is a trial going on in alzheimer's, but it's very early stages. >> we saw how the stock responded to that heart attack and stroke study. that's when they broke out, like lilly and novo -- >> we're going to get a sleep apnea trial readout. let's go around the horn with the final trade. steve? >> if you have a winner, stick with is. west rock is my final trade again. >> karen? >> yeah, netflix down $12 today, on a story that i think was out two days ago about switch in the ad executives, because ad was happening slower than they thought. >> i would say, if you have a loser and you are still confident in it, stick with it. tlt. a little early, and steve told us earlier it was wrong, but i'm

going to stick with it. >> guy? >> steve's going to go home, how happy is his wife going to be? >> thrilled. >> wasn't that a beautiful jacket? >> especially for fall. >> alibaba is autumn nall, as well. >> thank you for watching "fast money." don't go anywhere. "madon" thimrar meywi j cme starts right now. "mad money" with jim cramer starts right now. 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. "mad money" starts now. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends. i'm just trying to make you a little money. my job isn't just to entertain but to educate and teach you, so call me at 1-800-743-cnbc. or tweet me @jimcramer. the bears want to have their cheesecake and eat it too but the facts won't let them. i'm talking about ho