uncertainty? >> yeah, and certainly we're seeing a lot of uncertainty. and it's in the sentiment. you've got the nasdaq down 10% from all time highs. s&p the worst day since 2025 and the worst week for the major averages as well even though we're just through thursday. >> yeah. >> all right. that does it for us here at overtime. >> fast money starts 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. stocks in sell off mode. the nasdaq back in correction. territory as more uncertainty over. >> tariffs takes hold. >> how much pain is left to come and how can you protect. yourself from this pullback. >> and tesla trouble. >> shares of the ev maker. >> down more than 10% just. >> this week. >> the ceo elon musk too wrapped up in doge to give his. >> company the attention. >> it needs. we'll debate that. all that. >> plus broadcom on the. >> move after earnings. >> a look. >> at the. >> state of the. >> consumer ahead. >> of the jobs report tomorrow. >> and netflix gets chilled. while the. streamer finally got swept up in the market rout. i'm

melissa lee coming to. >> you live from studio. >> b at the nasdaq. on the desk tonight, tim seymour, karen. >> finerman, dan nathan. and guy adami. we start off with the washout. >> on wall street. >> stocks falling. >> again today. >> as trade. war fears. >> and more back. >> and forth on tariffs. >> hit. >> investors hard. the dow nearly erasing all of yesterday's rebound. >> down more than 400 points. >> the s&p. 500 shedding. almost 2%. now down a percent since the election. the nasdaq dropped more. than 3% at its lows, closing at its worst level since index.october. the tech. heavy >> now in correction territory, down more than 10%. from its. >> december highs. >> consumer discretionary. tech and. communication services. >> seeing the biggest sector losses today. >> and in terms of. >> specific stocks, recent high fliers deep in the red today palantir, vistra and constellation energy. the biggest losers small caps also crushed the russell, pacing for a sixth straight week of losses, its longest weekly losing streak since 2018. all this as investors grapple with the latest headlines. >> on tariffs. >> and there were a lot of them

today. meghan costello has got all the. details on what we heard from the white house. meghan. >> melissa, we got the official details on that tariff relief that we have been waiting for, but it was not nearly the extent of relief that markets had been hoping for or even expecting. president trump signed that executive order officially amending the canadian and mexican tariffs. and what it said was that all goods that are usmca compliant or that abide by the rules of that north american trade pact are exempt. but a white house official told me that that's only about half of mexican goods, and only about one third of canadian goods that will see that tariff relief that qualify for that tariff relief. everything else will still continue to see those tariffs of 25% on most goods, 10% if it's a canadian energy product. the president also made clear when talking with reporters that this will only last until april 2nd, until those reciprocal tariffs kick in, and that this was only a one time short term adjustment. take a listen. >> it's just a. modification short term because i didn't want to hurt the american. it would have hurt the american car

companies if i did that. >> did you consider the same sort of exemption or pause for the auto tariffs you're talking about next month? >> we're not. looking at that now. >> no. >> no. >> we're not looking at that. no. >> he also made clear there that there would be no exemptions to those steel and aluminum tariffs that take effect next week, nor would there be any exemptions to the reciprocal tariffs once we see those starting april 2nd. so a lot more to come here. and melissa, just in the last few minutes, we're also starting to hear from the canadians. they do say that they are keeping their retaliation in place. that took effect this week on about $20 billion in goods. they are going to postpone the retaliation on about $100 billion worth of goods that now won't take effect also until april 2nd. so a little bit of relief both from the us and the canadian side. but overall still a lot of tariffs and a lot of wait and see. >> melissa megan thank you. megan cassella at the white house today. you would have thought that that little bit of relief would have given the markets a little bit of relief. we didn't really see that today. >> so yesterday, i mean, or so when you saw it or two days ago

in the form of general motors, and you saw that bounce when they rolled it back to april, i guess, but, you know, diminishing marginal returns. and i do think they're trying to sort of walk this dance between making sure the market hangs in there and talking tough on tariffs. and that's a difficult dance or difficult tightrope to navigate, but that's the one they're trying to do. with that said you know the october low october 31st i think was 5700 ish. and we're right there. critical support levels. a lot of technical damage being done in the meantime. and again, a vix at basically 24 and change for a prolonged period of time is something we've been talking about. vix is going to stay elevated. and i think that's why you're going to continue to see these wild swings. >> we were like 28 on the vix december 18th. we were at 40 ish back over the summer when we had that huge pullback. >> yeah. >> and i think all of us agree. >> when you. >> see. >> that sort of spike in the vix it's. probably getting near a time where the sell off is getting a bit overdone. and we see bounces here i. >> think the. volatility that we've seen in this. >> range. >> that guy just talked. >> about between like.

>> 5850 and 5700. >> it's a tough level here. just technically just i'll just say this though, as the silver lining. >> guy on the desk here. >> yeah. of course. >> everybody knows that. >> just think. >> of like, the. >> hardest hit names. >> in this. sell off. >> i mean, they're getting a. >> little oversold. >> they're getting. >> like, today. felt very panicky. let's be very clear. >> the s&p is only down 2.5%. >> and so when you think about the internals of the broad market, that's probably a pretty good thing. you're going to take a lot of the froth out. you're going to get valuations back to levels where we think they're kind of appropriate. i know there was a lot of talk just two weeks ago. the s&p trading 24 times forward earnings. a lot of that is front end loaded to some of those biggest names. so again some of the damage that's being done in the frothiest sorts of names, i actually think it's pretty decent setup. if you're thinking about the s&p that's now off 6.5% from those recent highs. >> so i'm. >> in the. >> difficult position. >> of agreeing. >> with dan. >> he's just the. >> ray of sunshine here. >> i mean. >> you know the vix was up you know. >> closed up almost three. so just under. >> 25 it's not in the panic i don't think. super panicky. >> but it's. >> definitely you know as. >> i said things trading down

and. >> integers at a. >> time i find that interesting. >> i did a little bit of buying today. >> i covered some. >> cray that. >> i was short against the long money. >> centers, but it didn't. >> do a lot else. >> but i do think that you know, the names. >> that were super. >> supercharged are just getting annihilated, but still, it doesn't. >> take them. >> to reasonable. >> valuations, right? so i think there's. >> probably some room. >> there, but it's not. >> a monolith. >> there are things that are. >> i think, attractive. i actually. >> think. >> you know. >> we'll get to it later. >> but discretionary. >> some. of the retailers i think. >> have. really gotten. >> it's the. velocity of the. >> move. >> as we always point. >> out, is really probably. >> where we are. we haven't seen these types of moves down really. these feel like. >> you know, march. of 2020. >> moves or at least that era. and that's part of this move. i mean, you've got a seven. >> day move. >> in the. >> 7% move lower in the s&p. >> in 14 days. and we've. >> been chronicling even. >> the up days. i mean, these. >> have been intraday reversals, the volatility that's attached to it i think is emblematic. >> of two things.

>> one is that we've had. such such a voracious appetite. >> for. >> for risk assets. and we've seen that we've seen. >> the pullback especially. >> look at look at levered. three times levered. etfs and crazy call option. >> activity i mean this stuff's. >> i mean they're literally vanishing three times long etfs they do vanish. before your very eyes. >> and that's that's. >> part of what we're seeing i think that the nasdaq correction. >> which is. >> really now officially just about. there is part of it. >> but it's really. >> it's that mag seven correction. that's a little over. 16% from the middle of december. and that's part of it. >> and as. >> we've said for a long time, when you see the real leadership with your semis, which are now down 24% from their highs and really haven't, you know, made those new highs since july of last summer, that that's really what it. >> comes down to. >> it's interesting to see some of the higher quality names that are not really mag, but they're second tier. they're even beyond dan's straight eight. what is it? >> the fateful. >> eight, the fateful eight, the fateful eight. but i mean, nvidia, we're going to talk about it later in the show. >> i mean, this was. >> this was seemingly a bulletproof company that was so far ahead. >> of. >> its of. >> its peers. >> and was expensive to itself,

but not really that expensive. so lots. of uncertainty on policy, reworking the global political order leaves people, i think, in a place where they can still, i think you can pause even more. >> you know, tim has talked about the potential for a growth scare. well, it's manifesting itself in the iwm. i mean, put up a chart. this was 240 something a few months ago flirting with 200 now. and that's been breaking down at a pretty meaningful way over the last couple of weeks. and one would think if rates were going lower would be supportive. but rates are going lower i think, because there is this slowdown. so it's be careful what you wish for scenario. that's something you got to watch. >> as well. yeah. so we've been talking about this. you just mentioned nvidia. when you think about what's the ai supply chain. nvidia obviously was at the core of this the picks and shovels. but we also had memory as it relates to micron. we had competitors like supposedly amd. we had the server makers like supermicro and dell. so think about the data centers, the hyperscalers. we haven't seen an uptick in many of those sorts of names that i talked about. before we get to the hyperscalers in a very, very long time. so once the hyperscalers join the party to the downside, once we saw nvidia join the party, i think it's

down like 30% or something like that. we've been talking about that. i mean, the fact that people thought that these stocks couldn't get cut in half, and i don't mean microsoft or google or anything like that, but in nvidia. and then look at how it broadened out a little bit. applovin told a great generative ai story palantir was telling a great. they became meme stocks. these became 100 $200 billion meme stocks. applovin has been cut in half in just a few weeks. think about that, okay, palantir is down 35 something. it could easily be down 50% or something like that. so if you don't think that microsoft, google and some of these other names in the fateful item could catch up and be down 30%, then you're not paying attention because that happened in 2020. >> mr. silver, i was. >> just going. >> to. >> say, yeah, i mean, not. >> not so long. >> that is the silver lining. the silver lining may be that maybe they're they're more fairly valued now. and maybe it is worth buying an apple oven. >> cut in half. >> well, let's be honest. i mean nvidia if that thing got cut in half i think it would be the steal of the century, because then it's really up to them to just start to the expectations would be down so much. right. and then the beats that they

need is not going to take much to get that stock going again. >> i'd rather we. >> rather. >> have a google or. >> meta over an applovin. >> down half for sure. not even close financials. >> we spoke about this before getting hit especially hard this week. the sector down another 2% today on pace for its worst week in two years. the kbe bank etf heading for its worst week since august. and take a look at one of the biggest laggards. bank of america, down more than 10%. since monday, now at its lowest level since october. so it doesn't have a single penny of post-election. optimism baked into it, whether it's from deregulation or. >> handcuffs being off. >> whatever. >> you want. >> to call it. >> yeah, well, they have their own issues. they obviously were in the crosshairs of this new administration for a period of time. they probably still are. i think they have a, you know, to maturity holdings in terms of their risk. they have with rates going higher when interest rates ten year yields were 5%, i think that $117 billion unrealized loss. so they have their own issues without question i think they're a lot better banks than bank of america. but when you see a move of that magnitude you

have to take notice. >> so i don't still love bank. >> of. >> america yet, but it is sort. >> of getting interesting. >> they do have that big problem. that guy talked. >> about being. >> way too invested in low yielding assets that are maturing. >> ten years. >> from now, so that's bad. but i also think they do have a very big credit card portfolio that may be weighing on some of it. they do have an outstanding deposit franchise though, and i think that's where something. and their banking business is actually, i know we're a little disappointed with the slowdown in banking, but they've actually sort of worked their way up the ranks. so yeah, i got to look. >> at it again. >> it is a credit card portfolio. any worse though than the credit card portfolio at citi or jp morgan? in terms of quality. >> i think. >> their. >> their charge off rates i think were pretty similar. yeah, yeah, yeah. >> but i do think that in bank of america you are sniffing out a little bit of the consumer. >> i think you're. >> you're and you're also sniffing out. >> let's be clear. >> i mean there is a hierarchy in terms of quality in the money center banks and bank of america hasn't been it. it's no one has been at jp morgan's level then.

it's really been citi and bank of america fighting out citi, i think for the last year and a half is vying for at least the more improving governance story. and actually, wells fargo is probably stole both of their thunders in terms of at least getting back a little bit under the graces, getting some some, you know, set out let out of the penalty box in terms of some of their their asset management stuff. >> yeah. away from the money centers i think goldman and morgan are pretty interesting. you know, they've had now a bunch of ipos at least s ones that are being filed or are thought to be in the very. >> near future. >> in this market. why don't they i mean, so you get pushed out because of market conditions, as they say. i think this core uyghur one is really interesting. i mean, we talked about it here. 77% of their revenue is a data center company comes from two companies, microsoft at 62%. and there's an article in the ft today that they're canceling some of these data center leases. that's microsoft. that thing's not coming out, not in this environment with generative ai and the broad market. so to me, i think that the ipo calendar not getting going and maybe m&a that hasn't existed is going to weigh on morgan and goldman in the near term.

>> all right. we've got a news alert here on walgreens finally reaching a deal to be taken private. let's get to seema mody for the details. hey seema. >> melissa. the wall street journal reporting that walgreens has sealed a $10 billion take private deal with sycamore partners. that's the private equity firm, which, if approved, would be one of the biggest leveraged buyouts in the past decade. this is walgreens, the pharmacy chain that has been challenged in recent years. chief executive tim wentworth is quoted by the wall street journal saying going private is going to let us be more focused, more nimble, more long term in our decision making in the context of the challenges that we continue to face. stock up here in after hours. melissa. >> all right seema. thank you. seema mody. well beyond the struggling markets, we are also seeing real increases in auto and mortgage delinquencies. >> the consumer. >> slowdown is picking up steam. let's welcome to the set michelle meyer, mastercard economic institute chief economist michelle welcome. great to see you in. person here. >> great to be here. >> thanks for having me. so we're hearing so much i mean, the sentiment data is softening.

and we're hearing, you know, grousing from the c-suite about tariffs and the impact on consumers. are you seeing that in the data? so you're not yet. >> and i think. >> that makes sense, because the first to. react to headlines. >> are going to be the soft data. it's the. surveys which is showing up. >> the university of michigan consumer sentiment survey showed an increase in. >> inflation expectations, even. >> longer run inflation expectations, which. is meaningful. >> so consumers are thinking. >> about what tariffs. >> might. >> mean for the future and how persistent it might. >> be for. >> how they absorb prices. >> but they're not spending very. >> differently yet, at least not in a discernible way. >> and i. >> think a lot of that is. >> because the fundamentals. >> of the economy are still sound at the moment. when you. >> think about the. >> labor market, you think. >> about wage creation. >> you think about the fact that. >> it's been a. very positive wealth effect over. >> the last few. >> years, and. >> a lot. >> of that has buoyed the consumer. how do you think about how. >> the consumer will spend once. >> the tariffs. >> go into. >> effect, in terms of a shift, maybe towards. >> grocery and away from discretionary? >> i don't know if you you know, you use. 2018 as, as a guide

here at all. yeah. >> well i think. >> what we've learned about. >> the consumer. >> in the last. >> few years is that. >> the. >> consumer has been. >> very nimble, right? >> this is a. >> consumer who is a. >> very aware of. >> where they can. >> find value. >> and how they want to deploy their. >> purchasing power so they get the best out of. >> their dollars. >> so you could imagine. >> an environment where. >> the categories that have seen the biggest price increases because of that pass. >> through of. >> tariffs, maybe they shy away. >> from. >> purchasing those and move towards those that have. >> more value, lower prices. >> you don't. >> see the tariff impacts. >> you could see a little bit of a goods experience. story play out where the services economy that doesn't have the direct. >> hit from. >> tariffs, experiences like travel. >> restaurants. >> leisure, maybe there's some acceleration in spending there where some of the durable goods, where the tariff impact could. >> be. more meaningful and quick. consumers shy away. we'll see. we'll see how the consumer responds. >> so as a sort of segue from consumer spending to worrying if the consumer is really starting to get hurt, what's the most

important piece of data that you look at, whether it's 30 day delinquencies or something totally different? that is a good sort of indicator of, wow, the consumer's really feeling pinched and. >> we got maybe. >> a credit issue here. >> so there's. >> the. >> balance sheet issue, which you're speaking of. >> but then there's also. >> the drivers of spending, which is the labor market. and to me both of those matter. but i like to really focus. >> on the. labor market. >> as an indicator of what's to come for the consumer. and i. think that was really important in the last several years. when people have been looking for this big turn in the consumer. >> it's coming, it's coming. >> how can. >> the. >> consumer continue to spend? well, they. >> can. >> spend because. >> the labor market is supportive. so tomorrow's jobs report will be very important. it's still early in the process, right, in the sense that we're probably not going to see if these headlines are mattering just yet. but monitoring all the different labor market measures, initial jobless claims, the jolts survey. the challenger survey, and of course, the monthly jobs report. >> is there an unemployment rate

where things start to flash and, you know, listen, it's historic in terms of how well the job market's been. but you know quickly how things can change. so speak to the level that gets concerning. >> so i think. >> it's. >> less about the level. and it's as you said the change. it's the rate of change. >> once you. >> see the. unemployment rate. >> trend higher and it's consistent and it's indicative of. people losing their job and staying out of the out of work. so looking at things like how long are the duration of unemployment, the microdata within the jobs report, then you start to worry because then you realize that there's not that degree of healthy churn in the workforce that would be supportive of the consumer going forward. but we're not seeing that right. you have a 4% unemployment rate. that is a low unemployment rate. >> but how about in the discretionary part. >> then of the spending is really in consumer discretionary? i mean there are. parts of. >> discretionary that i frankly. >> thought were going to fall out of bed. >> in the middle part of last year. and i looked at also. >> some. >> of those places. i thought there. >> was too much. >> pull forward in post-covid. pent up, you know, voracious

buying. actually, i've used voracious twice now on this show. >> about that. >> it's a great word. >> well, it's. >> not three. times in five. >> minutes. >> it's done. >> but but but. >> ultimately, where are we in your concerns around that type of spend. and it seems like we punished a lot of those names. we talked about lulu, we talked about nike. some of those might be competitive. are you worried about. >> that spot. >> of spending? >> well, look, if the consumer to fall under stress, typically what you see is a shift into essentials. they have to eat. they have to pay their bills. they have to get gas to drive. so you do tend to see a shift away from discretionary into necessities, into essentials. so that would be indicative of, again, a sign of consumer stress. i think what's happened over the last few years, when you think about the shift in consumer basket, it's been about choice, not necessarily about economics. for most consumers out there, in the. sense of what is it where they find the most value, what are they prioritizing. and initially after the pandemic, of course, it was appliances, it was goods. it was all things tangible. once

the economy reopened and then continued, you saw this big move to experience economy that continued to have legs. the strength in the dollar was part of it, right? in the sense that you can travel abroad and your dollar goes further. but to me, it's been a it's been a consumer that has made these very discrete choices where they see value and where they want to use their purchasing power, not necessarily based off of the economics. >> michelle. >> great to see you. hope you come back soon. >> of course. >> thank you. >> mastercard. what do you think. >> of the. >> consumer here? >> well, let's just be clear. over the last four months, we've seen an about face in a lot of policies as it relates to, you know, the consumers. and if you think about the austerity that we're kind of in right now, every day we're waking up to a headline where government workers are being, you know, fired. and we're also worried about the prices of things going higher. right. and so when you think about that setup and then you think about some of this data that has been getting softer, that's why tomorrow's number is so important. you look at that gdp now that the speed in which that thing turned, and i know we're not going to come in with a -2% print, but the

speed in which he did, it's not too different than what you're talking about. the velocity in which the unemployment rate could go up. and so we're going to get a better sense for that. if you start seeing headlines like that, you reserve or reverse some of this wealth effect that we've seen in the stock market. that will weigh on consumer sentiment. >> the federal layoffs. >> will start. >> hitting the numbers in the. >> next few weeks. and that's when we're going to see some. >> headlines there. >> i'm sure. >> i think. >> tomorrow's number. >> is going to be fine. i think the number. >> to watch. >> is certainly going to be that march number. and back to what michelle said, even though she's not here anymore. there are the things around travel. i mean, look at the pullback in some of the hotel stocks. look at the pullback in some of the airlines. i do think some of that is both the cyclicality of that business. and also just people are doing that less. >> yeah i thought it was interesting the whole like shift willing to spend on services still because they won't be impacted by terrorists. but paring back purchases in categories that will feel tariffs. >> right. well, i would have thought they could have maybe hoarded a little bit, i don't know. but that's. maybe for the for the, for the walmarts of the world to do. but i think, i think she's i mean this is what i just amazed probably at the

trove of, you know, treasure of data that she can look at that jobs is really the underpinning. you're employed. you feel like you can spend. yeah. >> coming up some key names on the move after hours broadcom costco and gap all. reporting results. the details in the numbers from those quarters next. plus netflix dropping nearly 9% in today's sell off. how are traders are handling the drop in the streaming giant when fast money returns back into. >> play? >> in a world of uncertainty. >> and. >> disruption. >> how will your investments. stay resilient? we've been navigating change for 125 years, always looking forward, anticipating. risks and trusted to manage over $1 trillion in assets worldwide. solving for the needs of investors today and the needs of investors today and tomorrow. that's the power as your host, i have some rules. two flush maximum per bathroom visit. no games. no fun.

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hours on bottom and top line beats broadcom also giving better than expected guidance a conference call underway cnbc's christina avalos is here on set with all the latest christina. >> much of the beat or the january quarter was due to softer revenues are up 15% sequentially. that was according to the ceo on the call, the acquisition of vmware software infrastructure firm really helping drive that category. as for hardware, though, broadcom ceo highlighting on the call just now still ongoing, that hyperscaler spending continues to drive ai growth or in specifically in semiconductor revenue, and that he anticipates momentum to continue into the second quarter. so there's that demand word. the company manufactures custom chips for major tech players, including google, meta and bytedance,

which is tiktok's parent company with two additional hyperscalers joining the mix since last quarter. so that's what he just said on the call. he didn't say the names, but it's assumed to be open ai as well as apple. he didn't specifically name them, and this is expanding the client base and helping ai revenues climb an impressive 77% year over year in q1 and pushing the q2 revenue outlook. as you mentioned, higher sell side analysts had previously set lower projections for the quarter. assuming that broadcom's ramp up of google custom chips would only materialize in the second half. but we're seeing that growth accelerate faster than anticipated right now. >> all right. there's nobody better who covers this. >> space i agree. >> all right. >> nobody does. >> it better. you've been all over all of these names for the last time. nvidia was the big one right. all of this speaks to and i know i was doing silver linings as it relates to nvidia. >> scrap that. >> for playbook. it's not good for nvidia right. if all of these hyperscalers are looking to kind of second source or get more custom, is that what your takeaway is exactly. >> and jensen wong was asked that a while a few weeks ago specifically about the asic market, and his argument was

that you need the gpu because the asic, these custom chips focus only on one particular task. that is the difference between these chips and something like what a gpu can offer, where, you know, there's a lot of computation, computational, i guess, aspects going on at the exact same time. so that's his major argument. there's no doubt though. look at broadcom. and if you look at the valuations too you just look at the stock i think that this is now a name that's arguing there's further growth to come from not only hardware but software as well. networking non-ai plays. >> is there is this seen as the next a next leg before it was seen as a competitor to nvidia, but to the point of customization. and we're moving away from from just the gpus. and you need the more custom chips that this is like the next leg play in ai. in terms of hardware. >> it would be the next affordable play in ai hardware right after you do need the gpus. that's the foundation for all of it. but i think going forward to your point, you won't need the anticipation is you

won't need to go with that annual cadence that nvidia is offering. >> once you build out. >> there's only so. >> many more. exactly. so then that's where these individual play custom chips that you can make in-house come into play, which is what we know google, apple aws are all doing with their own chips. >> you know, a week ago, christina talked to the live audience in one of the commercial breaks. and that was fantastic. by the way, that's a tease. we have something to tell folks. >> it's a tease for the tease. >> later on in the show. and then in terms of broadcom, i mean that's the name we collectively like i think on december 15th or so when they reported the move was extraordinary, but they back and filled the entire move from 250 down to 180. stopped at the moving average, 50% retracement is 2152 15. that's where it goes. i think that's where you take profits. then we'll have another conversation. >> christina, great to see you. thank you. thank you. christina. novelist. coming up, more after hours action to bring you costco, gap and hpe on the move after reporting the details from the quarters next. and tesla shares now down nearly 40% since the inauguration with global backlash over elon musk hitting the ev maker, is it time for the

ceo to refocus what that would mean for the stock ahead? you're watching fast money live from the nasdaq market site in times square. stay tuned for a special announcement after the break. >> wow. >> did you know. >> taking xyzal. >> at night. >> relieves allergies. while you. sleep. you wake refreshed. >> for a more productive day. get 24 hour continuous relief get 24 hour continuous relief that does at ameriprise financial we know our clients are so much more than clients. they're go-getters and game-changers, legacy-leavers and visionaries, healers and confidants. the goals that matter most to you matter most to us. helping you achieve them is what we do best. with personal financial advice from an advisor you can trust, and goal-based investing and solutions. it's no wonder we have a 4.9 out of five client satisfaction rating. ameriprise financial advice worth talking about. [sfx: wind, rain and rolling thunder] with the vision to see what's possible

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spotlight. june 5th cnbc's fast money live returns and you can get in on the action. >> it is a very special night here on. >> fast money. >> join melissa lee and the team of traders live and on air. >> for 18 years this has been on my bucket list. >> it was awesome. >> the energy in that room. >> was great. an exclusive in-person experience at the iconic nasdaq market site in new york city. get your tickets now at cnbc events.com/fast money. >> money, money. >> well, last week's fast money live event was so popular, we're going to do it again. you just heard the date june 5th, right here at the nasdaq market site in new york city. and a reminder what the day is all about. you watch a show at the nasdaq, maybe get on the air with your question. then you'll be part of a q&a with the traders plus one on one time with all of us at the cocktail hour. last week we took lots of selfies. we signed lots of autographs. we answered lots of serious questions. maybe not so serious questions to everyone. left also with a six

month subscription to cnbc pro and a great fast money live gift. apparently there's a black market for these gifts. so hot! >> we had so much fun collectively, and it's great to meet everybody. and you want to talk about. so look, i don't know if they can get a close up. we have these crystal glasses that are just exquisite. but then i want to show you what else we have here. if we can get we have little pictures. oh, i don't know if you can. >> see. >> that. >> swizzle sticks. >> with their heads. take one. >> out. >> there. >> and if. >> you. >> don't like. >> one of. >> us, you can. >> you can. >> throw it away. but these. >> and though. mel fast money playing cards i mean this. >> is trader cards. >> yeah. i mean. >> well trader cards, playing cards. i mean tim's card is like an honus wagner original. that's how much it's going for. so we had a ball. everybody had fun. we're looking forward to the june 7th event. >> it was fun to meet all the people who make the show special. june 5th. people who are watching. >> i'm sandy's in my ear yelling at me fifth.

>> all right. jan fifth, june 5th. all right. so to join the party go to cnbc events.com backslash fast money. tickets are limited so please sign up right now. coming up tesla in a tailspin. the ev maker shedding about $500 billion in market cap since. >> president trump took office. >> so is it time for ceo elon musk to turn his attention back to his company? or should he hand over the reins to someone else? we'll debate that when fast money returns. >> missed a moment of fast. catch us anytime on the go. follow the fast money podcast. follow the fast money podcast. we're back right after 7 million us businesses rely on tiktok to compete. within a week of posting, i had over $25,000 in sales. i don't have a million dollars to put towards marketing and branding. tiktok was the way and it saved my company. we had a video do really good this week. sales were up 29%. about 80% of my business right now is from tiktok. small businesses thrive on tiktok. tiktok brings in so much

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omni lux ledcom. >> welcome back to fast money. stocks resuming their decline after yesterday's reprieve. the dow falling more than 400 points. the s&p down nearly 2%. the nasdaq leading the losses down more than 2.5%. shares of caesars lower today as well. the company now on a 13 day losing streak, its longest on record. the stock is down more than 27% in that time and some more after hours moves. we are watching shares of johnson and johnson, the company discontinuing phase three studies of a depression drug because of weak efficacy. on the earnings front, costco missing eps estimates but beating revenue expectations and

hewlett packard enterprise lower after reporting even as earnings came in in line with estimates and revenues beat the company also announcing plans to lay off about 2500 workers in the next 12 to 18 months and gap stock popping after a big beat on earnings. courtney regan's got the latest from the conference call court. >> hi there. nlcs captures after hours really doing an about face. from what we've seen in the last three months, the retailer did beat consensus really across the board. most notably i'd say for earnings and then comparable sales guidance conservative, which is on par with most retailers at this point. so total comps grew 3%, the street expected just 1% growth and namesake gap brand that was the most impressive, gaining 7%. banana republic posting the surprise gain two i spoke briefly with ceo richard dickson and cfo katrina o'connell. unlike other retailers, o'connell said the unseasonably cold february did cause the quarter to get off to a bit of a slow start, but as the weather normalized, gap was pleased with what they've started to see in the business, then that quarter to date, trends are embedded in this outlook that we just got so good. dickson says that gap sources 10% of its product from

china, and then less than 1% from mexico and canada combined. so the impact of 20% tariffs on china and 25% on mexico and canada is also in this guidance. while he wouldn't detail exactly if prices will increase, he did say, quote, our goal ultimately is to minimize the impact to the consumer, no matter what the cost inputs are across the business. and that call is still ongoing. melissa. they've yet to get to the q and a. it might have just started here, so maybe we'll get some more detail then. back over to you. >> karen, you got a question. >> yeah. so the guidance right. you said why not be soft on guidance? everybody else is pretty conservative. i got to think there's some sandbagging here as well. even though it was pretty good guidance. so yeah i think it's actually i don't know more more more better. >> more better i like that i think i think so too, right? i mean, i think everyone is a little bit is a little bit conservative. but i think even if tariffs increase more substantially, at least on these countries that we know, they source so little from there that it's fairly controllable and gaap has a pretty good history.

and then even most recently under this new ceo of doing fairly well operationally to sort of manage those cost inputs, whatever they may be, even if they are on the high end. i think it's really the sales and sort of that cool factor that they've been chasing for a while that has been harder to find, and it seems like it is starting to resonate really in, in all of the banners, as i pointed out, gaap, maybe most impressively, but banana republic also turning positive, that's fairly notable to. >> court thanks, court reagan. and do not miss an exclusive interview with the ceo of gap. 6 p.m. eastern time on mad money right here on cnbc. what do you make of this big move in the after hours? >> well, you know, we've seen some of these stocks, especially in the retail apparel space where there's been this reinvention. you know gap was such a great story coming out of covid because it was an opportunity to really go through a painful restructuring that was probably fast forwarded. this is a stock that's really had had an amazing recovery. and some of the core brands underneath that actually were the ones that were failing are the ones outperforming. bottom line here is it's an incredibly competitive space. i think

margins are something that are very cyclical. i don't think you need to be chasing it here. and in fact, i think there's better places to go in peril. >> yeah. athleta, you're pointing out, was weak, which. >> is. interesting given. >> the competitive landscape here. >> yeah. and i think it's the sort of, i don't know, coming up short on the short end of the competitive landscape, i think. and aloe both. but i thought the rest of it was really, really good, particularly gap. and i actually i'm going to disagree with my esteemed panelists. >> co-panelist here. what we. >> do here, i actually think it's better tonight at this price than it was today at that price. because why? i mean, and to still have decent guidance. right, right. >> in this environment. >> yep. >> operating margins were actually pretty good for them. i mean, they're operating better without question. athleta is a drag. but i think you probably knew that going in. and when you have comps, same store sales beat of that magnitude, it shows that maybe they're turning the corner. with that said, i'm sort of with tim on this one. you know, 19 was sort of support for a long time were 22.5. now, you know, maybe it's got another buck or so left in it. but i

think you're looking for places to take profit here. >> coming up, tesla's been tanking as its ceo spends his days at the white house. does elon musk need to refocus or hand over control to someone else? we'll take a look at that next. and netflix not immune to today's drop. why shares got hit so hard and how our traders are handling the move. we'll debate handling the move. we'll debate that when fast money retur (vo) what does it mean to be rich? maybe it's not just about the places you can go... but also the people who welcome you home. it's not about living like a star... but about feeling like one. rich measures life in laugh lines... in moments, shared... and in days well-spent. the key to being rich is knowing what counts. >> more stock. >> investors are. >> now learning.

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global perspective and high profile interviews. scan to watch cnbc's crypto world, sponsored by crypto.com. >> welcome back to fast money. tesla shares down more than 5% today, with the stock on pace to notch a seventh straight down week after a big post-election run up. shares now 43% below their december 17th closing record. the downdraft coming as ceo elon musk takes on a more prominent and polarizing role in washington than originally thought, also sparking a wave of protests and incidents of vandalism at tesla facilities here in the united states and also in europe. for more on the company's reputational challenges. yale school of management executive fellow gautham mukunda joins us now. gautham, great to have you back. >> melissa. >> great to be back. >> you know, from a shareholder perspective, it's easy to say, you know tesla stock is down. elon musk is spending all his time elsewhere. he's making polarizing comments about the far right in europe. et cetera. et cetera. but how does that get played out in the boardroom if shareholders are going to

complain? i mean, don't you need harder proof than that? >> so it's. >> not so much. >> a harder proof problem is that some of the threats are pretty obvious, right? the drop in popularity. tesla sales in western europe are going down and australia going down. >> given the. >> relations between. >> the trump administration and canada, it's difficult to imagine anybody in canada buying a tesla for the foreseeable future. >> but i think there are two bigger threats that. >> are. >> likely to be. >> real, to be things that if i were the board, i'd be keeping my eye on. >> one is tesla still makes a lot of. money in china, and the chinese. government essentially has the ability. >> to. >> use that to put. >> leverage on. >> the second most powerful person in the united states. there is the odds that they will not use that leverage have to be about 0%. and so that's a real threat to a pretty significant chunk of tesla revenues. and the second one is tesla is the publicly held company that is most dependent on its image of its ceo as a genius. when you're doing the sort of stuff that musk is doing and waving chainsaws around on stage, you might start to threaten. >> that a bit. >> so you think it's a foregone conclusion that that they will

continue to feel a pinch on china because they're going to be a bargaining chip? basically. >> the chinese government has demonstrated that it can have huge effects on china, on the chinese ev market, whenever it wants to be, wants to. if i were advising them, i would tell them, look, this is the biggest avenue to influence the american government we've ever had. we'd be crazy not to use it. >> there have been ceos in the past that have done other things. gautham i mean, i'm thinking of maybe jack dorsey, who ran two different companies at the same time, publicly traded companies. and so to say that he is spending all his time at the white house and therefore can't have control over his other companies, it may be a difficult argument to make. so what do you think the board should do or are obligated to do at this point? if, if perhaps and i'm sure i feel like they believe this, that he is such a genius and he is the founder of the company, that no one can really replace him even if he is spending less time there. >> so it is a difficult argument to make, which is. >> why i'm not. >> making the argument is not about a split. in his time, he's demonstrated an ability with

spacex and tesla and god knows what else to do that it is that the activities that he is using in the us government, which of course dwarfs everything else he's ever been involved with, are so profoundly antagonistic to sort of some of the things that make tesla popular and profitable, that that is a threat that isn't manageable in the ways that a division of his time is. >> hi, it's tim. i guess my question is, ultimately, if you think that tesla's management is a masterclass in bad corporate governance, why are they getting away with it? you know, i've spent my career at least using a corporate governance scoring as a major part of how i decide who i want to invest in. why is it that tesla look at different times they are punished, but it seems as if the market doesn't really care in tesla's case. and if that's the case, does this speak more broadly in terms of investing period? should we are there companies that will no longer be held to a corporate governance standard? >> you only find out who's naked

when the tide goes out. as warren buffett famously said. and for all of the drop in tesla stock in the last since trump took office. net net if you're an investor in tesla over any particularly long time horizon, you're going to be pretty happy right now. as long as that remains true. i think people are going to look the other way at the corporate governance. but realistically, this company is acting more like a meme stock than it is. you know what? it is the most important car, the most important electric car manufacturer in the united states. and i suspect other companies that have that kind of adulation around their ceo are going to get a similar slack from the from the market, whether or not they should. >> that's karen. just a quick question. do you think there is some amount of pain in tesla stock that elon will find too expensive to continue in his doge role? >> you know. >> i suspect that depends on the financial leverage that he may or may not have taken on for his other activities. but elon, in a very meaningful sense, is post-economic. if he had 1% of his current net worth, there would still be nothing on earth

that he cannot buy, and the exercise of power and influence and, well, interest, right? i mean, running the us government might just be more interesting to him than running tesla. so i don't think economic factors are going to be the thing that constrains his activities. >> gotham, always great to speak with you. thank you. thank you. mukunda of yale. what do you think of the stock? >> well, you look at the july of last year's high. it was like 255, 260. look at where we just traded down. so that resistance, prior resistance becomes support. and i think across the desk, we thought there's a chance we'd get here. well, here we are. so if you're looking to play a little stock market you're going to get one of these counter-trend bounces along the way. i don't know what it's going to be the catalyst for it, but this is a good an entry level as you've seen in a while on tesla. i think. >> there have always been questions about the tesla board and its independence and its efficacy, and you're pointing out that you just it didn't make any. >> sense to you. >> well, he owns the board. right. and the chairwoman of the board is in australia. i just think that's the oddest thing. but if you think about this, if i don't know. >> no offense to australians. >> out there, i. >> love australians. >> people are friends.

>> they might. >> still like us. >> i just. >> i guess they're not coming to fast money live on june 5th. >> no. >> listen, my point is very simply, you know, elon is the ceo of a company. he actually the fundamentals have been really bad. i think he's made some massive miscalculations. and who the heck am i to say that? but it's been pretty obvious if you just look at what they've been focused on. on that last call, he said, don't look here at the evs, look at robots and look at robotaxis. and he's giving these crazy sort of, you know, time periods in which they're going to do this sort of stuff. if he has taken out his ceo, he chooses to leave this stock. if they replace it with like an industrial or an auto ceo, it's down 30%. and because the fundamentals are so bad, because then you don't believe in all that other stuff. the reason why jonah's over at morgan stanley is putting a $600 price target. you can only do that if you believe in the other stuff. >> so, mr. silver linings, you're saying that tesla stock is still much better with elon musk at the helm, even completely distracted, completely immersed in doge, not paying a single iota of attention to the company. >> because it is a meme stock.

and you have to believe that all this other stuff is going to happen, and he is the one. even though he puts unrealistic, you know, deadlines out there, they ultimately get there. and then the people who believe on the ten year, 20 year basis, they finally get rewarded. >> all right. coming up, netflix getting hit hard in today's session. how are traders are handling the streaming move next handling the streaming move next for fast money and to. only servicenow connects every corner of your business, putting ai to work for people. pfft ... every corner? every corner, nick. ow! so kate in hr ... hey kate! ... can focus on people, not process. patty in it is using ai agents to deal with the small stuff, so she can work on the big stuff. and ai helps jim solve customer problems before they're problems. oh. so we all work better, together! my work here is done. excuse me, which way back?

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the new samsung galaxy s25 ultra with xfinity mobile. amazing and is something that we get to use every day. >> welcome back to fast money. shares of netflix steadily sinking today, closing the day down over 8.5%. that's its worst day since last april. at a conference yesterday, the cfo said the $18 million they expect to spend on content this year is, quote, not anywhere near a ceiling. that number is already 11% higher than last year. so a lot more spend here. tim, you're pointing this out in terms of finally joining the party in. terms of the sell. >> off. >> i think because the stock has been so bulletproof. and what i'd like to point out in the good days was the free cash flow generation, and that this is a company that actually is really minting money, and that we also know they're now raising prices. they have pricing power. they do seem to be in control of the margins. so what they're willing to spend is, is something that i think ultimately, if they're not that worried about margin, it's not a surprise that it's coming

back to earth with other stocks that were bulletproof. and at some point, this multiple, as you can see there on that forward p, you know, it's a number that's not it's not a no brainer at this point i think you're buying weakness here. and somewhere around 880 i think there's a great level. >> go back to december i mean the stock i think at that time in an all time high of 940, within three weeks it was trading down to 840. so we've seen moves of this magnitude. we haven't seen moves like on a daily basis like we're seeing now. but i'm with tim on this one. you buy weakness. >> so i'm long and short. some calls against it, which is really providing very little comfort at this point. but because it is expensive, i do think there's probably some still more to go. i agree with you. i'd buy it buy more at some point. yeah. below here. >> though, does a growth scare, does a recession scare change the outlook though for netflix in terms of people's ability to weather price increases or even to keep their netflix subscription. >> it feels like it's pretty recession proof. i think we can all agree with that. you know, i think michael nathanson, moffettnathanson, these guys are great, great analysts. i think he had a note out today

suggesting that a lot of the benefits from the password sharing is kind of running out here. so some of that revenue growth or that subscriber growth that they've. >> tough comps. >> yeah, that's exactly it. >> all right. >> up next final trade. >> modern advisors. >> need modern solutions. >> explore modern alpha. >> enhance your. >> portfolios and. >> empower your. >> practice all. >> without taking your hands off the wheel. learn more about the wheel. learn more about wisdomtree portfolio at ameriprise financial we know our clients are so much more than clients. they're conquerors and champions, parents and caretakers, believers and breadwinners. the goals that matter most to you matter most to us. helping you achieve them is what we do best. with personal financial advice from an advisor you can trust, and goal-based investing in solutions. it's no wonder we have a 4.9 out of five client satisfaction rating. ameriprise financial advice worth talking about.

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trade deadline. and she was curious. are we buyers or sellers? arrangers. and you know, we don't know. we're sort of in middle. >> i'll tell you what. >> i'd be a seller, but i'd be a buyer of fast money live on june 5th. >> totally. >> sign up. get your tickets. >> we didn't even. >> rehearse that. >> bristol-myers. >> thank you. thank you for watching fast money. see you tomorrow. 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 make friends. i'm just trying to save you a little money. my job is to put it in context, but also explain and entertain. so call me at one 800 743 cnbc or tweet me jimcramer. look this clubber lang thing. it ain't working. don't know clubber lang. go watch rocky three. best of the rockies. when clubber lang played with panache by mr. t is asked his