we tried but i was saying grasso, it's also cpi we're expecting next week and looking forward to and ppi. >> are we going to karen is she there >> does she know we can hear her and see her? >> this is one data point to bonawyn's point -- there are going to be others that are going to fuel the necessity for the fact to raise, and the truth is we all know it. it's so telegraphed. the fed is always late to act and late to stop acting. you know who needs it the most the fed, yet yet they continue to do it, so i would expect nothing other than the same we've seen from the fed. >> respite from the climb we've seen, tim. >> you can make an argument that that two-year needed to close above that 506 level yesterday, and it didn't. i think we're range bound. the curve's flattened out. the old curve watchers have a little am nation for their story. again, it was a week where the economic data for the most part was friendly, friendly for at least a world where when you have inflation -- again i go back to that ism number. the highest number of the ism was -- the inflationary component was back t

every segment of their business, people are trading down, grasso. >> true. but when you look at that multiple that they've been paid, it was always the aws kicker that everyone -- and jon fortt asked him repeatedly, over how many years, when they're going to spin off aws -- >> since the first interview >> that's the holy grail to where you're going to sell amazon that's going to be good stock/bad stock. so, when you look at the comparisons that we put up there, those stock prices are beta, compared to amazon, on wayfair, right so, you're going to get a bigger bang, or bigger upside to that stock, bazecause you didn't get the sustainable run that you had with an amazon people buy amazon because of aws. that's why no one ever understood that bezos could turn on or off the spfaucet whenever wants. and now there's competition, huge competition in aws. how does he milk that a little bit longer and make the focus on that, where people are willing to pay an outsized multiple on it, and then throw in the kicker of a.i.? >> tim, do you own this, going into tough time

david grasso, thank you very much. by the way, with we know you're on vacation.have fun on that beach. >> greetings from the beautiful state of florida. thank you so much. griff: all right. ♪ molly: newly-released, disturbing body cam footage capturing the moment a gunman ambushed police in los angeles. the gunman opened fire on the officers while they were conducting an unrelated traffic stop. christina coleman joins us from from los angeles with the details on this. christina. >> reporter: hi, molly. yeah, there's a lot of disturbing out right now of the crime here in california. oakland's naacp chapter is calling on city officials to declare a tate of emergency due to all this violence. in a letter to city leaders, they say failed leadership, the movement to defund the police and a proliferation of anti-police rhetoric have created a heyday for criminals. outraged over the crime boiled other in a public safety -- over in a pluck safety meeting -- public safety meeting thursday. >> they just drive around and -- it's just, it's getting scary. i'm fearful. >> how

so a countries such as browser, you have already rejected it. grasso some of those leaders from both blocks from monday as they've up to what's finalizing video series. he'd ways have been hitting parts of europe, the united states and asian reason, days and well, some are only now experiencing the difficulties to just storing summer temperatures . have to come a regular and iraq infecting particularly heart. those who rely on nature to help their business. the sun burns mercilessly these days all over the world, whether it is in europe, the us or asia. here in tokyo, for example, people are groaning under extremely high temperatures. the authorities have issued heat warnings, the temperatures can be life threatening. those were out and about are trying to protect themselves. the heat is oppressive here in iraq. it touches 50 degrees celsius in july time and again, for the 4th year in a row, a drought, the says consequences not just for the vegetation but also for the bees. yeah, and you know, these are affected by high temperatures because the queen completely stops giving birth. al

g gary -- griff: we've got to leave it there, david grasso.g or, we'll see where it goes. >>> summer sizzle. we'll get the latest forecast on millions of americans baking in the summer heat. that's ahead. ♪ ♪ i won't let me moderate to severe plaque psoriasis symptoms define me... emerge as you. with tremfya®, most people saw 90% clearer skin at 4 months... ...and the majority stayed clearer, at 5 years. serious allergic reactions may occur. tremfya® may increase your risk of infections and lower your ability to fight them. tell your doctor if you have an infection or symptoms or if you had a vaccine or plan to. emerge as you. emerge tremfyant®. ask you doctor about tremfya®. hi, i'm jason and i've lost 202 pounds on golo. so when i first started golo, i was expecting to lose around 40 pounds and then i just kept losing weight, and moving and moving and moving in a better direction. with golo and release, you're gonna lose the weight. sleep more deeply. and wake up rejuvenated. purple mattress's exclusive gelflex grid draws away heat, relieves

>> and now here we are now so, valuation at 21 times next year's numbers is pretty compelling >> grasso? >> it's up 43% or so in the last three months 153% year to date. this is -- so, i doubt want to say that i'll take the other side, but i think you are hitting a wall this was -- because of efficiencies layoffs. pulling back from metaverse spend. no one knew what metaverse spend and now everybody is all excited about it because they think it's a.i. you don't know if it's a.i., metaverse, all of the above. but at this point, i think you have to step back, see where the smoke clears, and see where the investment goes. >> but it wasn't all just efficiencies we are seeing an inflection when it comes to ad spend we heard that from alphabet. >> that got them going the tip of the iceberg was, let's lay off a little, we're going to back awful that $10 billion number on the metaverse spend, and people started to say, oh, okay, that's where we're going here, and then, of course, the ios privacy concerns, that sub sided a little bit, it was a host of everything >> okay. i get that the gains were

. >> yes, grasso said it's going to 300 carter, what are your thought on tesla? >> if you're long, take measures, buy calls, puts, or some variation of all of that. it's a steep uncorrected move far above its 50-day moving average. if we have a chart we can pull it up. if we don't -- again, one wants to consider something that was loved and hated is once again loved. usually when you get lopsided like that, usually it's right to take the other side. >> brian, what's your take on mike's tesla trade >> i like it the last four quarters the, stock moved over 6% after earnings a call spread that's costing less than 5% of the stock, that's a way to limit some of the risk on the run-up i bought tesla a few months ago. now the stock's run up now maybe time to sell buy a call spread instead, get upside rotation, get the earnings in if the stock continues to run higher. that's a great way to play it. >> all right for everything action "options action," check out our website and newsletter there's more "options action" coming up after this >> coming up, as disney discusses

in for melissa lee on the desk, bonawyn eison, courtney, steve grasso, and guy adami. all popping at the start of trade after each posted revenue and earnings beats for second quarter, but the gains didn't last long. jpm landed in the green, but off the day's highs. citi dropping 40%, its worst day since march. the dow managed to eke out a fifth straight day of gains. s&p and nasdaq closed in the red. overall, very solid week for stocks, all the major averages posting strong gains since monday the nasdaq got over 3% what message does all this action send as we head into the start of earnings season guy, what did you make of the reversal >> hi, sarah great to see you sorry i'm not there. i don't want to make a huge deal out of one day i'll say this. last friday you saw a similar reversal in the market the market was on cruise control every friday last friday it changed, and today it was interesting i think a couple things stick out to me. you mentioned j.p. morgan. the reversal in the kre today i think is something to watch for sure that touched up to the early june hig

. >> steve grasso? >> rivian. since going straight down since november of 2021, the stock has a pulse. >> all right thank you for watching "fast money. see you back here tomorrow "mad money" with jim cramer starts right now >>> welcome to metlife. i am kramer. call me. i don't know about you but, i getting tired of --. the dow is off 366 point. let me highlight how we think the market is about to get difficult. we don't need the nuanced and lazy thinking with all of the pitfalls. this is important because there is no shortage of stupid nonsense on wall street right now. the treasury secretary says it does not matter. the chinese government wants high performance and a pledge to conquer taiwan but the communist party wants you to understand they aired not stealing trade secrets but just sharing those in a benign fashion. these are just total and possibilities. our government wants cooperation but we are not going to get it. the chinese government is making quotes. they are not on our side. they are not going to cha

demographic, and it 's not just crypto >> i've never seen -- back-to-back segments -- >> you beat grassohe played it well i mean, he did do the game the right way, though i've never seen anyone, two successive blocks on this show. >> bitcoin, is this a good thing for coinbase >> i think it's ultimately a bad thing. >> yeah, i think so, too >> the ability to have it out there and the eft companies, what are following the s.e.c.'s guidelines and have been careful not to overstep it -- i think it's a tough place to be challenging the s.e.c. on its boundaries i realize we're allowed to do this in this country, but right now, nobody has said that these things are in a place where they couldn't be securities, so -- >> yeah, i agree i think -- not only is it, you know, taking share, could go away easily, it's also the commoditization, how much are the fees going to be they're going to have so much pressure for them to come down i don't get the strategy of being so aggressive on tv -- to the s.e.c. i mean -- kind of, you know, that's got some cajones. i would probably use a different strategy >>

. >> grasso? >> do you think any of the viewers remember the jeffersons? >> yeah. >> really?>> tweet at us clear secure tell think bounce off the recent low. >> they do skew young. that's true. thank you for watching "fast money. "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 is 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 a little money. my job is not just to entertain, but to educate and teach so call me at 1-800-743-cnbc or tweet me @jimcramer. going in the right direction i heard it all day the consumer price index is no longer red-hot, and it looks like t

on the desk tonight, tim seymour, courtney garcia, steve grasso and guy adami markets bouncing back from a losing week. the dow jumping 210 points, snapping a three-day losing streak and the s&p and nasdaq closing higher the top performers, industrials, health care, and energy. industrials now up almost 6% over the past four weeks the gains come days before a key inflation data read this week, and the kickoff of earnings season wall street hears from delta and pepsi, and then friday, the banks. so, how should investors position themselves ahead of the key numbers. tim, what do you make of today's trading, a little bit of a hangover from last week as we wait for the cpi numbers, more details from some of the keyen banks? >> yeah, i think it's been directionless. we are reflecting more on the move in the last couple of weeks. the bar is probably reasonably low, but we all know that operating income and essentially margins are probably flat to down small we know sequentially that eps is supposed to come in about 4%, year over year down seven. if you think about the banks, we actually have a