An Economic Read From Powell, Banks… And Crypto’s Pullback Hitting Stocks 10/14/25

Summary

CNBC Fast Money Podcast Summary

Episode: "An Economic Read From Powell, Banks… And Crypto’s Pullback Hitting Stocks"
Air Date: October 14, 2025
Host: Melissa Lee
Panel: Tim Seymour, Karen Feiderman, Steve Grasso, Guy Adami
Special Guests: Subhadra Jafa (SocGen), Phil LeBeau (CNBC), Andrew Ross Sorkin (CNBC)

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Episode Overview

This episode of "Fast Money" delivers an in-depth analysis of the day’s most significant market moves, breaking earnings results from big banks, commentary from Fed Chair Powell, the impact of the recent crypto pullback, a monumental Stellantis investment, Walmart's AI partnership, and a retrospective on financial history with Andrew Ross Sorkin. The panel offers actionable insight for investors amid market crosscurrents, economic policy updates, and sector narratives from energy to retail.

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Key Discussion Points and Insights

1. Economic Pulse Check: Bank CEO Commentary & Powell’s Outlook

[01:03-08:46]

• Bank Earnings and CEO Sentiment:

  • Big bank CEOs (JP Morgan, Wells Fargo, Citi, Goldman) signal resilience in the U.S. economy, but note "risks on the horizon": geopolitics, tariffs, high asset prices, and "sticky" inflation.
  • Jamie Dimon (JPM) cautions stock is expensive, notes risk factors, and says much good news is already priced in.
  • David Solomon (GS) emphasizes risk management and a strategic environment for growth, with Goldman shifting toward AI and announcing workforce reductions.

• Federal Reserve Commentary:

  • Fed Chair Powell signals the central bank's balance sheet runoff is nearing its end and keeps two rate cuts on the table for 2025.
  • “Powell is more cautiously optimistic, which means he’s more likely to cut rates, which means all stocks should be optimistic.” – Steve Grasso [05:33]
  • Yields briefly dip below 4%—seen as a safe haven move.

• Macro Market Takeaways:

  • "Markets have shown just how nervous they are over the last three sessions and even the intraday vol today…" – Karen Feiderman [06:51]
  • Ongoing debate about how deregulation and deal-making might offset a stagnant jobs market.

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2. Treasury Yields, Dollar Trends, Gold Moves & Safe Haven Plays

[08:46-13:52]

• Yields and Bonds:

  • Investors gravitate to Treasuries as a safe haven; yields edge lower “because things are slowing down,” per Guy Adami [08:02].
  • Carter Braxton Worth’s note: "Continue to buy Treasuries, play yields for the downside" [08:39].
  • Discussion of a likely CPI release despite government shutdown—important for market and social security calculations.

• Government Shutdown Risks:

  • Subhadra Jafa warns each week of shutdown shaves GDP by 0.1-0.2%, concerns rising as workaround extends impasse [10:59].
  • "I'm concerned now. ... The longer it drags on the impact on GDP is going to be somewhere between 0.1 to 0.2% per week." – Subhadra Jafa [10:59]

• Dollar and Gold:

  • Weaker dollar attributed to imminent rate cuts and dovish Powell statements [11:57].
  • Gold spikes, not "people going to Costco and buying a couple of bars," but indicative of large capital rotates and safe havens [12:29].

• Money Market Flows:

  • Despite equity highs, institutional funds continue flowing into money markets rather than back into equities post-hike cycle.

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3. Panel Investment Debate: $1,000 Allocation Challenge

[14:01-15:24]

Melissa Lee polls the panel: If you had $1,000 to allocate for six months—S&P 500, Money Markets, or Bonds?

• Steve Grasso: Always picks equity markets; S&P goes up 10% on average [14:16].
• Guy Adami: Money markets or bonds, coins a "coin flip" but sees VIX suggesting a move higher; prefers safety until year-end [14:29].
• Karen Feiderman: Prefers ten-year treasuries, “I'm not too worried about US Term premium” [15:01].
• Tim Seymour: "I'm always long, so S&P" [15:21].

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4. Stellantis' $13 Billion U.S. Investment

[15:30-21:07]

• Headline Announcement:

  • Stellantis to invest $13B in U.S., adding 5,000 jobs, bolstering key brands (Jeep, Ram), reopening facilities, EV production.
  • "2018, they had about 2.2 million vehicles sold here in the United States. Last year their US sales were about 1.3 million. Tells you how far Stellantis has fallen." – Phil LeBeau [17:27]

• Panel Reactions:

  • Seen as both strategic and political, "currying favor" with the Trump administration.
  • Despite some manufacturing remaining abroad, U.S. investment is substantial and garners immediate stock price rewards.
  • Panel discusses implications for domestic tariffs, competition, and brand revitalization.

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5. Bank Earnings Recap: Clean Sweep & Credit Quality

[22:24-25:58]

• Quarterly Results:
  • JP Morgan, Wells, Citi, and Goldman all beat top & bottom lines.
  • Wells Fargo jumps 7% (post-penalty box rerating), Citi up on improved margins and turnaround execution.
  • Jamie Dimon downplays a $170M charge-off; uses the analogy, "Where you see one cockroach..." signifying possible broader credit risk [23:04].
  • Guide for JPM's net interest income into 2026 viewed as positive; Goldman and Wells seen as having further rerating potential.
  • Panel debates the future of CEO "mystiques" and longer-term leadership impacts.

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6. Crypto Pullback: Impact on Coinbase & Robinhood

[27:53-29:14]

• Sector Moves:

  • Bitcoin and crypto-related stocks (Coinbase, Robinhood) fall over 4%.
  • “That downdraft we saw Friday, that was pretty significant… I got to think you let the bitcoin move, the downside, flush itself out.” – Guy Adami [27:53]
  • Seasonal bullishness (Nov/Dec) may offer rebound potential, but panelist consensus is to “wait until the end of October.”

• Gold vs. Bitcoin:

  • Gold considered a true safe haven; bitcoin reaffirmed as a “risk asset” in the current climate.

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7. Earnings Movers: LVMH, Albertsons, Domino’s, Papa John’s

[29:14-31:42]

• LVMH:
  • Pops on first sales growth in a year, driven by China rebound. “There were so many elements that were better than feared that maybe the turn is here.” – Tim Seymour [30:36]
• Albertsons:
  • Surges after strong EPS, revenue, and raised forecasts.
• Domino’s & Papa John’s:
  • Domino’s beats on promotions, stuffed crust, and digital expansion.
  • Papa John’s soars on Apollo Global’s renewed buyout bid.

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8. Spotlight Interview: Andrew Ross Sorkin on ‘1929’

[32:09-39:07]

• Lessons from Financial Crises:
  • Andrew Ross Sorkin discusses his 8-year effort writing "1929" (parallels with "Too Big To Fail").
  • Sees “AI bubble” today, likened to the “fall of 1999” with potentially 40% upside left before trouble.
  • "We are clearly in a bubble. The question of course is when’s it going to pop?” – Andrew Ross Sorkin [34:24]
  • On 1929 policy mistakes: Fed was too new and timid, tariffs (Smoot-Hawley) devastated global trade.
  • Engaging exchanges assign panelists 1929 personalities; colorful analogies bring history to life.

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9. Walmart’s AI Partnership with OpenAI and Retail Innovation

[41:03-42:48]

• Big News:
  • Walmart up 5% (record high) after launching direct commerce via ChatGPT.
  • “Everything OpenAI is doing in shopping and search chips away at Google’s dominance, positioning ChatGPT as the new starting point for discovery online.” – Mackenzie Sigalos [41:03]
  • Potential to threaten Amazon’s retail search dominance.
  • Analyst commentary suggests dramatic EBIT upside; panel bullish on Walmart’s digital leadership.

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10. Energy Sector: Oil Declines, Alt-Energy & Nuclear Rally

[42:48-44:49]

• Trends:

  • Oil hits lowest levels since May, OPEC supply up, peace in the Middle East a headwind for oil bulls.
  • Alternative energy and nuclear stocks (SolarEdge, Enphase, uranium ETF) rally hard; Oklo up 700% YTD.
  • "I think nuclear is going to continue to be scarce in terms of the actual ways you can play it." – Karen Feiderman [44:13]

• Political Overlay:

  • Oil at $50 seen as politically challenging for President Trump due to impact on domestic production.

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Notable Quotes & Memorable Moments

• On Market Tension:
  “Markets have shown just how nervous they are over the last three sessions and even the intraday vol today..."
  – Karen Feiderman [06:51]

• On Gold Flows:
  “Gold move is not a bunch of people going to Costco and buying a couple of bars. There’s something else going on here.”
  – Guy Adami [12:29]

• On Bubble Parallels:
  "We're clearly in a bubble. The question of course is when’s it going to pop? ... The tricky part about that is the market still had 40% to go.”
  – Andrew Ross Sorkin [34:24]

• On Policy Mistakes of the Past:
  “Global Trade falls by 60% a year later [after 1930 tariffs]… The crash was really a psychological break in terms of the market and the economy. And then a whole bunch of other policy choices were made that clearly went the wrong direction.”
  – Andrew Ross Sorkin [36:46]

• On Walmart's AI Edge:
  “Walmart had already invested heavily in their own technology … It just to me only enhances the margin profile of this company but ultimately the multiple it's trade at.”
  – Karen Feiderman [41:14]

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Timestamps for Major Segments

| Timestamp | Topic/Segment | |-----------|---------------| | 01:03 | Main market setup and overview – Powell & Big Bank CEOs | | 02:52 | Guy Adami on bank earnings and valuations | | 05:33 | Panel on Powell’s cautious optimism and market risk | | 08:46 | Bonds, CPI preview, and yields trend | | 09:57 | Subhadra Jafa on rates, government shutdown, GDP impact | | 13:07 | Panel money market vs equity allocation debate | | 15:30 | Phil LeBeau: Stellantis $13B investment | | 22:24 | Banks’ earnings recap and panel reaction | | 27:53 | Crypto crash impact on Coinbase/Robinhood | | 29:14 | LVMH, Albertsons, Domino’s, Papa John’s highlights | | 32:09 | Andrew Ross Sorkin interview on “1929” book | | 41:03 | Walmart & OpenAI partnership discussion | | 42:48 | Energy sector: oil price drop and rise of alternatives |

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The Podcast’s Tone & Style

Lively, fast-paced, and rich with trader expertise and historical perspective, “Fast Money” delivers a blend of sharp macro analysis, investment insight, and sector commentary, making this episode especially valuable as it spans everything from Wall Street’s current movers to lessons from its most notorious crashes.

Transcript

[Melissa Lee]

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[Karen Feiderman]

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[Melissa Lee]

Live in the NASDAQ marketsite in the heart of New York City's Times Square. This is fast money. Here's what's on tap tonight. Reading the tea leaves. Markets closing well off the lows of the day while yields hit one month lows. What bank CEOs and Fed chair Powell had to say about the economy and where markets head from here. And shares of Albertson's, LVMH and Domino's all posting outsized gains during the session. We'll bring you all the headlines and all of the moves. Plus crypto crumbles and takes a slew of related names with it. Wal Mart hits a new high on its partnership trip with chat, GPT and all. Energy fuels up. What's behind the moves in solar and nuclear today. I'm Melissa Lee coming to you live from the city of Vietnam as the desk tonight. Tim Seymour, Karen Feiderman, Steve Grasso and Guy Adami. And we start off tonight with the latest economic pulse check. During this Morning's earnings call, CEOs of Wells Fargo, Citigroup, JP Morgan and Goldman Sachs all highlighting the resilience of the US Economy but did hint at risks on the horizon. JP Morgan's Jamie Dimon saying geopolitics, tariffs, elevated asset prices and sticky inflation are all clouding the long term outlook. While Goldman Sachs CEO David Solomon called risk management imperative in this environment. Goldman also reportedly told employees it plans to trim its workforce and slow its pace of hiring as the bank pushes further into AI for productivity. Meanwhile, Fed Chair Jerome Powell also out with Remarks today saying the central bank is nearing the end of its balance sheet drawdown. He also said the outlook for inflation and employment has not changed much since September, keeping the prospect of two more rate cuts down this year on the table. Those comments helping stocks rebound Midday, though the S and P and Nasdaq still finish in negative territory. The 10 year yield briefly dipped below 4% as investors look to safe havens. Though it's now trading slightly above the 4% mark. So what did the move signal to you amidst all this commentary about the US Economy being okay now, but maybe not for long.

[Guy Adami]

Guy actually sort of made sense to me and I'm not pretending I knew it was coming. But J.P. morgan, Jamie Dimon said his stock is expensive. We've talked about that almost three times tangible book. It is a little bit expensive. They're going to form a Wells Fargo. It's a rerating. Wells was in the penalty box for years. They're finally starting to get out of that penalty box. Self inflicted by the way. So now at two little more than two times tangible book, you know, maybe that's where it should be. Citibank, I think we've collectively talked about just being cheap to its peers. We thought somewhere between 1 or 2 and 105 it got there so it all made sense. I will say that I thought the quarters across the board were very good. But I think in my opinion, and Jamie Dimon spoke to this, a lot of it might be priced in on.

[Melissa Lee]

Certain metrics, but in terms of what the earnings and what the commentary is saying about the economy, I thought in the markets, I thought that was particularly interesting during a time where we're not getting any economic data except for a CPI report due in a week or so.

[Tim Seymour]

Well, I mean Jamie Dimon always tends to be more. Right. Conservative, more pessimistic. Yes, conservative. And this was no different. I think they're all seeing that we'll get to it more later. But they're all for their environment, their world. It's pretty good.

[Subhadra Jafa]

Yeah.

[Tim Seymour]

So to translate that to that too, more broadly, I still think that there is a sense of optimism about business. And deregulation I think is a lot of that. Even though there's not so much clarity at the moment, I still think that backdrop is in place.

[Melissa Lee]

Yeah. Solomon's comment was interesting too. In terms of the markets. There's no question that there's a fair amount of investor exuberance in the markets right now, which read between the lines, I think overvalued or fully value was.

[Karen Feiderman]

Kind of his irrational exuberance line. But, but I thought he, he tempered that. I thought his comments, of all the CEOs were the most interesting. He also said this is a time strategically, we think we can get things done. And I think that's interesting. I think it's. It's an environment where I listen to the CEOs and maybe more importantly, I listen to the numbers and I listen to where we had actually reports of businesses that were growing. I mean, think about what we've had this year. We've had the largest LBO ever. We've had a dynamic where financing, they mentioned financing activity is increasing. We have this dynamic that we talk about seemingly every night in terms of what the AI buildout will cost to finance. And you can be sure these banks are licking their chops. The fact of the matter that Goldman's had its most profitable year ever, ever in the history of, you know, I would argue the most storied bank on Wall street says a lot. So the environment, to me, I think, says a lot about the economy. When I hear financing activity and I hear their core M and a business is alive and well, that tells me people are doing deals.

[Steve Grasso]

I felt like the CEOs from the banks are more optimistic. Powell is more cautiously optimistic, which means that he's more likely to cut rates, which means that all stocks should be optimistic. So I think it's a circular event. I think the market probably goes higher, but I think we have to deal with October being sort of a head windy month for the overall market.

[Melissa Lee]

Yeah. I mean, the lack of jobs data and sort of the downside risks of the job market highlighted by Chair Powell as well as Jamie Dimon in his commentary. I mean, I think the question here too is, is how much can deregulation over and the ability to get things done, the ability to get deals done, how much can that spur the economy versus what is actually underlying, which is sort of the low hiring, low firing, stagnant nature of the jobs market right now, which could have downside.

[Tim Seymour]

Right. Well, a couple of things for, for a dealmaker to be able to get deals done. That is.

[Melissa Lee]

Right.

[Tim Seymour]

That's very specific to them. I think they sort of. Look, we will get data soon if we could just wait maybe one month more. I think we should be past this. So I'm not so concerned about that. I do think also though, from the one big beautiful bill, the depreciation on capital expenditures is actually a very important thing and a significant driver for the economy.

[Karen Feiderman]

Look, Steve. Right. I mean, Powell was cautious he talked about, I heard at least three times referred to the slower pace of hiring. And that's something that's significant. And it's, it's interesting that they've really pivoted to this. We're less worried about inflation, we're much more worried about this side of the mandate. And, and I think they've been consistent on that now for three months. So I, I get back to look, markets have shown just how nervous they are over the last three sessions and even the intraday vault today and where we walked in when it seemingly China was pushing back on the, you know, everything's okay line of yesterday, but the VIX has been elevated. The, the, the intraday moves we've had in a number of different stocks just tells you that not only are we, as Steve said, seasonally in a place where, you know, watch out and it's just, just where we've come from. So I think earnings season couldn't have come, you know, in a better time in where the market sits because I think the numbers we got today from banks tell you that those that are feeding the broader economy are doing quite well.

[Melissa Lee]

So we had some interesting intraday moves in some individual stocks, but on the bond market side, the real, I mean, yes, we went below 4%, which is the headline. But the reality is is that the band was very tight in terms of trade and yields here was supposed to get.

[Guy Adami]

I don't know if this is going to happen or not. Steve Liesman probably knows we're supposed to get cpi. I think next week somehow they'll release it. So obviously that's a data point that is important. I think for some reason Social Security payments hinge on it. So it needs to be done. Got it. So we'll see if and when. Listen, yields are going lower in my opinion. First of all, on the Friday sell off, it was a fight to perceived quality in the form of the bond market, which I get globally. Bonds have been coming back in a little bit. So yields have been going slightly lower, which I guess is somewhat encouraging. But it's the question, I mean the yields going down because things are slowing down. I think that's the case. If things are slowing down, then you shouldn't be paying a premium for a stock market.

[Melissa Lee]

Carter Braxton worth of worth charting put out a note intraday today. So continue to buy Treasuries, play yields for the downside here.

[Steve Grasso]

Yeah, I mean guy touched on. You have safe Haven trade, you have China trade. Geopolitically, things are getting things heated up. Then they cooled off a little bit. But if you think about it, Powell is going to be out of that seat in May. Is it May or March?

[Melissa Lee]

May.

[Steve Grasso]

I think it's something with an March.

[Tim Seymour]

But it's supposed to be.

[Steve Grasso]

It could be.

[Karen Feiderman]

So.

[Steve Grasso]

So the market is telling you that they're looking for lower rates and I think they're pricing it with the 10 year right now.

[Tim Seymour]

I don't know. There's a lot of crosscurrents here. Right, right. We have big deficits. We have this big question mark at the Supreme Court about the tariffs. And if that were to, if they were to rule that Trump did not have the ability to levy tariffs, levy tariffs, then that, well, that's sort of deficit negative and that's not good for bonds. But so I don't know, in the short term I'm not so focused on where the tenure is. I would like to see rates lower for housing, though.

[Steve Grasso]

One last thing. Sorry. The Fed balance sheet, if that comes into the conversation. Yes, then, then that's going to put some pressure on yields as well.

[Melissa Lee]

For more on the move in rates, let's bring in Subhadra Jaffa, Associate Generales head of research. I wanted to get your title right. Subhadra, great to see you.

[Subhadra Jafa]

Great to see you too.

[Melissa Lee]

So where are rates heading at this point?

[Subhadra Jafa]

We're definitely in the low end of the range. I think it'll be interesting, especially today we broke through that 4% level which I'm watching for. Not for what reason is the important question. Right. Because in some respects, as you guys were discussing earlier, you're seeing equities perform well, but it's been volatile in the last two or three sessions. Gold is rising quite dramatically. So there is that safe haven bid. If investors are flocking to Treasuries because they're concerned about the broader macroeconomic backdrop, then that's a very different signal than if it was just a buy everything rally where they're buying equities, they're buying gold, they're buying bonds and there's just a lot of cash in the system.

[Melissa Lee]

Right. I wanted to touch on this because stocks don't seem to care about this and a lot of investors seem to want to look through it. But the impact of the government shutdown, a shutdown of this length. Subhad, at what point do you start getting concerned that this is actually impacting the economy and therefore other markets that you track?

[Subhadra Jafa]

I'm concerned now. I thought that the October 15 deadline would be when you would get some sort of a deal because that's when the payments go out to, to the military. But we've found a workaround. So this looks like it's going to go on for a lot longer than people had anticipated. Just because people are not coming, you know, both sides are not coming together to reach some sort of an agreement. So that to me is a concern because the longer drags on the impact on GDP is going to be somewhere between 0.1 to 0.2% per week. So that just kind of adds up a lot of that you get back when the workers are back in their jobs. But it's still kind of an uncertain time.

[Tim Seymour]

So let me ask you about the dollar and the strength in bonds. I mean the dollar has been weaker. Would it have been even more weak when you see this sort of there seems to be a bid for bonds.

[Subhadra Jafa]

So I would say that the dollar versus bonds move is mostly on the back of Powell.

[Melissa Lee]

Right.

[Subhadra Jafa]

I mean we got confirmation today saying that the Fed is on track to cut rates maybe once or twice this year. I think October is very much, you know, priced in and it's going to be delivered and we have to see if they, if they do continue to cut nearly five times more by the end of next year. You're looking at the term of Fed funds rate going below what the Fed has at its long run neutral rate. So that's very, very accommodative policy. So in some respects that should mean a weaker dollar.

[Guy Adami]

Gold move is not a bunch of people going to Costco and buying a couple of bars. There's something else going on here. What do you think the gold market is trying to tell us?

[Subhadra Jafa]

You know, there is a momentum trade there as well. I think that there's just like I was mentioning earlier, there's a lot of cash on the sidelines as over 7 trillion in money market fund instruments. So people are trying to find places to park their cash and equity markets are at all time highs. So the valuations there might, might start getting some investors concerned. They're putting their money into bonds, they're putting their money into global equities. So I think gold is one of many avenues investors are looking to put their money to work.

[Karen Feiderman]

So let's go further with that. I mean I read your notes. Sounds like you think investors should be allocating to money markets and cash. And that's, that's interesting because the equity market participants will say hey, I see 3.9 trillion in money markets that are coming to us as rates come down. Do you think it's maybe that may Be the case. It may not be case. Do you think the opposite of that?

[Subhadra Jafa]

I think the opposite of that only because of the fact that money funds have been going up, you know, as money has been flowing into the equity market and equities have been making all time highs. So the idea was that you know, a year or two ago that as when, when the money starts, when the equity market starts to perform after the Fed's done hiking and when they start cutting rates, you should see money flow away from money market funds into equities and that's not happening.

[Melissa Lee]

Subhadra, thank you. Good to see you. Subhaja Japa. I think that's a great sort of exercise. Right. Which we revisit occasionally. So let's do it again tonight.

[Steve Grasso]

What are we doing?

[Melissa Lee]

$1,000.

[Tim Seymour]

Oh, I thought it was.

[Melissa Lee]

Would you rather. I know you're getting all excited. Thousand dollars. S and P500 or money market for how long?

[Tim Seymour]

Yes.

[Steve Grasso]

Yeah.

[Melissa Lee]

S and P5, six months. Six months.

[Steve Grasso]

S and P500 over the. Well, you know, you're putting six months on it. But over the course S and p goes up 10% on average. Since the beginning of the S and P. Since the beginning of markets, I'd always pick equity markets.

[Melissa Lee]

Mm.

[Guy Adami]

I'll go to the end of the year and say money markets. You want to do six months. Bit of a coin flip but you know, it feels like the way the market set up last week, the where the VIX is now suggests we probably have a move higher. I'll go money markets just to be the counter.

[Melissa Lee]

Money markets or bonds.

[Karen Feiderman]

You can't change the game before I get a chance. Man, this is complicated stuff. Money markets or bonds? Bonds. I think I can make more money in the bond market. You didn't tell me what bond market. I think I can make money.

[Melissa Lee]

Your treasury.

[Karen Feiderman]

Well, I'm fine in the ten year treasury and, and I'm not too worried about US Term premium. So I think it's the case. But I'm still going to answer the other questions. S and P to year end. Then I go to money market for that next first half of next year.

[Melissa Lee]

Saying let's make it look for a miss value investor. Yeah, let's make it 12 months.

[Tim Seymour]

Thank you. Well, I'm always long, so S and.

[Melissa Lee]

P. Okay, we've got a news alert on an investment by big three automaker Stellantis. Philip's got the details.

[Phil LeBeau]

Phil, Melissa. This is a whopper of an investment from Stellantis. So hang on because we've got a number of headlines here and some big numbers overall. Stellantis plans to invest $13 billion in the United States, adding a number of vehicles to be produced at a number of plants, creating 5,000 new jobs. So we're going to run through this right now again. 13 billion is the total. 5,000 new jobs. There's going to be a next generation Dodge Durango that will be built at the company's plant in Detroit. Kokomo, Indiana will produce all new engines. Belvedere, Illinois, just outside Chicago. This has been contentious for some time. They wanted to shut down the plant. They had were forced by the UAW in the last negotiation not to shut it down, to reopen it. When it reopens, it'll be build two new Jeep vehicles, the Cherokee and the Compass, the midsize pickup truck or the midsize truck that was going to be built there that's moving over to Toledo, Ohio to the facility here in Ohio. And two new vehicles will be built at the Stellantis plant in Warren, Michigan, including a range extended electric vehicle. That's a huge investment being made by Stellantis and by new CEO Antonio Filosa. We will be talking with Antonio tomorrow morning on Squawk Box. You don't want to miss what he has to say. This is a man who realizes they have to make big investments and they have to do it quickly and they have to play on their strengths. Their strengths. Jeep and Ram, two brands that have really struggled, really since the passing of Sergio Marchion in 2018. And to drive this home. Melissa, listen to this stat. 2018, they had about 2.2 million vehicles sold here in the United States. Last year their US sales were about 1.3 million. Tells you how far Stellantis has fallen. Is now number six in sales in the US Antonio Falosa is intent on turning that around. It's going to take some time, but they're making a massive investment.

[Melissa Lee]

So as you said, Phil, $13 billion is a. Is a lot of money and it's a lot of capacity to be adding on. Is it a case of.

[Phil LeBeau]

Well, a lot of it. A lot of it is capacity that's already there, Melissa.

[Melissa Lee]

It's already there.

[Phil LeBeau]

There's some that's being added. Some that's. That's being added like in Belvedere, Illinois. But a lot of it is already there, just not fully utilized.

[Melissa Lee]

I see. So eventually they're going to turn out more vehicles with this $13 billion investment, presumably, or they're going to turn out okay. So. So is there demand for all These vehicles?

[Phil LeBeau]

Well, they would argue that, yes, that Jeep and Ram are to look, those are marquee brands. And within the United States, they both have huge drawing power. Now, you could also make an argument that Chrysler and Dodge also are brands that have brand appeal. But Jeep and Ram, that's the bread and butter for this company. And those two brands, they're not dead, but they haven't been growing over the last five years, six years. And that is front and center in terms of what Antonio Filoso wants to do. Take your two stars and make them stars, make them bigger. And that's at the heart of this investment for $13 billion.

[Melissa Lee]

And in terms of the tariff relief they may or may not feel because of this investment. Can you give us an idea of that?

[Phil LeBeau]

Well, look, they do manufacturing in Canada and in Mexico. So look, that's not going away. It's not like they're going to say we're bringing everything back from overseas. What they are saying is we can sell more in the United States. We have the facilities in the United States that can increase production. We can bring one like Belvedere, Illinois back online. That would be a huge boost. Let's sink the money in here. Look, they understand what's going on here. You need to build more in the United States. The Trump administration has been saying to all automakers, we want you to build here. And Stellantis is saying, yeah, okay, we are going to do that.

[Melissa Lee]

Yep. Phil. Thank you, Phil. Bow. And again, I can't miss interview with the CEO of Stellantis tomorrow morning. In the meantime, the stock is trading higher by about 8% in quick measure after the release of this news. What's your take on it?

[Guy Adami]

They're there. I think they're trying to curry favor with administration. It makes sense. $13 billion, not insignificant for a company. It's probably less than a $30 billion company. I how long a period of time it is, the market will reward them for this. I think Moody's just downgraded them on the credit scale. I don't know if that plays into this at all. But you know you're going to bump into stock that is, by the way, down, I think, from $24 in the spring of last year down about nine bucks earlier this year.

[Tim Seymour]

I do think it's strategic and political. I actually thought it was going to be an open air announcement.

[Melissa Lee]

Seriously, like, I mean, that kind of pop. Yeah, yeah, yeah.

[Tim Seymour]

Could happen.

[Karen Feiderman]

Yeah. So open air is now worth like 13 GMs. And I look, I think this is exactly what we've all said I do think Jeep is a brand. That is not surprising. I drive a Jeep, so sometimes cool.

[Melissa Lee]

It's a brand.

[Karen Feiderman]

You said that, not me. But I mean I do think that there are some core iconic brands here that will continue to run. I think the autos. Not a lot is expected into these numbers. GM reports on the 20th. I think the third quarter numbers will be better than expected and I think there's a pretty favorable mix despite the tariff dynamics.

[Steve Grasso]

Yeah. Coming from where the stock price is now, I think it's, I think it's worth a look. If you look at how much gm, Ford and Stellantis lost on the EV mandates, they're just switching that around now and spending somewhere else. So Ford lost 12 billion in two years. GM lost 6 billion. This is something where it's going to be reallocated funds. I think you buy them.

[Melissa Lee]

Coming up, earnings season kicks off with big bank results. Crossing the wire this morning. All the headlines from those reports next. Plus the recent crypto crunch hitting shares of Coinbase and Robinhood. The drop over the last few days and if the carnage will continue. Don't go anywhere. Fast money's back in tune.

[Karen Feiderman]

And now a next level moment from AT&T business. Say you've sent out a gigantic shipment of pillows and they need to be there in time for International Sleep day. You've got AT and T5G so you're fully confident, but the vendor isn't responding. And International Sleep Day is tomorrow. Luckily, AT&T 5G lets you deal with.

[Melissa Lee]

Any issues with ease.

[Karen Feiderman]

So the pillows will get delivered and everyone can sleep soundly, especially you. AT&T 5G requires a compatible plan and device. Coverage not available everywhere. Learn [e-mail] 5G Network.

[Melissa Lee]

What made you confident that you could do something that hadn't been done before?

[Karen Feiderman]

I have no fear of failure.

[Melissa Lee]

Trailblazing women, changing the game. One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just gotta think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday. Wherever you get your podcasts.

[Karen Feiderman]

Yeah.

[Melissa Lee]

Welcome back to Fast Money, a clean sweep and big bank earnings today. J.P. morgan, Wells Fargo, Goldman Sachs and Citi all posting top and bottom line beats before the bell wall. Wells Fargo jumping more than 7%, Citi up almost 4%. JPM and Goldman were down on the day. JP Morgan's Jamie Dimon also spoke to investors about its first brand's exposure, calling it not our finest moment. It dodged losses in that name, but it just disclosed a $170 million charge off related to Tricolor, a bankrupt auto lender. Morgan Stanley bank of America report tomorrow. As you mentioned, Karen, Jamie Dimon of JPM is usually more conservative.

[Tim Seymour]

Yes.

[Melissa Lee]

But he did say some interesting things about cockroaches.

[Tim Seymour]

And yes, I think he was talking about credit problems. Right. Where you see one cockroach. See more. I think, I think there he sounds to be embarrassed by making a mistake like that. You know, you put out tons of loans, some of them don't work out.

[Melissa Lee]

Right.

[Tim Seymour]

Having something be fraud, that's. That's another story. But I thought there was a lot to like in jpm. I thought, you know, the credit quality ticked up a little bit. I don't see it as anything that's a warning sign or anything like that. And I think we'll see more efficiency. I think that'll be a big theme. And, you know, I liked it. I. They've all run up so much going into earnings. I don't love that set up, but I thought it was good.

[Karen Feiderman]

I thought the guide for JP Morgan, especially on net interest income into 26, was really positive in an environment where at some point this is really a core element of the story that we want to believe. And I thought the Wells Fargo capital revision higher was, was a big surprise. And I think of the group, this is the one that seemingly has more room to rerate that along with Citi. And I thought Citi's numbers were fantastic, the margins. And again, Jane Fraser's really been turning this ship around and it's taken some time. And by the way, we've been out in this for the year of efficiency for Citigroup is, is two and a half years in. Keep, keep, stay there.

[Melissa Lee]

It does seem like Wells Fargo, they interviewed the CFO on Money Movers today. There's a lot to be done still in their minds. The asset cap was just lifted in June, so there's a lot of sort of Runway left to go. They're big into this deregulatory environment, enabling them to do a lot more here. So they're sort of chomping at the bit traction. Yeah.

[Guy Adami]

And that's, I think, again we talked at the top of the show, they're getting a rerating and maybe rightly so, but, you know, at what point is that rerating getting a little expensive? As I said right here, we're probably north of two times.

[Phil LeBeau]

Right.

[Guy Adami]

At two times tangible book for Wells. So they deserve 2.3, 2.4. Okay. You get there. You talk about a stock that still has, you know, whatever another 15 or 20% upside. So it's not out of the realm of possibility. I think Citi is a name we've been right about for a long time and you know, we said 105 is probably the level. Does that get rerated now? I'm not sure. I still go back to Jamie Dimon's comments real quick about the cockroaches. He's right. But they're far better equipped to take that kind of a loss than a Jefferies who had almost the entirety of that on their balance sheet, which is somewhat problematic.

[Steve Grasso]

You know, when you look at these, JP Morgan was always the top and it's still the top for Karen, I'm assuming. Right. So when you look at his JP Morgan and then Citi really shocked the world with that comeback story and the year to day performance really reflects that. At this point I would rather be in a Wells Fargo or a Goldman. I think J.P. morgan. How long can it have the mystique of Jamie Dimon that that's probably expected expiring too, right? He's going to be out of there in the next year or so. When does it lose the premium?

[Tim Seymour]

I think it's longer than the next year or so, but. But you're right, it is on the horizon. Whether that's three years, who knows? I do like Citi. It's a second, It's a close second.

[Melissa Lee]

There's a lot more fast money to come. Here's what's coming up next.

[Andrew Ross Sorkin]

Bitcoin taking a breather. And the pullback is hitting more than just crypto coins.

[Karen Feiderman]

The ripple effects and where the trade goes from here. Plus shopping with ChatGPT, how OpenAI is.

[Andrew Ross Sorkin]

Teaming up with Walmart to level up.

[Karen Feiderman]

The consumer experience and whether the partnership creates more problems than it solves. You're watching Fast Money live from the.

[Andrew Ross Sorkin]

NASDAQ market site in Times Square. We're back right after this. The heaviest metal credit card of all time, rumored to be one of only 18 in existence. Plated with the very same tungsten that forged the International Space Station and wielded at business dinners like a samurai sword. It's a classic corporate power move.

[Steve Grasso]

But the real power move.

[Andrew Ross Sorkin]

Having end to end visibility on your most critical shipments. FedEx. The new power move.

[Melissa Lee]

What made you confident that you could do something that hadn't been done before? I have no fear of Failure, trailblazing women, changing the game. One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just gotta think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts. Welcome back to Fast Money. Bitcoin prices dropping again today and bringing the rest of the crypto space along with it. Trading platforms Coinbase and Robinhood down more than 4.4%. Trading at their lows of the month. We were just remarking like a week ago about the run in some of these names, Guy, what do you think? Would you pick them up?

[Guy Adami]

Not yet. Bitcoin feels a little bit of trouble and I'm not pretending to be an expert, but you know that downdraft that we saw Friday, that was pretty significant. Yes. It bounced on the back of then President Trump being somewhat conciliatory. But then obviously it continues to move lower in the face of gold, doing what it's doing and in the face of the Fed saying some of the things that they said today which should have been in my opinion, supportive of bitcoin. So I got to think you let the bitcoin move, the downside flush itself out.

[Melissa Lee]

Yeah, yeah.

[Steve Grasso]

And if you look at it seasonally, November, December are usually bullish months for crypto. It's really had a rerating of its own. But when you think about what could make it go higher, if the Fed starts really on a cutting path, not a one off and I think that's what screwed up the markets there. I would be a buyer, but I would wait, as Guy said, maybe to the end of October. Maybe we get a little more clarity on the the Fed and we get into that seasonally strong months.

[Karen Feiderman]

I'm not surprised to see this pullback. I mean it's been, it's been a voracious run. It's also does point out the difference in gold and bitcoin. You've had gold rally all the way through this, but risk assets pull back. Bitcoin is a risk asset.

[Tim Seymour]

It is. I actually think we'll revisit that. Call it whatever you want. Little mini crash, flash crash, that wouldn't surprise me. But I am staying long. I think that all of the pieces that brought it to here will bring it back higher than where we saw.

[Melissa Lee]

Coming up inside the biggest crash in Wall street history. CNBC's Andrew Ross Sorkin is here in the house Come on. Latest book. Clap him in, guys. 1929. It dives into the crisis that shattered a nation almost a century ago and the lessons we've learned back. Welcome back to FAST money. Stocks finishing well off their lows of the day, but taking a leg lower late in the session after President Trump criticized China for not buying US soybeans. The Dow managed to gain 200 points, but the S and P and NASDAQ closed in the red. Shares of LVMH also jumping after reporting results. Luxury retailer posting sales growth for the first time this year thanks to a rebound in China demand. Today's move bringing that stock into positive territory in 2025. Albertson jumping after top EPS and revenue estimates in this morning. The grocery store chain also raising its annual sales and profit forecasts thanks to strong pharmacy demand and growth in online orders. And Domino's also higher. The pizza chain beating expectations driven by promotions and strong stuffed crust pizza sales.

[Karen Feiderman]

Of course, why not?

[Melissa Lee]

And another pizza stock on the move. Shares of Papa John's jumping after hours on reports. Apollo Global made a fresh bid to take the chain private. Apollo initially submitted an offer four months ago. Papa John's up more than 17% this week. And speculation this could be coming. Lvmh. Karen, got to go to you on that. Yes, China looked decent.

[Tim Seymour]

I mean, these have so much better fear. Right. And also, I mean, everything looked pretty good. Organic growth of 1. Right. That was good. There were so many elements that were better than feared that maybe the turn is here. It's not crazy expensive, but oh my God, this has been, this has really not been a great one. And I think it's, I think it's turning and I think that it will have legs.

[Melissa Lee]

Yeah. Pizza trade, you had been in Domino's beginning.

[Steve Grasso]

Yeah. That was before they had international growth. And now they have more international stores than they do domestic stores. Their digital was a huge play as well. I will tell you their next thing. Patrick Doyle on here on the show, Right. Gave me credit for the gluten free pizza. You know what the next idea is?

[Melissa Lee]

What?

[Steve Grasso]

Breakfast pizza.

[Melissa Lee]

No, I had breakfast pizza a long time ago.

[Steve Grasso]

But you didn't say it before me.

[Melissa Lee]

You didn't say it like this trial.

[Karen Feiderman]

Are you claiming to have invented gluten free pizza?

[Steve Grasso]

No, Domino's. I gave him the idea.

[Karen Feiderman]

He didn't want to do it.

[Melissa Lee]

Phew.

[Phil LeBeau]

Mom.

[Karen Feiderman]

And I mean, I don't think I'm.

[Melissa Lee]

Going to let you get away with that.

[Steve Grasso]

That would be something else. And I invented the Internet.

[Melissa Lee]

Yeah, yeah, exactly. All right. Let's get back on track here. A new book about Black Tuesday and the fallout on Wall street and beyond hits the shelves today. 1929 Inside the greatest Crash in Wall Street History and How It Shattered a Nation is now available. The author, CNBC Squawk box co host, New York Times financial columnist, DealBook founder, subject of a 60 Minutes piece this Sunday, Andrew Ross Sorkin, again.

[Andrew Ross Sorkin]

I mean it's royalty here sitting at the table at Kings and Queens.

[Melissa Lee]

The first time you've ever been on this show.

[Andrew Ross Sorkin]

I was going to say I feel like I've been on the show, but remotely I don't think I've ever sat here. I am like a first time caller, longtime listener kind of situation.

[Melissa Lee]

We are going on. Thrilled to have you, Andrew. And this book is unbelievable. You've been talking about it for months. You've been working on this for eight years. So eight years ago.

[Andrew Ross Sorkin]

Yeah.

[Melissa Lee]

You had no idea. I don't think that an AI quote unquote bubble would be brewing in the markets of at the time of the.

[Andrew Ross Sorkin]

Book'S release, I had no clue any of this. The truth is I wasn't even thinking about that.

[Melissa Lee]

And so tell us about the book and what you hope viewers to get out of it in the context of what is going on today.

[Andrew Ross Sorkin]

Today. So, okay, so the truth is I just wanted to I'd written too big to fail. People used to come up to me and say how does that compare to 1929? And I'd say I knew something terrible happened in 1929, but I didn't know. I didn't know who the people were and what their motives were and incentives were and all of the things going on behind the scenes. I think we all sort of have a conception, you know, there was a crash, but it's always a story about people and their decisions. Not I mean there's a lot of great books, by the way, about 1929 that are written by economists and other things. But as I was writing this book and I'm seeing these amazing characters, there's so many things happening in the headlines that all of a sudden are like exactly like then. Whether it is what was called investment pools where people are manipulating very meme stock oriented kind of stuff, almost GameStop. Yeah. Kind of stuff going on, the leverage that was in the system. There was no private credit back then. But there are some parallels to what was going on today. What the Fed was doing in terms of interest rates at the time, what they were not doing in terms of the political pressure. We all talk about the independence of the Fed and whatnot. And then of course we get to this AI bubble that seems to be going on and we're clearly in a bubble. The question of course is when's it going to pop? In my mind, we're in a bubble. I think it. But the question is, and I don't think we're heading into 1929 by the way, the question is, are we in 1999? I mean, I talked to Paul Tudor Jones on Squawk about a week ago and he said we're in the fall of 1999, October 1999. The tricky part about that is the market still had 40% to go.

[Melissa Lee]

Yeah.

[Andrew Ross Sorkin]

So you got to know when to get on and off the train. And I think that's the hard part. Right now we talk about all the circular deals, by the way, they were circular deals left and right back then in the craziest ways.

[Guy Adami]

You know, we dig in, Andrew. We say it all the time. Let me ask you this. So you all let a 16 year old drive a car. The Federal Reserve was 15 years old. I think it was formed in December of, of 1913. 1913.

[Andrew Ross Sorkin]

13.

[Guy Adami]

That's a little bit different because they were probably scared of their own shadow at that point.

[Andrew Ross Sorkin]

That's exactly right, by the way. They were scared. So scared of their own shadow. The reason why they didn't, they would have wanted to raise interest rates, Volcker did. But they were so scared of the political parts, not that they were going to get hold in front of Congress, that the Fed would be just eliminated because they were so new. And I think by the way, Ben Bernanke, who becomes of course the chair of the Fed in 2008 during this, during the subprime crisis, he did his thesis on the Great Depression. I think he realized what you need to do is flood the system with money and do things that are so politically unpopular. So when people talk about politicizing the Fed, that's the thing I worry about. It's not today. It's when you get into a crisis, will you have a Fed that will do things that the public doesn't want them to do, but maybe the right thing to do?

[Tim Seymour]

What about the tariff situation at the time, parallels to that?

[Andrew Ross Sorkin]

So almost hilariously, as I'm working on this, of course, you know, we're having tariffs in this country. So back in 1930, President Hoover had pledged, by the way, as part of his presidential campaign in 28, he was desperate to get farmers to vote for him. And so he said, we're going to do tariffs. And so he felt like he needed to do this. Every economist is writing open letters the way they were to the President just a couple months ago, saying, we beg you, don't do this. All the bankers were going down to Washington D.C. to the White House, saying they're on their knees to him saying, please don't do this. Of course he does it. Global Trade falls by 60% a year later. Now, it's a little bit different today because it's. These deals are being done bilaterally. At the time, it was like what Trump was trying to do almost across the board back in April, meaning just everybody, you know, here we go. And so we'll see where they, where it shakes out. But clearly that was a talk about dominoes. The crash was really a psychological break in terms of the market and the economy. And then a whole bunch of other policy choices were made that clearly went the wrong direction.

[Karen Feiderman]

Is there any sense then where the US was then versus now? So we seem to be talking about de dollarization and reserve status. If you think about back to those times, I mean, the US was really kind of fresh, flexing their muscle. Does any of that have a comparison? And the second question that who get what? What role do I get in the movie? What I get? I mean, there's got to be, you.

[Andrew Ross Sorkin]

Know, so first of all, the big issue, the other big issue was, was the gold standard. So that was connected to all of exactly what you're talking about to some degree, about the dollar, the dollars. I mean, I don't know how I would put that into. Into today's thinking. As for you, I think that you could be a guy named Charlie Mitchell. Yeah, Charlie Mitchell ran a bank called National City. He was called Sunshine Charlie, smile on his face always. He was the guy responsible for effectively creating leverage and allowing people to borrow money to buy stock for the first time. I mean, brokerages were opening up all over the city as if there were Starbucks. And you could walk in because of him and you could put down a dollar, he would give you $10. His. His home, by the way, for those New Yorkers up on Fifth Avenue, 74th and 75th, the French Consulate is where he lived. They lived like kings. And. And you.

[Guy Adami]

I want to be an old curmudgeon type of Joe Kearney.

[Andrew Ross Sorkin]

No, no, you're going to be Carter Glass.

[Guy Adami]

Okay?

[Andrew Ross Sorkin]

Carter Glass was the Elizabeth Warren of his time. Carter Glass was a senator from Virginia who used to rail about a thing called Mitchellism and how he thought Mitchellism was going to ruin America. And speculation was totally out of control. And Carter Glass was responsible for Glass Steagall, which ends up breaking up the banks in ninth class.

[Guy Adami]

I have a bigger role than you, Tim.

[Steve Grasso]

In your mind.

[Melissa Lee]

I think we're going to put on a play version of your book. I'm very excited.

[Andrew Ross Sorkin]

It's going to be fun, Andrew.

[Melissa Lee]

I cannot wait to read it.

[Andrew Ross Sorkin]

Thank you. And you know who you're going to be?

[Melissa Lee]

Who?

[Andrew Ross Sorkin]

Evangeline Adams. She was a seer, she was an astrologist. And every banker in the city, including J.P. morgan himself, would go and visit her in her apartment in Carnegie, Carnegie tower up on 57th Street. And she would tell them, the stocks are going to go up, the stocks are going to go down.

[Melissa Lee]

Wow.

[Andrew Ross Sorkin]

So she does.

[Melissa Lee]

I'm excited to read about about all these characters, Andrew. You really bring them to life. Thank you so much.

[Andrew Ross Sorkin]

Thank you for having me here.

[Melissa Lee]

Anytime you want to ride the elevator and join us, you bet. Come on up. Andrew Ross. You guys available now?

[Andrew Ross Sorkin]

Thank you.

[Melissa Lee]

Coming up, adding AI to your cart. How Walmart is hoping to get a boost in chatbots and what it means for the place of AI in the retail space. More on that that with Fast Money returns. Welcome back to Fast money. Wal Mart jumping 5% today, notching a new record close today. The company announcing a partnership with Open Air to allow customers to buy goods directly within chat. Shoppers will get video and images along with purchase links inside their conversations. And this begs the question, will chat be incented to direct shoppers to Walmart over some alternatives? For more, let's bring in CNBC's MacKenzie Segalis. Mack. Hey, Mel. So to your question, no, this doesn't mean that Walmart gets priority placement inside of ChatGPT. OpenAI told me that product results remain organic and unsponsored, ranked purely by what's most relevant to the user. Walmart simply building its own shopping experience into ChatGPT through a new tool called instant checkout that makes it possible to complete a purchase, not to game the results. I also asked about how much of a cut OpenAI gets. They say that those merchant fees are bespoke, negotiated case by case. And it's not disclosing Wal Mart's cut that is important because this is one of the first ways that OpenAI is monetizing ChatGPT beyond subscriptions. With a fee structure that could ultimately resemble Apple's App Store. Investors are clearly rewarding the move. Walmart's market value climbed about $41 billion today. Its second strongest session of the year trailing only April 9th when Trump rolled back his tariff plan. Now, Walmart doesn't usually move this much and that underscores just how powerful AI driven commerce could become. Big picture everything Open Air is doing in shopping and search chips away at Google's dominance, positioning ChatGPT as the new starting point for discovery online.

[Tim Seymour]

Mel?

[Melissa Lee]

Yep, Mac, thank you. Mackenzie Segalos. I mean I would think that it would also chip away at Amazon's dominance as the first place you search for a product to figure out what you want to buy.

[Karen Feiderman]

No doubt. I mean Walmart had already invested heavily in their own technology and their own digital experience and their own E commerce and it just to me only enhances the margin profile of this company but ultimately the multiple it's trade at. I'm reading a note here. This is Jeffrey saying pointing out that this is possibly an extra 20 billion in EBIT starting out two years. Remember we were asking who are the ones that are benefiting right now from AI and we are talking about Metta, talking about Microsoft. But I mean Mike, excuse me, Jefferies pointing out that Wal Mart is actually doing this.

[Steve Grasso]

So you know, Wal Mart just really seems like they're ahead of the curve on so many different things whether it's E commerce or this. Now when I search things, I search with perplexity. I search more even the obvious things I find, you get a better search. Amazon stock is down 2% for the year. Wal Mart's up 19% still buy it.

[Tim Seymour]

Well Amazon down today, which I think is, I think it's related related. So depends on what you're searching for. Right. I started Amazon a lot of times, yes, almost regardless of what it is. And so maybe I will start at Wal Mart occasionally and then once they get you in then that's a problem for Wal Mart but I mean for Amazon but not yet it is. I'm surprised at the magnitude of the reaction.

[Guy Adami]

Wolf Research just put in September I think put $129 price target on it. I think it goes there. People are going to knock it on valuations probably close to 36 times next year's numbers but their margins have been improving in a meaningful way which I don't think makes this an expensive stock. I think you buy Wal Mart over.

[Melissa Lee]

Target still coming up, an energy transfer taking place with a dip in oil but a boost in all energy plays like solar and nuclear mean for the energy sector and whether the power shift shift will continue. More fast money into welcome back to Fast Money. Crude oil lower again today, settling down more than a percent hitting its lowest level since May. WTI down nearly 20% this year. The move comes as alternative energy plays like solar, nuclear head higher Solar edge and Enphase posting outsized gains today while the uranium ETF continued to move higher. Oklo for instance, up more than 700% this year. Grass where do you see oil going?

[Steve Grasso]

Well, I think it's going lower because OPEC is increasing supply. And if you think about the news headlines that we've seen, peace in the Middle east for now, that's a huge headwind that has been alleviated. And with all these alternatives and more drilling and more production, I think you're probably looking for around $50 a barrel. So a little bit lower than where it is here.

[Tim Seymour]

What seems it used to be that the higher oil went, the higher alternatives went because of that.

[Andrew Ross Sorkin]

Right.

[Tim Seymour]

And reverse would be true as well. The lower oil went, the lower the alternatives. When I guess, you know, this data center need for alternatives and clean alternatives. Clean alternatives still seems very, very frothy. Yeah.

[Karen Feiderman]

I think nuclear is going to continue to be scarce in terms of the actual ways you can play it. So from an investment perspective, I think the ability to actually follow through on some of the mandates we have here in this country means there's going to continue to be government support. I think oil at 50 would be politically unpopular for President Trump. I don't think he's going to let it go there because I think there's a lot of US production which is critical, which will not be profitable.

[Guy Adami]

He's 100% right. And I'll say this, you know, tangentially, the move that Constellation Energy had today, on top of what it's been doing over the last few months. Tim's talked about this name for a while, Vistra. These secondary names continue to go higher.

[Melissa Lee]

Mills up next. Final trades, final trade time. Timothy well, the first thing I'm doing.

[Karen Feiderman]

Is buying Sorkin's new book 1929 and I'll tell you what, then I'll get to Wal Mart. I like this can take you a while though.

[Tim Seymour]

Karen yes, Synovus. They have a merger PF and B pnfb. Both of them announced earnings tomorrow. I like I am long boat the Texas Hedge.

[Phil LeBeau]

Steven we spoke about it earlier.

[Melissa Lee]

Ford.

[Steve Grasso]

I'm bullish on US Automakers both GM and Ford.

[Guy Adami]

I'm picking Ford guy I know Joe Kernan is watching. Be nice to Andrew. I mean he's written this amazing. Just be nice tomorrow, Joe.

[Melissa Lee]

He's going to say I'm always nice anyway.

[Guy Adami]

Crystal Myers that's the port.

[Melissa Lee]

Thanks for watching Fast. See you back here tomorrow at 5. Mad Money with Jim Cramer starts right now. All opinions expressed by the Fast Money participants are solely their opinions and do not reflect the opinions of CNBC, NBCUniversal, their parent company or affiliates, and may have been previously disseminated by them on television, radio, Internet or another medium. You should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of an opinion. Such opinions are based upon information the Fast Money participants consider reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy and it should not be relied upon as such. To view the full Fast Money disclaimer, please visit cnbc.com fastmoneydisclaimer you open the fridge, there's nothing there. So what's it gonna be? Greasy pizza? Sad Drive Thru Burgers? Dish by Blue Apron is for nights like that. These are the pre made meals of your dreams. At least 20 grams of protein. No artificial flavors or colors. No chopping, no cleanup. No guilt. Keep the flavor. Ditch the subscription. Get 20% off your first two orders with code APRON20. Terms and conditions apply. Visit blueapron.com terms for more.