Fast Money Podcast Summary – September 17, 2025

Podcast: CNBC’s Fast Money
Host: Brian Sullivan (in for Melissa Lee)
Panelists: Tim Seymour, Dan Nathan, Steve Grasso, Michael Kintopoulos
Contributors & Guests: Steve Liesman, Richard Fisher, Carter Worth, Angelica Peoples, Jared Holz, Julia Boorstin

Overview

This episode of “Fast Money” covers a packed day on Wall Street after the Federal Reserve’s highly anticipated rate decision. The roundtable examines the nuances of the Fed’s move, implications for equities and bonds, and discusses major corporate stories—from Lyft’s driverless big win and China tech momentum to the high-stakes obesity drug race and Meta’s AI hardware ambitions. Actionable analysis is delivered with the familiar blend of institutional acumen and candid trader banter.

Key Segments and Discussion Points

1. Federal Reserve: The “Hawkish Cut” – Market Reaction & Outlook

Segment: [02:38] – [14:41], [17:55] – [21:46]

Main Takeaways

• Fed delivers a 0.25% rate cut as expected, with projections for two more cuts. However, internal dissent underscores deep uncertainty.
• Newly appointed Governor Stephen Myron voted for a more aggressive 0.5% cut and projected five total cuts—an outlier among the committee members ([04:24], [14:41]).
• Stock market shrugged off the cut: Dow up, S&P and NASDAQ down, small caps outperform. Bonds and gold also retreat ([02:38], [08:45]).
• Investors already anticipated the cut:
  • “Wall Street did not wait. For weeks they've been buying bonds, bringing yields down, buying gold, buying stocks.” – Brian Sullivan [09:45]
  • “It was a hawkish cut. There was no drama. … I’m kind of happy we got this one out of the way.” – Tim Seymour [06:57]
• Risk and policy path remain unclear:
  • “We have two sided risk and that means there’s no risk-free path.” – Richard Fisher [04:11]
• Growth Outlook Caution: Skepticism about sustainability of rally unless Fed becomes truly stimulative.
  • “You don’t basically have a durable rally until they get well below neutral and you’re actually stimulative.” – Michael Kintopoulos [10:14]
• Political Nuance: Possible increasing White House/Fed tension as presidential priorities focus on labor market.
  • “I will not be the least bit surprised if the White House is critical of this decision because the President’s worried about the employment situation.” – Richard Fisher [15:41]

Notable Quotes

• Richard Fisher on Fed’s internal debate:
  “The nice thing is [Myron] had no influence… Projecting five cuts going forward, he's way out in left field, or should I say way out in right field in the case of this administration.” [14:41]
• Dan Nathan on market action:
  “The stock market basically closed flat. The 10-year yield closed flat. I mean, this is sort of the sort of market we’re going to be in.” [07:52]
• Brian Sullivan:
  “If you wait till the Fed actually makes a rate call to say, 'oh, let’s now buy stocks', you’re done, you’re fired, you’re finished.” [09:45]

2. Macro Data: Labor, Inflation, and the Market’s Path

Segment: [18:47] – [21:46]

• Jobs market is weaker than headline numbers suggest. Back-dated revisions of almost a million jobs downward.
  • “The economy and the jobs market is weaker than we all think it is for various reasons.” – Brian Sullivan [19:30]
• Ongoing dilemma: The Fed wants to cut, but tariffs and lingering inflation concern keep it cautious.
  • “Because of tariffs, they're wary of inflation. They don't want to cut as much.” – Michael Kintopoulos [21:27]

3. Corporate Spotlights & Actionable Trades

a) Lyft’s Autonomous Leap Forward

Segment: [23:43] – [26:55]

• Lyft surges 13% after inking deal with Waymo for driverless cars in Nashville—the stock’s best level in three years.
  • “I think part of the story in Lyft is also that the company’s now got a lot more credibility with the Street. The former management team did a poor job, had zero credibility with Wall Street.” – Tim Seymour [24:05]
• Valuation & M&A talk: “One of these networks probably buys them at some point.” – Dan Nathan [26:19]
• First-hand experience:
  • “I took 10 Waymo rides in Los Angeles the last three days. It’s amazing, isn’t it? It is literally, you’re in the future.” – Dan Nathan [26:17]
• Options trade tip: “I sold 30 calls out to December because the stock’s gone from 13 to 23 in three weeks. … Take advantage of it.” – Tim Seymour [26:39]

b) Alibaba & the Rally in China Tech

Segment: [28:15] – [32:10]

• Alibaba rallies hard on AI chip customer deal; shares at 4-year highs, up 36% in five weeks.
• Technical caution:
  • “To chase it here, you’re probably making a mistake.” – Dan Nathan [30:37]
  • Carter Worth (ChartMaster): “Trim a third to a half and then let the balance ride, or sell calls—the 180s for October.” [30:24]
• Macro caution:
  • “China is not one of the places where you’re seeing [earnings growth]. Chinese earnings growth is actually declining… so much of what we see in China is momentum.” – Michael Kintopoulos [31:29]

4. Drug Wars: Lilly vs. Novo Nordisk in Obesity Pills**

Segment: [32:18] – [39:49]

• New trial results:
  • Lilly’s pill: ~12% body weight loss at 72 weeks.
  • Novo Nordisk’s pill: ~17% at 64 weeks—first oral drug close to injectable shots in efficacy ([33:13], [34:37]).
• Wall Street yawns, but doctors are impressed: These could become first-line treatments ([33:13]).
• Competition heats up:
  • “Still a two-player market… Over the near term, I feel fine about it. Long term, we’ll see how this stuff shakes out.” – Jared Holz [37:00]
• Valuation disconnect:
  • “Is that really for most people, that delta on the percentage weight loss and the tolerability, enough to have seen Novo underperform Eli Lilly by 70% or so in the last 18 months? I don’t think so. And that’s part of the reason why I’m long Nova.” – Tim Seymour [39:31]

5. META Connect: AI Glasses Rollout

Segment: [40:51] – [43:35]

• Meta set to unveil “Hypernova” AI glasses: Moving toward fully-augmented reality hardware. Expected price ~$800, progress from existing Ray Ban smart glasses ([41:30]).
• Reality Labs division has lost $70B since 2020, but Zuckerberg sees it as a long-term play ([42:04]).
• Skepticism about mass appeal and ROI:
  • “At $800, $900, that's a tougher, you know, sort of price point. … What they make off of these glasses and the ones that are coming is like a rounding error on the revenue.” – Dan Nathan [42:20]
  • “They used to be so attractive because they were asset light and now essentially they're asset heavy. Reminds you of an oil company who has to constantly dig for wells.” – Michael Kintopoulos [43:35]

6. Retail Rally: Walmart & Costco Lead

Segment: [43:53] – [46:05]

• Retail at multi-year highs; Walmart at all-time high.
  • “The story around Walmart really is margin expansion. … It's been very impressive how this stock has kept with market forces and continues to trade at a multiple that's probably 10 turns where its 10-year averages.” – Tim Seymour [44:47]
• AI investment cited as growth driver for Walmart. Costco and Walmart lauded for customer loyalty and digital leverage.

Notable/Memorable Quotes

• “We have two sided risk and that means there’s no risk free path.” – Richard Fisher [04:11]
• “Wall Street did not wait. For weeks they've been buying bonds, bringing yields down, buying gold, buying stocks.” – Brian Sullivan [09:45]
• “The economy and the jobs market is weaker than we all think it is for various reasons.” – Brian Sullivan [19:30]
• “You don’t basically have a durable rally until they get well below neutral and you’re actually stimulative.” – Michael Kintopoulos [10:14]
• “Lyft stock’s gone from 13 to 23 in three weeks…” – Tim Seymour [26:39]
• “What they make off of these glasses and the ones that are coming is like a rounding error on the revenue.” – Dan Nathan [42:20]
• “Is that delta on the percentage weight loss and the tolerability enough to have seen Novo underperform Eli Lilly by 70% or so in the last 18 months? I don’t think so.” – Tim Seymour [39:31]

Timestamps for Important Segments

• Fed Rate Cut Breakdown: [02:38] – [14:41], [17:55] – [21:46]
• Jobs & Macro Data Discussion: [18:47] – [21:46]
• Lyft/Waymo Driverless Partnership: [23:43] – [26:55]
• Alibaba & China Tech Momentum: [28:15] – [32:10]
• Obesity Drug Competition (Lilly/Novos): [32:18] – [39:49]
• Meta’s AI Glass Reveal/Discussion: [40:51] – [43:35]
• Retail Rally Focus (Walmart/Costco/AI in Retail): [43:53] – [46:05]
• Final Trades: [46:17] – [46:57]

Final Trades [46:17]

• Michael Kintopoulos: Equal weight S&P for broadening market exposure.
• Tim Seymour: Long Citibank; banks have momentum.
• Dan Nathan: Walmart likely to break out further.
• Brian Sullivan: Rates going lower; gold, Etherium (Ethereum), Bitcoin, crypto favorable.

In Summary

This “Fast Money” episode unpacks the market’s muted reaction to a much-awaited Fed cut, skepticism about the sustainability of the equities rally, and considers the nuances of sectoral momentum (autonomous vehicles, China tech, obesity treatments, and retail adaptation to AI). The roundtable offers actionable takes for traders alongside “live from the floor” interviews and direct-speak insights for anyone staying smart (and nimble) in today’s market.

For More: cnbc.com/fastmoney