← CNBC's "Fast Money"
CNBC's "Fast Money"
Stocks Reverse On Trump Comments And Oil’s Next Move After Spike Above $100/Barrel 3/9/26
01:16:03
Stocks stage a major reversal as President Trump weighs in on the Iran War timeline, and where a top oil analyst sees the energy sector heading next after crude oil spikes above $100 per barrel. Plus, the latest on a Microsoft–Anthropic AI deal, Hims & Hers jumping on a new collaboration with Novo Nordisk, Bitcoin volatility below $70K, and shutdown-fueled airport delays snarling travel. Fast Money Disclaimer
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- [00:00]
Melissa Lee
What does it mean to live a rich life? It means brave first leaps, tearful goodbyes and everything in between. With over 100 years experience navigating the ups and downs of the market and of life, your Edward Jones financial advisor will be there to help you move ahead with confidence.
- [00:22]
Donald Trump
Because with all you've done to find
- [00:23]
Melissa Lee
your rich, we'll do all we can to help you keep enjoying it. Edward Jones, Member, SIPC before we had
- [00:31]
Jared Javers
AT&T business Wireless coverage, our delivery GPS wasn't the most reliable. Once our driver had to do a 14 point turn to get back on route.
- [00:40]
Donald Trump
A 14 point turn, an influencer, even livestream the whole thing. Not good for business.
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Jared Javers
Now with AT&T business Wireless, routes are updating on the fly and deliveries are on time. And the influencer did get us 53 new followers though at&t business Wireless connecting changes everything.
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Melissa Lee
Live from the NASDAQ markets out in the heart of New York City's Times Square. This is fast money. Here's what's on tap tonight. A major reversal in Wall street markets turning sharply higher late in the day. This after President Trump tells CBS the U.S. is, quote, very far ahead in the war with Iran. Should you believe the bounce or is there more volatility to come? The president speaking to Republicans in Miami and expected to hold a news conference later this hour where he is expected to address the Middle east conflict. We'll hear from General Wesley Clark on how the US Is situated now and what the next steps might be. Plus, HIMS locks in its best day on record. Bitcoin gets a bounce, but how much higher can it go? And more trouble for the already ailing airlines. How a TSA staffing shortage is just adding to the pain for the group. And what happens if the budget issues aren't resolved soon? I'm Melissa Lee, coming to you live from Studio B at the nasdaq. On the desk tonight, Steve Grasso, Karen Feinerman, Dan Nathan and Bono and Eisenhower. We start off with that big pop in the markets after President Trump raised hopes that the war with Iran would soon be over. Stocks finishing the day higher across the board with the NASDAQ gaining more than a percent. The Russell S&P 500 and Dow also finishing in the green. That is quite the reversal from where we started in the day. The Dow had been down nearly 900 points at the low. Oil prices also reversing course sharply after nearly hitting 120 a barrel overnight. WTI now trading at less than $90, though still up about 25% this month. All that after the president CBS that the war was quote, very complete, pretty much. Let's renaming Jabers for the latest developments on this.
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Dan Nathan
EAMON Melissa, as you mentioned, the president is speaking right now to House Republicans down in South Florida at a previously scheduled convention there. And he's continued in his remarks, which are ongoing. He's continued this sort of rhetorical shift that we've seen throughout the afternoon that began with those comments to CBS News that you just mentioned. He said this military operation in Iran is going to be short and he emphasized that term three times. Here's what he said.
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Donald Trump
We took a little excursion because we felt we had to do that to get rid of some evil. And I think you'll see it's going to be a short term excursion.
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Dan Nathan
And after that the president said short term, short term repeated that phrase twice to cheers from the House Republicans. Melissa and it does sound like the president is trying to emphasize that this war is not an open ended military commitment. And that is shift from where we heard him over the weekend saying he's prepared to do whatever it takes and the military will stay as long as it takes to have total defeat of Iran. So where does that leave us? A little bit unclear. We'll have another chance to ask the president at 5:30. He's going to have a press availability down in Florida for reporters who traveled with him. So I think you can imagine that reporters will ask him very much what he means by this and try to see if we can get some sense of what whether he's anticipating an end to military activity in Iran anytime soon.
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Melissa Lee
MELISSA he also seemed to indicate amen with the interview with CBS that ships are actually moving through the strait.
- [04:11]
Dan Nathan
Yep, he said that. He also said he's thinking of taking over the Strait of Hormuz. So you know, what does that mean? That doesn't sound like the end of military action by the United States. I mean obviously if you're taking over a strait as strategically important as that, there's going to be a big military component to it. So you know, you're getting a little bit of mixed messaging here from the President. The president was suggesting over the weekend that, you know, he wants to have a role in selecting the new leadership in Iran. The Iranian regime so far doesn't seem to be willing to engage on that at all. So you know, where is the president's headspace and what does that mean for the war, for the people in the region and obviously for oil markets and global equities markets, you know, all of that TBD and we'll see if we can get any more insight here at 5:30 Eastern.
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Melissa Lee
Eamon, thank you. Amen. Javers. Maybe the headspace is all about $120 crude oil over the weekend. Seeing the futures down sharply and wanting to send a message out today. I mean this sort of underscores the idea that at any point in time the administration can declare a victory of some sort or say that things are wrapping up and the markets will turn on a dime.
- [05:23]
Dan Nathan
Yeah, you know, we spent the last few weeks or a couple of weeks talking about, you know, why the equity markets weren't hit harder.
- [05:29]
General Wesley Clark
Right.
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Dan Nathan
Because of this situation. But there were a lot of risk assets that were moving. You know, we saw the US dollar move. We saw actually yields go higher over the last week on the 10 year. And you know, stocks at their lowest I think was maybe today or yesterday were down 4 1/2% from those all time highs made just a few weeks ago. And I think, you know, the oil thing freaked them out just like the yields going higher last April freaked them out. And so they really ran the risk right. Of the ST market playing catch up a little bit. So you know, at the end of the day I think it comes back to not to use that phrase but you know, they don't like to see these sorts of, you know, things that are, you know, that they cause. Right. The tariff thing was caused by the administration. You know, this war was started by this administration without a whole heck of a lot of color prior to it. And the markets have been that thing that have kind of moved them around which is kind of a scary place to be when you talk about policy, especially when you think about, you know, an equity market that's been trading just fine. But really when you see the sort of move that we saw in, in oil over the last 24 hours, I don't recall ever seeing anything like that with so many implications globally, not just here in the U.S. well, I think
- [06:34]
Steve Grasso
he's got some room to cover here. They hit 3,000 targets.
- [06:39]
Phil LeBeau
Right.
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Steve Grasso
They decapitated Iranian leadership. And then you start to look at where oil moved from. So it moved from 65 or so to 120. The midpoint of that is around 90 to 93. We're below that now. You had the news out that the G7 was thinking about releasing reserves. Then last week you had treasury thinking about selling futures. So I think if you're to be long, the market that extended, you had to be really careful. You had to trade up from $65 to 120. So you. And as I said on Friday, there's a difference between Brent and wti. I think Brent had the real risk to it. WTI landlocked. I don't think it should have been trading as high. But whatever.
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Donald Trump
It is what it is.
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Steve Grasso
But if you're going to take a long position, you know, I think, I think that they had to come up with a couple of ideas of to take the legs out of the longs in the oil market. And he still has the ability to say we took out all of the leadership and hit all of the sites. This is probably the biggest modern day campaign they've had in a while.
- [07:52]
Melissa Lee
But regardless, I mean whether it be true success in the region in terms of diffusing the situation and getting new leadership, whatever, whatever your objectives are success in the region and, or the idea that we will do whatever it takes, including a coordinated SPR release, which is, we'll do it to, to, to sort of take the edge off the spike in oil prices. Regardless of what your belief is, it leads to the same situation, which is markets have a backstop in some way.
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Karen Finerman
Well, they feel like they do.
- [08:27]
Melissa Lee
They train to feel like. Right, Exactly.
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Karen Finerman
When I think about Liberation Day, as Dan brings up, I think it was five or six trading days. And then, and then they said, all right, enough, we're going to, you know, delay. And so this was about the same amount of time. And you know, I get this is a president who very much sees his success as, you know, how is the market doing? And so it's not surprising that this was painful. So I guess, you know, depends what the objectives were. So if the objectives were to, you know, get rid of the leadership change, I don't know that leadership changes. Yes, the prior leader is gone. This isn't a wholesale change of leadership
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Melissa Lee
at the moment, really.
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Donald Trump
Right. Yeah.
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Steve Grasso
And he did say the worst thing that could happen is have a person who's worse.
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Donald Trump
But go ahead.
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Karen Finerman
True. Or is it to get rid of their nuclear capabilities? Maybe that's been successful, maybe not. The leadership change is really still up in the air, but maybe it's enough to declare victory and leave. I guess that's what this is. I don't know if he's going to sort of say, all right, well we've got a little more to do. You've got to stick with us for a little bit. But we hear you, we care. We're going to do everything we can about oil prices and I believe that's the goal. Sure, for sure. But how to Trade around it. I don't really know. For the first time I was looking at Polymarket and whatever, thinking somebody else knows. Right this morning the market was down before the market opened. Overnight the market was down significantly over 1000.
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Donald Trump
Significantly.
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Karen Finerman
And oddly, we were down 300 with no significant news at all. But I feel like somebody's got to know that they're going to take the foot.
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Jared Javers
Well, in this market, you're kind of forced to trade the headline before you're able to kind of parse through the data and really kind of whether it's plug into your model or try to come up with some calculus and real understanding of what the implications are. And so that's where I think this, the situation is with the market where you're forced to trade the headline. And if I just don't handicap everything and I take everything at face value, we have a statement that says the full and unconditional surrender of Iran. Okay, so without that, you're either forced to continue and have a more protracted situation or you need to change what the parameters are for there to be a declared victory. And it sounds like the latter is happening. Okay, well, we've taken out this much military capability. All right, we're starting to see some traffic through the Strait of Hormuz. It sounds like what we're seeing in real time is the definition of success being changed. And to everyone else's point, I think that is done with the intention of responding to the market that we're seeing. With that said, Vix at 25, 26 still does not tell me that everything is buttoned up and done. This intraday volatility, I mean, today for example, or over the weekend, if you're looking at crude futures, I think is concerning. And I think that's the thing that you need to pay attention to because to me that is telling. I mean, my indication from that is that the market is not just taking it on face value and saying we're through this thing, we're through it, but we're through it. But I want protection. We're through it. But I want some type of put protection, we're through it. But there is some qualifier there. And I think the administration right now is kind of navigating how to kind of circumvent that and or statement at the end of what they're saying.
- [11:49]
Melissa Lee
Well, I have a question here. That's my job. He said many times, short term excursion. Let's say that in short order, the next week or so, victory is declared in some respect. And we Pull out, it's all done. Do markets go higher?
- [12:06]
Dan Nathan
Well, they probably do. But let me just start with this. I mean like so the Israelis, I mean that, that is actually a really important part of this. You know, they don't have to, have to kind of fall into line here. If you think about that, they have a very different agenda. Well, I will say this going back to Iraq and I know that seems like a ways away, you know, we started dropping bombs in Iraq. I want to say March of 2003, you know, President Bush, I think weeks later was on an aircraft carrier with a big sign saying mission accomplished. And I think it was anything but that. So I think the idea that we're willing to write this thing off and done and dusted is probably not, not doesn't make a lot of sense. Now trading the market on is different thing, you know, away from what's gone on with the war. I mean what did we have in the lead up? We had software that was being absolutely decimated for a whole host of probably pretty decent reasons. We also saw, you know, a lot of in the alternative management space, we're getting absolutely killed. You know, all of those groups closed down today. I mean I think the banks that kind of joined the party in the last few weeks, I mean JP Morgan at one point, I think today was down more than 17% from its recent all time highs, you know, just a few weeks ago. So there are continues to be some problems in different parts of the market. And then we should go back to that jobs report on Friday. I mean we have an economy that doesn't feel like it's on the best footing. So the idea that crude oil, even if we're to stay here at 85 bucks, whether it's Brent or whether it's WTI, you have another stress on a consumer here. And the last thing I'll just say as far as this consumer, we keep hearing about this K shaped economy. Well, I don't know if you guys have seen this, but American Express is down more than 20% from its recent all time highs. So investors are making certain judgments about a higher earner consumer right now at a time. What we know the lower end earner is having a difficult time.
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Melissa Lee
Let's get more of the drop in crude oil prices after the President's comments. Paul Sankey of Sankey Research joins us here on set. Paul, great to have you with us.
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Paul Sankey
Hi.
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Melissa Lee
What do you make of the President's comments and how, how would you change your trade differently based on what he said?
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Paul Sankey
Well, I Took the comments to mean we're going to stop bombing potentially. I mean, that's the only way I can see this as being declared as over. And I think that's what the Gulf, the GCC members want is just for a start, let's stop bombing. You know, what we've got to do is we've got to get ships going through the Straits for Moose, and that's not happening. So obviously the market reaction, you wouldn't be surprised with a Tokyo open if we hit a massive high. You know, we sell off throughout the day. And then of course, there's the announcement that, you know, nearly mission accomplished, you almost want to say. But the reality is here we've never had a blockage in the Straits of Hormuz, and now we've shown what one looks like to all the wrong people. And making it safe again is going to be a real issue, a real nightmare. And I don't think this is over by a long way. You know, we don't the idea that we're going to have to have complete. It's a bit like you break it, you own it, you know, suddenly you're going to have to maintain security on what you as you know, is only a 60 square mile type area. That's really, in many ways, for that reason, very, very difficult to defend, where you need 60 tankers crossing a day just to keep Asia running. And so, you know, this is a kind of a nightmare scenario, quite frankly. And we still haven't got the tankers with their transponders on traveling through the Strait, and that's what we need.
- [15:18]
Melissa Lee
I mean, the President, in his comments to CBS said that ships are now traveling through the Strait. And I guess we'll see that on radar if that is actually the case. But it sounds like what you're describing, in order for ships to actually move and for storage to be freed up, et cetera, is a ceasefire. And that seems like it's pretty fantastical idea given the new guy in charge. The President just killed his father, his wife, his brother. I mean, every, basically everybody in his immediate family was killed by the Trump administration's actions.
- [15:49]
Paul Sankey
Yeah, I mean, I think that they know now, you know, what Trump's weak spot is. It's been uncovered in a very, very big way and they probably want to play that, you know, especially they're, I'm sure aware that the midterms are coming up, that, you know, there's this paranoia in the US about gasoline prices as everything else. And the situation, as you know, is actually that The US is a major exporter of oil and gas and therefore we're less affected by this. But you know, my analysis on Saturday was about Taiwan. They're not getting any helium, let alone the LNG they need, and they've shut their nuclear plants. Believe it or not, this could, this could seriously affect chip production within a matter of months. And it has to be reopened. And we said that last Monday that it had to be open by Friday. Sure enough, it wasn't. And you saw what happened to markets.
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Karen Finerman
So synthesizing all the information that you have, where do you think oil should be right now?
- [16:39]
Paul Sankey
I think it should have a higher floor. You know, that's the first thing is that this is risked oil globally, you know, but the amount of oil that goes through this very risky point, we've never seen a shutdown there. Now we have, you've got to pay more for tankers, you've got to pay more for insurance. So I think what's happened here is you put in now a 60 floor and then the question is, you know, at what price do we get US production growing again? Because presumably growth out of the Middle east is going to be a much higher cost of capital growth. And actually what was happening prior to this event was that a lot of the major companies, notably Exxon, Chevron, everyone else was getting into Iraq. They were getting back in to the Middle east in a big way. And now I think they're going to have to reconsider whether or not you really want to deploy as much capital as you previously would have for what is clearly such a vulnerable supply point.
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Jared Javers
So, Paul, the market seems to be reacting to the proclamation that this is going to be short term in duration. How long, what it's losing is how long it takes for that to snap back for us to reach either the old norm or establish a new norm. How long can this war go on before there are protracted negative consequences that aren't being baked in right before? It's not a matter of just getting back to equilibrium. There is actually like a longer period to re establishing equilibrium.
- [17:59]
Paul Sankey
Well, as I say, I think structurally you already broke it, right? So you've already made insurance costs higher. You've already made the attractiveness of Middle east and anything less attractive because of the risk. We've already broke some things very definitely because of the time to transit. And you can't replace those barrels in Taiwan or South Korea from anywhere else. You know, it takes six weeks from any alternative source. And so every day that goes past this kind of level that we're looking at 10 million barrels a day lost is already a major negative effect. And we're nowhere near as far as I can tell, having the straits operating normally. You know, we've got ships slipping through with transponders off. But that's not how the Saudis, Qataris run their businesses. You know, they can't be squirreling around waiting for the US Navy. It's just not happening. And then you look at the situation with the Houthis, you know, it hasn't been resolved. There's a still out there, they're still threatening ships and you still have about 50% less traffic through the Suez than you did before they started their stuff. And everybody's been going after them for three years literally. And they're still out there threatening ships. So it's a major structural change here that we've witnessed over the past week.
- [19:00]
Melissa Lee
We haven't even talked about hits to the infrastructure which have happened over the weekend. There wasn't much damage I think to a Saudi Arabian, I think was a refiner or oil producer, whatever whatnot. But any sort of hit seems me to the infrastructure that takes much, much longer, right, to rebuild. I mean that's the kind of thing that can really set you back even more.
- [19:20]
Paul Sankey
Yeah. And also the shut ins, the fact that they're actually shutting in production because the last thing you want to do is shut in the upstream, that's the hardest thing to shut down and bring back up. LNG plant to exaggerate has a big on off switch that you gradually turn down and you gradually turn up. But once you get into shutting it up, so stream production, you can get into damaging the fields and everything else that goes with them not really wanting to be shut in. It's a pressure release valve, you know, so the fact that we've had major shutdowns on the upstream side is also a major concern. Yeah, it's, it's an effect that will be long lasting essentially.
- [19:52]
Melissa Lee
What do you think the higher floor is for oil?
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Donald Trump
60.
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Paul Sankey
60, you know, before we would have said 40, which is what we saw in Covid. You have to say, okay, now look, I think with inflation, with everything else much below 60 is basically unsustainable. And you know, that's just a new ban to value these things around. It's not a very controversial statement. How high can we sustain? You know, we did 120 in the Russia Ukraine war. The interesting difference this time is we didn't lose that much volume from Russia.
- [20:18]
Melissa Lee
Right.
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Paul Sankey
That was a buyer's strike that was people refusing to buy from Russia. Russian exports actually were maintained one way or the other through that whole process. So it's been interesting that this time we haven't had more. I would have thought we'd have more of a price reaction than we have and way less price reaction than we did for Russia, Ukraine, which arguably, although it was different because we went in tight in European gas and we went in loose this time, you still would have thought the market would have taken this much, much worse than it has. And I wasn't surprised to see us go through 100 this morning. I was pretty surprised for us to go down whatever it was, $20 based on the president saying it's going to be obvious.
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Melissa Lee
I mean the range is remarkable today. Paul. Yeah. Paul Sankey, thank you, Research. So the message sounds like we're just the markets are underestimating the impact of the oil disruption.
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Dan Nathan
Yeah, no doubt. But it's away from oil too. I mean the Iranians hit two data centers to Amazon data centers in uae, you know, and you were talking about the infrastructure obviously that's really important too. So when you just think about, you know, this is some of these cities have become really popular or Abu Dhabi, Dubai. I mean these are like huge centers of finance. You know, they've been reoriented in many ways from London. And so when you have this sort of disruption, I don't think it's coming back anytime soon. So I just think that there's a lot of reverberations that are probably really hard to price right now.
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Steve Grasso
You know I started off as an equity energy trader and if you look at Carter said this the other day that if you look at the actual stocks they flattened out. They were telling you something before the news media where the news headlines caught up to it. I don't think it's the time to buy energy equities right now. I think oil if it goes down to 60, I think the world and the United States are going to be very grateful of that level. So I'll look forward to that.
- [22:00]
Melissa Lee
Coming up, the outlook on Claw. The latest on the ideal between Microsoft and Anthropic and what it means for rival Open AI. That's next. And speaking of joining forces, Novo Nordisk and his and her is lightening the load together. How the companies settle a long running dispute and hope to pack a punch in the weight loss drug space. Don't go anywhere. Fast money's back in two. Not every sale happens at the register before AT&T business Wireless checking out customers on our mobile POS systems took too long. Basically a staring contest where everyone loses. It's crazy what people will say during an awkward silence. Now transactions are done before the silence takes hold. That means I can focus on the task at hand and make an extra sail or two. Sometimes I do miss the bonding time. Sometimes.
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Donald Trump
AT&T business Wireless connecting changes everything did
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Melissa Lee
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Donald Trump
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Melissa Lee
You think racing's tough?
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Donald Trump
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Jared Javers
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Dan Nathan
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Melissa Lee
welcome back to Fast Money. Microsoft launching Copilot Cowork, a new enterprise tool integrating Anthropic's Claude Cowork AI into Microsoft's existing AI Assistant. The new model designed to run multi step workflows that are more complex than what Copilot currently provides. Microsoft closing just above the flat line today. Shares are down 15% year to date. It's almost like meeting, I don't know, like you're acknowledging that there's some kind of threat to your business. You might as well join forces here.
- [24:24]
Dan Nathan
Well, we've been talking about the front of me situation with Microsoft and OpenAI going back, you know, two or three years or so. And when you think about, you know, what Quad coworker Anthropic Cowork really did to a whole host of different industries over the last month or so, it makes perfect sense. I mean, the perception of this, you know, and the perception that it's better than Codex that OpenAI has. And so now all of a sudden if you are a 365 user at Microsoft and you have the ability within Copilot to choose the model you want to use, using it within the infrastructure from a protection and security standpoint, I mean, this is a great deal for Microsoft and we think about what they're trying to do with Azure, attracting enterprise customers, that giving them more choice at a time where Copilot has not seen a huge uptick. When we saw the numbers that they g us in their last quarterly call, there was two ways to look at it. You could say, wow, that's pathetic. They only had 15 million users. Or you could say, they have hundreds of millions of users globally and the better this product gets, it's going to be a massive opportunity.
- [25:21]
Melissa Lee
Silver linings, Dan, on that or silver linings, Mel.
- [25:25]
Dan Nathan
So just, you know, but my point,
- [25:27]
Steve Grasso
you know what silver lining.
- [25:28]
Dan Nathan
I know, but you just, you also just said this, that the stock's down like this. I think there's a very unique opportunity in Microsoft to start lagging into this. I think the narrative could start to change. Google took the mantle and I think, you know, there's a good chance that Microsoft could take it back.
- [25:41]
Melissa Lee
The security aspect, I think that is. Is key here.
- [25:44]
Karen Finerman
I mean, to your earlier point about it wasn't working before. Right. So why not say, all right, it's not working. We've got to try something else. And this seems like a very good thing to try. I sort of agree with Dan.
- [25:54]
Melissa Lee
It's not.
- [25:55]
Karen Finerman
Well, you know, I'm not used to silver lining sunshine, Dan.
- [26:00]
Melissa Lee
No one is.
- [26:00]
Dan Nathan
Beautiful day.
- [26:03]
Karen Finerman
I'm used to Oscar the Grouch, kind of. Dan. Yeah, that sort of. If you were a muppet, that's the one you would do.
- [26:08]
Dan Nathan
Some people call me a muppet.
- [26:09]
Donald Trump
Go look at the Twitter. Why is that Muppet on the desk?
- [26:12]
Dan Nathan
Why is that muppet? Yeah, I got it.
- [26:14]
Karen Finerman
But I think I agree with you. It hasn't been distracted in a while. I think this is interesting.
- [26:18]
Jared Javers
Yeah. I mean, given the backdrop that you provided, essentially looking at all of the disruption that this caused within the software space, why not defend the fort? Bring it in house. You talked on it a little bit, but just to expand a little bit, the transition into Azure and essentially making sure that you have the enterprise spend up there allows them to be the de facto landlord in this whole transition that we're having here. So for me, it's one essentially, yes, it is an implicit acknowledgment that perhaps we have some fears that our software stack could be disrupted. On the other hand, it's saying, okay, well, this is likely going to continue we want them using our cloud. So let's go on ahead and just entrench ourselves there and ultimately end up with a stronger position.
- [27:02]
Steve Grasso
If you look at the technicals on this, the rest of my co panelists so everyone else covered the fundamentals of it. If you look at the technicals of it, we go back to the May 2025 level. Just stop it out against $400. Take a pick right here.
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Melissa Lee
There's a lot more fast Monday to come. Here's what's coming up next.
- [27:22]
Donald Trump
Dropping pounds and gaining returns, why Novo Nordisk is changing its tune and hers, and how the two stocks reacted to the partnership. Plus travel woes hitting the nation's busiest airports. Has the partial government shutdown and security shortages add hours to wait times, the airlines being impacted, and whether there's an end in sight. You're watching Fast Money live from the NASDAQ market site in Times Square.
- [27:50]
Jared Javers
We're back right after this.
- [27:59]
Dan Nathan
Before we had AT and T Business
- [28:00]
Jared Javers
Wireless coverage, our delivery GPS wasn't the most reliable. Once our driver had to do a 14 point turn to get back on route.
- [28:08]
Donald Trump
A 14 point turn.
- [28:10]
Jared Javers
An influencer even livestreamed the whole thing.
- [28:13]
Donald Trump
Not good for business.
- [28:14]
Jared Javers
Now with AT&T business Wireless, routes are updating on the fly and deliveries are on time. The influencer did get us 53 new followers though.
- [28:23]
Donald Trump
AT&T business Wireless connecting changes everything did
- [28:29]
Melissa Lee
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- [29:02]
Donald Trump
Chalk.
- [29:03]
General Wesley Clark
Breathe.
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Donald Trump
Rechock.
- [29:04]
Melissa Lee
Still aiming. While they figure it out, I fire up Chumba Casino.
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Donald Trump
I can spin anywhere, anytime.
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Melissa Lee
And there's always a new social casino game every week.
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Donald Trump
Spins happen way faster than that shot. Waitings for amateurs play now@chubbacasino.com no purchase necessary.
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Dan Nathan
VGW Group void we're prohibited by law. CTNC's 21 plus sponsored by Jumbo Casino
- [29:26]
Melissa Lee
welcome back to Fast Money. Hims and her soaring 40% for the stock's best day on record. The telehealth company partnering with Novo Nordisk to bring Ozempic and Wegovy to the platform while still offering compounded semaglutide on a limited scale. Novo also dropping its lawsuit against Hims over what the company called mass illegal compounding of the active ingredient in its GLP1 drug bugs Novo shares higher by 3%. We should note that Novo still reserves the right to bring new suits should there be some sort of a breach of this agreement. But you're commenting on. I mean, it's a fascinating move by Hims and hers.
- [30:00]
Jared Javers
It's a fascinating move by both. Right? It's essentially, you know, mortal enemies now become under one alliance. So listen, the HIMSS situation, I think that for one, this is definitely a win for consumers, right? These, these compounded drugs, regardless of what you think, they circumvent the fda. And I essentially think that was the core of Novo's lawsuit. I mean, clearly it was the catalyst for that is financial. But their argument there in the courtroom was essentially that, listen, you're circumventing the fda. You're kind of attacking these consumers that don't necessarily know what they're taking and they're, you know, the catalyst for them consuming your product is nothing but price. It's not the actual efficacy of the drug. So I think that kind of removes that situation there. And I think it's a win for Novo and that they now have, you know, a lower cost distribution. Now does it get to the issue around margins, which is why the company, the guy down and the margins kind of erosion. I don't really know how that fixes that. So I think it's a muted win for Note for Novo. But I do think the whole legal overhang is a net positive for both shares.
- [31:04]
Melissa Lee
Might bring in some volume, which would help lower prices.
- [31:06]
Karen Finerman
Right. I think the margin compression is going to happen either way. I think it's going to happen for Lilly as well. But I do think the TAM is gigantic and out there and there's so much more to go. So I agree with you. I think it makes sense for both of them. And having the compound is better, I think. I'm not quite sure how what they're allowing on. In a limited sense.
- [31:30]
Melissa Lee
Yeah, I'm not sure.
- [31:32]
Karen Finerman
So that's sort of interesting to me. They allow any. I would have thought that the deal would not allow any, but I do think it's good for both of them and Novo at this point, valuation, you know, on the franchise is not very high.
- [31:44]
Steve Grasso
HIMS has lost two thirds of its value since October. So if you look at the entry point in the stock. This is as good as any. So stop yourself out. Keep it on a short leash. But I would take a flyer out on it because the next level here could be another 40% higher. But just leave yourself a little bit of a leash to the downside because if the story falls apart, you don't want to be a part of it.
- [32:05]
Dan Nathan
Yeah. And 40% gains are not what they used to be if you're down 76% from the all time highs. I mean, if you look at it's barely a blip on the chart.
- [32:13]
Karen Finerman
But the short interest is enormous.
- [32:14]
Melissa Lee
And 40% not surprising. Yeah. Coming up, we are waiting for President Trump's news conference in Miami. We'll bring it back live and we'll hear from former Army General Wesley Clark on whether the Iran war could really end soon. Fast money's back in two. Welcome back to FAST money. Stocks staging a major reversal after President Trump's comments on the Iran war nearing an end. The dow down nearly 900 points at the lows, climbing back to gain nearly 250 points. The S and P and Nasdaq both falling as much as one and a half percent in early trade. The s and P500, though, ending the day up 0.8%. The Nasdaq jumping nearly 1.4% shares of Live Nation jumping 6%. Today the Ticketmaster parent settling an antitrust case with the DOJ and avoiding a breakup if a approved the settlement would see Ticketmaster unwind some of its exclusivity agreements with artists and open up the ticketing industry to greater competition and some after hours action. Hewlett Packard Enterprise topping earnings estimates but coming up short on revenue expectations. And Vail Resorts missing estimates on the top and the bottom lines and lowering guidance due to persistent, historically challenging weather conditions. Meanwhile, oil prices finishing sharply lower after hitting nearly $120 a barrel overnight. The swing coming after President Trump hinted that the war with Iran could be over soon, that the US Is very far ahead of its proposed timeline as the conflict enters its second week. We are waiting for President Trump to speak to House Republicans in Miami on a number of issues. We'll take you there live when the speech kicks off. For more on the state of the Iran conflict in the meantime and a potential timeline for a resolution, Former NATO Supreme Allied Commander General Wesley Clark joins us now. General, great to have you with us. Thank you so much for joining us. A couple of times in President Trump's remarks today, he called it a short term excursion and kept using the word short term. When he was addressing House Republicans. And I'm wondering how realistic do you think that is, given what the situation is there right now, given that a new leader was just installed.
- [34:21]
General Wesley Clark
President Trump can call it off anytime he chooses to. And then it's up to the Iranians to determine if they want to keep it going. They've taken a lot of damage. I think there's been a lot of hits on their ballistic capability. We haven't solved the nuke problem yet, but clearly we've set back their military a long, long way. We've done it with a lot of targets hit, only three US Aircraft lost. We've had seven service members killed. And that's terrible. But there's no telling what losses the Iranians have had on this. So I think if President Trump calls it off, I think there'll be a sort of cold anger, angry sensation of hostilities. But I do think that that will get the global oil markets back to normal.
- [35:16]
Melissa Lee
Okay. I mean, that that would be a good thing, particularly to consumers out there dealing with high living prices overall. But at the same time, General, if we did pull out, what kind of situation do we leave behind? Did we accomplish? And I understand that there weren't necessarily goals, clear goals set out to begin with, but have we defused the nuclear threat at all? Have we left Iran in better hands than we started with in terms of the Supreme Leader? I mean, what has been accomplished?
- [35:47]
General Wesley Clark
Well, I think what's concrete accomplishment is that we have set back their ballistic missile program. And their ballistic missile program was actually sufficient to really swamp the state of Israel. And after Israel had expended all of its interceptors and so forth, the Iranians, absent this, would have been able to continue to strike Israel with non nuclear means. No, we haven't addressed the nuclear issue. And there's still 650kg of enriched uranium somewhere out there. And we got rid of the leadership and a lot of the top people, but they prepared for this for a long time. And so new leaders have stepped up. I suspect that the son of the former Ayatollah Khamenei is going to be pretty angry, going to seek revenge in some way. But I think it'll be a very, very angry, cold peace for at least a few months while Iran licks its wounds, tries to figure out what goes next, and tries to rebuild its deterrent as it sees its deterrent.
- [36:53]
Steve Grasso
General Clark, thank you for your service. When I look at this, this has been going on for my entire life. So when you pull back the lens where you just left off, There. Does this make it easier for the USA to go in again six months from now if he backs off at this juncture, or does this make it a tougher sell six months from now? I know we're dealing with politics, politics with the midterms, but is this, could this be a rinse and repeat now? Because they're only as dangerous and they will always be as dangerous as the current leader?
- [37:25]
General Wesley Clark
Yeah, it's, it's a little bit of both. I think if you. We really took out a lot of their air defense, whatever was left over, we can assume it's gone. So the Chinese or the Russians have to replace that. So that leaves them still vulnerable to a repeat of this. On the other hand, they're under no doubt right now that we would come after them again. So they'll try even harder to hang onto a nuclear program. And if they can get a nuclear device, if they can do a nuclear test, if they can have something that raises their deterrent, then I think they're going to have to go for it. Even, you know, Ayatollah Khamenei was known for saying he didn't want a nuclear weapon. He knew if he got one, he'd be attacked. Now, I think the reasoning would more likely be, let's look at the case of North Korea. Let's get as much as we can, as many as we can, so we won't be attacked again.
- [38:28]
Melissa Lee
President Trump made some comments this afternoon also, General, that the US Would take over the strait. And I'm wondering from your standpoint, is that even realistic, given, you know, maybe we've sort of disarmed Iran to some extent in terms of reducing their arsenal. But the Houthis are still out there. They've got massive drone capabilities. They are also just simply boats that can be packed with explosives that go through the strait. I mean, this is sort of the central piece of this whole thing in terms of bringing oil prices down?
- [39:01]
General Wesley Clark
It is. And I see people talking about Carg Island. It has nothing to do with the Strait. And it's really, there's three islands there, There's a tomb, little tomb, and then there's the Abu Musa. And these three islands are part of the control. They're at least two of them are very heavily armed and they're defendable, defensible. And if we were going to take it by force, we'd have to do that, probably have to take the north side. And those are some big, high bluffs, and there's a port city there. And so you're talking about a, let's say a US Army Corps size objective, 30,000, 40,000 troops to go in and secure something like that with assurance and then, you know, hold it against counterattacks and so forth. You've got air supremacy over the area, got naval supremacy. They could still release mines. And so you might have to have some special ops guys go in on the ports and do underwater demolitions and wreck their whatever watercraft they have remaining. Everything's feasible if you're willing to put the forces in and take the risk and pay the price.
- [40:14]
Melissa Lee
Yeah. At what price? General Clark, thank you so much for your time. It's always an education speaking with you. General Wesley Clark. Coming up, more disruptions at airports, TSA shortages leading to hours long security lines at some of the nation's busiest airports. The impact it's having on the travel trade and what to know before your next flight. That's when he's back in two. Welcome back to FAST money. Travelers reporting wait times at some of the nation's busiest airports have stretched to several hours over the weekend as TSA staffing shortages continue. CNBC's Phil LaBeau's got the details. Hey, Phil.
- [40:55]
Phil LeBeau
Hey, Melissa. This is what happens when you have a government shutdown and some of those TSA agents, they don't decide to report or they decide they are not going to report to work. As a result, at some airports, not all airports, some airports over the weekend and this morning you started to see long lines. And as a result, this is what we see when we're talking about TSA staffing issues right now. The airports in some cases are warning travelers, hey, it's not enough to get here 60 minutes in advance. You may have to get here two or three hours ahead of time. Again, it depends on the airport. Several hour waits are possible. We've seen that in a few places. And it's approaching spring break travel, which main which is peak season for the beginning of travel picking up. And as a result, people are saying, well, what's the impact for the airlines? Well, airline demand remains strong. You would look at this chart and you'd say, well, over the last week, look at how much these guys are down. I would contend with you. It's not because of the TSA staffing issues. It's because of jet fuel. As jet fuel prices have surged, that's weighed on the airline stocks. And as a result, the trade has been sell the airline stocks until we have better clarity in terms of what we can expect for the first quarter, second quarter, potentially for the of the Rest, rest of the year. The airline index also under pressure over the last week and a half. I'm pointing this out because you see that little bit of a blip there at the end. Once we saw jet fuel come down or oil prices, I should say come down late this afternoon, we started to see a rebound in some of the airline stocks. And this is really what's driving it, not the TSA lines. And one quick clarification, Melissa. People have said to me, well, look, we had the impact of the government shutdown last year and the airlines really took it on, you know, in the shorts because of that. The difference is that was because of air traffic controllers and flights being canceled. That's not what we're seeing right now. What we're seeing are delays because of long lines, but it's nowhere close to what we saw last year.
- [42:47]
Melissa Lee
Have the airlines actually had to adjust their schedules to allow for the longer wait times?
- [42:56]
Phil LeBeau
Not to my knowledge. I think this is a case where if they can, you know, wait a little bit in some of these cases and it's really airport by airport.
- [43:04]
Jared Javers
Melissa.
- [43:05]
Phil LeBeau
So it's, it's hard to go to an airline and say, well, what did you do in Houston yesterday? There are going to be, look, there will be some people who may miss a flight because they do not show up in time to get through security. Hard to know at this point. But this is really more of a, and I hate to use the term, an annoyance annoyance for travelers. Then it is a major problem for the airlines at this point.
- [43:25]
Melissa Lee
Right, Phil? Thank you. Phil LeBeau.
- [43:28]
Phil LeBeau
You bet.
- [43:29]
Melissa Lee
Obviously, jet fuel is a bigger annoyance in terms of it spiking on the back of Iran.
- [43:34]
Steve Grasso
Not only that, but if we think back a couple of weeks ago, we had the winter storm that we've all forgotten about. 10,000 flights were canceled from Sunday to Tuesday. Many of us got caught up in that, that they're not making up that money either. So there's been a bunch of headwinds for the airlines. But whenever you have something that's created by fuel, you always buy the weakness. And I would be a buyer of it.
- [43:58]
Melissa Lee
Coming up, all the action in the crypto trade as bitcoin bounces but struggles to regain the $70,000 level, the next move in the space and the impact on crypto related names like strategy and Coinbase or Fast Money into. President Trump speaking after the Republican member issues conference in Miami before he heads back to Washington.
- [44:25]
Donald Trump
Let's listen in and I'd like to wish everyone a very good evening. And over the weekend, the United States military and the Israeli Defense Forces continued Operation Epic Fury very successfully. Over the past nine days, we've carried out some of the most powerful and complex military strikes and maneuvers the world has ever seen. Now, you add that up to all of the other things. Midnight Hammer, getting rid of the nuclear threat from Iran, which was a big moment in history, in my opinion, and the great success we've had in Venezuela and all other places. Every place we've gone, we've had tremendous success. But while we're doing all of these things, we're achieving major strides toward completing our military objective. And some people could say they're pretty well complete. We've wiped every single force in Iran out very completely. Most of Iran's naval power has been sunk. It's on the bottom of the sea. It's almost 50 ships. I was just notified it's 51 ships. I didn't know they had that many. Didn't last very long. And these are fighting vessels. They're meant to fight, but they're not meant to fight against us. We continue to target Iran's drone and missile capabilities. Their drones are way down. Their drone manufacturing has been hit. Starting today, we know all of the places they manufacture the drones, and they're being hit one after another. Their missile capability is down to about 10%, maybe less. We're also hitting where they make missiles and where they deliver missiles. We've struck over 5,000 targets to date, some of them very major targets. And we've left some of the most important targets for later in case we need to do it. If we hit them, it's going to take many years for them to be rebuilt, having to do with electricity production and many other things. So we're not looking to do that if we don't have to. But they're the kind of things that are very easy to hit but very devastating if they are hit. We are waiting to see what happens before we hit them. We could take them all out in one day, but it's all resulting in a 90% decline in various things, but in particular Iranian missile launchers and 83% drop in drone launchers. As you know, the drone launches are pretty well shot, but we're at over 90% decline in the Iranian missile launchers, which is very hard to reproduce and very hard to get. And usually what we were able to do through great equipment and a lot of smart people, as soon as they sent a missile up from a launcher, we were able to knock out that launcher within a period of 5 minutes or less accurately, right on the noggin. So now we have low cost interceptors effectively combating Iranian drones. And our B2 bombers recently dropped dozens of 2,000 pound bombs to destroy missile launchers all over Iran and buried deep under Iranian soil. In many cases, the soil was no match. And we're also annihilating the manufacturing base that the regime uses to build drones and missiles at a rate that nobody thought was possible. We're knocking them out. We know where they all are. We're knocking them out very quickly. We're ahead of our initial timeline by a lot. I would say that we probably would not have thought after a month we'd be here. In addition to the fact that we've taken out the leadership twice and maybe three times. And we, as you know, we want to be involved. We don't want another president that maybe wouldn't be willing to do what I'm willing to do for the good of the world, for the good of our nation to be stuck with the situation in five years or ten years from now. So we think they should put a president in or the head of the country in that's going to, to be able to do something peacefully for a change. They've been doing this for 47 years, killing people for 47 years. Whether it's the barracks or even the SS Cole, where they were involved very strongly, they always denied it, but they were very strongly involved. And all of the people that died through the roadside bombs died and are right now walking around with no legs, no arms, a face that's been so badly damaged. The Iranian regime has been attacking Americans and spreading terror for 47 years. And despite these countless opportunities to renounce their nuclear ambitions, which they had just a short while ago, they told Mr. Witkoff, who is standing right over here, they said, they actually said, we want to keep building. Essentially, in a real nutshell, we want to continue to build nuclear weapons. If we didn't knock out Midnight Hammer, if we didn't knock out their Iranian potential, if we didn't do that with Midnight Hammer, they would have had a nuclear weapon, they would have used it long before now, and at a minimum, Israel would have been annihilated. I was very lucky that we had the courage to do that, that we had the talented pilots and the great equipment. The B2 bombers are unbelievable. We ordered 25 more, by the way, the newer, better version. It's, we have the greatest military in the world. We have the greatest equipment in the world by far. You see that no matter where we go, you still need the people, though, to operate it and to use it. And those are the people that we cherish. Even after we obliterated their key nuclear sites in Operation Midnight Hammer, they. They never negotiated into good faith. They still continued to say, we want to build nuclear. We want enrichment at levels that were unacceptable. And they even turned down an offer for unlimited free nuclear fuel forever for civilian purposes. We had people offering them free nuclear fuel. They weren't interested in that because they wanted to build a nuclear weapon. So instead, the regime was trying to reconstitute its weapons program at a different site. They couldn't go back to where they were, the three sites that we obliterated. But they were starting work at another site, a different site, different kind of a site. And that was protected by granite. They wanted it protected. Granite's pretty good. But they wanted it protected by a lot deeper. They wanted to go a lot deeper. And they started the process while rapidly building conventional ballistic missiles. They were going to do it all at the same time. That threatened our overseas bases and soon could have reached even our homeland. The regime's intention was to use this exponentially growing ballistic missile threat to make it virtually impossible to prevent them from obtaining a nuclear weapon. So, as you probably saw, they had a tremendous number of missiles, most of which are now being used or destroyed and very unsuccessfully used because we have been able, for the most part, to shoot them all down. What incredible technology. The Patriots have been unbelievable and other things. And the laser technology that we have now is incredible. It's coming out pretty soon. We're literally. Lasers will do the work of. At a lot less cost. Do the work of what the Patriots are doing or what other things are doing. The situation was very quickly approaching the point of no return, and the United States found it intolerable, in my opinion, based on what Steve and Jared and Pete and others were telling me. Marco so involved that I thought that they were going to attack us. I thought they would if we didn't do this at the time we did it. I think they had in mind to attack us. And if you notice, they did something which was very foolish, very stupid, I would say they attacked their neighbors, and their neighbors were largely neutral, or at least weren't going to be involved. And they got attacked, and it had the reverse effect. The neighbors came onto our side and started attacking them, and actually quite successfully. If you look at Saudi Arabia, you look at uae, Qatar, and others, but they were strong and they were smart, but they got attacked. Nobody. When I first heard It. I said, no, somebody made a mistake. There was no mistake. UAE had over a thousand missiles shot at. It knocked them almost all down. On the very first day I came down the escalator in 2015, I said, I will stop Iran from getting nuclear weapons. And all I'm doing is keeping my promise. Think of that. That was in 2015. I said it. It was a threat then and a much bigger threat now, but no longer a threat. Not for a long time anyway. We want to keep it that way. As we continue Operation Epic Fury, we're also focused on keeping energy and oil flowing to the world. And I will not allow a terrorist regime to hold the world hostage and attempt to stop the globe's oil supply. And if Iran does anything to do that, they'll get hit at a much, much harder level. I will take out those targets that were easy and that I mentioned just before. We'll take them out so quickly, they'll never be able to recover, ever. If they want to play that game, they better not play that game. In the long run, oil supplies will be dramatically more secure without the threat of Iranian ships, drones, missiles, nuclear menace, or anything. So the Strait of Hormuz is going to remain safe. We have a lot of Navy ships there. We have the best equipment in the world inspecting for mines. Again, most of their ships are down at the bottom of the sea, but we will. We will hit them so hard that it will not be possible for them or anybody else helping them to ever recover that section of the world, if they do anything. In recent years, the regime and its terror proxies have launched attacks on hundreds of commercial vessels. We're putting an end to all of this threat once and for all. And the result will be lower oil prices, oil and gas prices for American families. We've done that. We've done it. We've brought it very low. This was just an excursion into something that had to be done. We're getting very close to finishing that, too. In the meantime, during this brief disruption, the United States is offering political risk insurance to any tankers operating in the Gulf. So we're putting up risk insurance. We'll perhaps go alongside of them for protection. We don't think it'll be necessary. If it is, and if they do anything, the price will be incalculable. It will be so great that they will have wished they never did it, because you have to keep the Straits flowing with all of that. It affects other countries much more than it does the United States. It doesn't really affect us. We have so much oil. We have tremendous oil and gas, much more than we need. We have Venezuela now as our new partner. Great partner. They've worked out so wonderful. We're working with the administration, the president and it's a massive source of oil, gas, everything. But we're in a very good position but very unfair to other parts of the world, like China as an example. I mean, we're doing this for the other parts of the world, including countries like China. They get a lot of their oil through the straits. So we're doing this. We have a very good relationship with President Xi in China. I'm going there in a short period of time and we're protecting the world from what these lunatics are trying to do and very successfully, I might add. We're also waiving certain oil related sanctions to reduce prices. So we have sanctions on some countries. We're going to take those sanctions off till this straightens out. Then who knows, maybe we won't have to put them on. There'll be so much peace. But when the time comes, the US Navy and its partners will escort tankers through the strait if needed. I hope it's not going to be needed, but if it's needed, we'll escort them right through. And we have the greatest minesweeping ability, we have the greatest ships and all of the. We know exactly where they're placed. We'll get them out of there very fast. But we hope we don't have any of that. And again, if they do that, if they play that game, we're going to hit them at a level that they have not seen before. So we're winning very decisively. We're way ahead of schedule. It's our military is the greatest in the world with the greatest equipment and the greatest people in the world. Nobody has ever seen anything like it. Iran is a very powerful country. They were going to take over the Middle east if we did not hit them. They were going to take over the Middle East. They had thousands and thousands since their last hit. They had thousands and thousands of missiles and everything else. Most are now destroyed. But they were going to take over the Middle East. Those weapons were aimed at Middle Eastern countries. That had nothing to do with this. They were going to take over the Middle east and they were going to try and destroy Israel. So we stopped it with good timing and we're very proud to be involved in this and it's going to be ended soon. And if it starts up again, they'll be hit even harder. Thank you very much for being Here. Go ahead. Any questions?
- [58:49]
Melissa Lee
Thank you so much.
- [58:51]
Donald Trump
Go ahead.
- [58:51]
Melissa Lee
Do you approve of Iran's new supreme leader? And secondly, can you tell us more about your call with Russian President Vladimir Putin today? What did you discuss?
- [59:00]
Donald Trump
Yes, I had a very good call with President Putin. We had a lot of people on the line from our side, from his side. We were talking about Ukraine, which is just a never ending fight. And when, look, there's tremendous hatred between President Putin and President Zelensky. They can't seem to get it together. But I think it was a positive call on that subject. And we obviously talked then about the Middle east. And he wants to be helpful. I said, you could be more helpful by getting the Ukraine, Russia war over with. That would be more helpful. But we had a very good talk and he wants to be very constructive. Yeah, please. Yeah, please.
- [59:46]
Melissa Lee
Thank you. Mr. President, on Iran, you called it an excursion. You said it would be over soon. Are you thinking this week it will be over?
- [59:52]
Donald Trump
No days? I think so.
- [59:54]
Melissa Lee
Okay.
- [59:55]
Donald Trump
And with respect, very soon. Look, everything they have is gone, including their leadership. In fact, there are two levels of leadership, and even actually, as it turns out, more than that. But two levels of leadership are gone. Most people have never even heard about the leaders that they're talking about. So it's obviously been very, very powerful, very effective
- [60:18]
Steve Grasso
to Cuba.
- [60:18]
Melissa Lee
You said that Cuba wants to make a deal.
- [60:21]
Donald Trump
Yes.
- [60:21]
Melissa Lee
What would the United States get in return for that? And why should Americans trust Marco Rubio to negotiate?
- [60:27]
Donald Trump
Well, Marco Rubio is doing a great job. I think he's going to go down as the greatest Secretary of State in history. Look at what we've done as a, as a presidency. Look at what we've done as an administration. They trust Marco and so do the American people. Trust he's been successful no matter where he's been. He also speaks the language, which is always nice and always helpful, but he's dealing. And it may be a friendly takeover, it may not be a friendly takeover. It wouldn't matter because they're really in. They're down to, as they say, fumes. They have no energy, they have no money. They're in deep trouble on a humanitarian basis, and we don't want to see that. But they were very, very bad to a lot of people, as you know, and a lot of people living our. The Cuban American vote, which I got at record levels. Very important. Those people are very important to me. I know. I know what they went through. They went through hell. Some of them have gone on to be some of the most Successful people in the country, Cuban, American business people, some of them are like the most successful in the country. And a lot of them are friends of mine because I've been fighting this battle with them for a long time. The Castro regime was brutal, but they lived off Venezuela. Now they don't live off. Venezuela sends them no energy, no fuel, no oil, no money, no nothing. They lived without Venezuela. They couldn't have made it. And we cut them off from everything else. So, yeah, they're going to make either a deal or we'll do it just as easy. Anyway. Yeah, please, go ahead. There's footage that shows an American missile strike and a Tomahawk missile likely destroyed that Iranian girls school. So will the Americans, will the US Accept any responsibility? Well, I haven't seen it. And I will say that the Tomahawk, which is one of the most powerful weapons around, is used by, you know, is sold and used by other countries. You know that. And whether it's Iran, who also has some Tomahawks, I wish they had more. But whether it's Iran or somebody else, the fact that a Tomahawk. A Tomahawk is very generic. It's sold to other countries. But that's being investigated right now. Yeah, please.
- [62:53]
Steve Grasso
Thank you.
- [62:54]
Melissa Lee
Thank you, Mr. President. You've said the war is, quote, very complete, but your defense secretary says this is just the beginning. So which is it and how long should Americans be?
- [63:03]
Donald Trump
Well, I think it could say both. The beginning. It's the beginning of building a new country. But they certainly. They have no navy, they have no air force, they have no antiaircraft equipment. It's all been blown up. They have no radar, they have no telecommunications, and they have no leadership. It's all gone. So, you know, you could look at that statement. We could, we could call it a tremendous success right now as we leave here. I could call it. Or we could go further. And we're going to go further. But the big risk on that war has been over for three days. We wiped them out. The first in the first two days. When you think about it, it's incredible. We wiped out a big navy, very powerful navy. You know, these were ships. These were serious ships. These were ships that you buy when you want to win battles. They're all, they're all on the bottom floor. The sailors are all running off their ships. They refuse to get on the ships. The Air Force is gone. Everything's gone. The missiles are down to a trickle. The drones are down to probably 25%, and they'll soon be down to nothing. We'll have the. Where they manufactured the drones are under fire as we speak. They're being hit. So the rest is going to be determination as to my attitude along with the people in the Trump administration, what we want to do. Thank you. Yeah, please.
- [64:35]
Dan Nathan
Can I ask you, you mentioned you
- [64:37]
Paul Sankey
were going to waive certain additional oil waivers or sanctions. Can you talk a little bit more
- [64:41]
Dan Nathan
about that and address in particular?
- [64:43]
Donald Trump
Well, we're looking at the oil prices down. We went artificially up because of this excursion into a very positive thing. I mean, this was an excursion that a lot of people wouldn't have done. I knew oil prices would go up if I did this, and they've gone up probably less than I thought they'd go up. But I don't think anybody thought we were going to be this quickly successful. This was a military success the likes of which people haven't seen. We have the best military, we have the best equipment, we have, I believe, the best generals. We have the best. And this went very quickly. We talked about that with President Putin. He was very impressed with what he saw because nobody has ever seen anything quite like it. You know, Iran was a very powerful military country with all of the missiles. Now, you had the double attack. You had the original attack with us in Israel, and that knocked them for a loop. Then you had the B2 bombers, which took out their nuclear capability. And they would have had a nuclear weapon within two weeks to four weeks. And they would have used it long before this press conference. And we might have had a much different press conference if we had a press conference at all. But it's been amazing. The military success that we've had is truly unprecedented.
- [66:07]
Steve Grasso
You said you told your congressional colleagues
- [66:10]
Donald Trump
that you will not sign any piece
- [66:11]
Steve Grasso
of legislation until the Save America act is passed. Does that include the confirmation of Senator Mullen as your next DHS secretary?
- [66:18]
Donald Trump
Does that mean a DHS funding bill? And Senator Thune said today, it's not a matter of whether or not your
- [66:24]
Steve Grasso
Republican colleagues agree with the policy. It's about changing the process. In other words, getting rid of the filibuster to get.
- [66:29]
Donald Trump
So in order to get it, you're going to need Democrat votes. And what we're saying is the Save America, not the Save act, which nobody knew what it was. The Save America Act, The Save America act, and that's voter id. We want voter id. When a voter, we want to be able to see a picture of the voter. We want to be able to see that the voter is legitimate. We want very Importantly, confirmation that this voter is a citizen of the United States of America. And we want no in, no mail in ballot scams. So we have exceptions for the military, for sick, for disabled and for people that are away. Business trips or whatever, even vacations will be very liberal. We've added two things to it. No men in women's sports and no transgender. Mutilization of our children. We don't want our. It's mutilization of our children and we don't want that. So we added those two things. That's the five points. We have. Five very good points. It polls at 86% with Democrats. Think of that. The overall vote is 86%. With Republicans, it's 98%. And the only one opposed to it is a Democrat leadership because they cheat. They want to cheat. So we added those two points. We're going for the gold and we're going to have to fight like hell. Now. Certain things will happen, certain things will take place. I'm here to do a great job for the country. But we don't have a country if we're going to have elections that are so corrupt and so dishonest like we've witnessed over the last period of time. You know, as an example, few, I mean, virtually nobody has, like we, nobody has a system of mail in ballots like we have no other country in the world. France went away from it. They all went. You know why? Because it's corrupt. And Jimmy Carter, when he had a commission, frankly, I think it's probably the best thing Jimmy Carter did. He said, you can't have mail in voting because it's inherently dishonest. And it's turned out to be totally dishonest. So we're going to fight for it. Yeah.
- [68:47]
Melissa Lee
Thank you so much for taking our questions. Has Iran activated any sleeper cells inside the U.S. there's reports that they have pressed that trigger button to activate those cells, at least abroad.
- [68:58]
Donald Trump
Well, we've been, they've been trying for a long time. We've been very much on top of it. One of the things we have to do is get the Democrats to stop the Democrat shutdown because as you know, the apparatus that looks into that, Schumer and the Democrats have shut it down, which tells you they probably hate our country a lot. But the Democrats have to open that up. But we've got very, very good intelligence into that. We know a lot of different things that have happened that have been very bad. A lot of them came in during the Biden open border period, but we have them under. We've got them. We're watching every single one of them. Yeah, we know a lot about them. The biggest problem we have is the Democrat shutdown. We know a lot about them, but the shutdown doesn't allow us to do what we have to do.
- [69:50]
Melissa Lee
Do you have to take him out? Does he have a target on his back?
- [69:53]
Donald Trump
You mean the new supreme leader? You mean the sun?
- [69:56]
Melissa Lee
How can there be an Iran?
- [69:57]
Donald Trump
Well, I don't want to. I don't want to say that, but, you know, I was disappointed because we think it's going to lead to just more of the same problem for the country. So I was disappointed to see their choice.
- [70:10]
Jared Javers
Thank you.
- [70:11]
Donald Trump
Thank you, sir. You've said you have someone in mind to be the new Iranian leadership, if not the Ayatollah, Son, what are you looking for in that person? Are you looking at someone internal, given
- [70:20]
Dan Nathan
that you just said that their leadership has been.
- [70:22]
Donald Trump
I like the idea of, you know, internal and eternal, come to think of it. But I like the idea of internal because it works well. I mean, I think we've proven that so far in Venezuela. We have a woman, Delsey, who has been, you know, president of the country. Very respected, very. She's doing a great job. And it's, you know, no disruption. We had, as you remember, Iraq, everybody got fired. The military got fired, the police got fired, the politicians got fired. There was nobody. And you know what? They turned into isis. And we don't want that. We don't want that. So. So I would like to see people that are inside go now. They talk about the son of the Shah. They talk about other people, but, you know, hasn't been there in many, many years. We have a formula that's been very good so far, and I think it will continue to be good. The relationship is extraordinary with Venezuela. Smart country. We've taken out 100 million barrels of oil. It's right now in Houston being taken care of and made so beautiful. And you have to see this at work. They have. It's brought to the refineries, it's being refined in Houston, which is made exactly for that product. And so far. But it's 100 million barrels of oil, and now they have another hundred million barrels coming. And it's like a partnership. We're getting along so well with them. It's great for Venezuela and it's great for the United States.
- [72:05]
Steve Grasso
Yeah, please go ahead, Mr. President.
- [72:08]
Dan Nathan
You just suggested that Iran somehow got
- [72:10]
Donald Trump
its hands on a tomahawk and bombed
- [72:12]
Jared Javers
its own elementary school on the first day of the war.
- [72:14]
Steve Grasso
But you're the only person in your government saying this.
- [72:16]
Melissa Lee
Even your defense secretary wouldn't say that
- [72:18]
Steve Grasso
when he was asked, standing over your shoulder on your plane on Saturday.
- [72:22]
Melissa Lee
Why are you the only person saying this?
- [72:23]
Donald Trump
Because I just don't know enough about it. I think it's something that I was told is under investigation. But Tomahawks are used by others. As you know, numerous other nations have Tomahawks. They buy them from us. But I will certainly, whatever the report shows, I'm willing to live with that report. Yeah, please.
- [72:46]
Melissa Lee
You said earlier that we've already won in many ways, but we haven't won enough. What do you consider enough? What's your base baseline where they're not
- [72:53]
Donald Trump
going to be starting the following day to develop a nuclear weapon? Where they'll look at that man and some other people from the administration and say, all right, we're not going to do it. They were not willing to say that. And when Steve called up and he said that to me, I said, well, here we go. Let's do it the hard way. But the hard way, I think, is probably the easy way, when basically I can see that, that they will no longer have any capacity whatsoever for a very long period of time of developing weaponry that could be used against the United States, Israel or any of our allies. We have great allies in the Middle east, great countries that are allies, and they were staying out of it until they got hit. Someday they'll have to do a story, why did he do that? Why did they do that? But they were going to hit them. If I didn't hit them first, they were going to hit our allies first. I believe upon information and belief, but I believe that he was going to. He was. They were going to take over the Middle East. They were looking to take over the Middle East. Now, had Operation Midnight Hammer not taken place, that was definite, because they would have had a nuclear weapon within a matter of weeks. But that took place. That was a setback. But look at the number of missiles they were able to buy and make over the last six months. And those missiles were aimed at various countries. And when you look at a thousand, over a thousand missiles shot at, like uae, they were looking to take over the Middle East. We got there first. Lucky. I'll tell you what, the Middle east and those countries, very rich countries, are very lucky that I was president instead of somebody else.
- [74:42]
Jared Javers
Are there any points of disagreement between
- [74:44]
Dan Nathan
yourself and your vice president when it
- [74:47]
Donald Trump
comes to US Action in Iran? I don't think so, no. No, we get along very well on this. He was, I would say, philosophically, a little bit different than me. I think he was maybe less enthusiastic about going, but he was quite enthusiastic. But I felt it was something we had to do. I didn't feel we had a choice. If we didn't do it, they would have done it to us. I felt based on the negotiations that were being had by Steve Witkoff and Jared Kushner and Marco and Pete, and everybody was involved, I felt that they were going to. That they were looking to tap us along before they hit, and I thought they were going to hit. And if they hit us first, that would have been a very bad thing. In the back, please. In the back? About the Strait, you mean? Yeah. Well, I want to keep it open. I want to keep it good. You know, it doesn't pertain to us so much as it does to China. We're really helping China here and other countries because they get a lot of their energy from the Straits. But, hey, look, we have a good relationship with China. It's my honor to do it.
- [76:03]
General Wesley Clark
Yeah.
- [76:07]
Melissa Lee
You have called him an unacceptable choice. So does he have a target on his back? And how can you.
- [76:12]
Donald Trump
I don't want to say whether or not he does, because that would be inappropriate. But, hey, look, I had a target on my back because, as you people wrote pretty well, they caught the assassin that was after me. So we just got them first, but they caught the assassin. They have him now in custody that was after me. So, you know. But people don't like to mention that, but they did catch him, and I'd like to congratulate our military, secret service, FBI, all of the people that worked on that. But they did. Yeah, please, go ahead. No, go ahead, please.
- [76:46]
Melissa Lee
Thank you, Mr. President. You promised the Iranian people you would help them, but it sounds like you're willing to end this fight after your military objectives have wrapped up. Is that. Isn't that a betrayal of.
- [76:55]
Donald Trump
Will I help them? I'd like to, if they can behave, but they've been very menacing. You know, they're great people. They have an amazing population. It's amazing. Smart, brilliant, energetic. They have a great. I'd love to help them, but they have to be in a system that allows them to be helped. And right now, they're in a system that only allows failure, and I don't want that. And I want a system that's not going to be attacking us. We want a system that can lead to many years of peace, and if we can't have that, we Might as well get it over with right now. Yeah, please.
- [77:32]
Karen Finerman
Thank you.
- [77:32]
Melissa Lee
Mr. President, as of today, there have been eight U.S. military fatalities associated with the war in Iran. How many American deaths are you willing to have in this war?
- [77:43]
Donald Trump
Well, as I said before, when you have conflicts like this, you always have deaths. And I was at Dover yesterday. I met the parents and they were unbelievable people. They were unbelievable people. But they all had one thing in common. They said to me, one thing, every single one. Finish the job, sir, please finish the job. And I'll leave you at that. Thank you very much, everybody. Thank you. Thank you.
- [78:19]
Melissa Lee
Miss We've been watching President Trump making comments about the war in Iran. A couple of key messages here. He says that we are ahead of the initial timeline by a lot. Those are his words. He also repeatedly used the word excursion, implying that it's short term. When asked if it would be a week, he said no, but soon. He was also asked about what winning means. He because he had said in the press conference they haven't won enough. When asked about what that meant, he says when the Iranians have no capacity to develop any weaponry used against the US Israel or its allies. Also interesting to come out of this. He said that they're doing this strike for their allies, for the allies, including China. And he did reaffirm that summit in April with President Xi Jinping of China. So that is still on. We'll see how the futures react, especially after today's huge reversal. He did make the initial comments about this being a short term excursion. During the regular session, we did see that bump higher, so see if that carries over when Asia opens and then of course, when the US Starts trading tomorrow morning. Thank you for watching our special coverage. We now join Mad Money with Jim Cramer in its entirety. All opinions expressed by the Fast Money participants are solely their opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by them on television, radio, in 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 does your day move faster than you can keep up with new Gatorade?
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Donald Trump
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