CNBC Fast Money — Episode Summary

Episode Title: Stocks Surge As Powell Indicates Potential Rate Cut… And Nvidia Results On Deck
Date: August 22, 2025
Host (for this episode): Brian Sullivan (for Melissa Lee)
Panelists: Tim Seymour, Carter Worth, Bonawyn Eison, Steve Grasso

Episode Overview

This episode of Fast Money, broadcast live from the NASDAQ MarketSite in Times Square, explores a euphoric end-of-week rally on Wall Street. Stocks soared after a speech from Federal Reserve Chair Jerome Powell at Jackson Hole, signaling a potential rate cut in September. The show dives into whether the market rally is justified, breaks down the Fed’s messaging, discusses a surprise U.S. government stake in Intel, and offers sharp takes on sectors like crypto, solar, home goods, and rideshare ahead of Nvidia’s highly anticipated earnings.

Key Discussion Points & Insights

1. Market Rally & Powell’s “Dovish” Tone

Timestamp: 02:30

• The Dow surged 850 points, its first record close of the year. Small caps (Russell 2000) led.
• Rate-sensitive sectors (homebuilders, flooring, banks) outperformed.
• Key Driver: Fed Chair Powell comments at Jackson Hole: “Our policy rate is now 100 basis points closer to neutral than it was a year ago ... Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.” (Jerome Powell, 03:00)
• The market now expects a higher probability of a September rate cut.

Panel Reactions

• Tim Seymour:
  • “Inflation is still an issue for the Fed ... I do expect we will get a hawkish cut in September.” (05:20)
  • Warns that “removing all the other broader dynamics for markets is not the right thing to do.”
• Steve Grasso:
  • Emphasizes Powell didn’t outright promise cuts: “He talked a lot about inflation, he talked a lot about tariffs. I could read ... and I could make a case for a rate hike—not a shot, but I'm saying it was really an odd speech where he hedged both sides.” (07:05)
• Bonawyn Eison:
  • Challenges the market’s optimism: “I think the market is essentially saying that we’re now in an easing cycle, and I’m not sure if that’s right. I think that’s a bit premature.” (10:45)

2. Market Reaction “Overdone?” & Technical Context

Timestamp: 13:40

• Carter Worth:

  • Skeptical of magnitude of rally based on odds-implied moves:
    "73 to 87 [percent chance of September rate cut] is not that big of a percentage change, is it? Why was that enough to move the market almost a thousand points? Nonsense on the Dow today. That's the fickle nature of the thing." (13:55)

• Steve Liesman (CNBC’s Fed Reporter):

  • Cautions against overexcitement:
    "There are several remaining hawkish members ... Will they fall in line? ... It’s not an easing cycle yet. Something still has to fall in place before that September rate cut." (16:55)
  • Adds, regarding potential inflation surprise:
    "Powell ... gave us a number that he thinks [core PCE] will be 2.9% ... The Fed is going on a feeling here." (19:25)

3. Breaking News: U.S. Government Takes 10% Stake in Intel

Timestamp: 22:05

• Eamon Javers (White House Correspondent):
  • Reports that the U.S. government now owns 10% of Intel, worth ~$11 billion, using already-committed CHIPS Act funds.
  • Some ambiguity remains on structure/dilution; "The President is saying ... no new money ... the company saying the US taxpayer is getting a discount on the shares." (25:35)
• Panel's Reaction:
  • Debate over the semantics of “taking” vs. “buying” the stake and potential market impact.
  • A notable moment: “Is that taking the stake? Or is it buying the stake? It wasn’t buying the stake at the time the money was committed—it’s certainly taking the stake now and renegotiating the deal after the fact.” (Eamon Javers, 28:00)

4. Market Sentiment & Rate Cuts — Is This Different?

Timestamp: 30:45

• Peter Boockvar (BFG Wealth Partners):
  • Skeptical of sustainability: "The market's been trained to rally whenever the Fed tells you they're going to cut interest rates." (31:15)
  • “We’re in a rate tweaking cycle, not a rate cutting cycle ... if inflation's at 2.9 and the core PCE confirms that on Thursday, 3.9% technically is where the Fed funds rate should be ... One or two cuts gets you there and not much more.” (32:50)
• Brian Sullivan:
  • Points out inconsistency in Fed’s recent communications:
    "I'm old enough to remember 24 hours ago we got the Fed minutes and they were fairly hawkish. Now we get this speech, which is ... dove-ish-ish. What happened between?"

5. Crypto Surge Amid Broader Rally

Timestamp: 39:55

• Bitcoin and crypto stocks soar with the rally.
• Steve Grasso:
  • Views “Ethereum and others” as more attractive due to higher volatility and use cases:
    “You’re going to get a larger volatility spots with the smaller coins ... Bitcoin just becomes digital gold ... rest of the crypto space is built on Ethereum’s platform, so there’s use cases behind this.” (40:35)

6. Home Goods and Tariff News

Timestamp: 36:30

• President Trump announces new tariff probe on imported furniture, hitting major home goods stocks in after-hours.
• Carter Worth:
  • Downplays impact: "These are very small companies ... home building stocks acted well and that is a much more important data point than this ... idiosyncratic." (37:05)

7. Streaming Wars: MLB, ESPN, Disney & Media Moves

Timestamp: 46:10

• Julia Boorstin (CNBC):
  • MLB close to rights deals with ESPN ($550M), NBCUniversal, and Netflix (Home Run Derby).
• Tim Seymour:
  • Bullish on Disney: “I think ESPN is a standard, a gold standard ... intrinsic value of ESPN to Disney is misunderstood ... I think Disney’s going higher.” (48:20)

8. Nvidia’s Earnings Preview

Timestamp: 49:25

• Next week’s Nvidia earnings expected to be market moving.
• Steve Grasso:
  • Admits he’s missed the Nvidia rally: “I thought it would pull back ... I can’t buy it at this point ... There’s got to be some sort of step down on stock price at the very least.” (50:10)
• Bonawyn Eison:
  • “This is an AI-led market ... I have a hard time stepping away from that if I'm going to continue to be a buyer in this market.” (51:15)
• Carter Worth:
  • Urges caution: "I'm in the Steve Grasso camp ... take measures. Trim, reduce, hedge going into earnings.” (52:40)
• Mike Coe (Options Action):
  • Options market expects a 6% move post-earnings, calls outpace puts. Suggests using covered calls to protect gains.

9. Lyft Technical Breakout

Timestamp: 55:05

• Carter Worth:
  • Examines Lyft’s technicals: “It’s this basin bottom that is appealing ... we have just now moved above that well-defined downtrend line ... I think Lyft is a catch-up trade for the market.” (55:45)
• Steve Grasso and Tim Seymour:
  • Both long the stock; cite new management as a positive.
• Bonawyn Eison:
  • Cautious but sees 20–30% short-term upside: “I just have a hard time with the opportunity cost of not investing in something else ...”

10. Solar Stocks — Best in Class

Timestamp: 59:02

• Solar sector rallies; First Solar highlighted as top pick.
• Bonawyn Eison:
  • “First Solar is utility grade scale ... I do not think you want to think of solar as a monolith. But First Solar I think is again, best in class.” (59:50)
• Steve Grasso:
  • Emphasizes stop losses in "headline-sensitive" stocks.

11. Final Trades

Timestamp: 01:02:55

• Tim Seymour: Delta Airlines — “not every airline stock has a thorn ... I think airlines are going to hit new highs.”
• Carter Worth: Expedia — expects breakout to new highs.
• Bonawyn Eison: Target — “I don't think issuing 2 trillion possible buying power is good business.”
• Steve Grasso: Ethereum — “a lot of juice left in that.”

Notable Quotes

“Our policy rate is now 100 basis points closer to neutral than it was a year ago ... the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
— Jerome Powell (03:00)

“The market is essentially saying that we’re now in an easing cycle, and I’m not sure if that’s right. I think that’s a bit premature.”
— Bonawyn Eison (10:45)

"73 to 87 is not that big of a percentage change, is it? Why was that enough to move the market almost a thousand points? Nonsense on the Dow today. That's the fickle nature of the thing."
— Carter Worth (13:55)

“The Fed is going on a feeling here. And that feeling ... is that these tariffs will be one-time price increases. They can give it a quarter because they're still restrictive. But if that inflation doesn't start heading towards the 2% target, I would not count on additional rate cuts beyond say another quarter or so.”
— Steve Liesman (19:25)

"I'm old enough to remember 24 hours ago we got the Fed minutes and they were fairly hawkish. Now we get this speech, which is ... dove-ish-ish. What happened between?"
— Brian Sullivan (34:20)

“The most important news right now is that the two co-founders resigned [at Lyft] ... I think that's the reason for the turnaround.”
— Tim Seymour (57:40)

Timestamps for Key Segments

• Market Open & Powell Reaction: 00:45 – 05:50
• Panel Analysis on Rates: 05:50 – 14:30
• Fed Nuances & Market Overreaction: 14:30 – 21:00
• Intel Stake Breaking News: 22:05 – 29:00
• Rate Cycle, Boockvar Insight: 30:45 – 35:25
• Home Goods, Tariffs News: 36:30 – 41:00
• Crypto Moves: 39:55 – 41:15
• Streaming Wars, Disney & MLB: 46:10 – 49:30
• Nvidia Earnings Preview & Options: 49:25 – 54:15
• Lyft Technical Outlook: 55:05 – 58:00
• Solar Sector Spotlight: 59:02 – 01:01:20
• Final Trades: 01:02:55 – 01:04:00

Episode Tone & Approach

• Direct, energetic, at times skeptical.
• Actionable investment insights, with traders often expressing caution.
• Jargon-heavy but peppered with trader wit and pop culture references.

This episode is essential listening for investors looking to make sense of sharp market moves, Fed policy signals, and sector standouts as the summer rally builds and market-defining tech earnings loom.