Fast Money Podcast Summary: "Under The Surface Market Moves… And Novo Nordisk Plunges" – July 29, 2025

Hosted by Melissa Lee with insights from Tim Seymour, Steve Grasso, Dan Nathan, and Guy Adami

Introduction

On July 29, 2025, CNBC's "Fast Money" aired a comprehensive episode titled "Under The Surface Market Moves… And Novo Nordisk Plunges." Hosted by Melissa Lee and featuring a roundtable of top traders, the episode delved into the day's significant market movements, trade negotiations, and pivotal earnings reports. Broadcasting live from Studio B at the NASDAQ in Times Square, the panel provided actionable insights for investors navigating a tumultuous financial landscape.

Market Overview

Despite the initial optimism, with both the S&P 500 and NASDAQ setting new intraday records, the major indices concluded the day in modest red territory. Melissa Lee highlighted the day's key drivers:

• Bond Yields: Declined ahead of the anticipated Federal Reserve decision.
• Currency Movements: The dollar reached a one-month high against the euro.
• Commodity Prices: Crude oil surged nearly 4% on hopes of trade relief.

Melissa summarized the day's market behavior:
"We start off with what could look at first glance like a relatively quiet day for stocks. While the S&P and Nasdaq both set intraday records early in the session, all three major indices finished the day in shallow red territory."
(Timestamp: 00:49)

Under the Surface Market Signals

Guy Adami emphasized the importance of scrutinizing seemingly calm market days for underlying warning signs:

"You have to pay attention to them without question. And obviously tomorrow we could come back, they all could be making new highs. But you wait for days like this to give you some indication that maybe something's turned."
(Timestamp: 02:19)

The discussion highlighted significant movements in specific stocks such as UPS (down over 10%) and InVideo (nearly 1% decline), suggesting potential shifts in market dynamics despite overall index stability.

US-China Trade Talks Update

A substantial portion of the episode focused on the ongoing trade negotiations between the United States and China. Eamon Jarrah reported on the latest developments from Stockholm:

• Trade Negotiations: Treasury Secretary Besant indicated limited progress, with no specific agreements reached.
• Tariff Extensions: There was speculation about a potential extension of the Aug. 12 tariff deadline, pending President Trump's approval.

Guy Adami provided analysis:
"It tells you that the extension is really what this is all about. And I guess both sides have posturing to be able to say this is where we got something."
(Timestamp: 12:41)

This uncertainty contributed to mixed market reactions, with investors awaiting clearer outcomes from the negotiations.

Earnings Reports and Individual Stock Performances

UnitedHealth Group

• Performance: Shares dropped 7.5%, marking a nearly 60% decline from its record high.
• Guidance: The company cited higher medical costs and challenges with Medicare Advantage plans.
• Leadership Change: New CEO Stephen Helmsley provided the first guidance under his tenure.

Melissa Lee noted:
"At $260 a share, the forecast adjusted EPS of 16. That's a little bit more than half of where that forecast was."
(Timestamp: 17:04)

Boeing

• Performance: Shares fell over 4% despite reporting a narrower Q2 loss and delivering the most airplanes in over six years.
• CEO Statement: Kelly Ortberg expressed confidence in achieving positive cash flow by Q4.

Guy Adami commented:
"There's nothing today that knocks me off the market stock."
(Timestamp: 37:25)

CyberArk

• Performance: Shares surged over 13%, reaching an all-time high following reports of a potential $20 billion acquisition by Palo Alto Networks.
• Market Impact: The deal would create significant synergies in the cybersecurity sector.

Adami analyzed:
"Palo Alto wants to go deeper in there. They see the opportunity to do some cross selling and gain some market share."
(Timestamp: 38:28)

Starbucks

• Performance: Shares rose 3% in after-hours trading despite mixed earnings results.
• Earnings Highlights:
  • Revenue exceeded estimates.
  • Same-store sales declined for the fifth consecutive quarter.
• Strategic Initiatives: Introduction of the "Back to Starbucks" plan focusing on improved staffing and customer engagement.

Melissa Lee summarized:
"Three consecutive quarters of US transactions comps improving so the company saying that the back to Starbucks plan is working even though the financials are not quite there yet."
(Timestamp: 21:44)

Visa

• Performance: Shares dropped 3.5% despite surpassing EPS and revenue expectations.
• Guidance Concerns: Visa maintained its full-year revenue growth outlook at low double digits, below analyst expectations of 11.5%.

Guy Adami explained:
"When you're trading at that valuation and you give guidance like that, you're going to suffer a little bit."
(Timestamp: 27:10)

Novo Nordisk

• Performance: Shares plummeted 22%, the worst day since 1987, after the company slashed guidance for the second time in the year and announced a new CEO.
• Challenges: Increased competition in the weight loss drug market with products like Wegovy and Ozempic facing compounded issues.

Melissa Lee reported:
"Shares of Novo Nordisk dropping 22%, its worst day since Black Monday in 1987 after the company slashed its guidance for the second time this year."
(Timestamp: 31:26)

Guy Adami provided insight:
"It's too soon to buy."
(Timestamp: 35:09)

Retail Trader Sentiment and Trading Trends

A segment featuring Charles Schwab's latest survey revealed a rebound in retail trader sentiment:

• Bullish Sentiment: 57% of respondents are now bullish on stocks, the highest since the survey's inception in 2022.
• Cautious Optimism: While bullish long-term, many traders exhibit caution in the short term, adopting hedged strategies to mitigate risk.

Guy Adami stated:
"There's a bullish story long term and maybe some caution in the short term that maybe things are a little bit oversold."
(Timestamp: 40:42)

The evolution of retail trading strategies indicates a more informed and risk-aware investor base, moving away from highly leveraged strategies towards more balanced approaches.

Additional Market Movers and News

• Spotify: Shares dropped nearly 12% after missing earnings expectations.
• Corning: Contrarily, shares jumped nearly 12% after exceeding EPS and revenue estimates.
• Union Pacific: Announced a potential $72 billion acquisition of Norfolk Southern, creating the country's first coast-to-coast freight rail operator.
• Kering: Shares fell after reporting a 25% plunge in Gucci sales, driven by weaker performance in key markets like Japan and Asia Pacific.

Netflix Update:
"Happy Gilmore 2" became the number one film on Netflix, generating 46.7 million views over three days and boosting interest in the original film.
(Timestamp: 29:01)

Conclusion

The July 29 episode of "Fast Money" highlighted a day of nuanced market movements characterized by high-profile stock performances, ongoing trade negotiations, and mixed earnings reports. While major indices showed resilience by setting intraday records, underlying sector-specific challenges and geopolitical uncertainties presented cautionary signals for investors. The evolving sentiment among retail traders, leaning towards long-term bullishness with short-term caution, underscores the complexity of navigating today's financial markets.

Notable Quotes:

• Guy Adami [02:19]:
  "You have to pay attention to them without question... this is how it starts now."

• Melissa Lee [00:49]:
  "Trouble lurking. The S&P 500 and NASDAQ setting new intraday records before pulling back today."

• Guy Adami [31:57]:
  "Most definitely. I mean their only asset is semaglutide..."

• Melissa Lee [17:04]:
  "At $260 a share, the forecast adjusted EPS of 16..."

• Guy Adami [37:25]:
  "There's nothing today that knocks me off the market stock."

This summary encapsulates key discussions, insights, and conclusions from the "Fast Money" podcast episode, providing a comprehensive overview for those who haven't listened.