going to have to see if they lose their crown as largest company by revenue to amazon when we get those earnings tomorrow. we know that stock has been an investor darling, amid the focus on lower end consumers in the tradedown in a high inflation environment. that's going to do it for us here at "overtime." >> “fast money” starts now. live, we're going to do it live from the nasdaq market on a record-breaking day for your money, hopefully, this is "fast money." here's what's on tap. cpi surge. stocks jumping after the latest inflation report. all three major indexes notching closing and intraday records. the dow now less than 100 points from 40,000. did this morning's cpi print just give the market bulls the green light? plus, bet on the banks? the group is quietly outp outperforming the broader market, and a slew of names are hitting 52-week highs today. can that rally roll on? we're going to go off the charts

to find out. and later, apple hitting a three-month high as its comeback rally takes hold. the old guard tech titan dell jumping to new highs and a nice market cap. it is something. and bitcoin's big bo bounce-back. over 66,000. why the crypto coin is going from here. i'm in tonight here for melissa lee. i had to be here. i want to be here. >> yes. >> i do. >> yes. >> coming to you live from studio b at the nasdaq. and i feel like this thing might, like, this is elon musky here, this is my first time. >> spaceship. >> this is much more high tech than your desk. >> do i need to have a badge i used to wear in a lab to see how many -- is it radiating? >> makes you feel good, joe. >> i hope not. tonight, who is here, well, you've seen everyone, tim seymour, karen finerman, steve,

i like to say grasso. >> it's pronounced grasso. >> more accurate. >> and my name, i see you a lot in the morning, chris verrone, technical macro research at strategis, which is a steeple company. we're going to start the cpi-fueled rally on wall street is where we're start. ppi-fueled rally. explain that. the dow, the nasdaq, and the s&p 500 all closing at records. the s&p breaking above 5,300 for the first time ever. the dow got within 65 points of 40,000. and that was after april cpi came in at 0.3%, ending a three-month streak of hotter than expected inflation. and that sparked hopes, maybe, that the fed can get started with rate cuts sooner than the most recent forecast, which was later than forecast before that. but now there's a chance of a move by june, that jumped in the last 24 hours. the benchmark ten-year, mean

while, tumbled below 4.4%, its lowest level since early april. gold moved, i mean, all the markets moved and did exactly what you would expect if you really believed this number today. so, did today's eninflation report give the all-clear for stocks? the revisions yesterday, is that why we turned around? and then today, is that two in a row of -- of cooler numbers? >> yeah, and i think everyone was just so poised for a hot number. we've had a trend of hot numbers, so, everyone thought the cuts were sort of off the table. so, i'm still at three. >> i thought you were going to say six. >> no, no, i cut back from six. >> this year? >> i'm still at three this year. i think they go in july, september, and i think they go in either november or december, but i think there's a total of three. >> they must really want to go, because there's no -- >> they have -- first of all, they really do want to go. when you hear chair powell say,

when he talks about the markets, he's measured, but i think he needs to go. >> well, he can't help himself. >> why? >> every time -- i don't know why. first of all, joe, great to have you. >> good to see everyone. thank you. >> been awhile. we miss you. >> that means -- old? i could be harry. >> okay, i think that cpi number, there's a couple of things you draw from it. we're 1.4% away from the fed's pce target. we're not that close to where they want to be. are they going to make adjustments? none of us really know. should they? that's both a political and, i think, a -- an economic theoretical issue. i do think you have the case with that cpi number, wasn't that fantastic. you had owners equivalent rent that's sticky. services part of the inflation picture remains very rough. but what the market gave you on the back of that, we debated this last night. do we think the market was positioned for a weaker number

or would that be a sell the news, if it was a weaker number. look at semiconductors. they closed at -- if you're looking at the stocks, the smh, smh closed at 234, which is where it was on the march 7th high. the leadership coming in the market of the form of both the megacap tech stocks, apple is suddenly a leader again, but the broadening, the banks was an exciting part of this. so, i just think the market from a positioning perspective has a runway. and they have a runway, and they have a runway that i think -- whether the fed wants to or doesn't, retail sales number that were decent, this economy's not falling apart. rates are moving lower. >> tim, i made add to that, i think this business is always about how much space between what should happen versus what could happen. and i think we probably all agree the fed probably should not cut rates into the fact pattern that we have, but that doesn't mean they won't. and who has had this right all year is gold. gold told us all year that what should and could happen may be wildly far apart, and you look at the price action today, and

the only fed speaker i care about is the two-year yield. and that never made new highs. yesterday reversed on a hot ppi number, and look at today, not just domestically, but globally, they're breaking down. and what leadership do you get from that? these banks act great. all the reach rallied today. i think it's telling us the leadership fabric of the market has been suggestive that, you know, we have probably seen the cycle high in bond yields here. >> who thinks we get to 2% on inflation this year or next? >> the two handle or two? >> two. >> 2.0. >> where they got to go. >> oh, i don't -- >> you're saying if they see light at the end of the tunnel, they'll be able to cut. they don't really -- that's the same as moving the goal posts, isn't it? >> i think a two handle is enough to declare victory. >> 2.9 is not 2. >> right. i don't think -- i don't think -- >> that's where we're going, they're insisting. >> i mean, we're not trading in a vacuum.

we have this fiscal situation, and, i mean, that sort of makes things very noisy and difficult for them, but -- yeah -- >> you think we are restrictive right now? >> i don't, actually. i don't. >> doesn't look it. >> then why would you cut? why would you cut -- >> because we are higher than real rates, and by the way -- >> we're restrictive. >> we are. >> wait. the normal course is to be higher than real rates. i mean, right? >> that's got to fall. >> yes. >> the whole thing has to fall a little. >> they did -- they already cut, they -- if you want to look at qt, you cut back from qt, that's de facto easing, right? so, you've already cut rates. so, it's just a matter of doing the headline where you cut 25 basis points. but when tim talks about owners equivalent rent, there's a lot of stuff in housing that if he cuts rates will come down. cpi, i mean. rent or housing is a third of --

of the cpi, and if you add in services, you're going all the way up to 75% of cpi. so, there's a lot of things in there, if you -- by the way, when you cut, it's never supposed to be, like you feel like you're cutting, because if jobs are cascading lower, he waited too long. the fed is never in danger of -- about being ahead of the curve. >> you seen the nasdaq ripping like this, and bit count ripping like this -- why would you think you needed to cut? you worked so hard to get a little bit of dry powder back in yields and 5%, you know, i remember 8%, 9%. >> well, and i would also make an argument that higher yields are not necessarily a reflection of higher inflation. there's also a premium that we're paying the government now to invest in this country, and, you know, even though i think we are the best place to invest, the credit profile has changed. and i think there's a dynamic here where we look at yields, and let's not confuse the two. i think policy as they say, by

definition, if we are restrictive, if we're above the risk-free rate, but we all recognize the dynamic. financial conditions are very loose. and the fed is actually targeting to stimulate the economy. the first thing they did after the crisis was target ten and ten. 10,000 on the dow, i know that sounds like a long time ago, and below 10% on the unemployment rate. so, there's no question that the stock market, the wealth effect, the dynamics here, financial candidates are out of control. look at the price of copper. we talked about it last night. all-time highs in dr. copper. that's a function both of the economy and where there is, you know, there's very structural things, copper specific, but there's a story throughout precious metals, industrial metals, the commodity complex that is telling you -- there are people that are speculating. there's a lot of money at work. >> tim, is this still the best place in the world to invest? i think what's been notable about this rally the last four, five weeks is, s&p did not make a new high first, right? europe made a new high first,

eem made a new high first, the move in copper, certainly the move in gold, like, when you're coming out of these corrective phases -- >> and who is going to be cutting? ecb, boe, so we're going to be last. and this is a global market. so, you don't want to be the only one not cutting. because then you're going to hit all of your multinationals, because your currency is going to strengthen. so, you might get forced into it, if all other central banks are cutting, then we have no choice to cut. so, i agree on paper, it doesn't look like we should be cutting. he's going to be cutting. >> got a guy here who might have some opinions. for more on today's inflation read and what it means for the fed and when or if we will see cuts, let's bring in wells fargo senior economist michael fuglisi. >> thank you for having me, joe. >> you were listening. is everyone f.o.s., or, does anyone know anything? >> the inflation discussion to

me, it's a glass half full or half empty. where i look at the inflation outlook right now, take core cpi as an example. it's at 3.6%. that's the lowest we've been at in three years. we've moving lower, slowly but environment. 3.6% is still really high. >> 37 months above 3%. >> to give you scale for that, 2.4% was the high in the 2010s. so, you're still 100 basis points above the highest we saw over that entire decade. but again, down from 7%, 8%, 9%, and moving in the right direction. >> we didn't know it but moving in the right direction until today. >> that's fair. three bad prints in a row. >> yeah. >> took the fed out of the play. so, this is for sure. markets look like it today, and if you, you know, the two-year is the only fed guy to listen to, i mean -- >> mr. two-year. >> mr. two-year. so, how many this year? >> i think two.

i think three, i'm a little skeptical we'll get to three. i would probably bet on one before three, but i think they'll go this year. if we keep grinding lower like this, and we were at 4% at the end of last year, at 3.6% today, if you can get the low to mid th threes, high twos on core pce, i think they'll go. it will be slow and gradual. i don't expect it to be a really strong pace of easing, but one or two cuts this year, i think, is very realistic. >> that's a lot different than higher for longer oran increase, and there's people around, druckenmiller was on ten days ago, said that this was a fumble at the 5 yard line and we're going to end up having to come back and revisit inflation, it stays, you know, too high. >> and particularly if we get a shock. that's what the fed worries about. sure, we're on this trajectory, but it's been upset before. omicron wave, fiscal stimulus that comes out of nowhere, and that, think,i think, is the wor

them. it takes one more shock to set them back. >> powell is worried about something breaking. i couldn't figure out why he is just so dead set on -- >> that's not their policy. their policy isn't to judge what's going to break. >> why else would he be so dead-set on cutting, tim? and he's been -- >> i hear you. >> when he shouldn't be and he gets numbers, we're not going to do it now, we're closer. he didn't know if we were closer. maybe he did after today. >> you're right. and back to michael, i mean, why do you have to cut? i mean, if this is a data-dependent fed, not worried about the long lag effects of monetary policy, if they did, they wouldn't be the fed. they're not traders. so, what is it about the macro right now that says they have to cut, we're all full employment. jobless claims tomorrow, you know, are starting to become this volatile series, if you want to be half empty, you can say, hey, look, it's starting to

break. but just explain to me why we have to go. i mean, you seemed pretty matter of fact about it, too. >> the way i kind of think about, do they have to go is two things. you don't get a lot of warning when you're no longer going to be at full employment. things tend to deteriorate pretty rapidly. late 2000s, they were done hiking and by january, there were emergency cuts and you got 475 basis points of cuts that year. the second thing is, there are cracks, right? look at the new york fed's household debt this quarter. consumer delinquencies are ticking higher for credit cards, auto loans. the labor market, yeah, headline job growth, but look at the quit rate. that's a really cyclical indicator. quit rate high, people feel confident, they are getting pay raises elsewhere. quit rate has plunged. and already a little below where it was in 2019, which tells me, yeah, headline job growth is strong, but you're slowly but surely underneath the surface seeing slowdown. >> michael, what would surprise

the consensus more, upside surprise or downside surprise to growth? >> i think a downside surprise to growth at this point, which is a lot different from where we were a year ago, where i kind of look across the street and it's become so much more consensus. soft landing, growth of 2%. the path few months have gotten some inflation expectations racheted up. so, i think both would surprise, but i think the growth outlook, you see it in asset prices, has gotten a lot more placid relative to the inflation side of things. >> all right, michael, good to meet you. you been on in the morning? >> once or twice -- >> did you just poach openly? >> didn't think about that. >> better fly your spaceship over here, man. >> we're right downstairs. meanwhile, apple jumping today after bank of america reiterated its buy rating. so far this month, apple is up over 11%, compared to 5% for the

s s&p. in may, the stock now just 5% from the record that it hit back in december. nvidia closing back in on some records, now just $30 from march highs. i don't know if anyone predicted that, chris. >> i don't think many did. >> yeah, i mean, at this point, it seemed like nvidia, you know, when you've got -- another -- druckenmiller again, it moved enough where some people said, i think i'm going to sell part of my position. >> i think what's actually a little comforting about this recent move in nvidia, it's been accompanied with other semis working. the past four, five months was actually pretty narrow in semis. this has broadened out. you have adi, you talk about apple. the gap through 180 in apple, any time you gap through big levels, as this did over the last several days, pay attention. >> well, and it's been now almost a month of apple outperforming the s&p, which was a very decided 20% und

underperformance from december 8th through to that period in early march. and it wasn't just their numbers, so, that leadership is impressive. i think the places that are interesting to look, if you are of the view that this is a bit of an all-clear, you have to look at software, too. so, look at two monsters like palo alto and adobe, and these are names that gave really, you know, their announcements a couple months ago, the guide wasn't so great. software typically has followed the semis move in the cycle. i'm curious to see what's going to happen there. i think there's opportunities there. if you look at the broader, you know, we talked about banks, but if you look at the broader side of the industrials, airlines don't go down. delta airlines every day is up 50 basis points. and to me, there's a dynamic here where i just think the normalized part of the industrial space is the space where these guys seemingly are telling you a little bit about a.i. in their margin profile, but they're telling you their business is strong. >> nvidia was $200 lower a month

ago. so, we're still susceptible. everyone coming in to cover their stocks, buy-backs are back, earnings we worked through. so, i think we're still going to test the 200-day. it's going to be a flash test and we're going to get right to cut and we rally right into s the year end. >> when you start seeing articles, i saw it on some website, it said tim cook is out of ideas. that reminds me -- weren't they going to close the patent office in the late 19th century or something, everything had been invented. >> he was never going to have a good idea when he came in. >> he was an operations guy. >> tim cook is out of ideas. i mean -- that's a buy. >> he's not out of money. part of this move in apple is capital markets. it's a dividend, it's the ability to engineer. i'm not saying they're eng engineering earnings, but the predictability of the earnings flow -- tim cook -- the stock tells you he's done a great job. >> have you looked at that mess?

>> who -- >> what happened to that website? do you know? >> no. >> you don't look at it anymore? >> i haven't looked at it in a very long time. >> there's no reason to. it's out of control. >> just to put a bow on it, apple has never innovated. so, there's a case to be made that they're gjust getting into the a.i. ball. they have never been there before, and now, they're sort of grasping at straws trying to compensate for the china headwind or the doj headwind, they have multiple headwinds and they've seemed at this point able to get a tailwind of a.i. >> all right. okay. yeah, you sell tim cook -- i'm not going to do it. i'm going to be on the sidelines. coming up, some afterhours action to bring you. shares of cisco on the move after reporting. details about that quarter next. plus, visa announcing a new update -- new updates to its payment offerings. how a.i. is factoring in and how it could change the way consumers pay ahead. don't go anywhere.

"fast money" is back in just a couple minutes. you're watching "fast money" here on cnbc. we'll be right back.

welcome back to "fast money." and we have a news alert on peloton. shares on the move after report that the company is in talks with jpmorgan for an $850 million loan sale to help with its debt load. just sad, $4. $4. >> yes. that's a lot. i guess -- the thing is, just a little refinance, put a little more time to sort of get it together. it's sort of an option. if we have more life, if they have debt, so, they have cash in the short-term, they have more life. then it will be all right, i wouldn't own it here. earnings from cisco. shares jumping after the company gave upbeat guidance for the full year. the conference call got under way in the last hour. kristina partsinevelos is here. hey. >> hey. what we're seeing is that orders are coming back for this name. during q-3, the company completed its largest

acquisition and added over $400 million specifically in q-3 revenue. he talked about more reoccurring annual revenue, as well. the acquisition, though, this is a key, this is part of a push to remake cisco not only as a networking provider, but also a software provide r, right? everybody wants to cover all assets. cisco shares, up, what, 5%, nasdaq up 35%. and you had just the last two quarters, they lowered guidance, among demand weakness, especially amongst enterprise customers. well, this time around, starts to see some improvement. i was able to chat with just earlier, and though telecom customers is relatively muted still, that i are starting to see signs of stabilization. he made similar comments on the earnings call, which is the quote you're seeing on your screen. the ceo also saying they are seeing product order growth in two of the largest product portfolios, data center switching and campus switching. that's really just the process of connecting, you know, your

computer with your printers, access points, et cetera. the market is reacting policy. there was more comments on a.i. on the call. but the bar but lower and they were able to surpass that low bar. >> i can't get past the $600 billion market cap, when ge was worth $600 billion. would you buy cisco at this point? long-term? >> before we came back from commercial break, i kind of, you know, lamented to this group that i've owned cisco for a couple years and there was a time two years ago, i thought it was an interesting value play in megacap tech. part of it was the networking business that i think was at least stable, and sideways, but there was the software revenue that was at least a higher margin dynamic. the bottom line is that cisco has significantly underperformed the group. we are trying to see them get into the higher margin parts of software and services, but really, it's taken a long time. and so, if you think about going into this quarter, this is where i think the expectations were so low, if you think about also the

guide for '25, they've have an investor day on june 4th. no company, you know, plans an investor day unless they have something good to say, or they can cancel it just in time if they don't have anything good to say. i think there's good guide coming for '25, that means not down. >> it was here in 2018. >> yep. >> at 50, so, i don't -- >> in one of the great tech bull markets, this stock has been dead money for six, seven years, and you have to wonder, okay, 54 bucks before it opens tomorrow, into resistance, is that really where we want to be putting -- are we so out of other ideas in tech that this is where we want to be putting -- >> this was a declining trend line since september of 2023. and it popped out in this afterhours, it popped out of that declining trend line. the resistance is $52.56, which is basically the january level. so, if we can hold above there, as kristina said, you have getting revenue from the deal that could be a little bit of momentum. >> at least we don't have to say

splunk anymore. >> after tonight. >> we have that going for us. >> is that a problem? >> he doesn't like the word. >> it feels weird to me. feels like some other word. >> don't go there, joe. >> i'm not. that's why i'm glad it's gone. thank you, kristina. now to a call of the day on dell. the stock jumping 11% to an all-time -- after morgan stanley raised its price target to $152. is today's move puts the stock within $3 of that objective. analysts saying the company seeing more momentum in its a.i. server and storage businesses. karen, you flagged this one. >> yes. so, i like dell for a lot of reasons, i think we're seeing the convergence of, i mean, a.i., you know, jensen huang said, oh, michael dell is here, you know, and dell's fantastic, and just everything great about dell, you know, storage and -- and then we also have the enterprise spend that's back. and then, the third thing that's

happening at the same time is the pc refresh cycle, so, you get all those things together. you have an a.i. play, that doesn't trade at an a.i.-like multiple. it used to trade at a more hardware multiple, which people are, like, okay, anything that has a.i.-related to it, but is trading at a hardwarish multiple, that's great. we should buy some. i do think the earnings are going to be great. i think we're going to see a big move up in earnings. but i -- it's not expensive here, but it's had a very nice run. it was $95 before they announced earnings last quarter, it's not $150. that's a big move. >> watching it over the years, you know, private, public -- >> he's brilliant, michael dell. >> he is. >> with your own company to buy low and sell high is kind of cool to do it again. >> again and again and again. >> yeah, but is it -- it really is an a.i. play -- >> yes. >> they collab rated with nvidia. >> yes, collaborated with nvidia. >> and they expanded their

collaboration with nvidia, that was that major pop that you saw in the stock. and they're collaborating with intel. intel is old news, but to karen's point, they're doing all the right moves to make it not only a pc refresh cycle, but they get -- >> enterprise refresh, too, and then a.i. >> i get the sknock on the stoc that's wildly overbought, but it was also wildly overbought at 65, 95, at 130 a few weeks ago, 150 today -- the best trends get overbought and stay overbought. i would stay long. >> great. all right. next, we're going to have the latest updates out of visa, how that company's uncorporating a.i. into its own business, and payment space. we're going to hear from the ceo next. and banks finally breaking out. the kbw bank index hitting a 52-week high. chris verrone digging into the charts to find out what's next. he's going to guarantee this, what's going to happen next. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.

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updates at the top of the hour, including new a.i. features. kate rooney sat down with the ceo earlier today and has all the details. good for us, kate, thanks for doing that. >> yeah, joe, no problem, joe. any time. visa announced a bunch of updates earlier that might change the way we think about paying with a credit card. first, you have a pass key, which makes it easier to pay with things like facial recognition or with your fingerprint instead of typing in the card number. you'll have one piece of plastic there for multiple things. and a tap to pay feature to send money to friends or merchants. the ceo telling me they need these updates in a world for which a.i. might be doing our shopping for us. >> i think potentially we get to a world where there's self-driving shopping, where my a.i. is going to be able to anticipate what i need, have it delivered to my door. and in all of that, it's going

to require us to optimize payments, to ensure payments are built in that ecosystem from the ground up. >> visa also launched a pay by bank offer, which is going to let you send money directly from a bank account and connect it, as well, to third party apps this is what the startup plaid does. if you remember, visa was set to buy that company for about $5 billion, the deal was blocked by the doj. three years later, visa is rolling out an almost eidentica product. >> all right, kate, thank you. and now -- you ready? you got something to say? >> trade it? >> yeah. i mean, we always have something to say. >> i've noticed that. >> so, if you look at a chart, if you slap up a chart of visa or mastercard, and then you slap up a chart of affirm, the -- back in -- >> why slap them? >> what? >> why slap them? >> put it up. so, if you put up a chart of affirm and put up a chart of visa or mastercard, you see where affirm just ripped higher in 2021, the old legacy players,

mastercard and visa, they cratered, and then, everyone said, well, wow, these companies are too levered. let's go back to the old guard. now, you go back to the old guard, and visa has a 60% market share, mastercard has a 30% market share, and they both have 50% margins. this is where you stay, this is the long trade. this is the long game. they're always from lower left to upper right, you get some blips, but these are the old guard and new guard. >> i think steve's right, what he's saying is, this is a fintech company. people are looking for all the exotic ways to play where these guys are. look, their network, investments in digital, investments, i think, in technology means they're not going anywhere. they're going to continue to dominate. they are growing into the digital age. whatever the gimmicks are, whether it's a pin, whether it's, you know, facial recognition, they're in my life, they're not going anywhere. and they're still the biggest and the largest. but their margins are growing, probably 10% or so a year, top

line is growing. i think you stay there. >> do you know -- we have to go again. i'm going to read thisin a second, but do you know what you always slap someone with? >> i, you know, i try not to slap -- >> a lawsuit? >> a lawsuit. why is that? have you ever thought about that? >> because they -- you knew immediately. slapped with a lawsuit. >> they deserve to be slapped. >> why did you wreck that key? >> that is when you definitely -- what's that? >> yeah. or slapped with a subpoena. >> yes. same thing. >> stop talking about all of this. coming up, we're in financial tv -- >> you started it. slapped with an audit. >> oh. sorry, joe. >> yeah, now that we got 80,000 new agents breathing down our neck. coming up -- got that going for us. the meme stocks crashing back down to earth. what to make of the big moves lower in gamestop and amc. what were they doing is the question. plus, charting the

financials. chris verrone hitting the technicals in the bank arena next. "fast money's" back in, like i (laughter) at 88 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan stanley.

welcome back to "fast

money." a record-setting day on wall street, as the dow, s&p, nasdaq all closing at new highs. the dow jumping nearly 350 points, the s&p up more than 1%. and the nasdaq leading the gains as it did yesterday up nearly 1.5%. wasn't all green arrows, though. the meme trade losing some steam today. gamestop and amc both sinking after two days of big gains. amc, by the way, as you probably s saw, a debt for equity swap after completing a $250 million stock cedsale on monday, which was -- didn't they do it at $2 or $3 -- >> they did it at $3.40ish and, you know -- i mean, look. karen brought this up, as she's often very astute and ahead of the game. if they're not coming to market, they better be. and sure enough, there they were. and, look -- the term bag holder has been used many times many ways and i'll let people interpret the rest.

>> let's just -- i love amc, i love theaters and -- >> yeah, me, too. >> that's not the point. >> i know, but i can't help but emotionally be pulling iffer the company. am i allowed to do that? >> i love a movie theater. i saw "godzilla king kong." >> zims s i saw "godzilla king kong." >> zimometimes you can get alcohol. i wouldn't -- i haven't. >> of course not. >> i want the popcorn, which is my thing, with the fake real butter. shares of chubb getting a boost offhours. berkshire hathaway saying it was the mystery stock it began buying in the second half of last year. kind of a letdown. chubb, the mystery stock? >> it's not that exciting. that's sort of what they do, not that exciting. >> exactly, yeah. okay, that's fine. they now have more than a $6 billion stake in chubb. meanwhile, the big bank etf

touching a 52-week high today and it's up nearly 10% versus less than five for the broad market. fifth-third, you know why it's called that? >> merged with fifth national and third national. >> just the dumbest -- three really dumb names. fifth-third is one of them. the athlete's foot was really terrible. >> yeah. >> and dress barn. also. i mean, would you -- if you were a woman, would you want to shop at dress barn? >> you've been waiting for this spot for years. that was great. >> oh, it happens from time to time. fifth-third reports earnings. why not one and two thirds? or just change it all together? >> they moved the prompter, i can't say what i was going to say. >> sorry, joe. >> something about citizen's bank. we're going to get to chris. let's got off the charts with chris. what do you think? >> you know, i think when you're working through a corrective phase like we were from late march through early april, mid pr

april, you learn a lot about the character of the market's leadership. and the way that the financials, the banks in particular outperformed as the market was coming in in early april, i think set the stage for what's been a very explosive rally in these stocks since, and as we said at the top, we're always paying attention, particularly in corrections, what are the names or the groups making new highs first? and banks led this move, they made new highs before s&p. the bkx still has 8% to go before it's back at the 2022 highs. so, there's still room here. the good news is, it's not just the banks. look at the brokerage stocks. morgan stanley just broke out, through 100 today. there's big, big support, 96, 97. i'd be a buyer of any pull-back there. and frankly, it's global. the european banks have been so unappreciated for two years. the japanesen banks have been unappreciated for two years. santander is breaking out after a five-week pause. this is the leadership fabric of this market. >> can you -- okay, technically

i get it, but can you explain what is a bank -- does it want a steeper yield curve? >> depends on the bank. if you look at jpmorgan, they played the interest rate move so well, i mean, they were very short duration, and then you have bank of america on the other side, didn't do a great job with that at all. they all want some loan growth, that's the better margin, hopefully stable deposits, better noninterest earning deposits. but one more thing they want is big capital markets activity for the money center ones. goldman, jpmorgan, citi. >> we're getting that. >> we are getting that. morgan stanley, for them, it's asset management and deal activity. >> i think some of it is also, if you look at the brokers, it's the asset management, look at schwab. it's had a massive move. we were still kind of getting through silicon valley bank a year ago, a run on banks, schwab has issues they had to talk

about, if they were justified or not. and then you look even -- i was going over t. rowe price with a client today. this is a name that has been so beaten up, and largely, if you look at where the market's going, just based upon growth in line with the market, the stock is very cheap. chris is right. i look at banks, and i look at the international banks, you could do that by eufn is a way to play european banks. better yields, lower price to book, and i think balance sheefltsheets that have been never better. >> tschwab. >> just saying. >> coming up, i like this guy. >> i don't know that one. >> you don't watch tv that much. >> just cnbc. that's what i watch. >> sell the high commission products and all of his clients are leaving him going to schwab and explaining -- >> and that advertisement never got more play than it is tonight. >> that's fine. i'm ready to help. i like corporate america. i do. i do.

i like the private sector. you know that. bitcoin's big bounce. the gcrypto currenty soaring bak above 66,000 for the first time in nearly a month. what's behind that big move higher. that's next. "fast money" is back in two.

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welcome back to "fast money." walmart is on watch, as it gears up to report tomorrow. investors are watching whether the company will cede its positions as biggest rell taile. walmart has announced it is cutting jobs. stock was down today, but up nearly 14%. i feel like i have to stand up -- >> salute. >> i do. >> walmart deaf finitely went f being a retailer where they had their digital game put together, huge groceries for walmart, but when this stat comes out, i'm almost shocked, it just goes to show you how little you pay attention to walmart versus amazon, i thought amazon was already ahead of them. you know, for me, i thought they already lost this crown years ago. walmart has been a great stock.

it will be great going forward. i think they're following amazon's footsteps. and a lot in delivery, a lot in logistics. and they still have their core competency well done, as well. but when you look at the -- all the stocks in this -- in this area in the sector, costco probably has the best chart, chris, i'm sure, has thoughts on that. target has the worst chart. >> yeah, i think what's interesting is, i'm not sure this is the right market for walmart. you've seen this little streak of consumer weakness start to run through this over the last five, six weeks. walmart made a three-month relative low versus the s&p today, against the backdrop where a lot of staples have started to work. so, it's being treated more like a discretionary stock here, which raises some pause. the absolute price chart is probably fine here, but is it a leader in this market? i would say probably not. >> good management. it's not easy. and you can see. >> yeah. >> it makes a difference. i would have no idea. inventory, when to get rid of it, what to order --

>> over the last three, four weeks, you've had bond yields come down and oil come down and this hasn't been able to respond to that. the stock is typically very sensitive to that on the upside. >> all right, thank you. grasso, thanks. coming up, bitcoin on the comebacktrack after its best day since march. where that trade is headed next, if anyone knows. mo "ston" jt refa meyinusa minute.

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to help navigating programs and services, we give veterans access to support from anywhere in the world. welcome back. bitcoin bouncing back above 65,000 for the first time in about three weeks, and having its best day since march. crypto proxy plays like microstrategy, supermicro, marathon digital, coinbase and riot all seeing big gains, as well. i don't know, steve, it al almost -- there's going to be a cut, it rallies, there's not fog to be a cut, it goes back down. clear sailing now? katie stockton said low 50s is a possibility still. >> well -- it looks like it is in a declining trend line, if you look at the chart. >> yeah. >> but when you think about what you just -- the backdrop, with the fed, there's been a correlation to the dollar and

that correlation has been on and it's been off, which makes it worthless. so, if you look -- it's more of a risk-on basis, right? so, if you have risk-on, there's plenty of people. tom lee -- where's tom lee now, 150. >> this year, i think. >> you think you could have a run, it's already opped, made a new high, now it's backtracked, retraced a little bit. you can definitely have a pop to 10 $0,000. and if they start to cut, and we go into the back half of the year and the markets start to rip, i think this is where you want to be. >> saw those paypal, his comment, dorsey's comments, i mean, there's some -- there's some very smart people that do not think it's a pet rock. i still don't know. >> yeah. >> you know. i mean, i have an idea, but i don't know if i would mortgage my house. >> might be a first of pet rock here on "fast money." >> up next, your final trades. final, i mean, hopefully not final, but -- right? none of us want. >> for today. >> for today.

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before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. it is time now for the final trade for today. let's go around the horn. let's start with tim. >> joe, this has been fun. you got to come back more often. and when you do, i think bhp is going to be higher. little china, little copper. >> i remember things like that. karen? >> yes, thank you for being here. >> thank you for having me. great to have you. >> lock this rocket ship set. >> you want to stay long, spy puts. vix is low, guy some protection. >> chris? >> i think the brokers trade well. morgan stanley through 100, big breakout. >> steve? >> so, now if i don't say joe,

great to have you, i look like -- >> no, yousent me a text earlier today -- >> i did. i was way ahead of the game. >> that's what i really like. >> tapestry had an outside reversal day last week, it was my final trade, you have a little more in the tank. .> all right, thank you, all and thanks for having is my last trade. >> all right. thank you, all, and thank you for having me right now, and thank you for watching "fast money". my mission is simple, to make you money. i am here to level the playing field for all investors. there is always a work somewhere, and i promise to help you find it. "mad money" starts now. >> hey! i'm kramer. welcome to "mad money", welcome to . i am just trying to make a little bit of money. so, to call me at one 800 -- this market almost feels blasphemous toe,