A Sign Of Market Euphoria?... And Opportunity In Metals 6/3/26

20:21Fast Money Team:There might be an argument out there that says, you know, if you're a retail investor and you want to use perpetual futures, that's on you. That's your decision. But it sounds like you're saying that there's actually a ripple effect, potentially negative effect, that goes well beyond that one trader that decided to engage and use perpetual futures. What is that risk to the markets?

20:43Terry Duffy:There's multiple risks. But here, think of it this way. The way perpetuals are set up, they incite bad behavior. Why? Because of the way the funding rate works. So if you're short a market and I'm long in the market, I'm right, I still have to pay you even though you're wrong. So that could incent you to trade even more because you know if it goes against you, I have to fund your bad position. That is not a pure markets. You know, I know Tara tried to come on and say that these are the purest way of doing the future. The CEO of Calci. The CEO of Calci. This is the most impure way to participate in a market.

21:15Terry Duffy:So I just think that is the argument, Melissa. They're very cumbersome. Terry, you mentioned in 2017, you know, Bitcoin was a mania when you guys listed the futures. And I have to assume for all intents and purposes, that was a good hedging vehicle. You guys now have micro Bitcoin futures trade 24 seven. Help me understand why a perpetual is more interesting than being trading a micro 24 seven on a highly regulated platform that's been around for 100 years. Why are perpetuals more, you said, exciting than a 24 seven? Yeah, I'm hard pressed to. First of all, other than it doesn't have. First of all, what's really important, it's not a futures contract.

21:53Terry Duffy:It's a swap. So let's just call it what it is, because anything the law clearly states under the Commodity Exchange Act that a future has to be considered for future delivery or future expiration. It never says it could be perpetual. So it's against the law as a futures contract for starters. How 24 seven works is pre funded on a Friday because the banking system is not there. So we pre funded and we treat it just like we do any other holiday. These markets go around the clock 24 hours a day, seven days a week, illiquid, and they have what's called an auto liquidator. So if, in fact, you have highly leveraged products, the more you have on, the more leverage you take on, the smaller percent move you need to get blown out of that market.

22:36Terry Duffy:And if you take you out, Guy out, Melissa out, we were right on the table. Next thing you know, we're at a massively different price than what maybe the real market should truly be at. So that's where I think the problem is.

22:46Fast Money Team:We're out of time, Terry. It's a very important topic. I'm just, you know, you've been on the show many times, but this seems like a topic. I've not seen you like this about any other topic before. In your view, how urgent is this and what are the next steps that you can take now that they've already approved this?

23:04Terry Duffy:So I want to be careful what to say what I'm going to do or not do. But I assure you I'm doing certain things because I think it's really important. I said to you earlier, I don't run a casino and I've worked my whole career to show how important these products are to the consumer, whether they use them or not. I want to make sure we still have that. I do not want to have the retail public get destroyed after we've been spending years trying to build them up, educate them on these marketplaces and to participate. It's really important, Melissa, for people to have the ability to participate in markets.

23:35Terry Duffy:But if, in fact, they get sucked into something that they're unaware of and get hurt, that to me is not a good outcome for them. So, yes, I'm very passionate about this. And I wouldn't say I'm worked up because you should see me when I get worked up.

23:47Fast Money Team:I don't want to see that actually.

23:48Terry Duffy:out. I'm focused, Melissa, is what I could say. I am very focused on this, and I think it's critically important to the future of markets that they stand credible. I won't even get into the prediction markets and everything else. Markets need to be credible, and when they're not, you want to become a third world country? Have no credible marketplaces, because that, to me, is what protects our national security, is to have a good, strong marketplace.

24:14Fast Money Team:Terry, it's always a pleasure. Thanks for having me, Melissa. Thank you very much. Appreciate it. CME. A quick note here, CNBC and Calci do have a commercial relationship that includes customer acquisition and a minority investment. What do you think of these products?

24:26Terry Duffy:Well, what Terry is saying is that definitionally these aren't futures contracts. And so we know that crypto investors for years have traded in these offshore structures. And I think the most powerful point Terry made here is that our markets are founded on depth, transparency, compliance and regulation. And so if investors want to go offshore and trade in offshore contracts, they've had the ability to do that. By the way, a little bit of leverage can be like cancer. And so the point is that I think this is part of what it is about protecting consumers, because it really is something. Look at the volatility you have in Bitcoin.

25:04Terry Duffy:I mean, the fact that we're kind of starting in arguably the most volatile asset class and not putting the kind of leverage, you know, overrides on some of this is kind of strange if you think about it. Bitcoin is as volatile of an asset class as we have ever seen.

25:20Fast Money Team:And yet this is where perps have started. I mean, but this is where we are in the markets. I mean, with the rise of prediction markets and gambling and everything at the click away and zero day options can may fall into this category, maybe not. And now we have perpetual future. I mean, this is sort of this path has been paved. It's not a good ending. Right.

25:40Terry Duffy:Right. And leverage, leverage in the end is always what

25:43Fast Money Team:kills.

25:44Terry Duffy:Right. So it'll be interesting. I mean, it sounds like one can see this blowing up. Well, the auto liquidate that Terry makes the point is like we've seen these moves over the weekend in really, really like light markets. And you'll see, you know, Bitcoin, wherever the, you know, drop 2000 or 3000, whatever it is. And people get blown out. And then it's back up once the volume comes back into it. It just doesn't seem to be a great place for retail in particular, especially if you're using leverage that you've never experienced before. Because here in the States, it's really hard to get more than five times or so.

26:15Fast Money Team:Oh, yeah. All right. We do have some breaking news here out of D.C. Emily Wilkins got the details here. Emily.

26:22Terry Duffy:Hey, Melissa. Well, the House has just adopted a resolution that would limit Donald Trump's powers when it comes to further strikes and military action in Iran. The House has now adopted this War Powers Act 215 to 208 for Republicans now joining with Democrats to give them enough to advance this piece of legislation. And we should know this is the fourth time that the House has done a vote on this. And it shows that slowly shifting Republican sentiment away from President Trump and towards some of the concerns that we've started to see about the Iran war. Now, if you remember two weeks ago, the Senate held a bit of a similar vote.

26:58Terry Duffy:It was on a slightly different bill. So now this House bill would go to the Senate. And depending on if we can see some of the momentum that we've seen previously with the Senate, with more and more Republicans joining Democrats to check President Trump's power on Iran, there is a chance that we could actually see this wind up passing both chambers. But of course, a bit of a ways to go on that, but certainly a marker here in the House today that enough Republicans joined with Democrats to try to put a check on what President Trump can do in Iran. Melissa?

27:30Fast Money Team:Emily, thank you. Emily Wilkins in Washington. Coming up, we're watching Shares of Broadcom on the move after reporting its results, the details and the numbers from the latest quarter that is next, plus a credit card crunch. What is weighing on shares of MasterCard, Visa, and American Express, and how our traders are positioning in this group? Do not go anywhere. Fast 20s back in two.

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29:10Fast Money Team:Welcome back to Fast Money. We've got an earnings alert on Broadcom. Shares are lower by about 12.5 % after the company gave weak AI revenue guidance for the next quarter. The conference call started at the top of the hour. Christina Parsinevelis has been on that call. She's here now. Christina. Yeah, CEO Hawk Tan on the earnings call moments ago just reiterated the company's AI revenue

29:28Terry Duffy:target at$100 billion for 2027. I use the word reiterated, and that's why shares started to fall from 5 % down to about 8%. And because analysts were actually expecting him to raise that number, for example, Morgan Stanley was modeling about$120 billion in AI fiscal 2027 revenue. The CFO also saying just moments ago that gross margins are going to fall 74%. Doesn't represent a change in semi margins, but because it's a mix, what she said, of semis and infrastructure software. Now for the actual guide, Q3 revenue guide came in at a little bit over 29 billion bucks, a slight bead and AI chip revenue guided to more than 200 percent year over year in Q3.

30:08Terry Duffy:And they mentioned the 16 billion dollar number on the analyst call on the earnings call right now. They were really focused on this number coming in at 56 billion dollars for the year. Many of them were confused, wanted that number to be a little bit higher. Even Bernstein in the last hour was saying that that number came in below estimates on the street. Part of that disappointment could tie to the Anthropic deal, which started as a 10 billion dollar rack order, has been converted to chips only with near-term revenue now expected closer to$2.5 billion. Those are from estimates that I pulled prior to the call.

30:40Terry Duffy:So they haven't actually hit that anthropic conversation just yet. Stock, though, rallied roughly 13 % just over the last week heading into the print.

30:47Fast Money Team:So even this slight Q3 revenue beat and maybe reiterating that$100 billion is just not enough. Yeah. It's been on a monster tear, though.

30:56Terry Duffy:13 % I think up over the last couple of sessions. I mean, Christina did a great job. AI chip revenues now, more than half the company was up 143 percent. Free cash flows, you know, now north of$10 billion. I mean, this is a company at this level here, despite that guide, which wasn't terrible. I mean, it's valuation wise. I think it's extraordinarily reasonable. You see the other side of these big run ups. What happens if you don't say all the right things? But I think this is a complete overshoot to the downside. Yeah. So you've noted the price action. And there's extremely strong and significant barriers to entry for a lot of other people to get in the middle of this business.

31:31Terry Duffy:Also, if you think that their AI revenues in 24 or 13 billion and, you know, depending on who you're talking to on the street, they're going to be north of 200 billion by 28. The 27 guide might be light, but unless people are way, way off here, it's growing into the valuation. So I kind of agree. I mean, I again, I don't know who's going to eat their lunch right now. And I just think the market needed to take a breath.

31:54Fast Money Team:I mean, the compute names, nobody wants, I mean, I don't know. People are bored of the story. I don't know what you call it here.

32:00Terry Duffy:A couple things. You know, obviously, customer concentration has been a story with all of these companies. And, you know, it was these, you know, the specialty ones. I'm totally spacing. ASIC. Yeah. The ones who make custom silicon. Sorry, sorry. You know, that was late to the game, right? And we saw Marvell. We saw Broadcom. They started to take some share. That was one of the things I think that NVIDIA was probably going sideways for a while, you know, for the last year and a half or so. But when I think about, you know, that number and, you know, the Anthropic goes from racks to just service, I say to myself, are these guys trying to dress things up a little bit as they get into their IPOs, kind of pull back some of that spend?

32:35Terry Duffy:You know, Anthropic, you know, has obviously guided, you know, the last quarter. They suggested that they might be mildly profitable here. So if you pull back the spend, you probably have a couple of levers to make things look better into your IPO. And I think that might be sort of the thing. And then the other thing is this company is a two trillion dollar market cap company that is trading down like this. This might be the start of things, in my opinion, to anybody else who is not Google with GPUs or at least NVIDIA for now with GPUs. So it's interesting now, you know, it was a euphoria a few days ago or maybe two days ago.

33:06Terry Duffy:And now that's sort of, you know, it's I guess the weight of it is sort of falling upon itself. And Marvel, which had very good numbers, three, you know, midweek last week is down, I don't know, 18 bucks on this. So now we might be into this thing where the same news makes things go down again and again and again. That could happen given the extraordinary run up. That wouldn't be so surprising.

33:29Fast Money Team:But I do think this story is generally intact. Right. Christina, thank you. Christina Parts Nevelis. Let's get to credit card companies. American Express, Visa and MasterCard are closing in the red today. Amex seeing its worst day in over a month. It's been a rough run for these names. MasterCard today closing at its lowest level since August 2024. Or guys in watching this space skeptically, what does it say about the consumer, if anything?

33:53Terry Duffy:I think so. I mean, there's some idiosyncratic things going here with MassCard and Visa, so I want to put that out there. But it's not entirely that. And when American Express is trading in a similar way, and then you hear what you've heard from Walmart and watch some of these retailers, you start to put together a picture. I mean, MassCard made its all-time high last fall, has not been trading well since. Visa's basically the same thing. I want to lump them together. And American Express obviously takes credit risk. At some point, I think you have to start to connect the dots and sort of the health of the consumer.

34:22Terry Duffy:And that's why we sort of flagged it earlier today.

34:24Fast Money Team:Why do you think they're down? Guys, you know, throwing the mosaic out there.

34:31Terry Duffy:You're painting the pastiche. Pastiche. Pastiche. And je m 'appelle Timothée. So why wouldn't it be a pastiche? I just think you've got a case here where there are there's a lot of pain in hospitality. There's a lot of pain in discretionary. There's a lot of pain in peril. I repeat that the negative disposable income numbers we got earlier in the week, all we are hearing from the middle class and all we are hearing from the companies that serve the middle class is that these people are in a tough place. You know, the Amex customer seemingly is slightly different. That should behave differently.

35:04Terry Duffy:But the macro right now, we had ISM that was very strong today. We had Joltz yesterday. We had ADP. The macro is not telling you this story, but the market is. And we are seeing that. We have seen it now for not weeks, but probably months. Yeah, I like to keep an eye on the buy now, pay later. And they had a tough time today. They're a firm, the Klarna, and even Upstart. And I think that's probably a good place to keep your eye on as it relates to this lower end of the K. And so a lot of these stocks are saying something, to Tim's point, that the data might not be suggesting just yet.

35:35Fast Money Team:Speaking of the consumer, we've got a news alert on American Eagle Outfitters. Mackenzie Cigalos has got the details. Mac.

35:39Terry Duffy:Hey, so American Eagle Outfitters just submitted a new filing with the SEC detailing IEPA tariff refund process. They requested to get$189.8 million back in refunds. They say in the filing they have received already refunds of up to$108.3 million, so they're looking to claw back roughly another$80. This is one of the first companies who has detailed the refund process after the Supreme Court turned down the majority of President Trump's tariff agenda. Those shares relatively unchanged after hours though, Mel.

36:12Fast Money Team:All right, Mac, thanks. Mackenzie Sigalos. Coming up, a mixed bag for metals as a Middle East conflict weighs in the commodity complex, where our next guest is finding opportunity in the space when Fast Money returns.

36:28Terry Duffy:Adventure Global. We think about what can be done, not what's usually done. Through innovation, Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost and a fraction of the time. So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy.

36:59Terry Duffy:Modern enterprise. There's a lot of moving parts. Comcast Business helps you orchestrate it all. With SD-WAN working at scale to keep 150 hospital locations connected and working as one. Plus SASE and Zero Trust Security, protecting financial data across a bank's 2 ,000 branches. And AI-powered networking that optimizes traffic across five continents. No one does business like Comcast Business. The wrongs, we must right. The fights, we must win. The future we must secure together for our nation. This is what's in front of us. This determines what's next for all of us. We are Marines. We were made for this.

37:59Fast Money Team:Welcome back to Fast Money Stocks. Pulling back from records today, the Dow falling more than 600 points. The S &P down three quarters of a percent to the Nasdaq dropping about nine tenths of a percent. The S &P and Nasdaq both snapping nine day winning streaks. Netflix falling another two percent today. The streaming giant now on an eight day losing streak down nearly nine percent in that time, tying its longest losing streak since November 2022. And some more after hours action. Crowd strike falling despite topping earnings and revenue estimates. The company also announcing a four for one stock split, five below lower despite beating expectations.

38:31Fast Money Team:PBIH dropping on a weaker than expected outlook and C3 AI jumping after topping estimates. Meantime, precious metal prices, platinum, silver, gold have fallen double digits since the start of the year, start of the Iran war, I should say. But copper and aluminum prices have continued to rise, fueled by demand for data center buildout. Our next guest just closed a deal for an iron ore project in Minnesota. Brian Pace Braga, co-chairman and CEO of the metals royalty company joins us now. Brian, great to have you with us.

38:59Terry Duffy:Great to be with you guys.

39:00Fast Money Team:How has the data center build out changed the way you look at where you need to be at this point?

39:05Terry Duffy:I mean, it's made things topical. You know, for the first time in a long time, people are talking about the mining industry. I think humans have a tendency to worry about the downstream products first, and then they make their way upstream. And you're starting to see government support. Almost$30 billion has already gone out the door in commitments from the government. and that's stimulating private capital in an industry that has struggled for many years to deliver good returns to investors. So it's an amazing time to be in this space.

39:35Fast Money Team:So when you say worried about down, like we're all worried about chips and energy and things like that, but actually we need to think about the stuff that it takes to build the actual data center and maybe also build out the grid.

39:47Terry Duffy:It's an entire reindustrialization concept and it's something that the West has forgotten about. and China focused on it. And there was a lot of public-private partnership for the last 20, 30 years. And they're way ahead. I mean, if you look at all the metals, they're way ahead up to 99 % from China of the refining of most of the metals. And iron ore specifically is something that it's boring, but it's needed in pretty well everything you look at in this studio. So, Brian, my guess is a guy who's wearing a great looking suit like that. You're not driving a forklift. What's really unique about, maybe not unique, but what you guys are doing is really centered on kind of bringing capital, permanent capital into a space where you're investing behind it.

40:34Terry Duffy:And it's essentially, on some level, it's asset-backed. And talk about that, because I feel like, again, having invested around the resource space for a long time, there's no question there's a long cycle here. But there's also no question that there's a lot of investors that just have not invested here. Sure. So talk about how you're cordoned capital. And I know you have some anchor families that are very important. Yeah, the Hess family is Michael Hess is the co-chairman of the business. We just announced that alongside our closing. Having a family like that that have developed one of the greatest oil and gas companies this country's probably ever seen has been instrumental in our early, early success.

41:14Terry Duffy:We're in a business of deploying capital alongside public capital. So the Iron Ore project has a$10 billion commitment from XM Bank. Think of us as like a mezzanine lender in the real estate space. We're coming in the cap table. We're filling a small gap. But if you do it enough times, this last deal was$132 million. We've got a pipeline of$3 to$5 billion of projects in front of us right now. As long as we can underwrite the right projects that are important to America, we're executing on our business plan. Let's talk about that because people can understand mining companies. They mine ore, gold, silver, whatever it is.

41:49Terry Duffy:It costs them whatever. And then they can figure out what the company is worth. How can people better understand what your company is worth, given the framework of that business? We see white space. There's no publicly traded company in the United States that's building a portfolio of assets of iron ore, nickel, copper, cobalt, manganese. and our pipeline consists of many of these strategic metals, no one's doing it. And if you look at the stock charts of the mining companies relative to these royalties and streaming companies, the performance of the royalty and streaming companies far outweighs the ebbs and flows of the commodity cycles.

42:27Terry Duffy:The nice thing is a royalty, you're taking kind of the cream off the top. You get a charge on the revenue of a business. As long as the mine is in operation, we're getting paid.

42:38Fast Money Team:Brian, we've got to leave it there. Thank you so much for coming by. Nice to see you again. Brian, please, Praga. We talk about miners a lot, Tim. We don't talk about streamers or royalty companies too often.

42:47Terry Duffy:No, and I think it's fascinating because, again, you're ultimately it's about assessing the projects. It's about assessing the cash flow ability. And one of the things that investing in miners for a long time, it was investing in miners who are really inefficient with capital and didn't have operational leverage. So I love when he mentioned kind of the portfolio concept to investing around them, but actually really being specialty investors, I think that's fascinating. Yeah, we talked about national security implications, MP Materials. They did a 60 Minutes thing a couple of months ago. I think the market's coming to realize the importance, the national security importance of the metals that we don't talk about enough.

43:22Terry Duffy:And it comes in the form of, as Tim just said, all the deals they're putting together.

43:25Fast Money Team:Coming up, Meta bucking today's downtrend. The social media giant getting into an AI enterprise race with a new agent. What that could mean for the stock in the AI space when Fast Money returns.

43:52Fast Money Team:Welcome back to Fast Money. Shares of Meta jumping more than 4 % today. The social media giant leaning into the enterprise AI market, unveiling a new AI agent that will help businesses with everyday operations. A European court also handing Meta a legal win, exempting the company's marketplace classified ad service from the EU's big tech rules. Meta is still struggling to break into positive territory for the year, down more than 5%. Morgan Stanley also had a bullish note on Meta saying, despite the spend, it can still make a lot of money, and there's some levers still there to pull. So, Karen.

44:24Terry Duffy:Yeah, there's a few analyst upgrades. I mean, the stock, as you said, has been down for the year, and when some of the other names doing, obviously, much, much better. I think that it's not expensive at 19 times earnings. It's under market multiple. However, we've talked about the spend and that it is no longer this cash hoard and no longer this free cash flow machine. I also think the the Google deal and the SpaceX deal are not particularly helpful. And then Anthropik deal behind it are not particularly helpful to Meta because they will they will need to access some kind of financing. Right. They have all along.

45:00Terry Duffy:And so to the extent that that. there's more ahead of them. It's probably not great. On a risk-reward basis, I think at this level, it's not bad. I do own it. It's a decent sized position. Sorry, go ahead, Dan. You're probably going to say something smarter than me. What do you think? You guys choose. What I was going to say is it's not going to take much on the enterprise front, other than ad targeting for investors to come back and take a look at this 19 times, that sort of thing. But this company is expected to have$250 billion in revenue this year. And so you tell me, you know, having, you know, B2C chats over WhatsApp or DMs is going to move the needle on that.

45:37Terry Duffy:Probably not. But I think investors will like to see another way for them to monetize the spend because that's what it was in the doghouse for or has been, you know, since earnings. I like to pay attention because, as you know, it's the cheapest thing you can do. You and Mike, thank you, had Mandy's shoe on, I think, yesterday. And she was talking about single stock volatility. Look at the volatility. And I mean, Facebook, a trillion and a half dollar company, the volatility is off the charts. And you just have to stomach it. And I think Karen's done a great job. I will tell you, and I think Karen would agree, the valuation is compelling.

46:08Terry Duffy:I think the average price for analysts is$820 or so. So if you can sort of suck it up and deal with the ebbs and flows, you've got to be long Facebook.

46:16Fast Money Team:Coming up, why SpaceX's IPO could weigh on AT &T. The details after this break. More Fast Money in 2.

46:29Fast Money Team:Welcome back to Fast Money. AT &T is sliding over 4 % today after Oppenheimer downgraded the stock from outperformed to perform. Analysts saying the company's broadband subscriber and mobile growth is under threat from the rising satellite competition of names like SpaceX. By the way, we just did some back of the envelope math on the SpaceX filing. At$135 a share, Elon Musk's stake in the company would be worth more than$350 billion, bringing his net worth to over a trillion dollars. A trillion dollars. A trillion dollars. I mean, it's just I can't even comprehend what that means. But anyway, back to AT &T.

47:08Fast Money Team:Who can't either. So SpaceX, as well as Amazon, have businesses that threaten this growth of broadband and mobile.

47:17Terry Duffy:Look, I think it'll be interesting because AT &T had been slowly getting some of their house in order, slowly had been paying down a debt load that's been extraordinary. Slowly, they and Verizon had started to kind of wave white flags in terms of very predatory, kind of competitive pricing against each other. Actually, the entire industry and T-Mobile really kind of pushed them to that. So it's a fascinating time. It really has been a case where I think the traditional fixed line players who have gotten heavily into mobile had been very interesting stories. I actually still own a little bit of Verizon.

47:55Terry Duffy:I don't own AT &T, and I think this is an existential threat. But 28, 28 and a half has been resistance going back to 2007, not 40 years, but 07. So it's failed a couple of times. And if there is an existential threat, I don't think there's any reason to be long in the stock at these levels.

48:13Fast Money Team:Can you imagine somebody having a stake of that size in a company? I mean, that's a trillion dollars. I mean, well, that's his. Yeah. Yeah.

48:19Terry Duffy:I mean, oh, that's his overall worth. Yeah. I mean, oh, that's just it is really a staggering amount of money.

48:26Fast Money Team:Yeah, I know Elizabeth Warren's going to have something to say about that.

48:29Terry Duffy:That would be my strong guess.

48:31Fast Money Team:Yeah. Up next, Final Trades.

48:40Fast Money Team:Final trade time, Timbo.

48:44Terry Duffy:See the color of this tie? No, I forget my final trade. I was just going to say, go next, man. Let's do this. CCJ.

48:52Fast Money Team:Karen? Yeah, old tie.

48:53Terry Duffy:Wait three days, though. I didn't think it was bad. She's just being conservative. Also, go Knicks, go Liberty, and go Max Myers. Happy birthday. Max Myers. Big number. We're not going to say what it is. Happy birthday, Max. FM legend. Broadcom, you know, Sox closed at all-time highs today, up 100 % in two months. I think this one will be really interesting. Watch that$400 record. I'll say it. He's 50. Doxed. Look at BLO, Melissa.

49:18Fast Money Team:All right. Thanks for watching Fast Mad Money. Starts right now.

49:24Terry Duffy: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, 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.

49:51Terry Duffy:To view the full Fast Money Disclaimer, please visit cnbc.com forward slash Fast Money Disclaimer. The wrongs we must right. The fights we must win. The future we must secure together for our nation. This is what's in front of us. This determines what's next for all of us. We are Marines. We were made for this.