Headlines From Apple’s WWDC… And Will Markets Recover from Recent Pullback? 6/8/26

19:58Yeah. I mean, over the course of our careers, though, we've seen more companies be taken private, right? We've seen the shrinking amount of public companies. These are just monster companies that are going public right now. So I think they have monster goals. That's why they're going public. But I think they're spacing them perfectly September and December, right? So I think it gives the market good enough time or plenty enough time to reestablish, but look for those mega cap stocks to be sold off as the bank.

20:28Melissa Lee:Yeah, I just say, Tim, and I know you know this, I mean, they can't hit the debt.

20:33Karen Finerman:I'm ready. I'm ready.

20:35Melissa Lee:No, but they have if you look at the Mag 7. I know you know.

20:38Karen Finerman:I know you know this, but I'm just well, the Mag 7.

20:41Melissa Lee:They have seven hundred billion dollars at least of debt on their balance sheets. Right. So they come into the public markets. It gives them a lot more flexibility. It gives them flexibility as far as M &A and all this sort of stuff. So I think that's part of it. I think they've raised a lot of equity. I think the bigger concern is Meta coming to market. Google coming to market. These aren't big numbers for them and their balance sheets, but it's important to understand that they need to raise this capital for them to continue to grow and monetize those investments so they think the more money they plow in now and the more ability, I guess the better ability they have to fund it right now is really going to be the story.

21:15Melissa Lee:Who wins this race? I don't think it's a winner take all. It's not like Google with digital and search and advertising. It's going to be very different this time. Coming up, oil and gas names jumping as investors digest new developments out of the Middle East. Can the energy sector keep leading the market in the second half? Plus, Old Dominion delivers a new record. Are traders sticking with this one for the long haul? Don't go anywhere. Fast money's back in two.

21:43Karen Finerman:Hello, I'm Ozempic. And I'm other GLP ones, kind of like him. Are you shaking a maraca? No, I'm shaking the pill version of Ozempic, which no one should ever do except in ads like this. A nice disclaimer. Hey, thanks. Ask your doctor about which FDA-approved uses of the Ozempic pen or pill may be right for you. Call 1-833-OZEMPIC or visit Ozempic.com to view the medication guide and learn more about Ozempic semaglutide tablets, 9 milligrams, and Ozempic semaglutide injection, 2 milligrams. There's a pill version of Ozempic! Never bet against American grit or American energy. 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.

22:32Karen Finerman:So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy.

22:44Melissa Lee:Tired of paying for channels you don't watch? Well, a new select package by Sling gives you a curated lineup of live and on-demand TV you actually want. With channels like Fox News, NFL Network, FX, and more, starting at$19.99 a month. There's even some 4K content. And in select markets, subscribers get local broadcast networks, too. No long-term contract, no hassle, just the live TV you love. Sling lets you do that. Visit sling.com to learn more. Restrictions apply. Welcome back to Fast Money Energy Stocks Hired Today. with the OAH oil services ETF seeing its best day since February. The sector, the second best performer in the S &P today.

23:22Among the winners, Baker Hughes, Halliburton, SLB, ConocoPhillips, also seeing outsized gains, the moves coming even as oil prices settle off their day's highs. Iran saying its military strikes against Israel are over, but it did warn it would resume if the attacks against Lebanon persisted. You guys have been big fans of oil for a while. You've got to continue to be. Again, I think it's regardless of underlying price, which, by the way, I do think will go higher. You've got to be loaning these stocks. I mean, if we flatline, even go down a few dollars in crude oil, which is potentially likely in the coming weeks, oil stocks are by here.

23:54Valuations, balance sheets, all the things that Tim talks about. And the fact that people are just waking up to the fact that, hey, wait a second, this is one of the more interesting sectors in a world that we currently live in. So I like these energy names.

24:05Karen Finerman:Well, you're getting some interesting price action. And chart-wise, SLB is about to break through that three-year high. I remember the sneaky rally we had in the energy market three years ago that a lot of people weren't part of. We're now actually seeing earnings potential and the margin profile of SLB begin to start to see where people would contemplate where it was in 2016, 2017 when drilling and everything offshore. By the way, you talk about innovation and high tech. SLB is so far in front of the head of the class on this. And I think it's a time when countries and companies are going to have to try harder than ever to have energy security.

24:42Why have most of the gains for the sector, though, taken place prior to the war? I mean, why are we sort of stalled in terms of you to look at the chart of the XLE, right, since the war began? Pretty much flat. Yeah, because I think it was an efficient season. They had a change of administrations where they were going for alternatives and then back into fossil fuels. So I think it was front loaded to a large extent. You have to really look for when earnings have really maxed out for that period to see when the sector is going to roll over. Think about this, though. If the war ended tomorrow, 20 to 25 percent of our exports are going to Asia and Europe in the form of LNG and in fossil fuels.

25:21If that war ends, we're going to have a glut here. All that production probably comes back home. WTI probably falls off a bit. You know, I get that stocks can hang in there, but they do take their lead from the from the overall commodity. So I'd be careful on buying buy them in steps.

25:39Karen Finerman:Yeah, really quick. I just think oil services are the ones that really kind of rallied before or were already in a good trend, but actually get sold off because most a lot of that business is in the Middle East. I mean, there's no question they immediately had a hit. Whereas I think the integrators were I think they've integrators have outperformed since the war. And I think they will because of the war. There's a lot more fast money to come. Here's what's coming up next. Check your rear view. Truckers are coming in hot. The shipping stocks speeding to records. and whether the wheels can keep spinning on this trade.

26:11Plus, stocks trying to climb back after Friday's tumble. But is the bull thesis still in play? Where one top strategist still sees opportunity and how she's putting money to work. You're watching Fast Money, live from the NASDAQ market side in Times Square. We're back right after this.

26:33Karen Finerman:There's a pill version of Ozan Bank. Hello, I'm Ozempic. And I'm other GLP-1s kind of like him. Hey, did I hear there's a pill version of Ozempic? Yep, you sure did. Ask your doctor about which FDA-approved uses of the Ozempic pen or pill may be right for you. Call 1-833-OZEMPIC or visit Ozempic.com to view the medication guide and learn more about Ozempic semaglutide tablets, 9 mg, and Ozempic semaglutide injection, 2 mg. There's a pill version of Ozempic! Never bet against American grit or American energy. 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.

27:22Karen Finerman:So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy.

27:34Melissa Lee:For the first time since 1994, the FIFA World Cup is coming to the U.S., Mexico, and Canada. And while you can't be in three places at once, you can watch all the galazos, backheels, and drama with Sling TV. Sling gives you instant access to the World Cup without overpaying or overcommitting. Watch the games starting at just$24.99 a month. And with games happening stateside, you won't need to quietly sneak into your living room for a 3 a.m. kickoff. Yep, Sling lets you do that. Visit sling.com to learn more. Shares of Old Dominion Freight Line jumping nearly 2 percent and closing at a record high.

28:09The trucking company has gained nearly 25 percent in the past month and is up almost 60 percent this year. Other freight companies like J.B. Hunt and XP Logistics have also seen outsized gains in 2026. Steve, you've been watching this. Yeah. So while the rest of the world was looking at the investment communities, looking at semis and looking at tech, These have quietly rallied back. And J.B. Hunt signaled back at the beginning of April that the freight recession was over. They had 12 consecutive quarters quarters of negative revenues. That's over now. And Old Dominion has rallied on the back of that.

28:44Old Dominion is considered best in class, best margins, free cash flow. I'd look for these to continue to rally even harder. Are these asset light or asset heavy in general? Well, Old Dominion is a partial freight carrier. J.B. Hunt's a different operator on that extent, but it's a much smoother chart when you're looking at the chart, specifically on those two charts. But when you look at it less than a freight or less than a tank load or whatever it's called. Tank load. Truck load. CSX, Tim talks about the rail. CSX, I think, made an all-time high today. I mean, valuations start to get stretched for some of these names.

29:27But you know what? You think about what they're moving around the country, iron ore or chemicals, coal, all those different things. It works in this environment. Regardless of what you think of the economy, there's a lot of stuff going on on the rails as well. I can't. Actually, there was a period where it was thought that I would disrupt trucking, but they can't really.

29:46Karen Finerman:I think trucking strong. By the way, FedEx is spinning out FedEx freight. I think this is a really interesting story. It is, again, they're going to be focused on less than truckload or smaller trucks in a case where I think the pricing power is enormous. I think also in the past, they had underperformed peers in terms of margin. That's part of the turnarounds that's expected. I think you could nibble on that one. Remember that song, Tim, about the truckers with the convoy? Yeah, that was Convoy, I think. It was by C.W. McCall, I believe, back in 75. News you really don't need to use. No, but that was important.

30:19Coming up. Stocks looking to rebound after Friday's sell-off. What our next guest sees as the market's next move and how rising inflation could impact the move. Fast Money is back in two.

30:31Missed a moment of fast? Catch us anytime on the go. Follow the Fast Money podcast. We're back right after this.

30:43Welcome back to Fast Money Stocks. Mixed to start the week after Friday's big sell-off. The Nasdaq gaining nearly nine-tenths of a percent. The S &P up three-tenths of a percent. But the Dow down fractionally, falling 80 points. Intel jumping more than 11 percent today after a report that Google had tapped the chipmaker to supply over three million tensor processing units, TPUs. The move, though, doesn't even get shares back to where they close on Thursday. And Bitcoin bouncing back above the 60 ,000 level after hitting nearly two-year lows on Friday. Strategy buying$100 million worth of the token over the past week after news that had sold sparked last week's crypto sell-off.

31:18Those shares were up over 5 % today. I don't know. What did you make of the Intel news? I thought the Intel move was interesting.

31:25Karen Finerman:What I think is interesting is the move that we had going into Friday's sell-off, meaning absurd. And then Friday, yes, in terms of relative underperformance, there's all kinds of stats out today. But worst relative performance to the S &P in five years, it was a five-standard deviation event. I didn't know there was such a thing. And it is a case where just the positioning going into this created the extreme that we had, on top of the fact that you had Broadcom, CrowdStrike, a couple other people really kind of disappoint in terms of their guide on top of the Google and the meta news. So not a great end of the week that was looking for that record 10th week.

32:01Karen Finerman:That's what I would chalk up Intel's bounce to. Intel does not belong at this valuation, but hasn't seemed to bother. Could you imagine a better ATM than Intel for these IPOs that are coming out? It has a massive run. Take it off the table. Pop into some of these IPOs. I think you've seen a near-term lid on Intel. But if you list out all the deals that they've gotten with the new CEO, it is pretty incredible that Pat was there for so long. And, I mean, I hope he has a ton of stock and he got paid on it. But to look back in the rearview mirror and see the deals that have gotten done in your absence probably is a kick in the gut.

32:43It is amazing to think that less than a year ago, Intel's foundry business was being written down in terms of value, that there were real questions about whether or not that foundry business was worth anything. And now they're making TPUs for Google. It was a viable conversation to have at the time. Yeah. $21 stock headed in the wrong direction. Their data center business was a disaster compared to some of their rivals. and people were leaving it for dead. Rightly so. You know, we talked about at the time as a homeland security play, maybe we'll get to$33, which it did. It shouldn't be at$110.

33:15You got to start doing the valuation game at some point and say, OK, wait a second, maybe 80 times for Intel doesn't make sense. Maybe it should be more like 50 times. But even at 50 times, there's still a significant sell-off here. So I think the stock has 75 bucks written all over it.

33:28Melissa Lee:I think that the fact that the stock is willing to value a deal in 2028 where Intel is going to be able to manufacture, what's the number here, 3 million TPUs. 3 million. That's laughable. I mean, this is a company, you talk about Pat Gelsinger, they have basically misexecuted on every major shift that's gone on in technology for the last 15 years. So if you're buying this now based on, we saw this with Oracle, and I know it's apples to oranges, but you can have all the orders that you want, your ability to execute and create the infrastructure to deliver is another story. And more of these deals, more and more, when you think about this Anthropic deal and you think about, you know, what Google just did with SpaceX or XAI's compute, they have 90 days to cancel these contracts.

34:14Melissa Lee:And they can be immediate, OK, immediate if they don't deliver on what they're expected to do by that date. So if you're telling me you as an investor want to give these companies some multiple on the revenue in the future, well, that's actually the history does not show in the stock market, specifically in tech that can be very cyclical, that that's a great way to invest. Friday's near 6 percent drop in the S &P tech sector is an exceedingly rare occurrence. The chartmaster pointing out a 5 percent or more pullback has happened in just one out of every 162 trading sessions going back to 1989.

34:491989. That's about 0.6 percent of the time. And even with today's gains of a percent and a half, Carter Worth is advising clients that it is time to hedge bets on technology. So in that context, hash investors take a look at today's rebound. Let's ask Kate Moore, chief investment officer at Citi Wealth. Kate, great to see you. Hi, Melissa. Great to see you as well. I mean, in semiconductors in particular, it was a bona fide correction that happened on Friday. I mean, what do you make of the sort of bounce back, maybe lack of bounce back that we saw today? Look, it was a very tepid recovery today.

35:23I think we can all agree on that. But I think last time I was on with you, I used the word uncomfortable like three or four times when talking about the relentless move upward in the market, despite incredibly strong fundamentals. So let me say this. I see no degradation in the fundamentals and, in fact, a broader macro backdrop that is actually really quite supportive for a broad range of sectors. That said, you know, it did feel like the market was getting a little bit ahead of itself and that it was looking for an excuse, a pause to breathe. And so I think that's what we saw at the end of last week, the digestion of the payroll numbers.

35:56We already knew that the economy was in good shape. I'm not sure the labor market data alone justified the move. But I do think we're going to see more of these sort of consolidation moves in the market. It doesn't leave me stepping away from tech, though. I think this is really important. This is where the largest earnings are coming in 2026 into 2027. And I'm a fundamentally driven investor. Well, are you more comfortable today after the pullback on Friday? I mean, what level do you want to see in order to be comfortable getting in? Yeah, look, I'm less uncomfortable, frankly, now that we've had a little bit of this digestion.

36:32And in fact, I think we're going to have more of that over the course of the next couple of months as everyone processes, you know, what we'll see in terms of inflation. Obviously, this week is a very big week for macro data, how the Fed might react in terms of language next week, not in action, and how the market sort of prices in the risks of consumer-led growth slowdown in the second half. That's not our base case, but I'm just saying there's a lot of reasons for people to kind of pull back risk and to make excuses. And of course, you were talking about this large volume of IPOs that are going to attract a huge amount of investor attention over the next few weeks and months.

37:08I expect that could be a distraction as well and lead to some volatility. But it's not bad news. A little vol is good for those of us that like to be taking advantage of dips.

37:16Karen Finerman:Hey, Kate, in terms of just judging the sentiment value of meeting with your clients on all the things and the fundamentals that you're talking about, I'm just kind of curious based upon, again, because we are talking about a move that I think from Friday was based upon the positioning coming in. How skittish would you say the institutional base that you're talking to regularly is here, or are they not? And therefore, nothing has changed. Yeah. You know, one of the things that has been true throughout the course of 2026 and this relentless March higher actually has been, since those March lows, has been that people are still holding a lot of cash.

37:50I mean, there is a lot of sense of, I got to have some dry powder in case there's a better opportunity, or they're waiting for a deal, or they were concerned around the broadening of the economic and macro impacts from the war with Iran and the secondary and tertiary impacts of higher energy prices, those we kind of agree with. But there have been a myriad of excuses that the investors that we've talked to, from the institutional to the very sophisticated individual, have used to hold more cash. So I don't think people were all in on the market, despite the kind of nine weeks up we had in a row.

38:21And they're going to kind of take a look now and see how sustainable is a little bit of weakness. Do we get continued rotation out of semis into some other areas of the market? And if that's sustainable, is it an opportunity for them to add. I just don't think anyone's made a decision. I would just classify overall sentiment as, yeah, kind of tepid. Kate, thank you. Good to see you. Good to see you. Kate Moore of Citi, you feeling tepid or uncomfortable? I don't know what that means, so I don't know how to answer the question. Mech. I wake up that way most days. Listen, I think fundamentals haven't changed.

38:57Technicals have. And there was a lot of technical damage done last week. Today did nothing to change My view, I thought today was marginal at best. The Bitcoin bounced, but not nearly to the extent that it probably should have on the back of the sailor news. So I still think the structural damage in the market last week has had some long-term ramifications. I do think it's pretty impressive that we're not really – we haven't talked about rates once during the show. And that was the premier, the main focus for market participants. I didn't really hear Kate become too occupied with it either. That means to me the market can probably go higher as long as earnings stay intact.

39:32But should we do a little give and take? Of course we should. But with the sell-off we saw last week, I think it was enough for us to move into SpaceX pretty strong. Coming up, what to expect from SpaceX's blockbuster IPO this Friday and what history tells us about what stocks do after their market debuts. The details when Fast Money returns.

39:59Cerebra shares up 18 % today, their best day since the company's IPO last month. The stock gained nearly 70 % on its first day of trading, but closed Friday 48 % below its intraday high. That got us thinking about the next big IPO on the docket. Of course, that's SpaceX, which is expected to start trading here at the Nasdaq on Friday. Anticipation is high for this offering, but what should investors expect from the stock? CNBC's Seema Modi has been crunching the numbers on the performance of some recent IPO. Seema, what have you found? OK, so we have been digging through the numbers and IPOs that witnessed a big one day pop tend to, on average, underperform the broader market by more than eight points over the following three years.

40:35It's according to data from Jay Ritter. Even in the short term, it's difficult for companies that have a blockbuster debut to keep the momentum going. Take a look at Alibaba, Coinbase, DoorDash, Snowflake, which saw an over 100 percent gain on its first day. All these names underperformed six months later. Even companies that defined a new market category like Uber with ride hailing, despite all the fanfare, shares closed down 7 % on its first day, and Uber continued to trade down in the following months. There are outliers, Palantir, Arm Holdings, big gains on the first day, traded higher during the same six-month time frame.

41:10And of course, lock-up expirations, the path to profitability, market dynamics, they all play a role. But on average, big one-day pops, Melissa, are usually a warning sign, With SpaceX, it'll be really interesting given that Fidelity and Charles Schwab are reinforcing these rules to discourage short-term selling. If you do in the first 15 days, you can be banned from participating in future IPO deals. For Arm and Palantir, weren't they profitable for longer as private companies? Exactly. That's why the profile picture, the profitability picture really plays a role in sometimes dictating the performance of a lot of these companies and how they do over time.

41:44And, of course, setting the IPO price at 135, maybe that eliminates some of that pop, which characterizes some of those IPOs that have underperformed in the time afterwards.

41:54Melissa Lee:It's not likely. I mean, to get the allocation that you want, if you're an institution, you're going to have to give a big aftermarket order. And you're seeing, like, multi-billion dollar orders. And, again, there's going to be a$75 billion offering. The one thing I'd say is that Jensen Wang, I think, last week said something about this being a generational opportunity to buy these IPOs. And it's really funny because if these IPOs come and they don't work, well, they're going to be buying less GPUs. Right. So there's a lot of hype going around here. You know, the fact that J.P. J.P. Morgan, CEO, you know, is hawking this deal.

42:26Melissa Lee:I mean, it's one thing if you're a banker. It's one thing if you're, you know, an equity research analyst. But the fact that a CEO who's not even the lead or co-lead on this deal, I just think there's a lot of folks that need this stuff to work. And that's not always how it happens. You know, so I don't know, man. And, like, this one seems like if you're retail and you're paying up after the thing opens, I just think that's probably a bad way to invest.

42:48Karen Finerman:Palantir was a really trendy IPO back in the day of the company that was making money. And this was a name that you had plenty of time to buy. In fact, you had plenty of time to buy it. It wants to go from$23 down to$7 or$8. I don't know that you have to chase SpaceX, even though I think a lot of people want to stay there in the deal. Seema, thank you, Seema Modi. Coming up, all the headlines from the American Diabetes Association conference. the latest on Lilly and Novo's next-gen weight loss drugs and the impact it's having on the stocks. More Fast Money in two.

43:20Welcome back to Fast Money. The American Diabetes Association's annual scientific sessions are wrapping up today in New Orleans. And GLP-1 heavyweights Eli Lilly and Novo Nordisk are moving in opposite directions despite broadly positive readouts. For more on what's driving this action, let's turn to Angelica Peebles. Angelica. Hey, Melissa. Well, it was a very busy weekend, and Lilly's Reda True Tide stole the show because it produced the most dramatic weight loss that we've seen to date. So one doctor in her presentation, she posed three questions at the end. Is bigger always better? Is bigger always needed?

43:49And is bigger always right? And the answer, no, no, and no, she said. But that doesn't mean that it does not have a place. It might just be a smaller group. So Lilly's CEO, Dave Ricks, telling me that he thinks that doctors initially will reserve Reda for higher body weight patients, at least initially. We also saw data from several other potential newcomers, including Pfizer. That company presented results from an experimental shot from its$10 billion acquisition of MetSara. And when given monthly, barobinatide produced up to 16 percent weight loss. And the presenters praised the tolerability, but not everyone was convinced.

44:21And one prominent doctor actually came up to the mic, said he flat out disagreed with that review. And the doctor who reviewed the data showed a slide of the dozens of drugs that could be available in 2029. That's around the time when that drug might launch. And that's the challenge with all these newcomers is that you saw it with Zeeland and Beringer-Ingelheim, shot, servodutide, and pills from Structure Therapeutics and AstraZeneca. Lilly and Novo just have such a head start. And even Novo is facing questions about the pipeline. And Novo also announced this weekend that Wagovi pill prescription reached$3 million.

44:53And I asked Novo CEO Mike Dustar what it will take to get credit from investors. And he said time. So that's a challenge for all of these companies, Melissa. All right. Angelica, thank you. Angelica Peebles. Novo, you have that. Yeah.

45:10Karen Finerman:To me, Lilly is showing that sentiment-wise and in terms of where you have the trials and what the data shows, even a small amount, either of tolerability or efficacy or just percentage weight loss, they dominate. And they dominate even though Nova arguably, I think, has more market share and the bar is lower. I still would own Novo here. That's not been a winning trade. David Ricks is just doing a better job telling the story. I mean, it's flat. I mean, the Novo CEO can talk about time. It's not about time at this point. It's about telling the story better because if you overlay the two charts over the last three years, it's now no longer a two-horse race.

45:48It is a one. This is Secretariat in the Belmont Stakes. Now, I don't think it should be that easy. I think Novo is value here, but they're clearly not telling the story properly. All right. Up next, final trades.

46:09Time for the final trade, Timbo.

46:12Karen Finerman:So let's go New York Knicks. It's a big night in New York City. And if you're not watching the Knicks, you might want to be looking at EEM, emerging markets. Stephen. Cerebris. I think the marquee gave you a nice little pull back there, willing to dip it up. Dan? Tim, you know this.

46:27Melissa Lee:The hyperscalers act very poorly. And I don't know why you'd want to buy zoinks. The semis give it poorly, Tim. And you know this. Not a buyer of the SMU. What are the chances you'll be watching any portion of this game this evening, Melissa? 5%. That's high. That's more than usual. That's super high. So disappointing. Hal Burton. Go Knicks. Thanks for watching Fast Mad Money Starts right now.

46:57All 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.

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