The Global Sell-Off Deepens… And The Impact On Rates 4/4/25

23:29And a fourth cut has become built in since those new tariffs were announced. The question is whether the economic effects of the market sell-off, Do they create their own economic reality and become serious enough to be another factor that could motivate the Fed to act? They would have to assess it very seriously to overcome their concern about tariff inflation, Melissa. Did he actually address the S word, Steve, sagflation? I don't think I was listening, but I didn't hear it actually be uttered. I don't think he addressed it, Melissa. But but it's it. Look, it's inherent. I can go back to his actual comments.

24:06But he said there's higher risk for growth and higher risk for inflation. So the Fed is in this vice right now that you can, I think, for a little bit. When he said that I'm worried about inflation over quarters, he used that term, that's like six months. So what is that? April and six is October, right? Right. So if you think about that, it may be I don't think it's going to be October before the Fed figures it out, but it's going to be several months for the Fed to figure out that this initial inflationary tariff impulse passes through here. All right. Steve, thank you. Steve Leisman. For more on what the Fed may do next, let's bring in former Cleveland Fed President Loretta Mester.

24:50She joins us now. She's currently an adjunct professor at Wharton and a CNBC contributor. Loretta, great to have you with us. Thanks for having me, Melissa. So are you on board? It looks like the markets are pricing in with a high probability when I say that above 50 percent of three cuts this year. Do you see that? So I think the Fed's in a difficult position. I mean, as Steve Leisman just pointed out in the chair said today, the tariffs affect inflation and they affect growth and employment, the other part of the mandate. So the Fed's got to play this very carefully. They don't know what's going to end up happening later in the year.

25:29And I think that's what the chair said, right? So for now, we know that we're going to see prices rise from the tariffs. It's the Fed who can prevent those one-of price increases from becoming embedded in inflation. And that's what I think the chair was trying to say, which is, look, we have to keep our eye on inflation expectations and not allow those to rise because that's the mechanism through which those one-off price increases from tariffs could morph into more persistent inflation. So I think he's right to keep his eye on that now. And then when further information comes out and we see how the economy is going to be re-reacting, we'll have a better sense of how much the downside is in terms of growth and employment, and the Fed can react then if they have to, if necessary.

26:20Remember, there's also other policies that are affecting the economy as we go forward as well. You have the tax cuts, and we don't really know what that's going to look like yet. We have immigration, which is going to be hurting the labor force growth. So that's also a negative. So there's a lot happening in this economy. There's still a lot of uncertainty. And I think what the Fed needs to do is keep its focus on both parts of the mandate, make sure that it doesn't allow the one of price increases that we know are going to come with inflation to become more permanent. And I think that's what the Fed's job is.

27:01And the chair said that today, that it's their responsibility. Hey, Loretta, it's Tim. Thanks for joining us. As you look to rates in 2026, Steve said that the rates market, the market itself, priced something in for the Fed. And there can be some conjecture whether that was a lot or a little. But as you look out to next year, and I look at DEC 26 Fed fund futures, we're somewhere around 290, which tells me that the market is certainly expecting a lot more to happen out in the next year. And I guess this feeds into kind of just your own medium-term expectations based upon what we have now, Not what we think the Fed's going to do, but I'm curious how you're viewing this.

27:40Now, I think that, you know, if the Fed can do what it needs to do now and sort of make sure those inflation expectations remain anchored, we're going to see temporary rises as inflation. But they'll come down as the economy digests the price increases. So prices will end up higher price levels, but the inflation rates will come down. And then I think the Fed can start to bring down the Fed funds rate. I don't think they're going to be able to do as much as the market is anticipating. But I think they'll look out and see, OK, we have seen some uptick in unemployment rates and we have seen growth slow down.

28:18And so it would be the reasonable thing to do to start bringing the rate down. That would not be the same reason that they were going to be bringing rates down in the middle of last year where everything is working well and we get the soft landing. It really would be because growth is weakened. The labor market is weakened. And so we'll have to see some change in the Fed funds rate. But I think that is a way off. I don't think it's going to be as soon as the market is anticipating. And I don't think it'll be as much as the market's anticipating. But we don't know because we have to let things play out some more to see what the real effects are.

28:53And we don't even know whether some of the tariffs are going to last at the levels that they've been put on at this point. So there's a lot of uncertainty around all of this, and I think the Fed is right to sort of point out the uncertainty. And, you know, great that we got a good job report today allows them to have that more chance to be strategic and assess things and be patient. Professor Mester, thank you for joining us. Thanks. Loretta Mester. Maika, what do you think? She just said the markets are anticipating too much, too soon. In terms of cuts, yeah, I think so. I mean, look, we have a little bit of a problem here, which is that even ahead of all of this, we really hadn't gotten right down to sort of the inflation levels that would have suggested that a lot of cutting would have been warranted.

29:45So that's the first issue. And of course, the tariffs themselves are inflationary. So that creates, it might be a step function rather than a continuous one. Still, that creates a problem if you want to cut rates. And they're going to be patient because generally what they have reflected, that is to say what the Fed has reflected is they are looking for consecutive data points. So they're not just going to look for a single number and they say, OK, that's good enough. We're now going to cut. They want to see a pattern. They're going to look for a rate of change that they can actually act on. And it seems unlikely that we're going to get that as soon as the market might hope for it.

30:19Coming up is not just stocks. The Trump tariffs hitting the bond market in a big way. But our next guest isn't seeing any lack of demand for treasuries. How he sees the rate route unfolding next. And stocks wrapping up their worst week since the pandemic as investors around the world digest the impact of the president's actions where you can find safety amid this sell-off straight ahead. You're watching Fast Money Live from the Nasdaq Market Site in Times Square. Back right after this.

30:50Let's get back to Steve Leeson with a news alert on updated recession odds from JP Morgan. I thought we just got them yesterday, Steve. Well, we did. Here's what happened. Yesterday, they upped their recession odds to 60 percent. Now, the U.S. economist Mike Ferroli, who we all know well, is basically making a recession his base case. He sees GDP contracting in the third and fourth quarters of this year. He sees the unemployment rate rising to 5.3 percent. Looks like what convinced Mike to do this were the retaliatory tariffs, among other things. It was not just the unexpected tariffs on Thursday, but now they expect retaliatory tariffs.

31:29I think it's going to hit exporters. They think there's a channel by which investment comes down because of these tariffs, and of course, a channel in which consumption, the consumer takes it on the chin because of this. They look around. Now, it's not a big contraction they're looking for. I see here, the first one is minus 0.3%. They do see the unemployment rate rising to 5.3%. What is interesting here, apropos of our discussion just moments ago, is they believe the Federal Reserve will cut beginning in June and cut every month through January of 2026, bringing the funds rate down to 3%. If it is a defined or definite recession, you do have a contraction of the economy, a huge rise to the unemployment rate.

32:12I think that's aggressive, but I don't think it's out of it's a crazy forecast for the Fed to begin cutting. even while they have, again, they have inflation on the upside as well as part of this new forecast, Melissa. Well, recession will cut that trade deficit. That's if you want to find a silver lining. It's the best way. It's the most effective way. If you want to cut the trade deficit, have a recession. It is the most effective way. President Trump's on his way to getting it done. Steve, thank you. Steve Leesman. The market sell-off hitting the bond market to yields on the 10-year falling below 3.9%.

32:48at one point today and closing just under 4%. In mid-January, the 10-year stood at 4.8%. Here to break down where rates go from here, Andy Constant, he's CEO and chief investment officer at Damned Spring Advisors. Andy, great to see you. Thanks for joining us tonight. How much lower do you think the 10-year could go here under this uncertainty scenario? Thanks, Melissa. I think that the 10-year has moved a lot, obviously. And what it is going to take, the last time I was on your show, I said what it's going to take for it to really get much lower is the actual contraction, not just the fear of contraction.

33:25But it seems like we're heading that way. And so we could easily see a funds rate at 3%, like JP Morgan is saying. And I would expect the 10-year to settle around 3.75 in that case. Is that how you are positioning your portfolio? The assumption that there will be not just a growth scare, but that there will actually be a contraction and that we will hit a recession. I mean, what is your sort of baseline? Yeah, I mean, that's been my baseline and that's been my positioning. But prices have changed a lot in the last, you know, in the last six weeks. Nasdaq's down 22.5 % from the highs. The S &P's down 17.5 % from the highs.

34:08That's a big change in price. And the base case of a recession would take stocks further down, most likely. But we're getting to a point where it would have to be a deeper recession to get stocks significantly lower. So I'm fairly neutral at this stage, slightly short. Andy, it's Tim. If I look at French or Italian, dare I say, and certainly German bunds relative to treasuries on a three-, six-month basis, and if I FX heads them, There's not a great pickup to own in U.S. And if I look at European investors, why wouldn't there be a home bias? And is this something that's not a big deal? Is it a big deal?

34:53Do you see more of this happening? And ultimately, again, Treasury Secretary Besant seems to be obsessed with getting the 10-year down. And is it too much too fast? And is it leading to some of these other dynamics, which I think are strong and are only picking up steam? Sure. I mean, I think the first thing is, is the slowdown in the United States is going to be a combination of tariffs and fiscal contraction, which is what has been expected and I think still expected. But in Germany, you have this fiscal expansion, which makes the growth situation much better for Germany, which would mean that the German Bund would actually tend to rise in yield relative to the U.S.

35:40yields. But I think there's this other dynamic, which is the tariffs are going to reduce global imports. And when we import, we hand our dollars to a foreigner. And those foreigners are forced, because of the necessary place to put dollars, is into U.S. dollar assets. And they have. They've bought treasuries, but they've also made foreign direct investment. And like never before, they've also bought U.S. public equities. Now, tariffs are designed to reduce the trade surplus, which doesn't eliminate demand by foreigners for U.S. assets, but does reduce it for what has been fairly consistent demand over the decades.

36:25And that means that our deficit and our assets will have to be absorbed by domestic savers. And if you notice, the U.S. bond market is rallying significantly. So there must be significantly strong demand, which is likely driven by the slowdown, but not driven by foreign hate selling or foreign concern about things like they're making a taxing income for foreigners or certainly not selective defaults. So there is demand for U.S. bonds from foreigners. But Trump is asking for more foreign direct investment while at the same time our trade is giving foreigners less dollars. And if that foreign direct investment comes, it has to come from some money.

37:17And that's likely going to be U.S. equities. You may not be worried about hate selling, Andy, but are you worried about just standing on the sidelines of the next Treasury auction? in terms of China and Japan, the two biggest holders of U.S. treasuries. We're not going to sell. We're just not going to buy in full force anymore. We can do that to you. Well, there is the retaliatory thing, without a doubt. They have to own U.S. assets. They can't just sell. They may not buy treasuries, but they're going to have to keep their U.S. dollars in a bank or in money markets or something, typically bills.

37:55So they may pass on our longer term treasuries. But more likely, what they're going to pass on is holding our stocks. And that's, I think, partly what we've seen lately, particularly when stocks are more vulnerable to an economic slowdown. So I'm more concerned about hate selling of stocks if they choose to do that. The standing on the sidelines, China has been running off its treasury holdings ever since Ukraine, our enemies have passed on U.S. assets, and that is ongoing. But other countries have shown up at auctions, and I expect they will be forced to unless they spend it on FDI. All right.

38:41Andy, thank you. Great to see you. Andy Constant, Dam Spring. Pleasure. Mike Coe, how do you digest all that? Well, you know, it's interesting. In 2003, Warren Buffett talked about this foreign investment as a result of trade deficits issue, and the number was$2.5 trillion at that time, and it's now$18 trillion. Now, not all of that, of course, is in US treasuries or all of it in US stocks, but there's a lot of money there. And of course, if you curb that inflow, and it's interesting to notice, we had record trade deficits for the first couple of months in anticipation of tariffs. And so that net investment effect basically was very heavy in the first quarter, and it's going to be very light in this one.

39:23So, you know, that does take away another potential buyer. And I think that is, you know, an additional risk and another reason why I don't think there's really a put under the market right here. I think that's the main point. I mean, these are all things that would argue for continuing to de-risk and be careful. But what an expression, hate selling. I mean, think about what a strange world we're in now. Maybe against your own economic interest or self-benefit. Let me sell it because I'm angry. It's weird stuff. Coming up, stocks wrapping up their worst week since the pandemic. So where can investors find some safety?

39:53Is cash looking like a great place to hide? We'll hit that next. And don't miss our live one-hour special CNBC special report this Sunday, digging deeper into the tariffs impact on the U.S. and global markets at 7 p.m. Eastern time right here on CNBC. Fast Money is back at 2.

40:19Stocks getting slammed again as President Trump's tariffs continue to shock global markets. The Dow dropping over 2 ,200 points today and for the first time ever, falling more than 1 ,500 points in back-to-back days. The S &P 500 down a staggering 6 % today, wiping on more than$5 trillion in value in two days, with 84 % of the S &P now in correction territory, more than 60 % in bear market territory. The Nasdaq, meanwhile, also dropping nearly 6%, putting its weekly loss at 10%. Commodities getting hit hard as well. Oil at its lowest level since April of 2021. Copper seeing its worst day since 2008.

40:54And not to be all gloom and doom here, crypto one space bucking the sell up. Bitcoin actually hovering near the 84 ,000 level. Ethereum, Solana, Ripple also higher. And with this week's market sell off, we wanted to look at a couple of places where investors could possibly find some shelter. Sharon Epperson joined us now to break down the safety trade. Sharon. Well, you know, Melissa, for many investors, building cash reserves is really top of mind. I've talked to several financial planners, including members of the CNBC Financial Advisor Council, about safe havens where people should put money now.

41:27And here's some of the recommendations. Money market funds are an important mix in retirement and investment accounts if you plan to retire in the next five years. Top money market funds from JP Morgan, Invesco and Schwab are currently yielding 4 percent or more. Adding cash to high-yield savings account for emergencies, as well as a buffer to help you cover high everyday expenses due to tariffs, that's another strategy. The national average savings account right now is less than 5 percent, sorry, is less than 1 percent for a yield there, but top yields at some online banks like Bask and Synchrony are 4 percent or more.

42:02Now, to increase your emergency reserve, another consideration may be to open a home equity line of credit at a bank or credit union. You generally don't pay anything if you don't use it. But the peace of mind of having extra access to extra cash is priceless. For more strategies, subscribe to my Money 101 newsletter series. There are strategies there about navigating these uncertain times. You can scan the QR code there or go to cbc.com slash money 101. Boy, do we need that right now. Sharon, in terms of the money market accounts at 4 % versus some of these online savings accounts that are 4%, what are the pros and cons of is there a difference to holding either?

42:38Well, the money market funds for your investment accounts, you know, are mutual funds. And so there is not the same FDIC insurance that you would get from a bank savings account, even an online bank savings account. So that's something to consider. But people want to make sure that they can sleep at night. So a lot of folks may be moving some of their money into money market funds within a 401k or within their investment portfolio. And in fact, over the last several weeks, we have seen people who normally are, you know, set it and forget it with their 401ks, moving some of that money from equities.

43:08to fixed income and to money markets. We were just talking about the precipitous drop in rates in just the past week, Sharon. So if you're on the fence, you're looking at opening a CD, a high-yield CD, do it now. Yeah, do it now. Absolutely do it now because you want to lock in that rate for a wave of six months or a year. And if you don't need that money during that period of time, it absolutely makes sense. I mean, as you're looking at what the major average is, how much they've fallen in a day, and know that you can actually make that money for your money just sitting there, it's kind of a great push to make sure that you're putting your money in savings in those CDs or building a CD ladder or something like that.

43:47And there are no penalty CDs, too. Yes, exactly. Absolutely. Sharon, thank you so much, Sharon Epperson. Carter has got some charts here because we want to take a look at where we are headed, where we can find some safety. Where do you go? Sure. So rather than the traditional soap and cereal staples or utilities or REITs, Let's look at insurance stocks. Big names that everyone knows, AIG, Chubb, Allstate, Prudential, MetLife, and so forth. Here are some of the companies in this ETF. Its symbol is K-I-E. And if we look at, we have a few tables and charts, but if we look at this ETF, it captures a broad swath of these very prominent names.

44:27And you can see on a year-to-date performance, this is what relative performance is all about, meaning alpha is the simple definition that you're outperforming other choices. And here is the chart of the KIE. It's a beautiful uptrend. But most importantly is the final. You'll see a two-panel chart here. The KIE has not made a new high, and yet it's making shocking big relative highs to the market. That is a safe haven in my estimation. And yes, you can do utilities or staples or maybe some health care. But this is a great place to if one wants to not postpone all new buying. Mike, how do you feel about insurance?

45:08Where do you find, quote unquote, safety? You know, I mean, I know that Carter was kind of dismissing it as a suitably sized pool of liquidity. But I do think that utilities actually seem pretty interesting. Consider a name like Vistra. You know, this was a high flying A.I. play not that long ago. trading around 16 and a half times full year earnings for this year and probably closer to 14 next year's numbers. So these are the kinds of things. And look, we're offering advice to the people who are watching the show, not the whole wide world. So it's a$30 billion company. It doesn't need to be able to absorb everything.

45:46I don't know. Tim's got some big wallets. Utilities are inherently domestic businesses, Tim. You'd mentioned that the other day, And I thought that was a really interesting way of looking at it. If you're looking at something that's truly insulated, maybe that is the way to go. Certainly. And if you think about where some of the cost inputs on energy may be coming down. I like utilities. I like utilities a lot. I think you could be overweight. I thought you could be overweight going into this. I also think telco and, as you know, make international great again. There's some telephone companies across Europe like Telefonica, Trades in New York, TEF.

46:23There's a real handsome dividend, a really solid balance sheet. I think looking at these trades, and I go back to this global dynamic, I think if you're looking at utilities and telephone companies across Europe, I think you're going to have a currency play in addition to a core play. They've been defensive. Look how they've traded over the last couple of days. I think they will be. Yeah, and I think people out there will think, oh, these are all interesting ideas. But Sharon Epperson comes along with a 4 % savings account idea, CD, money market fund. And that seems a lot more readily available and attractive to everybody else.

46:58I mean, depending on where you are. Right. And if you look at yesterday, we had the second, I read a quote today, second largest outperformance of staples over discretionary for the last 20 years. So to Carter's point, when you're buying cereals and you're buying staples and you're buying companies like that, you have to take a step back and say, how long do they really outperform what you're trying to outperform? But in this day, you're just looking for preservation of capital. Right. I mean, if you need that money in the next six months or so for whatever, for a college payment, for whatever you're buying, then you need to preserve that capital.

47:31And also, in terms of staples, a lot of people, soap and cereal way back then, they only sold the soap and cereal in the United States. But now soap and cereal is an international business. That's right. So you're much more exposed to other factors. Yes, to the currency problem. All right. Up next, final trades.

48:21We'll be right back. in correction territory, more than 60 percent in bear market territory. The Nasdaq, meanwhile, also dropping nearly six percent, putting its weekly loss at 10 percent. Commodities getting hit hard as well. Oil at its lowest level since April of 2021. Copper seeing its worst day since 2008. And not to be all gloom and doom here, crypto one space bucking the sell off. Bitcoin actually hovering near the 84 ,000 level. Ethereum, Solana, Ripple also higher. And with this week's market sell-off, we wanted to look at a couple places where investors could possibly find some shelter.

48:55Sharon Epperson joined us now to break down the safety trade. Sharon. Well, you know, Melissa, for many investors, building cash reserves is really top of mind. I've talked to several financial planners, including members of the CNBC Financial Advisor Council, about safe havens where people should put money now. And here's some of the recommendations. Money market funds are an important mix in retirement and investment accounts if you plan to retire in the next five years. Top money market funds from JP Morgan, Invesco and Schwab are currently yielding 4 % or more. Adding cash to high yield savings account for emergencies, as well as a buffer to help you cover high everyday expenses due to tariffs.

49:32That's another strategy. The national average savings account right now is less than 5%, sorry, is less than 1 % for a yield there. But top yields at some online banks like Bask and Synchrony are 4 % or more. Now to increase your emergency reserve. Another consideration may be to open a home equity line of credit at a bank or credit union. You generally don't pay anything if you don't use it. But the peace of mind of having extra access to extra cash is priceless. For more strategies, subscribe to my Money 101 newsletter series. There are strategies there about navigating these uncertain times.

50:07You can scan the QR code there or go to cbc.com slash money 101. Boy, do we need that right now. Sharon, And in terms of the money market accounts at 4 % versus some of these online savings accounts that are 4%, what are the pros and cons of is there a difference to holding either? Well, the money market funds for your investment accounts, you know, are mutual funds. And so there is not the same FDIC insurance that you would get from a bank savings account, even an online bank savings account. So that's something to consider. But people want to make sure that they can sleep at night. So a lot of folks may be moving some of their money into money market funds within a 401K or within their investment portfolio.

50:43And in fact, over the last several weeks, we have seen people who normally are, you know, set it and forget it with their 401ks, moving some of that money from equities to fixed income and to money markets. We were just talking about the precipitous drop in rates in just the past week, Sharon. So if you're on the fence, you're looking at opening a CD, a high-yield CD, do it now. Yeah, do it now. Absolutely do it now. Because you want to lock in that rate for a wave of six months or a year. And if you don't need that money during that period of time, it absolutely makes sense. I mean, as you're looking at what the major average is, how much they've fallen in a day, and know that you can actually make that money for your money just sitting there, it's kind of a great push to make sure that you're putting your money in savings in those CDs or building a CD ladder or something like that.

51:31And there are no penalty CDs, too. Yes, exactly. Absolutely. Sharon, thank you so much, Sharon Epperson. Carter has got some charts here because we want to take a look at where we are headed. where we can find some safety. Where do you go? So rather than the traditional soap and cereal staples or utilities or REITs, let's look at insurance stocks. Big names that everyone knows, AIG, Chubb, Allstate, Prudential, MetLife, and so forth. Here are some of the companies in this ETF. Its symbol is K-I-E. And if we look at, we have a few tables and charts, but if we look at this ETF, it captures a broad swath of these very prominent names.

52:11And you can see on a year-to-date performance, this is what relative performance is all about, meaning alpha is the simple definition that you're outperforming other choices. And here is the chart of the KIE. It's a beautiful uptrend. But most importantly is the final. You'll see a two-panel chart here. The KIE has not made a new high, and yet it's making shocking big relative highs to the market. That is a safe haven in my estimation. And yes, you can do utilities or staples or maybe some health care. But this is a great place to, if one wants to, not postpone all new buying. Mike, how do you feel about insurance?

52:52Where do you find, quote unquote, safety? You know, I mean, I know that Carter was kind of dismissing it as a suitably sized pool of liquidity. But I do think that utilities actually seem pretty interesting. Consider a name like Vistra. You know, this was a high flying A.I. play not that long ago. It's trading around 16 and a half times full year earnings for this year and, you know, probably closer to 14 next year's numbers. So, you know, this these are the kinds of things. And look, we're offering advice to the people who are watching the show, not the whole wide world. So, you know, it's a 30 billion dollar company.

53:27It doesn't need to be able to absorb everything. I don't know. Tim's got some big wallets. Utilities are inherently domestic businesses, Tim. You had mentioned that the other day, and I thought that was a really interesting way of looking at it. If you're looking at something that's truly insulated, maybe that is the way to go. Certainly. And if you think about where some of the cost inputs on energy may be coming down, I like utilities. I like utilities a lot. I think you could be overweight. I thought you could be overweight going into this. I also think telco and, as you know, make international great again.

54:02There's some telephone companies across Europe like Telefonica, Trades in New York, TEF. There's a real handsome dividend, a really solid balance sheet. I think looking at these trades, and I go back to this global dynamic, I think if you're looking at utilities and telephone companies across Europe, I think you're going to have a currency play in addition to a core play. They've been defensive. Look how they've traded over the last couple of days. I think they will be. Yeah, and I think people out there will think, oh, these are all interesting ideas. But Sharon Epperson comes along with a 4 % savings account idea, CD, money market fund.

54:36And that seems a lot more readily available than everybody else. I mean, depending on where you are. Right. And if you look at yesterday, we had the second, I read a quote today, second largest outperformance of staples over discretionary for the last 20 years. So to Carter's point, when you're buying cereals and you're buying staples and you're buying companies like that, you have to take a step back and say, how long do they really outperform what you're trying to outperform? But in this day, you're just looking for preservation of capital. Right. I mean, if you need that money in the next six months or so for whatever, for a college payment, for whatever you're buying, then you need to preserve that capital.

55:15And also, in terms of staples, a lot of people, soap and cereal way back then, they only sold the soap and cereal in the United States. But now soap and cereal is an international business. That's right. So you're much more exposed to other factors. Yes, to the currency problem. All right. Up next, final trades.

55:42time for the final trade carter braxton worth there's nothing to be lost by postponing all new buying so final trade is keep your cash tim seymour look at european telcos again telepronica six and a half percent dividend yield defensive but i also think thematic and i think there's others over there to follow. Mike Coe. Yeah, XLU's got a 3 % div yield. And if you want a secular growth story, Vistra. Steve Grasso. Semis are oversold. I'm giving the new CEO a shot. Intel bought it today. By the way, it's the last day for Emily Glass, a member of our team. So good luck to Emily. Thank you for watching Fast Money.

56:20Mad Money with Jim Kramer starts right now.

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