Live in the Nasak market site overlooking New York City's Times Square, this is fast money.

I'm Melissa Lear. Traders on the desk are Tim Seymour, Karen Fireman, Dan Nathan, and Steve Grosso,

feeling the burn investors slamming the brakes on Peloton as it makes its debut so is the IPO market showing big

signs of cracking we are digging in we've got an earnings alert on micron that

stock moving lower after reporting results a company's conference call is about to get underway.

We'll break down the big headlines and later beyond loving it.

Mickey D. sinking us teeth into the meatless phrase.

We'll have all the juicy details straight ahead.

Oh no, I wish I ahead. We begin with another tech rack on Wall Street.

The Fang stocks fumbling in today's session adding to an already rough week.

Facebook, Amazon, Netflix, all posting big losses over the past few days.

So is this fang free fall going to start taking down the broader market, Tim?

Well, you know, some of this fang free fall is something I think we saw three to six months ago.

Clearly when you got some of the regulatory headlines on DOJ in June you saw some big moves.

Facebook and Google have really had a tough time getting out of their own way.

Amazon, which effectively got back up to all-time highs and has not exceeded that.

So I'll let the Chartists talk about that.

But when you think about what the market has been doing for the last month and then the

last four or five months. Yes we saw this interesting

rotation into more cyclical stuff about a month ago but really the defensive

rotation is something that's been alive and well for probably six to nine

months as evidenced by utilities. That is an environment where I don't think

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