Fast money starts right now live from the Nasak market site overlooking New York City

of Times Square.

I'm Melissa Lear.

Traders on the desk are Pete Nigerry and Tim Seymour, Dan Nathan and Guy Adami.

Tonight on Fast, it's a Starbucks stealth rally the coffee giant soaring

16% in just the past three months and now hedge fund billionaire Bill

Ackman is betting big on the stock is an even bigger rally brewing

plus moments ago, President Trump

with a simple message to Fed Chair Jerome Powell,

slow it down.

Could a war be brewing with the Federal Reserve?

We start with the material warning. Sound the alarm. The sector

far and away the worst performing down more than 3%. The sell-off picking up

steam after chemical giant PPG industries warned of higher input costs ahead of its earnings report and then just moments

ago Procter and Gamble saying it's felt a financial impact as well due to higher steel costs.

Now this has been an early but important theme moments ago.

We also just found out that Peltz's try and just took a stake in PPG and sending that

stock soaring in the after-hour session by that 6%.

So is this a warning to the rest of the market that earning season could actually be shaping up to be a season of pain?

The season of pain might be a little extreme, but it's definitely a warning. You can't, I mean, Pepsi said something a week a week and a half ago as well, higher

input costs. I mean, inflation is here whether we realize or not, whether the Fed wants to acknowledge

it or not, whether the market wants to acknowledge it or not. So I think that higher input costs are a big deal. Now the

...