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CNBC's "Fast Money"

Mag7 Results On Deck… And The Non-U.S. Equity Trade 1/23/26

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.91.3K Ratings

🗓️ 23 January 2026

⏱️ 44 minutes

🧾️ Download transcript

Summary

Big tech earnings on deck, with Meta, Microsoft, Tesla, and Apple headlining the Mag7 action next week. If the group can bounce back after a tepid start to the year, and the names that saw the most action this week leading up to the reports. Plus Gold and silver at records, while India sells out of U.S. treasurys. What our international ambassador Tim Seymour sees in store for the emerging markets, and the next move for heavy metals. Fast Money Disclaimer

Transcript

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0:00.0

Live in the NASDAQ market site in the heart of New York City's Times Square, this is fast money.

0:06.2

Here's what's on top tonight.

0:07.6

A $10 trillion earnings week, Apple, Microsoft Meta, and Tesla highlighting the action next week,

0:12.9

what to expect when the numbers cross the wire and how to trade the stocks right now.

0:16.9

And a massive winter storm set to hit the U.S. this weekend.

0:19.9

More than 200 million Americans could feel the impact, why retail and restaurants could get hit particularly hard. Plus, Intel loses its momentum in a big way. Some positive news for Novo's pill prescriptions and small caps pull back. Is this a sign that the group's best days are behind it? I'm Melissa Lee. I'm Melissa Leak. I'm at the NAS, the NASDAQ, on The Destinite, Tim Seymour, Fano and Ice, Steve Grasso, and Mike Co. We start off with that monster week ahead for MegaCept Tech. Four of the MagS7 stocks headlining a busy week of earnings. Meta, Microsoft Tesla, reporting Wednesday, followed by Apple on Thursday, a combined market cap of more than $10 trillion on the

0:55.2

calendar. The AI-led tech trade stalled out at the start of the year. The Mag 7 names underperforming

1:00.0

the broad market in the first few weeks of 2026. But investors piled into the group this week,

1:05.3

at least today, meta leading the way up more than 6% for the week. Tesla and Microsoft also

1:09.5

seen games. Apple, though,

1:11.1

an outlier, it is down nearly 3%. So will the group find redemption next week after a tepid start to the year, which names have the most to prove? It was a tepid start, but also they've been going nowhere sideways since October. So the setup, arguably, is a pretty good one. Yeah, I heard you and Mike talking about that.

1:29.6

I think it's, I think it is interesting.

1:35.6

Today kind of felt like the day that MAGA fought back and the prep into next week is, you know,

1:40.5

I'd take Microsoft for 300, Melissa, off the board there. Because I just think it's the one that has been the biggest disappointment to me,

1:45.1

both on the charts, but really ultimately in terms of where I think expectations were, it was

1:50.2

one of the big winners in the AI trade.

1:51.8

It was one of the big winners, certainly in the margin accretion.

1:54.6

Azure is a big part of this story.

1:56.4

I think the numbers are going to be good.

1:58.0

I think you're well protected on the downside.

2:00.0

Co-pilot, I think there's some dynamics there that are very to be good. I think you're well protected on the downside. Co-pilot.

2:40.8

I think there's some dynamics there that are very mixed, frankly. But I think the valuation is back to a place where people can own it. I don't think this thing's going to get away from you. I really don't. I think, and if I look at, again, just the charts and allocations, and there does seem to be a lot of heaviness into Mag7 stocks. If you want to, you know, be a technical person who sees that you have a 50 crossing over a 200, otherwise known as a bear cross, a death cross, whatever you want. The price action today was good, but it hasn't been good. I think this is the most defensive, though, of all of them. Yeah, I mean, it has, even on the day where we bounced the Greenland sort of, you know, tumble and then we bounced back higher, Microsoft didn't follow along there.

...

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