Live from the NASDAQ market site in the heart of New York City's Times Square, this is fast money. Here's what's on top tonight. Treasury Secretary Scott Besson calling for a big cut from the Fed, but what would drastically, lower rates, what would that mean for stocks, for yields, and for the consumer will lay out the possibilities. And the state of exchanges, shares of NASDAQ have been rallying this year as markets

themselves did new records. We'll find out what's behind the move and get a pulse check on the

market for the IPOs, for a NASDAQ CEO, Dina Friedman. Plus, we're dialed in on Cisco earnings

and the big move in shares, Amazon upping the ante in the grocery game, what it means for both legacy

companies and upstarts, and shares of biotech in Smed, trading near 25-year highs after its latest FDA approval. What is next for the name and where this stock goes from here? I'm Melissa Lee. I'm a lot from studio Bia at the Nazak. On the desk tonight, Tim Seymour, Karen Fein, Dan Nathan, and Guy Adami. We start off with that big call from the Treasury Secretary.

In an interview this morning, Scott Besson telling Bloomberg, that the Fed should cut rates by 50 basis points next month,

and that ultimately rates should be 150 to 175 basis points lower than they are right now.

That got us wondering, what would that mean for the markets, starting with stocks? He hasn't been a NASDA-h hitting records today, but it was a long, underperforming small-cap Russell 2000 that saw the biggest gains. Do out of favor groups and sectors, rebound, if rates drop. I think we would all agree that the equities would probably rally. Where would the rally be most pronounced? Well, you're seeing it in the small caps, no question about it.

And I think Karen's spoken about this as well.

I'll say this.

We talked about it last night.

It was this time last year that the market started pricing in six rate cuts for 2025.

And the market, through the lens of the S&P, was significantly lower.

So the market has rallied.

Now we're starting to talk about more rate cuts.

Personally, I think it's all priced in, but quickly it's, I find it fascinating

and listening to Treasury Secretary Besson talk about the reasons for these rate cuts

are the softening job market, which, you know what? Maybe it is a softening job market.

With that said, what we heard from the administration last week was those revisions were rigged,

and it was a political hit job. So you can't, my point is you really can't have it both ways.

Either the job market is softening and the revisions are legit or the revisions weren't legit and the job market is robust. So pick aside, I guess,

is my point. I agree with that. Yeah. So I agree with you, agree with me on the small cap,

...