Live in 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.

A tariff tussle, President Trump announcing 25% levies on Japan and South Korea sending U.S. markets tumbling.

Is this a sign that the record rally has hit a wall or is there more gas left in the run?

And a biotech breakout, one top analysts saying the group may be poised for an updraft.

He'll lay out his case, give us his best picks in the space.

Plus, Tesla tumbles on Elon Musk's latest political announcement.

MGM gets a bearish call from Goldman Sachs and America's deficit reckoning.

We take a look at the potential fallout from President Trump's budget bill.

I'm Melissa Lee. Come to you live from studio, B at the NASDAQ. On the desk tonight, Tim Seymour,

Karen Feinerman, Dan Nathan, and Steve Grasso. And we start off with a break in the record rally.

Stocks dropping today after President Trump announced a 25% tariff on goods from Japan or South Korea as well as a handful of other countries.

The S&B falling 8 tenths of a percent from the all-time high hit on Thursday.

The NASDAQ down nearly 1% while the Dow shed 422 points.

And take a look at the Japan and Korea-linked TTS, taking a big leg lower after the levies were announced,

a slew of other countries receiving letters and terrorists in just the last hour.

For the very latest, let's get to Megan Kisela, who is at the White House.

Megan.

Hey, Melissa, everything moving fast in this hour.

But 14 countries as of now have received letters from the president laying out the tariff rate that all of their exports to the United States will face as of August 1st, unless they strike a deal in the meantime. These are tariff rates ranging from 25% up to 40% on the high end. And as you

mentioned, Japan and South Korea by far, the largest trading partners on this list, both seeing

tariffs of 25% kicking into effect. Other ones on the list, Bangladesh seeing something like

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