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.

Oil's time to shine.

Black gold has been under pressure all year long, but one top market watcher says things could be about to change.

He'll lay out the case for where things can go from here.

And Microsoft's AI ambitions, a tech giant denying a report, it is lowering software sales targets, but can the company keep pace with the rest of the hypers? We'll debate that. Plus, Nvidia, Jensen Huang heads to D.C., new laxer standards for auto emissions, and a big quarter for Macy's, but the retailer raising the red flag for the holidays. What's it mean for the stock as it trades near three-year highs?

I'm Melissa Lee.

Come to you live from Studio B at the NASDAQ on the desk tonight.

Steve Rosso, Karen Feiderman, Dan Nathan, and Guy Dami.

And we start off with what might be an inflection point for the energy trade.

WTI crude pacing for its worst year since 2020, trading around the $60 handle for the better part of the year.

Energy stocks have also been under pressure. The XLE and oil services ETF both lagging the broader

markets in 2025. It's been a different story, though, for gold. The precious metal has soared

more than 60% this year, setting 49 record closes along the way. It is pacing for its best year since

1979. Gold miners have done even better with names like Anglo Gold, Kinross, I Am Gold, and

Newmont, all more than doubling year to date. But energy was the best performing sector in the

S&P today and leads the gains for the week. Chartmaster Carter Worth was out with a note yesterday saying oil prices are going higher from here. So are things about to change in the New Year? Could energy turn the tables on gold? Is it so bad? It is good to use a phrase from Carter Brax-Worth guy. First of all, people at home should know that you're playing hurt today. I mean, you're not supposed to be here, but you're here. I'm good. Because that's who you are. Gamer, pro. I think E is the, right, carved energy is the E and Karen's carved. Is that correct? E OIA. And funny, you should say that. Pull an OIH chart up. And look at the move it had just today. I mean, you don't see it move like that over the course of a week, let alone a day, yet here we are. So what's happening? I think valuation finally is becoming compelling for people where maybe they can't get their arms around some of the tech names. They can definitely get around the energy. And I think they've learned that, you know, well, crude oil doesn't all matter at these prices. They can go sideways for the foreseeable future.

And these companies will run better. Their balance sheets are better. And quite frankly,

valuations are something that are compelling. So I think they can continue to go higher from here.

There is a glut, though, for oil. And if the Ukraine war does end or it goes in that direction, there'd be more of a glut.

Yeah, I think maybe some negative tone about that, maybe also partially helped today, right?

But I feel like, to me, it's similar to the rotation into Big Cap Farmer or healthcare, right? The space was so beaten down.

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