Live in the NASAC markets,

in the heart of New York City's Times Square, this is fast money. Here's what's on top tonight. A market sell-off, the tech trade losing steam in a big way and pulling the NASAC into the red for the week. All major indices closing just off the lows of the day. Is this a pause that refreshes or a sign of deeper troubles? Plus, Disney's not-so-magical quarter shares the entertainment giant sinking after its latest report is a move justified in what's next for the stock. Plus, crypto crumbling below a key support level, cyberstock sink on news of an AI-orchestrated hack and housing headaches. New data showing a big spike in foreclosures last month. What's behind the rise and what's it say about the state of the consumer? I'm Melissa Lee. Come to your live in the Cudio B at the NASDAQ on the desk tonight. Tim Seymour, Courtney Garcia, Steve Grasso, and Mike Co. When we start off with the markets going back into sell-off mode, the NASAC dropping more than 2% today, posting its lowest close of the month. The SEP and Dow each shedding more than

1.6 percent, fears about valuations in the AI trade weighing on tech stocks, all but one

member of the MAG7 down today, with Tesla's 6 plus percent drop leading the losses. The

group losing a combined half trillion dollars in market cap just today. Also, spooking investors,

new commentary from the Fed, sending chances

of a rate cut in December sharply lower. Marks markets had been pricing in a more than 60% chance

of a move just yesterday. Now there's about a 50-50 shot. So what do you make of today's action?

Is this a sign of some real air coming out of the AI trade? Certainly what we saw in terms of

the NASDAQ 100 doing worse, semiconductors doing much worse, RSP, equal-weighted S&P, doing better than the relative than the tech heavy indices. I think relative is the term of the day. I mean, it's all, you know, in terms of taking even some of the Fed out of the equation, if we're talking about missing out on 25 basis points, if a suddenly hawkish Fed is going to hit the tap the brakes, I don't know that that even really matters on the story for equities, but it's amazing how on a relative basis, we're talking about valuations today. We're talking about data that we had already said we weren't going to get that now we're concerned we don't have. So I think it's, it's, again, it's all relative to where we are approaching this from. This is the third kind of big sell-off day we've had in a couple weeks. It's starting to become more than just a one-off. It is starting to look as if some of the key levels that we bounced nicely off the 50 last week. That was resounding, but suddenly you're testing again. So I think it's a

case where the Fed, as we always say, it tends to be paramount in the context of market and

momentum and where we feel. I'm not sure that much traded, excuse me, changed today in terms of the

outlook, but there's no question. We suddenly are thinking about the things that we weren't thinking about yesterday. Yeah, I mean, obviously the Fed is part of the equation, but it doesn't seem like the reason, the reason why there is air coming out of the AI trade. And also, there's nothing new necessarily in the concerns of the AI trade when it comes to return on investment. We knew that they're issuing loads of debt in order to pay for

those cap-ex. It's not like anything has really changed. It's just investors are scrutinizing that now.

Yeah, and I think it's just rubber-hit-the-road type time. When you look at it, November and December

are really your best month seasonally to be invested in the marketplace. And if that flips on its

head, it's going to hurt a lot of people.

The market always sets up to hurt the most amount of people at any given time. If we have a

down December, it's going to be painful. Crypto is hitting a wall. So does crypto get back on

the horse? Does that run back higher? If you look at the seven names that are responsible for all

the gains, they need lower rates. right? You need, so if December doesn't happen, it's a problem for the market. Corny. Yeah, and I mean, when you look at today, there was not a ton of news to your point. I mean, nothing really changed the picture on valuations, but what did happen is we got an end to the government shutdown, which you saw this run up on the optimism that was going to happen. And now it's actually happened. And I think some of that's already been priced in. But now people are realizing, okay, we're not going to get some of that government data that we were hoping we were going to get. And that is actually what's leading to. Maybe we aren't going to get these rates cuts because if we're not going to get this data, it's not going to be there. And I think that's what some of the selloff is. And you are going to get after such a good run in the markets. You're going

to get some profit taking. You're going to get some rotation out there. So I don't think this is something to be overly concerned about. But yes, you are going to see these days happen after these big run-ups that we've seen.

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