Hi, it's Melissa. Before we jump into today's show, I've got something exciting to share.

On December 11th, we are hosting a special edition of Fast Money Live, trading the holidays right here at the NASDAQ market site. You get to watch a live taping of Fast Money, meet and interact with the traders, and, of course, celebrate the holiday season with us. It's stocks and cheers in the heart of the city, Times Square, in December. You will not want to miss this.

Tickets are available now at cnbc events.com slash fast money.

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 tap tonight.

A CPI surge, stocks hitting new records and benchmark yields briefly falling below 4%

as inflation numbers all but cemented a Fed rate cut next week.

The sector seen the biggest gains and how to play the moves.

And from bear to bull, one of our traders says Tesla is one good-looking chart.

What hasn't changed his tune and how long can it run last?

Plus, a potential media deal sends shares of Warner Brothers Skydancing. The latest read on the housing trade from star analyst Ivy Zellman, and the Premier League lacrosse is getting ready for championship weekend. PLL President Paul Ravel will join us to give us his take on the action and to dive into the state of sports streaming. I'm Melissa Lee. Come to you loud from studio, be at the NASDAQ, on the desk tonight. Tim Seymour, Bono and Eisen, Dan Nathan, and Steve Grasso. We start off with the inflation print that's on stocks to fresh records. Consumer prices rising slightly more than expected in August, bringing the annualized inflation rate to 2.9%. That's the highest reading since January.

But investors didn't seem to think the bump was enough to keep the Fed from cutting rates next week.

All three major averages ripping to new highs, the Dow adding more than 600 points for its fourth record close this year,

and first close above $46,000.

While it was the 24th record closed for both the S&P 500 and NASDAQ.

The Tech Heavy Index also finishing above 22,000 for the first time. Meantime, Treasury

yields pulled back with the 10-year yield briefly dipping below 4% to hit its lowest level since April

7th. So is a Fed cut and more market exuberance, all but guaranteed. Tim?

Well, we've priced in a lot of market exuberance.

And really, even after the V-shaped recovery from Liberation Day, we've done probably almost 10% on the S&P, almost 12% on the NASDAQ.

And it's interesting, you know, you're talking about the Dow today.

We, you know, we kind of sometimes make fun of the Dow as an index because we think it's, it's, the way it's calculated makes less sense to me. That's not what we're here to talk about. The point is that small caps, equal weighted, Dow, so not semis, not the high end of the tech outperformed today on this sense that

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