Live in the Nanzike market side in the heart of New York City Times Square, this is fast money. Here's what's on tap tonight. A massive market rebound after a rough start for the session. Major indices all closing well off their lows of the day. What's a reversal signaling as we head into the weekend? And drug maker, deal making. Merck making some M&A moves to widen out its pipeline, what it means for the stock, and the next potential deal coming for the space. Plus Walmart names its next CEO less than a week away from earnings. Baba breaks down after a scathing report from the White House, and we are counting down to the biggest earnings report of the season, how markets are positioned ahead of Envidia's latest results. I'm Melissa Lee. Come to you live from Studio Biazac on the desk tonight.

Tim Seymour, Bono and Ice, and Steve Grasso and Julie Beal. We start off with the big intraday reversal in Mark as a session starting off in dire straits. The NASAC down almost 2% right out of the gate with the S&P and the Dow also deep in the red. Bitcoin falling below $95,000 and the big AI players all sinking all of this week's

concerns from sky-high valuations to fading hopes for a Fed rate cut seem to be coming home

to roost.

But things seem to change rather quickly.

Major indices all closing well off their lows with the NASDAQ eating out a small gain.

And even the biggest momentum trades got their mojo back, Super Micro, Robin Hood, Micron, and more seeing massive swings from their lows to the close. When all this is said and done, the market's end of the week, basically where they started. So what should be the takeaway from today's market action from this week's market action? Tim? Well, I think the market feels more nervous than it did.

I mean, I know a week ago, interday, really. You know, that's the love that markets needed to

rally off of and they did it or not retest. And I think there's a lot of people out there that

that attested that is a place to maybe take a little bit more cover. It was a week when Fed Hawks

reemerged. It was a week where some of the high momentum,

certainly some of the frothy trades are places where I think there even was a lot of pain,

even on a rebound day. And it was a day on a rebound day. It wasn't even that great of a

rebound day because the rebound kind of failed by the end of the day. And so net net to where we

were, yes,

absolutely it was a, it almost felt like that turnaround Tuesday on a Friday. But we also closed

25 or 30 S&P handles off of the intraday highs after the intraday lows. So I don't think

that the market feels that comfortable going into next week, even though, again, some technical

levels were held. Those are nice bounces. But we do have a Fed that wants to communicate that

December's not a fait accompli. We talked about this last night. I'm not sure the 25 Bips in December

means a lot. It means more about just the Fed's tone, which may be less accommodative. Yeah, I think tone and glide path are definitely at the forefront here. I mean, we're through 90, 95% of earnings. We do have Nvidia. We do have some retail names coming on next week. But the bulk of earnings, that has kind of giving you your data points going forward. I think, you know, a lot of the wind did come out of that AI trade. I think the open AI announcement kind of signaling perhaps a desire for Fed backing, raise some eyebrows. I think you start to look into the financing and the circular type of dealing that's going on there. But with that said, I'm kind of in Locksav with Tim. I think my biggest takeaway is that one should expect some continued volatility.

And we've had quite suppressed VIX for some time here.

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