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 tap tonight.

Markets bouncing off lows late in the day, with stocks closing well off their worst levels and rates pulling back from the year's highs.

But will central bank fears about inflation come home to roost?

We'll debate that in tipping the scales.

Eli Lilly's new obesity drug clearing a key clinical test, the details and what it means for all the players in the scales. Eli Lilly's new obesity drug, clearing a key clinical test, the details and what it means

for all the players in the GLP1 space.

Plus some surprisingly good news for Apple on the AI front, Rivian Incs a major robot taxi

deal with Uber, and Baba Bustit shares of the Chinese tech giant hitting more than

six month lows after earnings.

We'll dig into the numbers, find out whether it can rally from here. I'm Melissa Leak, on Dio-Live from Studio V at the NASDAQ. On the desk tonight, Tim Seymour, Karen Feinerman, Steve Grasso and Guy Adami. And we start off with stocks trying to stage a late-day comeback, closing the day well off their lows. after Benjamin Netanyahu said Israel was helping the U.S. open the Strait of Hormuz. The news also sending rates and energy

prices off their highs. The two-year hit nearly 4 percent earlier in the session, but retreated,

while WTI pulled back after topping 100 bucks a barrel. Still elevated oil prices due to the war in Iran had the most central banks raising the flag on inflation this week. The Federal Reserve raised projections for inflation this year. ECB noting the conflict will have a material impact in the near term through higher energy prices. The Bank of Japan adding attention should be paid to the impact

of rising crude oil prices on the outlook for underlying consumer inflation and the Bank of

England, saying the risk of higher domestic inflationary pressure will be greater the longer

higher energy prices persist. All this commentary has made markets price in a greater chance

the Fed hikes rates in June rather than

cuts them. So when will these fears of higher inflation take a toll on the stock market?

Just today, J.P. Morgan trimmed its S&P price target from 7,500 to 7,200. Should there be more

to come? Guy, what do you say? It's amazing to so we play the game. If you had told me this would be the case a few months ago, where's the S&P? It's like decidedly lower. But the fact that now the market's pricing in basically no cuts and maybe a hike, which I don't think is going to happen. And the market's hanging around. That's actually very encouraging if you think about it. Now, to answer your question, there are definitely some headwinds out there, and the Vicks hanging around 23 suggests there's

another leg here. But the fact that the market seemingly is okay with the year of no cuts is pretty,

I think it's a good way to look at the world right now. This is a rare day where a guy might

...