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.

Major moves under the surface while broad market indices held steady today.

Big moves in the VIX and Treasury yields caught her eye what the action says about the strength of the rally.

And a regional route through the drops and lenders like Western Alliance

and Lions banks suggest bigger credit concerns amongst the regionals? We'll debate that. Plus,

more AI upside. Dan Ives of Wedbush lays out the case from his channel checks in Asia.

Lulu Lemon lagging after Wall Street downgrade and biotech's boom, we'll talk to the CEO of Magical

Pharma about the sector's run and how he is dealing with growing competition. I'm Melissa Lee. Come to you live from Studio Biaz and Azzac on the desk tonight. St. Grasso, Courtney Garcia, Dan Nathan, and Guy Adami. We start off with a major market reversal for the second straight day. Stock's giving up early gains yet again as trade fears and a continued government shutdown way

on investors. The SEPs swinging nearly 2% from high to low and closing the day down more than

half a percent. The action launching the VIX above the 25 handle, its highest level since

May, though still far from the Liberation Day highs. It's a pronounced move in an otherwise tepid market.

And yields are getting yanked lower,

the 10 years squarely below 4 percent and the two-year yield hitting its lowest level in more than

three years. So do these moves in volatility and rates signal deeper concerns lurking beneath

the surface? Guy, what do you think? I think they should. I mean, yields are going lower because

it's a perceived flight to

quality. We can probably all agree or disagree on that, but I think that's what's happening. But

on a 40-point handle day, lower into VIX, excuse me, on the S&P, understanding that from

high to low, it probably reversed about 100 handles, there's no way the VIX should be at 25, in my opinion. So it is clearly

trying to tell the market something. And this comes in the wake of last week's reversals that we

talked about, some of the fundamental and technical damage it's done. And the fact that gold

...