Fast Money 8/31/26

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**Frank Holland** (1:02)
Live from the NASDAQ Market site in the heart of Times Square in New York City, this is Fast Money, and here's what's on tap tonight. Stocks closing out a winning month with kind of a whimper. As yields continue to climb to multi-year highs, will the surge in energy and rates start a September swoon for the markets? We will debate that and much more. Plus, Alphabet's losing streak continued. Shares of Google are now down for four straight months, the longest stretch lower since 2015
What could spark a turnaround? We're going to break that down. Then later, Tim Cook, hanging them up at Apple, Strategy's new Bitcoin buy, and the chart master with a bold call on hotel stocks. I am Frank Holland in for Melissa Lee. Coming to you live from Studio B at the NASDAQ. On the desk tonight, we got a classic Frank and Fast Money adventure. Tim Seymour, Dan Nathan, Guy Dami and Martin Norton, Chief Investment Strategist at Empower. We begin with the benchmark 10-year treasury closing at its highest level, dating back to January of last year. 20-25, that yield now right around 4.75%.
The move higher coinciding with strikes between the US and Iran for the first time in a month. Rising yields, weighing on the stock market, the Dow, the S&P and the NASDAQ all closing lower today. The weakness coming as the US is hosting G20 finance leaders. That meeting kicking off today, Treasury Secretary Scott Besson and Fed Chairman Kevin Warsh arriving in Asheville, North Carolina yesterday. And right there is where we find CNBC's Megan Casella with the developing story. Megan.

**Megan Casella** (2:29)
Frank, hello from the Blue Ridge Mountains where it has been a busy first day of programming at the G20 finance ministers meeting. Now we've gotten a number, a lot of news on a number of different topics, I should say. On Iran, since you mentioned that, Secretary Besson telling CNBC that the US doesn't need China to get on board in order to economically pressure Iran to the negotiating table. He says that's something that he believes could happen when their economy collapses within weeks or months. He's also been talking a lot about the bond market, Besson telling CNBC that he wasn't necessarily trying to change the direction of bond yields with his announcement of increased buybacks on the long end, just maybe trying to slow the climb. He also said he and Fed Chairman Kevin Warsh are absolutely on the same page when it comes to bonds. And Frank, we're also learning a lot and hearing a lot about trade and tariffs. We learned that Besson is set to sit down with his Canadian counterpart, the Canadian finance minister, that coming amid this tit-for-tat tariff war between the US and Canada. Here's more of what Besson said about Canada.

**Scott Bessent** (3:27)
I think this is very unfortunate that Prime Minister Carney has turned this into a political shouting match. I mean, we're not at war with Canada. How are we going to be at war with Canada? What, are they going to take their two submarines from the Edmonton Mall and sic them on us?

**Megan Casella** (3:44)
Now Frank, I also had a chance to ask the Canadian finance minister, Champagne, what his message was for the US on tariffs, and he said, you know, Canada is doing just fine, and he's really sending a message there that they can keep these retaliatory tariffs in place for as long as they need to. One final point, we're also tracking a number of bilateral meetings that the secretary is holding on the sidelines of this summit, Canada being just one of at least 11 that he was expected to hold. We know China, South Korea, Argentina, all on that list as well, tracking all of those to see what more news we might get through the end of the week. Frank.