Fast Money 9/1/26

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**Frank Holland** (1:01)
Live from the Nasdaq Market site in the heart of Times Square, right here in New York City, this is Fast Money and here is what's on tap tonight. Bonds around the globe selling off, sending yields to their highest level since 2008 Could this March hiring rate stall the rally in stocks here and all around the world? We will debate that. Plus, Apple's new boss getting a very warm welcome from investors, also sending out a tweet. The stock climbing on to decidedly down day for stocks, what are the top priorities? For new CEO, John Ternes, we will ask a top analyst. And later, inside the numbers of Dell's latest earnings, the surge in oil following new strikes in Iran and the chart master with a new list of bullish to bearish stocks that he thinks that you should sell. So, I'm Frank Holland from Melissa Lee coming to you live from Studio B right here at the NASDAQ on the desk tonight. Carter Braxton Worth, the aforementioned Tim Seymour, Dan Nathan and Guy Adani.
We begin with a new month with what some investors would say is kind of just the same old story of this summer. Bond yields continuing their march higher, not only here but all around the world and oil prices climbing yet again as the US launched fresh air strikes today. More on the US military action in just a minute. The rate on the US 10-year climb to levels not seen since last January, while in Japan, their 10-year climb to heights not seen since August of 1996
The shorter-term two-year yield also hitting 31-year highs. Milestones today were also breached in Europe. The 10-year guilt hitting its highest level since June of 2008, while Germany's 10-year boom rose to 20-11 highs. Stocks reacting as you would expect to the sell-off in bonds. The Nasdaq down 1%.
The Dow and the S&P each lower by about three-quarters of a percent. So can we expect this kind of slow-grind lower to continue through this week, maybe even beyond? Guy, I turn to you.

**Guy Adami** (2:48)
If the bond market continues to deteriorate that way, Frank, and welcome once again, I think the answer to that question is an emphatic yes. I think the market is finally reacting to this global yield story. And you mentioned Japan, which we've been talking about now seemingly for months, if not longer on this show. And you have a bond market deteriorating, so yields going higher. You have a currency that's weakening as well. Now back above 160 By the way, this is in the wake of a concerted effort by Treasury and the Bank of Japan, two and a half or three weeks ago to intervene on behalf of the yen. Clearly, that's not working. So yeah, there are problems. I think there are problems globally. Maybe we don't have as much a problem here in the United States, but 480 in the 10 year is nothing as short as shake a stick at, I think, Frank. Dan?

**Dan Nathan** (3:30)
Yeah, we've been there in the 480, and we talked about it a little bit last night. We were at 475 a year ago, two years ago, three years ago. The S&P 500 is 7600 right now. Last year at that point, it was 6,000. The year before, it's 5,000. The year before, 4,000. And I guess the issue I would add is that the equity risk premium right now is razor thin, right? It's 20 basis points. And so if we are going to a period where you think yields could go materially higher, you think that all this intervention really speaks to some form of, I don't know, panic is the right word, but it's not instilling confidence, then you say to yourself, well, the S&P 500 could easily come in a bit. It's down 2.5% or something from the all time highs. I'd also throw in there that, you know, with the war, with oil, with the midterm elections, there's not a ton to get that optimistica out. I mean, yes, some of these corporate earnings have been, you know, off the charts, but the question is, given all these headwinds, can they continue to grow like that? And what does deceleration look like, especially if you have a pullback in AI demand? So I know that was a lot, but I think you put them all together and you say to yourself, I don't think it's an amazing environment to buy stocks right here.