Competition in the space. A weight loss drug promising competition for big players. Could it mean an acquisition is in the future. We will dive into it. Im melissa. Tim see more, Courtney Garcia and guy awe daumie. The nasdaq jumping more than a percent, notching the first record intraday high since before thanksgiving 2021. The techheavy index closing below 16,300. The s p also marking alltime highs putting in its 15th record close since january 1st, but there have been one notable name sitting out of the market rally. Apple posting another loss today and is now down nearly 10 since hitting its record in middecember. Whatever happened to that old idea that we like to say, bandy around here, that markets could not go higher without apple . What does it mean for the rally . Is this actually good news for the market, guys . Im one who adhered to that. Again we play the game often. Guy, if i told you that apple would be hold on. Is that a third person reference . Not the way i could have. Not the way i would say. It was uncomfortably close to a third person reference. We are very uncomfortable at times here, but you know what . Well bring it back a little bit. Apple is below 180. Where is the s p 500 . I dont know, it has to be down a few hundred points from the alltime high. It is not. Apple has not traded well since december. What has happened here . Well, maybe it has become a source of funds. Maybe people see that growth isnt there, the valuation is extended and it is not justified where other companies at least have the growth that maybe you could wrap your head around. I think thats what is going on. To answer your original question, absolutely not that i think apple would be under pressure and the Broader Market would be making alltime highs. The context is that the max seven no longer traileds as a monolith. Tesla dropped out, apple dropping out, maybe it is good that maybe some money is being transferred to other areas. I think thats what you want to see, right . We dont want five Companies Leading the market rally higher. We want the entire broad markets rally and you are starting to see that. The market is broadening more than people realize. Things Like Health Care and industrials are also hitting on the alltime highs in the last week and even things like financials are starting to get up to those evels, too. I think thats what we need, is a broad market rally. Thats what were seeing. That is more indicative this has more room to continue to run. These allnew highs are from two years. Markets went nowhere in the last two years. We have a ways to go here. I think apple is the number two in the nasdaq 100. Number one is microsoft. Both are about 8 or so. So tim always points this out, that apple has been under performing for quite sometime in the overall market. So i dont think this is anything necessarily new, but how does the market perform when we all start to look at it . That makes sense. We havent acknowledged the fact it has been under performing until it has been under performing but because we havent talked about it, it is not happening . If a tree falls in the forest. Exactly. Did it ever fall . You know, right now it has been going on for quite sometime and the market has been performing just fine. Now that we know it is happening, now that we steven has outed apple here. People might start to use it as a source of funds. Increasingly, the selling pressure increases here . I think it could. I think you could see sell pressure in microsoft because of everything going on with elon musk and openai. So if you start to see the Top Two Holdings of nasdaq under pressure, microsoft means a lot more to the overall market than apple does. I use my decoder ring. Let me lend some sanity here. I think oh i think it is all about semiconductors. We dont need apple because we have semis. Semis outperformed the s p by 20 since january 4th. The entire s p that everybody thinks is having a great year, and it is having a great year, semiconductors, until they stop showing leadership we are fine. Not only that, they set the stage for the market for the last year and a half. Again, it is semis are out performing nasdaq or qqqs, smh over qs equals s p higher. Until it starts happening we dont care about apple. What happened today to semiconductors that the sox, the philly, whatever you want to look at, the smh was up over 4 when in fact we rallied. It is a 20 move in the semiconductor index, in other words it has moved 20 higher in a month. This is coming yes, we have nvidias earnings, we know what is happening, we are getting positives out of amd and where they maybe ready to compete, we heard from dell. Everybody that may have a real ability to throw their hand into the ring, thats important. Courtney talked about market broadening. I think this week was all about that. As much as it was about semis in todays 4 move is extraordinary, it is really a breakout in health care, wealie a breakout in retail. Energy is catching fire here. All of these sectors, and this tells me we are getting allocation and tells me that people are allocating. It is not the other, you know, the seven, not even what happened to the other 493. Theyre playing ball and i think theyre going to continue to play ball. Quick math you did. Did you see it, 7, 4, 93. The whole thing worked. Hes clever like that. I like that. Amd, we were we were together, we were at the fontainebleau hotel, which sounds odd but we were there for work, sitting by the pool doing our show. The Fourth Quarter was okay. The First Quarter guide was not great in the semi stocks were going ballistic. The stock added 25 since then, maybe some news. You know, amd all of a sudden has got itself extraordinarily expensive where it was an extraordinarily cheap stock twoandahalf, three quarters ago. That fast you can go from valuation you can get your head around to valuations that dont make sense at all. We said we dont need apple because we had semis. You really mean a. I. Yeah. Is that really what you mean to say . I think it is because if apples growth was more about reaffirmation of the consumer in a Services Business and multiple expansion, multiple expansion in a. I. Is well ask questions later and well price nvidia on a 25, you know, eps multiple north of 25 which makes it, by the way, not an expensive stock. So, yes, thats exactly what is going on. And whether thats right or wrong and we are now questioning how big this pie really is for everything, i mean i understand that nvidia is a winner but im not sure if we have a bigger pie to draw from and yet were pricing everything higher. And without a. I. You get commodity pricing. You get boom bust. Right now it has extended the cycle for chips where normally chips would run in the cycles with the economy. Now theyre running into a different cycle where a. I. A super cycle . I dont know if you could call it a super cycle because that makes me think you should short it. The secular growth story. Im trying to think of the buzz stories. Willynilly, it doesnt pan out. Think about pixie dust, right . We were all talking about pixie dust and nvidia proved they could make billions off something that was tangible. Now were starting to see who can actually make revenue on pixie dust thats no longer pixie dust. We saw that salesforce cant do it as of yet, right . So amd can do it. Nvidia can do it. The chips can do it. The rest remains to be seen. Look at broadcom, a name weve done a decent job with. It looks expensive because it is a 1,400 stock but you do the math and say, wait a second, it only trades at 25 times next years numbers. I got to tell you something, thats more than reasonable in this environment. I think they report next thursday. You know, there are stocks in a secular shift that make sense. To me other stocks have just gotten way ahead of themselves. Here is the question at this point. If you had a dollar, 10, whatever amount of new money right now uninvested on the sidelines, where would you put it to one of these sectors like a health care or retail that are showing signs of breaking out, catching up with the reps of the market, or would you put it in the a. I. Trade . I mean i think you need both, right. I think with new money im absolutely leaning towards health care. By the way, she didnt answer the question but thats fine. Dont worry. It is in my head, in my notebook. Reminds me of buy anyway. Theres a feeding frenzy when it comes to a. I. Companies are realizing if theyre not getting into it they will fall behind. Everybody is trying to find a way to be profitable in it. Theres a lot of case of not business use for it but it is creating a frenzy where theyre getting more chips and arguably it is making a double ordering issue, whether it is getting more chips than they needed. Down the line you may see a glut because of that. I think you are seeing that going into the share prices and it is becoming a high valuation and everyone says, oh, it is keep going, probably will for a little while as people chase it but longer term i would look at things like a health care that i think will continue to be profitable in the under rally compared to this item. Same question, grasso. I would go biotech. Over a. I. . Over right now so i agree answer the question, by the way. I always bring everything back to, would you rather but you dont like that either. So for me i would go biotech and i think you have to go with the smaller cap, the more equal weight as carter worth would talk about versus the ibb. Go xbi and i think you have more bang for your buck there. Tech is only up in xlk terms about 9. 5 yeartodate. Xpi is up 13. 5 . I know it runs counter to the growth, but i love utilities here and i love mlps. Utilities have so underperformed, you know, there was a question last year whether they really coexist so to speak with the Higher Energy cost, the higher yield cost. A lot of the infrastructure build out but a lot of utilities were under a whole lot of pressure. Mlps, what weve proven is that a lot of these call it, you know, mid Tier Companies are actually making money and theyre much more capex defensive. I think there are places in the market that continue to look good. It is not necessarily that the equal weight s p is outperforming. It is all the sectors that have under performed that are rally weightings in the s p. Utilities are not a massive weighting but 3 . Energy is 4. 5 , energy is starting to break out. I think theyre places to play. Energy. I like being the last because i can listen to the other answers and have time to think about it because it takes me time. And thats the best you came up with . Well, it is. Again, look at crude oil. Stealth rally no one is talking about, number one. Look at these names, all making alltime hice. You know what . Xle is quietly getting off the mat. I think people are not paying enough attention to energy. We thought it would be a good time to look at market technicals. Chart master Carter Braxton worth joins us to dive into the charts. What are you looking at . Lets look at major averages and indices and where they are now in relation to former highs of late 2021, early 2022. Put up the first table. All three of these wellknown, of course, s p 500, the dow and the nasdaq composite, are all above their former high. So two years later, s p up 6. 6, industrial is up 5. 7, and as you just mentioned the nasdaq composite making a slight new high. Now then, of course, we have those that havent quite recouped their losses. So the s p 500 equal weight is not quite back. The mid cap index not quite back, but close. Russell 2000 nowhere near close to recovering the loss. The dow jones transportation average is still down 13plus percent from the former alltime high. Lets look at a chart or two of some of these and we can go from there. The question is do we chase do we chase the winners, right, or do we maybe play the liar. Here is the s p. Again, you are up 6 but you will note the s p consolidated for one full month, actually five weeks before it broke out, right. It got to the formerhigh, consolidated and then exceeded the high. Now lets look at the next and the next, and you will see that the equal weight has just now returned to that level. The presumption is that it too as the s p did will back end fill at a minimum, meaning before you exceed a high typically you contend with it. Look at the nasdaq composite as well and you will see the same circumstance. So were these two that are catching up to the s p do what the s p did . One can anticipate backing and filling or backing away before going higher. And then finally, relative performance is everything. So lets look at a ratio chart. This is the nasdaq composite divided by the s p which gives you a relative strength line. What we know is the nat dak composites relative performance peaked in 2021 and still way, way behind the s p. And then finally, of course, the nasdaq composite overall, its relative performance to the nasdaq 100 is making new 20 and 30year lows as we speak. Thats a very interesting chart, carter. I want to pose a question to you that i posed to the folks here on the desk tonight, and that is if you had to put fresh money to work today, where would it go . Would it go in the socalled winners, the mag five or however many you want to call it or semis, or would you go to the sectors that show signs of life now and are catching up like a biotech, a health care, retail, et cetera . Sure. I mean i think it really gets down to large versus small cap to some extent, and so i would answer it by saying i would rather have an overweight in russell 2000, iwm and spy, but i like the energy theme you all were batting around on the desk. I think it is a good play here. All right. Carter, good to see you. Carter braxton worth of worth charting. Iwm closes up 205. We have been pointing out thats resistance, a very good sign so hes on to something there. Thats a twoyear resistance level we are through. We will see if that plays out. Whats that holiday on the 4th of july . 4th of july . Thats the one. Thats so weird. Odd, right . How long have we been doing this show . 17 years. 17. So it is the same day of the week, right . I want to show Carter Braxton, that cat signed the declaration of independence. Not the one just on. That would make him very old, but it is ancestry. So it is incredible. I like him even more now. He is like american royalty. Sure, he is. Speaking of him, back then we obviously became our own and we pulled away from our friends in britain. If you look at britain and if you look at germany and you look at japan, the International Markets are outperforming the s p. Quite a segue. Thats what i do here. It is a case where when the s p is working historically we have seen international under perform and theres been reasons for it. Places where they dont have a whole lot of high tech and a lot of a. I. I think are responding. This is the whole thing about the real economy outperforming and i think it is going to continueand these are long cycles. This is ten years of under performance for the euro stocks 50. I think it is a trade you can stay in. You like international, right . Absolutely. We have been talking about that because tech has been outperforming. Theres a lot less tech as was alluded to in the foreign markets than in the u. S. And the valuations are so much lower. Again, you want to pony both but with new money, things Like Health Care, energy, and absolutely international you want to allocate your assets to. If we look at international making new highs to tims point, you have germany, franks, japan making new highs. The domestic market here seems as though it is on fire and i want to be cautious of it. We are due for some sort of a pull back. Im not calling for a bear market but we have to take a little bit of a speed bump. But other than that i think the u. S. Markets will continue to lead. All right. Coming up, it is a bird, it is a plane . No, it is spirit air systems soaring on news boeing is in talks to buy back the company. We will weigh the pros and cons of this potential mega merger next. Plus, a casino crap out. Malco hitting the lowest levels in over a year after a disappointing report. Now is the time to buy this macau macao trade. This is fast money with melissa lee here on cnbc. [sfx wind, rain and rolling thunder] [music up and under] crowd get in [crowd cheers] american announcer justin rose has done it. British announcer hes a 17 year old phenom. Nobodys born with grit. British announcer this is hard to watch. Its something you build over time. American announcer thats 21 missed cuts in a row. [car trunk slammed shut] but creating a future only you can see, demands relentless pursuit. For 88 years, Morgan Stanley has offered clients the same determination and forward thinking that define justin roses career. Because the only way to reach your full potential. American announcer rose, back in the winners circle. Is to pair the vision of whats possible with the grit it takes to make it happen. [crowd cheers] to advance the future of golf, pga of america chose tmobile for business. With a 5g powered Innovation Hub to analyze player performance and expand coaching tools. Take your business further with americas largest 5g network. Is it possible to count on my internet take your business further like my Customers Count on me . It is with comcast business. Keeping you up and running with our 99. 9 network reliability. And security that helps outsmart threats to your data. Moaire dida twoo . Your data, too. Theres even roundtheclock customer support. So you can be there for your customers. With comcast business, reliability isnt just possible. Its happening. Get started for 49 a month. Plus, ask how to get up to a 800 prepaid card with a qualifying internet package. Dont wait, call and switch today welcome back to fast money. Boeing and spirit air systems confirming after the bell that the two companies have held talks to recombine. Reports the discussion sent shares of spirit soaring during the regular session. Bont companies saying theres no guarantee a deal will happen. It comes less than two months after the door of a boeing 737 blew out mid flight. It has been a bumpy ride since spirit spun off from boeing in 2005. The stock saw the best day since october. Boeing is down almost 2 on this news. A lot of analysts say it would be good for spirit and long term possibly good for boeing, too. We talked about this actually for years. Obviously it is coming to fruition now. We talked about it when spirit was trading higher than it currently is now. I do think something has to be done here. Get it back underneath boeings umbrella and figure things out. Spirit should go significantly higher from current prices, but once again boeing at this 200 level, not because it is a round number, because actually it is technical support, this is where it has he