Walmart raising the alarm bells on the consumer, as the big box retailer posts a disappointing outlook amid rising gas prices. How the oil shock is hitting shopper’s wallets, and what we can expect to hear about the consumer when competitors report results next week. Plus, details on OpenAI’s IPO timeline, how Spotify is raising the volume for its superfans, and Eli Lilly’s heavy hitter; how the pharma giant is moving forward in the weight loss drug space with its next-gen obesity drug.<br><br>Fast Money Disclaimer<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Walmart’s Consumer Warning… And Eli Lilly’s Latest Tip Of The Scales 5/21/26

CNBC's "Fast Money"

# Full Transcript

**Podcast:** CNBC's "Fast Money"

## Participants

- **Melissa Lee** (CNBC)
- **Dan Nathan** (CNBC)
- **Guy Adami** (CNBC)
- **Steve Grasso** (CNBC)
- **Julie Beal** (CNBC)
- **Bill Simon** (Darden Restaurants / Walmart former CEO)
- **Tom Miller** (Iambic Therapeutics)

## Transcript

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Live from the Nasdaq market site in the heart of New York City's Times Square, on a day the Dow sets its first record close in over three months, this is Fast Money. Here's what's on tap tonight. Walmart's warning the retail giant seeing its worst day in two and a half years after its latest earnings report, what the company had to say about the U.S. consumer and the ripple effects through the economy. Plus a quantum leap for quantum computing stocks. Spotify soars after its first investor day in four years. Lilly legs higher on hopes for its next-gen weight loss drug.

And speaking of healthcare, we'll talk to the CEO of a company trying to revolutionize drug discovery. The head of Iambic Therapeutics, number 33 on this year's Disruptor 50 list, joined us on set later this hour. I'm Melissa Lee. Come to you live from Studio B at the Nasdaq. On the desk tonight, Dan Nathan, Guy Adami, Steve Grasso, and Julie Beal. We'll get more on what drove the Dow to its first record since February later in the show, but we start off with that retail red flag out of Walmart. The big box giant dropping more than 7 percent its worst day since November 2023.

After the company gave a disappointing outlook for the year, painted a stark picture for the consumer. Walmart saying the pain at the pump is straining consumers' budgets and that things could get worse in the second quarter when the boost from tax refunds goes away. Here's what the CFO had to say on Squawk Box this morning about what's becoming increasingly K-shaped economy. The high-income customer continues to spend with confidence in many categories, whereas the lower-income consumer i...

Walmart’s Consumer Warning… And Eli Lilly’s Latest Tip Of The Scales 5/21/26

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Walmart’s Consumer Warning… And Eli Lilly’s Latest Tip Of The Scales 5/21/26

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.