A full circle moment for markets as crude oil stoops to its lowest levels since the start of the Iran war and average gas prices drop less than $4 a gallon. Can consumers breathe a sigh of relief or will prices bounce back? Then, biotech stocks soaring from new products and blockbuster drugs hitting the market. Senior pharma and biotechnology analyst at UBS Michael Yee breaks down what investors can expect from an upcoming biotech boom. Plus, the Apple and Intel chip design partnership, housing and restaurant stocks leveling up, and could Toy Story 5 be Disney’s only hope after a Mandalorian disappointment?<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.

Full Circle Moment for Markets … And Looking Ahead to the Biotech IPO Boom 6/18/26

CNBC's "Fast Money"

# Full Transcript

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

## Participants

- **Melissa Lee** (CNBC)
- **Tim Seymour** (CNBC)
- **Courtney Garcia** (CNBC)
- **Dan Nathan** (CNBC)
- **Steve Grasso** (CNBC)
- **Gene Munster** (Deepwater Asset Management)
- **Angelica Peebles** (CNBC)
- **Michael Yee** (UBS)

## Transcript

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Live from the Nasdaq market side in the heart of New York City's Times Square,

this is Fast Money. What should you do with shares now? I'm Melissa Lee. Come to you live from Studio B at the Nasdaq on the desk tonight. Tim Seymour. Courtney Garcia is back. Welcome back. Dan Nathan and Steve Grasso. We start off with that full circle moment for the markets. Oil prices dropping another quarter percent today, with WTI crude settling at its lowest price since the early days of the Iran war. Gas prices also down, falling below $4 a gallon nationally on average,

and giving some relief to consumers this summer travel season. Major averages meantime in the green today. The S&P climbing back into positive territory for the week, though all still a percent or more from records. So with one big driver of recent inflation pressure seemingly behind us, what is next for the markets? Tim? Well, it's compared to where we were a day ago, when I think we rightly both on the desk, and I think the market sorted through it today, and said the Fed isn't suddenly necessarily more hawkish.

The interpretation, the messaging is different. And the reality is that there were inflationary dynamics in the pipeline even before war began. In fact, we even saw energy prices rising before war. I think we would also all say energy prices probably will remain higher for longer. It doesn't mean that they have to be, though, north of $90 a barrel. And in fact, you look at the futures curve on oil, and it tells you what we know. There will be restocking. There will be concerns about energy security. But let's face it.

There are parts of the market that still, I think, are very attractive if you expect that we're going to hold $75 oil. And you think by that July 4th weekend, I mean, how many people have come on the sho...

Full Circle Moment for Markets … And Looking Ahead to the Biotech IPO Boom 6/18/26

Transcript

Built for investment professionals

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

Full Circle Moment for Markets … And Looking Ahead to the Biotech IPO Boom 6/18/26

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.