Guy Adami and Dan Nathan break down a market that looks calm on the surface but is flashing serious warning signs underneath. The real pressure point isn't the stock market — it's the bond market, where rising yields and an incoming Fed chair are setting up a test few are prepared for.

The duo cover the stagflation setup quietly taking shape, the silent destruction in mega-cap tech (Microsoft, Nvidia, Meta), and why weakness in financials — with nearly $2 trillion in private credit exposure — may be the most underappreciated risk in the market right now.

As Pete Townshend once said: "No one respects the flame quite like the fool who's badly burned." Guy and Dan think a lot of people are about to find out what that means.

Show Notes