Going On The Tape with OGs Dan Nathan & Guy Adami

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Mar 11, 2026

Guest

Guy Adami

Guest

Dan Nathan

Guy Adami, trader and TV personality known for market color and commodities insight. Dan Nathan, market commentator and Risk Reversal co-founder focused on macro and market structure. They dig into commodities and inflation risks, oil’s consumer impact, bond market and rising yields, tech and AI capex concerns, and how private credit and financing dynamics could strain the buildout.

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INSIGHT

Fragile Market Could Spill Into Recession

The market was already fragile before the Middle East war due to weak jobs, rising inflation expectations from oil, and private credit redemptions.
Danny Moses warns a stock-market sell-off could unwind the wealth effect and tip the U.S. into recession as high-end consumer spending falls.

INSIGHT

Commodities Are Front And Center

Commodities are now central to macro risk, with oil, gold and copper affecting national security and inflation narratives.
Guy Adami highlights de-dollarization pressures and $39 trillion U.S. debt forcing markets to demand higher yields.

INSIGHT

Earnings Expectations Raise Valuation Vulnerability

Equity expectations remain elevated with prior years' earnings growth baked in, risking valuation shock if margins peak or input costs rise.
Dan Nathan points to concentrated returns (e.g., Nvidia) making the market vulnerable to a drawdown.

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Danny Moses hosts a special reunion episode of On the Tape with Dan Nathan and Guy Adami, opening with concerns about a fragile market backdrop worsened by the Middle East conflict, higher oil-driven inflation expectations, weak job data, private credit redemptions, and a recession risk tied to an equity selloff unwinding the wealth effect. The group discusses commodities becoming central—oil, gold, and copper—alongside de-dollarization pressures and growing U.S. debt, arguing the bond market and rising yields are key risks. They debate tech and AI, warning that “sanctity of capex” may break as returns disappoint, highlighting reports of OpenAI pulling back data-center commitments and the potential circular financing of the buildout, with Nvidia’s margins and valuations vulnerable. They also cover midterm-year policy “puts,” Fed leadership uncertainty, and how CNBC/Fast Money is adapting through live events, programming tweaks, and a focus on authenticity and audience engagement.

ABOUT THE SHOW

For decades, Danny has seen it all on Wall Street and has built his reputation on integrity, curiosity and skepticism that he will bring with him each week. Having traded through the Great Financial Crisis and being featured in "The Big Short" is only part of the experiences Danny wants to share with the listener. This weekly podcast cuts through market noise, offering entertaining and informative discussions with expert guests giving their views of the financial world and the human side of it. Whether you're a seasoned investor or just getting started, On The Tape provides something for all listeners.

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