Final answer:
The next step is to immediately remove the endotracheal tube and reintubate the patient.
Step-by-step explanation:
The next step in the management of a trauma patient who rapidly intubated and experiences a loss of capnography tracings after five breaths is to immediately remove the endotracheal tube and reintubate. The loss of capnography tracings indicates that there may be a disconnection or obstruction in the airway, which needs to be addressed to ensure the patient's oxygenation and ventilation. Hyperventilating the patient or increasing the FiO2 would not address the underlying problem.