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CNBC's "Fast Money"

10-Year Posts Highest Close in 15 Years, and Is the CVS Business Model Broken? 8/17/23

CNBC's "Fast Money"

CNBC

Investing, News, Business

3.91.3K Ratings

🗓️ 17 August 2023

⏱️ 45 minutes

🧾️ Download transcript

Summary

The yield on 10-year treasurys hit their highest intraday level since October and their highest close since 2008. The move gave stocks another reason to fall on Thursday, with the Dow closing below its 50-day moving average for the first time since June. So does the move in rates keep the pressure on equities? Plus CVS shares seeing their biggest drop since October after a California insurer opted for a rival, start-up pharmacy manager. So is the traditional business model for the industry in trouble? Fast Money Disclaimer

Transcript

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0:00.0

Right now and fast of that climb, a Treasury yields keep rising with the 10-year closing

0:05.9

of levels not seen since the financial crisis.

0:08.6

Stocks feeling the pain too, the S.F.E. now down for over 4.5% this month.

0:13.2

So where do we go from here?

0:14.2

We'll debate that.

0:15.2

Plus, prescription problems, shares of CBS crushed as Blue Shield of California, partners

0:19.4

with Amazon and a venture by Mark Cuban to save on the cost of drugs, the ripple effects

0:24.5

the cost of the insurance landscape straight ahead.

0:26.9

And later Wal-Mart's Bay, despite an earnings beat and guidance boost, Wall Street's new

0:30.5

interest in interest and exploring ways to profit in the energy patch.

0:35.3

I'm Melissa Lee, this is Fast Money, we're live with the Nasdaq Market Sight on the

0:38.2

Destiny Night.

0:39.2

Tim Seymour, Karen Feinermann, Dan Atheon, and Guy Dami.

0:41.9

We start off with a great, rate rally, the yield on the 10-year treasuries rising as high

0:45.6

as 4.33% during the session and posting as highest close in June of 2008.

0:51.2

The move taking a toll on Stocks would saw another sell-off into the close.

0:55.1

The Dow down 290 points the latest index to finish below its 50-day moving average.

0:59.5

It is the first time it's done that since June 1st.

1:02.4

So is there any end in sight to this move higher in rates and does that keep the pressure

1:06.8

on the equity markets?

1:08.6

I thought actually equity markets did okay considering the huge climb.

1:13.0

Ish, it's interesting, you know, I happen to know for a fact that Miley Cyrus is a huge

...

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