Another Body Blow For Stocks as Jay Powell Sends Yields Spiking

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.9 • 1.3K Ratings

🗓️ 4 March 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Comments from Fed Chair Jerome Powell suggested the central bank would not make any move to cap interest rates, sending yields spiking midday and stocks tanking. The Nasdaq gave up its gains for the year and went back into a correction. The Chart Master joins to telescope where tech’s going from here. Plus an unlikely pairing -- Jay-Z and Jack Dorsey team up to bring together payments, music, and...blockchain? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	I'm Melissa Lee. Tonight on
0:02.0	Fast. The tech trade continues
0:04.0	to unwind as another big move
0:06.0	in the bond market syncs stops.
0:08.0	All three major averages falling
0:10.0	more than 1% led by a big sell
0:12.0	off in tech. The Nasdaq wiping
0:14.0	out all of its gains for the
0:16.0	year. The indexing its biggest
0:18.0	three day drop since early
0:20.0	September at the center of the
0:22.0	selling today. J Powell the Fed
0:24.0	chair saying they are going to
0:26.0	stand the sidelines even as right
0:28.0	spike. So what should you be doing
0:29.0	now?
0:31.0	What's your take on today's
0:33.0	action? The context of the
0:35.0	tech sell off going on for weeks
0:37.0	now. Yeah, I think the markets
0:39.0	come in the realization that
0:41.0	maybe rising rates, although
	...

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