Good evening and welcome to the CNBC Special Taking Stock on Mike Santoli.

Jim is off tonight.

We have an action packed hour coming your way.

A major reckoning for the market.

Chair Powell telling the Senate the Fed may have to hike more than they planned and possibly

more quickly as well.

Stocks tumbling on the testimony.

The Dow dropping 575 points, the S&P 500 down 1.5% NASDAQ down 1.25% on the day and rates

on the move in a big way that yield on the two year treasury topping 5% for the first

time since 2007.

It's spread above the 10 year yield more than 100 basis points.

Now that's its widest since 1981.

Tonight we'll help you find opportunities in it all taking a deep dive into the asset

classes that have this market on the move of spotlight stocks to watch following the

Fed statement, including one sector that's benefiting from this market's hunt for growth.

Plus an under the radar tool for traders that could be fueling market volatility and impacting

your portfolio in the process.

And just when you thought you might finally be able to get a good deal on a used car,

prices are spiking again.

We've got the details on the biggest month to month hike in prices since the Great Recession.

All that ahead on tonight's special hour.

But first, let's take another look at how the markets ended the day.

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