All right, everybody, welcome to Fast Money. I am Brian Sullivan, and your traders on this very important night tonight are Tim Seymour, Steve Grasso, Karen Feinerman, and Gaya Dami.

All right, we're going to get to that in just a second. It was, meantime, a record day on Wall Street.

And for many, a day to forget.

All three major averages plunging more than 7%,

the Dow, the biggest loser falling 2013 points.

That is not a misquote.

That is the largest point drop ever

and one of the top 10 biggest declines on a percentage basis ever. The transports

crushed following nearly 10% their worst day since all the way back in

September of 2001 on 9-11. Obviously you don't need to remind you what

happened then. Today's losses fueled by that crude crash that we just discussed.

The energy sector having its worst day ever as well.

Oil losing roughly a quarter of its value.

Crude is now trading just below $31 a barrel. Many oil and gas stocks down 30

and 40 percent today is the market assesses simply many of these companies ability to survive

in a lower oil priced world.

And one more incredible stat for you on this incredible day.

Interest rates continue to collapse.

The yield on the 10-year Treasury note hitting a new low of nearly 0.3% well following

yesterday's sell-off or today's sell-off S&P 500 stocks have lost a total of

5.7 trillion in market cap just since the record high on February 1st.

There is your setup.

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