Fast Money starts right now.

Live from the Nazac Market site,

overlooking New York City's Times Square,

I'm Melissa Lee.

Tonight's lineup is Steve Grasso, Karen Feinerman, Jeff Mills,

and Guy Adami.

Coming up on Fast, the suspense is building ahead of Apple's big product launch on Monday.

We will give you a sneak peek at what you can expect.

Plus, semi-stocks taking it on the chin today but still on track for the best quarter in nearly two decades.

And one of the traders says the chip rip is just

getting started he will explain but first we start off with the market sell-off the

Dow seeking four hundred sixty points closing at the lows of the session the

S&P and Nasak both down by more than 2%, as all the major

indices have their worst day since early January. And this nightmare in Wall Street could

all be thanks to this one spooky chart.

Check out the yield curve, the spread between the US 10-year yield and the three-month Treasury bill

inverting for the first time since 2007

as a threat of a recession rears its ugly head. Financial is

getting absolutely crushed down 3% today alone. The KBE Bank ETF closing out

its worst week since 2011. So is this the start of a bigger sell-off? How worried should we all be,

Guy? Hi, Mel. So, you know, the yield curve has been concerned for six, last six to nine months.

I mean, obviously today when it goes inverted we're making a

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