If Not Rates, What’s the Culprit in the Tech Sell-Off?

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.9 • 1.3K Ratings

🗓️ 3 March 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Nasdaq plunged 2.7% Wednesday, with Apple, Amazon, Microsoft and Alphabet losing a combined $175 billion in market cap. But rates, while up on the day, were below levels hit last week. So what’s to blame for the plunge in big tech. Plus the parent company of Rocket Mortage seeing shares come back down to Earth today. We take a look at some of the other names that could get caught up in the Reddit Rebellion. 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 and this is Fast Money.
0:03.2	Tonight's Trader Line of Guy Dami, Tim Seymour,
0:05.2	Karen Parliament and Steve Grasso.
0:06.6	Tonight on Fast, we are trading this late-day
0:08.9	sell-off stocks dropping like a rock into the close.
0:11.3	So what exactly happened and what comes next?
0:13.7	So break it all down for you straight ahead.
0:15.3	Plus, a rocket reversal, the high-flying
0:17.8	breaded stock crashing back to Earth today.
0:20.0	As traders set their sights on a new target,
0:22.1	we'll bring you the name and later Tim is stepping up
0:24.8	to the plate to fish his next best idea
0:26.7	why he thinks this stuff is an under the radar way
0:29.6	to play a return to the friendly skies.
0:31.9	We start off with the tech trade getting torpedoed.
0:34.2	Once again today, the Nasdaq falling 2.7%
0:37.8	with fierce selling into the close.
0:39.8	And index is now having its worst two-day stretch
0:42.8	since September.
0:44.3	And the big guys got whacked.
0:45.7	Apple, Microsoft, Amazon, alphabet, all falling hard.
0:48.6	Those four names losing a combined $180 billion
	...

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