Late Day Sell-off Roils Markets, and Washington Cracks Down on Big Tech

CNBC's "Fast Money"

CNBC

Business, Investing, News

4.3 • 1.2K Ratings

🗓️ 23 September 2020

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Dow erased early gains to close near the day’s lows, while the Nasdaq dropped more than 3%. This as the White House meets with state AGs to rein in protections for the tech sector. The traders break down whether the day’s action was a warning shot for investors.

Transcript

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0:00.0	I'm Melissa Lee and this is Fast Money. Tonight's trader
0:04.2	line of Guy Dami Tim Seymour, Karen Finerman and Steve Grosso. Tonight on
0:07.4	Fast we are charting this sell-off. One top technician lays out the key
0:10.8	levels to watch following today's slide.
0:13.0	Plus a metals meltdown, gold getting crushed in today's session.
0:16.0	We'll find out what is next for this trade.
0:18.0	And later, a rare green spot in today's sea of red, the one tech name that was a true high flyer but we start off with
0:24.6	that late day sell-off stocks getting smoked into the clothes with the
0:27.6	Dow hosting a 700 point swing to finish near session lows the NASDAQ
0:31.9	losing more than 3% and the market took no prisoners.
0:35.2	All 11 S&P sectors closing in the red, led lower by energy, technology, and real estate.
0:40.9	Today's big reversal coming six months to the day from the
0:44.4	March bottom. So is this market recovery starting to stall? Was this a giant
0:49.4	warning shot of more pain to come? Tim, what do you say?
0:54.7	Well, we've been stalling since September 4th,
0:57.0	and we had such extreme, I think, euphoria
1:00.5	in stock prices at that point that we continue to have I think kind of suffer the
1:05.5	consequences of where we've come from today's news was a combination of I
1:09.8	get the sense that this is more fear of COVID
1:13.4	uptick.
1:14.3	You see what happened across Europe.
1:15.9	You see also Kevin Flynn, our producer,
	...

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