Live in the Nanzak markets. I did a heart of New York City's Times Square. This is fast

money. Here's what's on tap tonight. Power outage. Utility stocks getting rocked

as a surge in rates and a dividend cut at a major player. Hammer's the sector. Our

very own Chicago Bond King. Rick Santelli is in the house. Look at him go. Yeah.

Charting the ripple effects on the markets plus off target. Another brutal day for the

retail giant and what has already been a soul crushing year. Target shares down almost

30% in 2023 can anything stop the slide. And later what's in the name? Why are

traders are all sour about one iconic American brand's new name for its spin off.

They'll corn pop off. I call it today. That's something a curse or something. I'm a

little league coming to you live from studio B at the Nanzak on the destiny. Tim Seymour,

Karen Finerman, Dan Nathan and Guy Adamian. We start off at the unstoppable rise and

rates of 10 year treasury. You'll touching the 4.7% mark for the first time in 16 years.

It hasn't closed above that level since August 2007. Longer term bonds also rallying with

the 30 year hitting its highest since 2010. The move taking outside is hit on rate sensitive

stocks today. Take a look at the utility sector seeing its biggest drop in over three years

falling to levels last seen in June 2020. Nexera AES. Nice source leading the losses.

Can rates keep going higher from here? What impact can they have on the markets today?

What sort of guy is that much? It's something. I will say it was actually impressive

from the markets. Again, given the fact that the S&P rallied back effectively closed

unchanged, you got to give it credit without question. To answer your questions, I think

rates can continue to grind higher. I think what could take rates lower is a precipitous

self in the stock market. As a matter of fact, I think one of the only reasons rates can go

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