Live in the NASAC market site, Times Square, this is fast money.

Here's what's on tap tonight.

We're going to take a look at Nvidia earnings and what to expect out of the chip maker.

But first we're going to look at global yields.

The 10-year cracking 4.5% for the first time this year.

Yields around the world also rising.

What does this mean for the markets?

Meantime, a big week for retail earnings will Walmart Home Depot and Target give us the pulse of the consumer?

What will we hear from the companies about consumer spending?

Plus, metal meltdown as a resource trade stalls.

Microsoft catches a bid thanks to a nod from one hedge fund and meta employees bracing for layoffs next week. What to expect? What's next for the mag seven lagger? I'm Melissa Leak home to the loud and studio, B at the NASDAQ, Tim Seymour, Karen Feinerman, Steve Grasso, and Michael Coe. So we start with a rate reckoning that ripple through the market today. Treasury is weaker across the curve.

The 10 and the 30-year yields each touching their highest levels in almost a year, while shorter-dated notes sold off the yield on the five-year at 13-month highs.

While the two-year hit levels not seen since 2025, March of 2025, all those moves putting pressure on stocks, the S&B falling 1%. The Dow shedding more than

500 points, while the tech-heavy NASAC led the declines off by a percent and a half. The world's biggest company, Nvidia, seeing a big pullback after its record rally ending a seven-day winning streak. It is more than 4 percent decline. That was the biggest drag on the NASAC and the S&P 500 today and And it took wind out of the sales of the broader semi-trade, too.

The SMH down nearly 4% with arm and recently red-hot micron and intel leading the losses.

Even Cerebris, which rose 68% in its market debut yesterday, gave back 10%.

So as a surge in rates now casting a shadow over the long-term unstoppable AI trade? Is it casting a shadow over the entire markets? Tim, what do you say? Well, it felt like the aides of May, you know, and it felt like a day like these things had been lurking, and suddenly they popped out. Now, there was a terrible PPI number in Japan, and we've been watching Japan the whole time. You've heard those numbers. I mean, highest rates ever in Japan.

We issued above 5% in the U.S. for the first time since 2007.

Giltzer at 28-year highs.

It's a dynamic where can rising equity valuations, can equity values rise as borrowing costs rise?

And I think the equity market has taken a pause today after a heroic run. But I think the driver was Japan on a week when we had a terrible PPI.

Did I feel like it was just like rates were an excuse to lighten up? Yes, but rates themselves also are problematic. Right. So, you know, we've got the AI trade is built upon a lot of leverage among chips and leverage, right?

...