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CNBC's "Fast Money"

Stocks Sell Off On Weak Jobs Data… And The Chip Rout’s Impact On The Market Description 8/2/24

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.91.3K Ratings

🗓️ 2 August 2024

⏱️ 44 minutes

🧾️ Download transcript

Summary

Stocks dropping to close out the week after this morning’s weak jobs report. What the major sell off on Wall Street could mean for the Fed’s next rate decision. Plus Intel’s biggest drop in 50 years. How the plunge impacts the broader market. Fast Money Disclaimer

Transcript

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0:00.0

Live in the Neszak Market site in the heart of New York City's Times Square.

0:04.8

This is Fast Money.

0:05.8

Here's what's on tap tonight.

0:07.2

A major market sell-off stock limp into the weekend as the Dow falls over 600 points and

0:12.1

rates tumble the 10 year falling to 3.8%.

0:16.1

Will this Friday fade continue into next week?

0:18.3

We'll debate that.

0:19.3

Plus, a free fall at Intel shares crater, down 26% today as the chipmaker cuts its

0:25.2

workforce halted its dividend and gives us rate a grim forecast for the months ahead

0:28.9

just how did Intel go from Chip Pioneer to industry afterthought will go inside the numbers and later an epic week

0:35.1

for the Volatility Index, a bruising day after earnings for Amazon and a surprising number

0:39.7

of bright spots on an otherwise awful day for your money.

0:42.8

I'm Melissa Lee coming to you live from Studio B at the Nassack on the desk tonight.

0:46.1

Karen Feinerman Bono and Ice and Carterworth and Mike Coe.

0:49.2

And we start off with, of course, the market sell off on Wall Street today today markets closing off their worst levels of the session

0:54.8

but the Nas Act still sinking nearly 2.5 percent it is now down more than 10 percent

0:59.6

from the all-time high hit just three weeks ago the S&P down nearly 2% while the Dow shed 611

1:05.6

points, its biggest point dropped since February 2023. The small cap Russell 2000

1:10.8

index leading the loss is down more than 3.5 percent. It is now

1:14.2

nearly has nearly erased all its gains since the great rotation started last

1:18.4

month. The consumer discretionary sector, the biggest lager today with Amazon leading those losses after it gave

1:24.4

week guidance for the current quarter. Financials and energy stocks also

...

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