Live from the NASAC market site in the heart of New York City's Times Square, this is fast money.

Here's what's on tap tonight.

Stock sell off and yields spike after the Fed signals fewer cuts are coming.

The down now down 10 days in a row.

Small caps get whacked.

The air coming out of the momentum names in a big way.

Look at the moves in Tesla, micro strategy, Bitcoin.

Even the recently red-hot

broadcom is this a start of a turbulent end to the year. Plus, micron off the move after earnings,

Merck makes a deal in the obesity pill space, and financials hit two-month lows. The details behind

all those moves. I'm Melissa Lee. Come to you live from Studio B at the NASAC on the desk tonight.

Karen Feinerman, Dan Nathan, Courtney Garcia, and Michael Kontopoulos, director of fixed income at Richard Bernstein Advisors.

And we start off, of course, with the Fed decision that sent markets reeling today. The Dow is

thinking more than a thousand points, logging its longest losing streak since 1974. The SB

down nearly 3 percent, and the NASAC dropping more than 3 and a half. The small cap Russell

2000 leading the losses in the worst day since June of 2022. This after the central bank lowered

its benchmark lending rate by 25 basis points and indicated there could be just two more

rate cuts next year down from the previous forecast of four. The 10-year yield topping four and a half percent

for the first time since the end of May. Meantime, the dollar index closing at its highest level

in more than two years. Gold prices pulling back, a third of a percent. And the volatility index

crossing above 23, the highest reading since August and some win coming out of the sales of top performers since the election.

Bitcoin down over 5% while other momentum trade saw steep losses.

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