Stocks Sink as Investors Digest Fed Statement, and Eli Lilly’s Breakthrough for Alzheimer’s 5/3/23

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.9 • 1.3K Ratings

🗓️ 3 May 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Major markets closed near their lows of the day after central bank chair Jerome Powell ruled out rate cuts in the near future, as inflation remains stubbornly high. Stocks were initially volatile after the latest rate hike, but the S&P closed down 0.7%. Meanwhile, shares of Eli Lilly hit another all-time high after positive results for its Alzheimer’s drug. What it could mean for the company and investors. Fast Money Disclaimer

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0:00.0	Right now in fast, it's all about the day of the days of the fed hiking rates on autopilot
0:05.4	are over.
0:06.4	The chairman said decisions will now be made meeting by meeting.
0:09.4	How will this policy shift impact the markets with debate that straight ahead?
0:12.6	Plus, Eli Lilly's big breakthrough, the drug dry and saying it's experimental Alzheimer's
0:17.0	drug appears to slow symptoms in a large scale study.
0:20.2	The CEO telling CNBC this is a significant step forward.
0:23.4	The stock is searching to an all-time high, a deep dive coming up.
0:26.8	And later, Kruz Kepa, Kruz's climb, now crumbling, now back below 70 bucks a barrel.
0:32.7	Starbucks' Grande Size fall after earning, and the option is on Apple ahead of tomorrow's
0:37.6	results.
0:38.6	I'm Melissa Lee.
0:39.6	This is Fast Money.
0:40.6	We're live at the Nasak Market site.
0:41.6	I'm the death tonight.
0:42.6	Tim Seymour, Karen Fineman, Dan Nathan, and Steve Grasso.
0:44.4	We start off with a third day of losses on Wall Street, major indices closing up session
0:48.1	lows.
0:49.1	Following the fed's decision to lift rates by another quarter point, the Dow sliding 270
0:53.5	points, the S&P 500 and Nasak also closing in the red.
0:56.8	The market taking a leg lower after Fed Chief Jerome Powell indicated that after 10 rate
1:01.9	hikes in a row, there are no plans for rate cuts because of stubbornly high inflation.
	...

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