Stocks fail to hold rally | 50 basis point hike coming? | American Airlines crushes earnings

A sharp reversal defined stocks on Thursday, with the major averages giving up sharp gains from early in the day as rates jumped. 

VIEW IN BROWSER | SUBSCRIBE THU, APR 21, 2022 EVENING BRIEF AS OF THU, APR 21, 2022 • 04:23 ET DJIA 34792.76 -1.05% -368.03 S&P 500 4393.66 -1.48% -65.79 NASDAQ 13174.65 -2.07% -278.41 Most Active DOW NAME LAST CHG %CHG AAPL 166.42 -0.81 -0.48% VZ 55.01 +0.60 +1.10% MSFT 280.81 -5.55 -1.94% S&P 500 NAME LAST CHG %CHG AAPL 166.42 -0.81 -0.48% AAL 20.22 +0.74 +3.80% T 20.21 +0.78 +4.01% NASDAQ NAME LAST CHG %CHG AAPL 166.42 -0.81 -0.48% AMD 89.85 -4.17 -4.44% NVDA 201.83 -12.99 -6.05% EDITOR'S NOTE A reversal defined stocks on Thursday, with the major averages giving up sharp gains from early in the day as rates jumped.    Stocks started the session going higher. At its high, the Dow Jones Industrial Average was up 331.43 points, or 0.9%. The S&P 500 and Nasdaq Composite were each up more than 1% at their highs of the day.    By market close, all three of the big U.S. stock benchmarks were down at least 1%.    That swing came as Treasury yields jumped, with the key 10-year rate trading near a December 2018 high, while Federal Reserve Chairman Jerome Powell signaled that a 50 basis point rate hike could come next month.  "It is appropriate in my view to be moving a little more quickly. And I also think there's something in the idea of front end loading whatever accommodation one thinks is appropriate," Powell said during a panel at the International Monetary Fund. "I would say that 50 basis points will be on the table for the May meeting."    "It may be that the actual peak was in March, but we don't know that and so we're not going to count on it," Powell said. "We're really going to be raising rates and getting expeditiously to levels that are more neutral, that are actually tightening policy, if that turns out to be appropriate once we get there."    Those comments, along with the move in rates, overshadowed seemingly strong quarterly reports. Tesla, United Airlines and American Airlines all rose on the back of better-than-expected results.    Sarah Min | Investing Reporter at CNBC Pro @_sarahmin Watch our live stream for all you need to know to invest smarter. TOP NEWS  Nasdaq slides 2%, Dow falls more than 350 points in sharp reversal as rising rates weigh on stocks Powell says taming inflation 'absolutely essential,' and a 50 basis point hike possible for May Treasury yields jump after Fed's Powell hints a 50-basis-point rate hike for next month Musk to explore potential tender offer for Twitter, has $46.5B in committed financing for deal Florida Republicans vote to dissolve Disney's special district, eliminating privileges and setting up a legal battle Supreme Court decision may hurt Puerto Rico residents who need access to federal disability program, expert says Biden will send more arms and economic aid to Ukraine; Putin cancels plan to storm last stronghold in Mariupol CNN+ will shut down April 30, just one month after launch Goldman's checking account for the masses nears as bank tests product with U.S. employees American forecasts second-quarter profit on soaring travel demand, stock surges TOP VIDEO CNBC's Alex Sherman breaks down why CNN+ is shutting down CNBC PRO JPMorgan strategist says tough earnings outlook could pressure stocks later this year SPECIAL REPORTS Americans are fleeing climate change — here's where they can go Check out Google's new Hudson River campus in Manhattan, a magnet for New York talent Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS