Stock market gyrates on Icahn, Fed speak

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One of the issues facing a market that is at historic highs is that it is susceptible to even modest comments from market "names."

Carl Icahn, speaking at a Reuters Summit, said he was "very cautious" on equities, and the market could easily have a "big drop."

The Dow moved down about 70 points around that comment, but high-beta names like Netflix (NFLX), LinkedIn (LNKD), Facebook (FB), and Zillow (Z) have had a more notable reaction.

It happened, on a more modest level, earlier in the day, when New York Fed President William Dudley, a known dove, started sounding a bit more hawkish.

Dudley merely said "I am getting more hopeful" about the U.S. economy. But that was taken as a sign that even doves are looking at the Fed to start reducing its bond-buying program eventually, even though he said the Fed would cut back on its program only "when the time is right."

The Dow dropped a modest 20 points on this comment, but high the commodities market--particularly oil and gold--had a more notable reaction.

Gold went from $1,280 to $1,274 in a matter of minutes, while oil from $93.40 to $92.76, the lowest levels since May.

But the key barometer of Fed speak--the yield on 10-year Treasuries--barely budged, and for traders that is still the final word.

By CNBC's Bob Pisani