Live in the NASDAQ market site in the heart of New York City's Times Square,

this is fast money. Here's what's on tap tonight. A sell-off to start September,

led by a major slump in semis, the SMH ETS seeing its worst day since the first days of the pandemic.

With this risk off trade set the stage for what we can expect the rest of this month.

And we're counting down to Friday's big jobs report what it could tell us about the

possibility of a soft landing and how all the data will impact the Fed. Plus, charting the

rise in health care stocks to all-time highs, Boeing tumbling to nearly two-year lows and what

big bank a noticeable underperformer even in today's broader sell-off is there

more pain to come will debate that. I'm Melissa Lee. I'm G. Lach from studio

be at the Nasak on the desk tonight.

Karen Finerman, Dan Nathan, Guyadami, and Chris Varone,

head of technical and macro research at Sertigis, A Baird Company.

But we begin with that rough start to September,

major average of seeing their worst day since the August 5th market route.

The Dow losing more than 600 points, the S&P 500 sliding 2% and the NASDAQ leading the losses down over 3% chips at the forefront of that

text slide the Vannecks semiconductor E.F. closing more than 7% lower for its

worst day since 2020 led to the downside by NVIDIA. That stock notching its biggest

one day drop since April losing 279 billion dollars in market cap just today.

KLA, KLA Corp, I should say, on semi and Intel among the names also falling sharply.

Meantime, Treasury's rallying with yields down across the board.

The 10-year yield shedding about 7 basis points now

hovering around 3.8 percent.

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