St.

falling hard as Fed Chair Powell's

Jackson Hole Speech sends a chill across Wall Street.

We are at Session Lowe's.

The most important hour of trading starts right now.

Welcome to Closing Bell, Mike Santoli in for Sarah Eids,

and let's get straight to our market dashboard for a look

at these losses deepening as we go throughout the day the S&P 500 here's a one year

look giving back a decent portion of that rally we got from June.

As a matter of fact, as we see it right now at 4080, this is right at a point where a lot of folks

were looking for.

This is the August lows set a couple of weeks ago.

A lot of times you make a new low in a given month and it has people

reset their expectations for what the trading range is. Bigger picture, we never kind of broke that

that down trend from the January peak and yet the rally off the lows got a lot of credence to it.

It was very powerful so it's still in the mix here. This is where the trenches are dug between

the bulls and the bears here right around these levels.

Now take a look at high-yield debt, part of the message from Jay Powell seemed intended

is making sure that financial conditions don't get too loose, that the markets don't get

too generous in financing

risk well here's the high-yield bond E.T.F right here compared to a comparable

Treasury bond E.T. F. And what you see is by the way that was the first Fed

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