major averages under serious pressure as we head into the close.

The Dowdown more than 1100 points right now.

The most important hour of trading begins now.

Welcome everyone to Closing Bell.

I'm Sarah Eisen.

Take a look at where we stand with an hour left of trading down across the board

and just about at session lows as we speak. It's the worst day that we've seen for the

S&P since back in 2020 and it's a broad-based sell-off. You've got every sector lower right now in the

S&P 500 which is down about 4% the hardest hit area of the market

consumer discretionary. That sector alone down about 7%. Consumer staples right behind it. It's

down about 6%. And technology, the growth names getting hit again, especially the

mega caps, which have really been dragged into the selling late in this

process but are down heavily today we're talking about Apple and Amazon even

energies down again that's been the strongest performer so far this year it's still

up 45% but heavy

selling today industrial materials communication services with holding up the

best defensive groups X consumer staples like utilities and health care but even they are lower today.

Five worst performers in the S&P 500 right now, they're almost exclusively in retail off of that

Target earnings miss which is really a big part of the story.

Look at Target down 27%.

The ripple effect here is large on dollar trade, the dollar stores,

the retailers in grocery,

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