Welcome to closing bell. I'm Leslie Picker in for Scott Wapner today. This maker break hour starts with the record rally coming to a halt as a weaker than expected jobs report weighs on stocks. But one notable bright spot in the market today, Broadcom shares soaring to an all-time high on blowout earnings. and that's weighing on shares of NVIDIA.

Top Chips analyst Stacey Razkin joins us straight ahead to break down that action.

Here's a scorecard with 60 minutes to go in the trading session.

You can see it's read across the board here.

The Dow down about half a percent.

S&P down about half a percent.

Nasdaq down about two-tenths of

one percent. Rate sensitive sectors like real estate materials leading the way today while

we're seeing a notable pullback in energy. It's the worst performing sector right now down

about 2.2 percent, which leads us to our talk of the tape. Does today's bleak jobs report seal the deal for

september rate cut and how should you position ahead of it joining me now is bank of america

sevida submarini and uh seveda you've been looking at how a softening labor market impacts

corporate margins and i'm assuming they impact margins in different ways.

How do you kind of connect what you saw from today's report with how investors should be

positioning for different sectors moving forward?

Yeah, I mean, I think today's report does not necessarily mean that we are in a downward spiral in terms of economic

growth. In fact, I think things still look pretty healthy. We've had a deceleration in labor,

inflation, which is actually positive for corporate margins. I mean, think about it. The U.S.

is a service economy, and our number one cost is

labor. So a little bit of a softening in labor prices is actually positive for margins. Meanwhile,

real wage growth is still positive, and that has been linked with continued healthy spending.

So I don't know if I would necessarily write everything off at this point.

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