The Dow falling nearly 300 points and the NASDAQ plunging by more than 2% with the major averages on track to close lower for the week.

The most important hour of trading starts now.

Welcome to Closing Bell.

I'm Mike Santoli in for Sarah Eisen.

Here is where things stand in the market.

Yes and people, I've heard down 1.4%, that puts it down about 1% on the week,

so it's hanging on to most of last weeks six and a half

percent gain the lows for the day on the S&P right around 4100 so we're just

a bit above that bounce off there about four times Nasdaq the underperformer Apple

Tesla pretty big drags on the NASDAQ today.

It is a pretty broad-based pullback though with every sector but energy in the red right now

for the day and you see the worst three discretionary

consumer communication services in tech all down more than 2% on the session

coming up K K K K. K.R. head of global macro and asset allocation

Henry McVeigh is cautious on this market,

but he will reveal where he does see buying opportunities.

Plus, the CEO of Footlocker discusses inflation, supply chain issues, and his plan for growth as Nike moves toward a direct

consumer strategy, direct to consumer strategy.

Stocks falling today, as we said, on the back of that strong jobs report this morning.

Those results are confirming expectations

of more rate hikes from the Fed which were reinforced earlier by Cleveland Fed President

Loretta Mester.

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