Stocks are hitting session lows right now.

NASDAQ is down more than 1%.

The most important hour of trading starts now.

Welcome everyone to Closing Bell, I'm Sarah Eis and here's where things stand right now

in the market.

We are down for the first time in about five days. The SFP 500 down 8-10s just took a little bit leg lower. The only

sector is working today. Energy and utilities. Everybody else is down. Technology

gets hit after a very strong run we've been on with the NASDAQ down 1.1

percent. Oil popping more than 3 percent and small caps also giving back 1.7 percent.

Here are my top takeaways on some big stories today. A gray month for stocks but also a warning sign in that rally.

Utilities, Dow Utilities hitting an intraday high, an all-time high today, up 10% for the month and on pace for their best month in a year. Utilities are

famously a safe haven or defensive play, steady recession-proof type stocks.

If that's the best part of the market, it shows defensive positioning could be a signal more turbulence is

coming and more signs of cracks in the housing market total mortgage application

volumes falling 6.8% last week compared to the week before including a 15% weekly drop in refinancing

applications.

This says it's getting increasingly expensive to buy a home.

Mortgage rates are up, prices are up.

Demand has hung in there, but the 22% slide in Home Builder stocks

this year suggests demand could be the next domino to fall. And Lulu

Lemon's brand strength on full display. Just look at the guidance here. 24 to 26% sales growth for Q1 and more than 20%

for the year. That was much higher than where the street was. Lulu, like everyone else, is dealing

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