Welcome to Closing Bell. I'm Sarah Eisen in today for Scott Wapner. We are live from post nine of the New York Stock Exchange.

Stock dipping pressured by a broad decline in technology ahead of the closely watched Jackson Hole Fed Symposium later this week.

Here's a look at the scorecard with 60 minutes to go in regulation.

Investors continuing to take profits from several tech heavyweights,

another down day for semis, Nvidia, Broadcom, all lagging. Palantir, seeing its sixth straight day

of losses. Mega-cap names like Apple, Amazon, alphabet. They're also in the red. Target, also getting

hammered today, one of the worst performing stocks in the S&P 500 after sales and traffic fell in the quarter, but the big news, a new CEO. What the incoming CEO did tell me about the state of the consumer and much more will bring it to you straight ahead. It takes us to our talk of the tape. Does this sell-off spell trouble for the tech trade? Let's bring in Charles Schwab's chief investment strategist Lizanne Saunders.

Lizanne, what is sparking this rotation out of tech? And then how severe is it looking?

You know, it's always hard, Sarah, to point to anything specific. Always valuation shatter when you

talk about tech, a bit of a rotation trade, not so dissimilar to what we saw in the early stages of the

downturn that began in mid-February, where the profit taking was greater in areas where there

had been profits.

You've got a month so far where the winners were the decided losers in the first seven

months of the year.

You're seeing that at the sector level. You're seeing that at the sector level.

You're seeing that at the factor level. There was the report out of MIT that renewed concerns

about whether maybe the AI spend had gone beyond what the benefits will accrue based on that.

So I think it's a confluence of factors. I guess the question is,

we've seen it before, as you noted, and the move was to buy a lot of these stocks down because

they've made new highs. Would you recommend investors do that again? Well, it depends on the

stocks, and I don't cover individual stocks. I think the

buy-the-dip mentality still exists, but we may not have seen sufficient amount of downside in

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