Live in the Nazac, Market State overlooking New York City's Times Square.

This is Fast Money.

I'm Melissa Lear.

Traders on the desk or Tim Seymour, Karen Feinerman, Dan Nathan and Steve Grosso.

We begin with breaking new stocks slammed as a major sell-off hits Wall Street.

The S&P 500 posting its biggest two-day drop since August, and the selling was widespread.

All 11 S&P sectors finishing the day in the red. So the question tonight is simple.

It's the time to get worried, Tim.

Well, the data seems to be getting worse, and so we have some important data coming up tomorrow and on Friday.

So you have ISM services, and we tend to want to believe that this is the more important

ISM number as opposed to the manufacturing number which got everybody spooked.

This is a trade war that seems to be a manufacturing trade war to what extent we get

that tomorrow should be noted that last month's

is a very bullish number which had the markets reverse a two-day plunge

just like the one we've had when

people thought okay here we go but y'all said ADP which showed that the labor

market certain could be if you look at the kind of the three-month average on jobs on

ADP we're down about

25,000 over the 12 month but not much has changed yet in the labor market.

Yeah Karen you said last night that you were getting worried you're more worried

on a relative basis are you even more worried today?

I'm a little more worried today,

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