this week. >> thank you. i'll see you tonight on "fast money" at 5:00. >> thanks for watching "power lunch." "closing bell" starts right now. welcome to the "closing bell." the dow is down more than 400 points. i'm kelly evans at the new york stock exchange. >> my name is simon hobbs here for bill griffeth. >> the dow and s&p seeing the worst start to a month in nearly four years. declines of 2.5% across all major averages. look at that vix often referred to as the fear gauge. it jumped above 30 today. it's currently south of 32. that is a five-year chart. you can see how rare this is. we'll take you through this final and often volatile hour of trading day. >> weak china manufacturing data is behind today's sell-off as

far as some are concerned. we'll break down which u.s. companies have the most exposure to china and its economic woes. >> oil. getting back gains after that three-day rally that was the largest in 25 years. let's get straight back to the floor of the nymex with what's behind this volatility that's seen crude down. >> ken fisher will join us to discuss why the issues with emerging markets aren't over yet. and how investors can position themselves for potentially more turmoil ahead. >> full team coverage of today's sell-off for you. bib pisani at the new york stock exchange. bertha coombs at the nasdaq and jackie deangelis covering commodities at the nymex. bob, where did the bears come from? they are back. >> you don't get a v-shaped rally like we saw without a retest of the lows. you can take it on china, if you want.

the whole world is down 2.5%. energy is down. telecom and utilities. let me ask you, what is telecom and utilities have to do with china? the answer is nothing. if you look right here, look at some of these big names out here. here, at&t down 2.3%. southern company down 2%. con ed down 2%. this is people taking down exposure. regional banks. they are down 4%. they don't sell anything in china. bb&t. we are a long way from the bottom of last week.

we are a good 60 points away. we are 700, 800 points away from that. a long way to go. good news. we've been watching these market on close imbalances the last couple of weeks. the imbalances indicate no real impact at the close. very small sell imbalance. not statistically significant. this does change a little bit. i'll keep an eye on that and let you know if anything like that pops up in the next hour or so. back to you. >> thanks, bob. >> let's send it over to bertha at the nasdaq. >> watching the same thing. we are not seeing that huge spike in volume. last week we also watched on tuesday as we closed at the lows of the session above 4500. we are well above that today. on the nasdaq 100, at times every component today has been in the red. a handful of stocks have been higher, moving higher again. american airlines on an upgrade from deutsche bank.

alexion and biogen up much of the day. apple losing all its gains for the year, but just shy of bear market territory. take a look at this one-week chart. it's under 22% from the nine-week low and holding on moderate volume. not a lot of strong selling there.cretionadiscretionary. these are stocks not in correction. though not higher today. they are down less than 10% from the highs. you're looking at the silver linings these days. >> people turning everything over to find one. thank you. oil. giving back its gains after a three-day rally. >> after that 27% rally, it was

remarkable. no one was surprised we saw selling pressure here because of the move we made. let's break this down and look at what happened today. the first issue was those headlines about global producers potentially meeting to talk about the production situation. that's a maybe. we had traders saying they have to actually sit down and have a conversation and put a plan on the table before we start to read into that a little bit more. what it shows you is this is a market that's driven by headlines, psychology trading and also technical levels are pushing around as well. today you have the china data come out which spooked the equity market in the united states. it spooked the crude market. that brought us back to fundamentals. the what-if question if china falls off more and that demand goes away as u.s. demand starts to fall off. traders telling me that some of these days it's good to just sit back and watch what's happening. these moves are so violent it's difficult to predict what the

next move is. conocophillips out this afternoon saying it's laying off 10% of its work force. even when you see these swings in the oil price, remember companies are still having issues and they are looking at the longer term picture, not short-term fluctuations. >> thank you for that. that's how the asset markets moved this afternoon. there was one bright spot. >> the headline number here, u.s. total august vehicle sales coming in at 17.81 million units. that's on a seasonably adjusted annualized rate or saar vest yus july numbers.

this means that 17.81 million run rate or drive race is the highest since july of 2005. the best auto sales numbers on an annualized basis in over a decade. that is lending some people to think there is some bright market but that wouldn't give you an idea about these auto numbers. let's get to our closing bell exchange. what are you hearing on the floor with the dow down almost 150 points. could this be another stronger sell-off? >> certainly feeling that way. we came in this morning. we thought that the news may not have been as bad as the tape was telling us. guys were looking for a correction off the opening trade. didn't really materialize that way. we did rebound a little bit.

we sold off and have been carrying through that way here into the bell. >> the fact of the matter is these are competitive markets. it's been a down year. more money going to etfs than hedge funds. trades are crowded. >> how do you rationalize these huge moves on the market? >> it's fear of china, the unknown. fear of the fed potentially raising interest rates. not raising interest rates. when in reality the underlying economic data, whether it's auto sales today or consumer sentiment, spending, housing, all the rest of it, you go down the line it's very strong in the u.s. economy. it's more technical in nature than the fundamental economics of what's going on in the united states.

>> if i look down at what sectors are shaping today, a lot have obvious explanation. one that stands out today are financials. citi down almost 5%. bank of america. a lot of the regional banks have taken a big hit today. what is that about? is that a tell potentially the fed cannot raise interest rates as it thought it would do in this environment? and today was the first day after jackson hole that that might have become evident? >> if interest rates go up it bodes well for the regional banks. a lot of this is broad-based sell-off and more fear than anything else. >> those regional banks have nothing to do with china. it's partly the fed that they aren't going to raise interest

rates. and raise profits for regionals and banking, and also general fear in the market. >> joe, just to go back to the august ism number, this is one of the most important data points that comes out. it's a survey that has overreacted to market weakness in the past. the index dropped to 51. the new orders index fell. there are some real forward leading indicators of the actual u.s. economy that don't look that great. >> a lot of it is sentiment. i do believe they do overreact to what's happened in the market. last week was, you looked at 1,100 point opening drop on the dow. that's fear. >> how are things looking in chicago? can you address this position on rates here? >> i think there's more going on

here than anybody wants to give credit for. i think the economy got rich. consider this. i look at the board, i see 2.92 30 year. settled friday 2.91. i see a 71 two-year settle at 72. we are virtually unchanged on every maturity in the fixed income arena. we have bunds at the highest level since july. down 600 points in the dow friday. down close to 70 points from the s&p friday. maybe netflix doesn't have a direct correlation with china. buying a car is like buying a house used to be. once a consumer buys a car, an all-time historic long-term loans for cars, he is not going to buy a heck of a lot more.

look at tesla. when all this market volatility is done, those momentum stocks are still going to be at 2.20? i don't think so. many are underestimating how much horsepower we gained on the richness on the way up because we are going to lose it on the way down. china, united states, all involved in a percentage of growth from 2014 and now lower. it's all about trading capital. yes, those all matter to all the companies and especially the financials you asked about. >> rick santelli live for us in chicago. thank you. >> gordon, let's leave you with the last thought. >> you have a holiday week. first week of september coming off a lousy month. we noticed a lot of the growth in the marketplace comes from high growth, high multiple stocks. those are emotional in nature. you start to shrink those

multiples, people head for the exits and it's look out below. we continue to see volatility. >> thanks to all of you. we have a news alert to get with you with dominic chu. >> mcdonald's exploring this idea of all day breakfast. now according to dow jones, they have given the green light to all day breakfast starting reportedly october 6th. mcdonald's and franchisees agreed to do all day breakfast starting october 6th. citing people familiar. mcdonald's, we've been talking about it for some time. looks like mcdonald's will get ready to offer this fall all day breakfast at many outlets. >> this has been a long time in the making with the new ceo. could the kitchens cope with the additional activity through the

day? isn't the estimate this could add 2% growth? >> that's why they've been doing this. they've been struggling with the idea of competing with smaller ones, the niche market ones. this idea this could be -- it's a huge operational change for a company like this to offer that many more menu items throughout the course of the day. it is giving itself a good amount of lead-up time. you can only imagine the kinds of discussions and/or preparations that were being made to accommodate this kind of work flow for all these people. it's going to happen october 6th, but something well telegraphed. we'll see if it does provide a bit of growth. this stock did hit a 52-week high at $99 back at the end of july. >> this is a high-margin

product. you want to sell sugar and fat and carbs and no protein. >> hey, an egg mcmuffin has a piece of ham in it. that's protein. >> any levers companies can pull for sales growth, they are going to do it. dow is down 415 points. 2.5% declines across all the major averages. >> ken fisher warns we may be in the throes of an emerging markets currency crisis. we've got that, arguably. could it get as bad as 1997? find out how long he thinks that will last and what you can do to weather that storm. >> up next, a deep dive on the heart of this latest market mess. a long time china watcher from the "wall street journal" giving us his take on the situation there and why he thinks trouble could last longer than people think. here at the td ameritrade trader group, they work all the time.

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the major averages. s&p down 52 points p. this is the first trading day of the month. we had misses on key manufacturing indexes over the last 24 hours. a number of countries from china to even here in the u.s. >> let's check some of the other main movers in the final hour of trade. freeport-mcmoran is amongst the worst performers on the s&p 500. citigroup downgrading the natural resources giant shares from neutral to buy. the firm cutting the price target to $12 from $20. citing the need to reduce its exposure to oil and gas. another big faller today is wynn resorts after the gaming bureau cited a 25% drop in august. that is the 15th consecutive monthly decline. china's check down turn and crackdown on corruption helped people away from the region.

>> the situation in china is going to last longer than people think. joining us is john bussey. welcome back. people are say the market is close to finding a bottom or china will slow but still growing, you're not so sure. >> what does that mean? you find a bottom. we may be there, we may have already been there. we may still have to find it. there's a lot of things going on in china. it's not just an economic slowdown. a party recollectification. we haven't used that kind of language used in a long time. it means a cleansing of the party of nonbelievers. it is creating an incredible instability in the system the party runs across the country. people running state-owned

enterprises and affiliates are party assignees. they are concerned how deep this corruption campaign is going to go. it's a critical part of what xi jinping is. >> do the two go hand in hand? the concern has been in order to maintain authority, you have to keep the country going fast enough. if he launches that drive, is that an aexpertive way to show he keeps everything together without delivering on economic growth? >> yes. the language you used is key. asserting the authority of the party. that is the preeminent goal of the communist party is to stay in power. he is thinking about two things. one is generating enough jobs that the social compact with the population remains intact.

will it improve your life, get you jacobs, your kids go to university the first time. you leave the politics to us. economic growth has to be there. >> as that goes from 7 to 6 to 5, we have to see whether gdp growth, we'll see whether it does. the other part is the political corruption. the population picked up on this. they are resentful of the party, enrichment of party offings. he's got to do something or the authority of the party gets tested in the political realm. >> many said they are entering a phase harder to engineer in terms of growth. this phase requires a lot of human ingenuity and creativity and structures that come along with that. the government cracked down, especially anybody operating from another country. especially leading u.s. tech firms. how can they continue to move forwa

forward. >> you cover theed economy for many years. the economics are incremental. it all builds slowly upward. the party's got to let go of power. >> has china got this? in terms of markets and the economy we care about, can they keep all these plates spinning here? >> economic reform getting china to where it is now.

>> it is not as it was. >> if you look back on data points, you have to say there were so many points where we thought they would not make it and they martialed through. will they do it again now? the presumption is yes. these are massive shifts under way in china and very challenging. >> thank you for joining us. john bussey from the "wall street journal." >> 36 minutes to trade and we are dune 417 on the dow. we are static at a loss of just over 400. obviously not great news on the first day of the market. >> let's look at our s&p heat map. you can find only about five names in the green on a day like this. dominic chu will run the names that have the most exposure to

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edging lower on the dow. if we close out at this level, this will be the worst first day of a month, any month for six years since march 2009. for many people's point of view, coming from nowhere. blames on china but the magnitude seems out of all proportion. >> which stocks have the greatest exposure to that

country? let's get over to dominic chu with those answers for us. >> the worries over china continue to be a big part of this market turmoil. citigroup strategist issued a note to clients which stocks have more relative sales exposure to china in terms of their overall business? technology stocks are a big part of that list over at citi. if you look at semiconductor names like intel gets around 1/5 much total sales from china. marvell technology and apple about 24% sales from china. it's also commodity producers. look at cliffs natural presources. baby food gets about 31% from there. then there is quick service restaurant yum! brands.

not all companies break out sales by region or country. many are estimates. points out direct sales exposure might actually be underrepresenting the total effect on the global economy because of china. that's just part of the story. another big part here for tech firms, remember they sell components to original equipment makers in china that later sell them to other people abroad. it's interesting whether or not those sales actually do come from china. for more on that story, subscribers can go to cnbc.com/pro. our investing team, much more color what's happening in china. back over to you. >> thank you, doom. front and center how this plays into the fed meeting on the 15th and 17th of september.

the data is unclear whether they were hitting that 2% target. the exchange rate volatility we had. global weakness and market volatility. if we push out and i try to say what are the three key factors? job, global weakness and market volatility, in that order. if the fed is going to hike, i want to check at least two or three of these boxes, maybe all three. strong jobs report.

a sense global economic weakness does not mean weakness in the u.s. and sense of some calm in the market if the fed is going to hike. this is not the kind of calm that i think the federal reserve is looking for. >> the clock is ticking. steve liesman back at headquarters. >> the feud between donald trump and jeb bush heating up. trump launching a series of verbal and video attacks on bush. bush featuring a video that uses previous statements by trump to question his conservative credentials. >> los angeles city council voted unanimously to pursue a bid to host the summer games in 2024. this helps negotiate a financial agreement once l.a. is professionally proposed as the american host for the games. >> general electric is set to secure approval for its deal to

acquire francis alstom. ge is likely to get approval for the deal having offered significant concessions. >> 7-eleven expanding its home delivery service to three cities. customers in chicago, los angeles and new york can order items through online delivery. the company door dash. slurpees are not part of the service. that is the cnbc news update at this hour. >> want to point out we are heading further into negative territory. we keep gapping lower. we are now down 464 on the dow which i think is the lows of the day. >> session lose. we'll keep a close eye on it for you. a top trader will tell us what he is watching as we approach the final most critical hour of the session. >> noted investor ken fisher will tell us how much pain wall street may feel from china's

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this is where we are on the dow. 473 and falling. all sectors in negative

territory. ge and one of the big oils one of the reasons we are lower. >> i'm on the floor with alan baldez. what are you watching? >> you're 100% right. we bounced off the lows early. there is not one sector selling off. >> it's all of them. >> the volume is not heavy. you expect to see over a billion by this time of the day. it is a holiday week. tomorrow last day in china markets open because they have a big holiday thursday and friday over there. tomorrow could be a big day. right now drifting over. >> a couple of interesting things going on. vix above 32. oil prices moved sharply lower. would you attribute some of those to the fact this might be thin trading? >> the number out of china was indicative to see oil trade lower. that's a world market slowing down with those numbers out of

china. that and combined with it's very quiet. >> it is. we've got less than half hour to go. it could be a memorable day. we'll leave it there for now with a note we are looking at the third worst trading session of 2015 for these indexes. >> right. it may be low volume. we may be differenting, but if you've got a 401(k), the pricing down 465 points on the dow is very real. before we close out the hour, top money manager ken fisher will join us on how he is handling the market turmoil.

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ken fisher says today's sell-off looks a good deal like the correction of 1997. if right, there may be more currency issues ahead for emerging markets. >> ken and chairman and ceo of fisher investments and joins us exclusively. good to have you back. >> thanks for having me. >> i'm glad you are focusing on this area in particular. we could have more interest rate cuts. a guest yesterday said southeast asia is most exposed for their pain. what should they do with their investments if they are mostly exposed to stocks in this country? >> i think that it's very tough

to try to time corrections once you know they've started and you're partway through them. if you look at where we are now down about 10% off the top, that's a good chunk of the way trying to time the rest of this as almost certainly a fool's game. this period is in so many ways reminiscent of the 1997 correction. while history doesn't repeat itself perfectly often, it kind of rhymes, as the old saying goes. the likelihood is we have more pain ahead. but that it's over just about as fast as it came and trying to time that is a fool's game. >> we need to focus attention to the fact we are now down 505 points on the dow. this is a rough close. many people watching now will not remember what happened 18 years ago. a lot of them wouldn't have been old enough to know. without going into great depth, what are the similarities this time around? it seems asia is much stronger or we've been told it's much

stronger. we don't have those economies imploding and the fed talking about cutting rates. >> well, again, history doesn't repeat itself but it rhymes. so that correction, which was referred to then as the asian contagion would be comparable to china today. both are emerging markets currency oriented. both occurred in a period of stable interest rates, short and long term, with falling commodity prices in a period when tech and health care had been leading the markets, energy had been lagging. both are following long periods of not having a correction and almost the identical period since the global bear market and recession that was caused by or heavily associated with housing related things. people forget that the 1990 process was the s&l crisis when an almost identical number of

financial institutions failed as in 2008 and 2009. on a money-value base is inflation was bigger. there are more and more comparisons you could make. >> i wonder as we look at this market shedding another 500 points, is this the market corrects as part of a continued bull market or the end of the business cycle? >> this acts and seems to me exactly like the 1997 correction. bull markets die with a whimper, not with a bang. there's no warning symbol. they roll over slowly. >> spell it out, if you would. when you say it's leak 1997, what do we expect to happen next? >> more down move followed by sharp up move followed by resumption of the bull market while people are fretting all the concerns about china.

with very little that is fundamental going on materializing. >> what would be the correct investing strategy through this? how do you protect my wealth and line myself up for future gains? >> again, without going into all the very many parallels to the 1997 correction and long '90s bull market, another feature is that the u.s. led through the end of that bull market in picking up after the '97 correction and to focus shifted heavily to bigger and higher quality stocks and away from smaller and lower quality stocks, and i think that trend probably will continue. it started earlier this year. it's all pretty much the same stuff. >> ken, briefly, how does this relate back to the federal reserve raising interest rates? >> i doubt that they do. again, in '97, they all throughout that period kept rates where they were, which at the time very high compared to

today. at the time was considered low. low and stable. >> ken, thank you for joining us. that's ken fisher, chairman and ceo of fisher investor with some advice what to do during this period. let's send it out with 15 minutes to go in the session. markets down more than 500 points in the dow to bob pisani for a look at the close here. >> we are down 511. that wasn't the low. 530 was a few moments ago. we have an eye on the close and watching the market on close orders. those are orders to buy and sell stock at the very close. there was a sell imbalance about a half hour ago. what we expect is it's likely will not be significant impact from any massive sell orders towards the close. that is a little bit of good news. simon had a good point about the volume. you can go broke on low volume but not a good day. there really is not that much volume given the down side.

it's an absence of bids. that is a difference. there's not people looking to sell at all costs and get out. there is not massive selling pressure. there's a lack of bids. as a result, the market moves to the lower side. i know it's no consolation, but it's a qualitative difference how the market feels compared to last week. >> in the meantime, we are bouncing all over the place. we just moved 40 points within seconds. down for now 483 on the dow. judge, we've got only about 15 minutes left to go. we'll watch it for you. s&p down 61 points. vix above 33, nasdaq down almost 3%. >> prepare for a double take. david darst is here and it's not friday. his take on today's sell-off and more. you're watching cnbc, first in business worldwide.

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welcome back. the dow was just down more than 500 points. at the low of the session, art cashin said we had a flip to the sell side. now that largely pared off. markets are on their own. dow down 495. a 3% decline to kick off the month. 23 days ago china decided to devalue the yuan and sent markets into a tailspin.

>> the impact on other currencies has been equally impactful. >> worries about slower growth moved far past china. over in the last year, brazil and russia have felt it the worst. the ruble lost 44% of its value. we are talking about the world seventh and eighth largest econo economies. they are both dependent on china for trade and both sitting in recession right now. that combo at the same time that the fed may be about to hike rates would make matters worse. you are seeing money pouring out of emerging markets across the globe from turkey to malaysia to mexico. those weak currencies don't help. south korea reporting exports felt 14% last month. the sharpest fall since the financial crisis.

the currency lost value from a year ago. doesn't help much if china isn't buying as much. all this spells trouble for the global economy. christine lagarde hinting overnight it may lower its forecast for global growth this year from a previous prediction from an already meager 3.3%. you can expect that new outlook from the imf in october. asia turning out slower than expected with the risk it may slow further given the recent spike with global risk aversion and financial volatility. >> there are so many people talking about how it's going to be a global shortage of dollars that is part of this crisis. does that make sense on some level to you? >> yes. the global dollar liquidity issue, which is sucking money out of emerging markets. they've been beneficiaries of the fed's zero interest rate policy the past few years with money pouring in. this could be a big change. even a small interest rate hike

from the fed. that money rushing out of these country's stocks, bonds and currencies making it worse for these countries. just to give you an idea how much we care about emerging markets, there are different ways to measure this. imf uses purchasing power parity which isn't what the market uses. this will give you a sense. last year, according to the imf projections, emerging markets contributed and developing economies 75% of global growth. less than that for total global outlook, but it shows how important they are for global growth. that's why people wall street are staying bullish saying five to ten years out for emerging markets. right now they are in for an acute period of pain. that liquidity is a big part of the problem with the fed about to make a move. >> thank you. sara eisen. david darst joins us on set before he leaves town. what do you make?

seems like when we saw you last time maybe we were finding intermediate footing. what now? >> retired senior person from morgan stanley said take cookies when cookies are passed a lot of people missed cookies on the first sell-off. they wanted another chance. this is that chance. this is a miami, florida, afternoon thunderstorm. it will pass. go in, buy the market now. nibble in securities, okay? you've got housing in good shape. jobs. we'll find out friday. pretty good shape. inflation low. interest rates low. monetary policy paying attention. these are very good things. the two missing ingredients, retail sales and profits. that's the thing people are going to look at. >> this is an isolated storm after last month's isolated storms now is the buying opportunity if you missed it before. no more storms to come? >> you may get more storms to

come. i don't rule that out. this is a classic miami thunderstorm late in the afternoon. >> do the storms get bigger and more severe as we move on? that's the fear, surely. >> it's going to always be the fear. the market did not move more than 3%, 3.5% for seven months. we get us 12% sell-off, people go crazy. if you are not prepared as an equity investor to withstand a 7% sell-off, buffet says buy when people are fearful and sell when they're greedy. this is a fearful time. buy a little bit. force yourself if it's a good company, good sector. i think the housing, small caps, you all have talked here. small caps were a place that were domestic. real estate investment trust have yield, too. real estate investment trust, canadian banks yield 4.5%, all five combined. >> real quick.

canadian economy is now in recession. they had back-to-back quarters in negative growth. here there is concern are we nearing the end of our business cycle? what do you think? >> that is something that could push us over what simon was talking about to something more serious if we do have a recession. the six things that would cause a bear market is the fed tightening. the fed is slightly tightening. it started with the end of quantitative easing. do we have a recession? does not seem to be. if signs emerge that this is hurting the united states, okay, then you are going to pull back a little bit. are bond yield spreads widening? are small caps and banks and transports underperforming? so far, they're not. they are in line with the market. is the consumer pulling in his and her horns? we don't see that right now. those are bear market indicators. >> david, thank you. >> nice to see you.

i'll see you on. playa. >> on the playa? i thought you were going out west. >> that's what they call it. >> safe travels. see you back here soon. see what these markets do in the meantime. dow down 480 points. s&p is down 3%. nasdaq almost that level, down 139 points. a moment ago we were at the lows of the session down more than 500, there were only two names on the s&p positive. that was cablevision and american airlines. very few ports in this market storm today with just a couple of minutes left to go in the session. we are down 468 points on the dow. art cashin is here with our own

bob pisani. it's rough but off the lows. >> with it is. the markets on close orders looked like they were on the sell side. that took us to minus 530. they are pared off. the market is on its own. that's why we've come back here. >> we've come back in the last minute here. now down 500, now down 450. address the thing that is amazing to me. we had an open that looked rocky. it wasn't a good open. everything opened down 2%. there wasn't a lot of volcum vo coming through. it's a qualitatively different feel. >> there was an panic asset selling monday. it's not the volume, it's the prices that kill you. >> the important thing is we saw across the board declines. utilities were all down 2.5%.

they don't sell to china. >> when they start to go, correlations go. everything trades like everything else. this seems disproportionate to the news we got overnight. >> yesterday seemed okay. >> thou they are down almost 400 points. it's quite an impressive thing. i would be wary tomorrow if we close down here. we could get mutual fund redemptions.

>> the ism service number was a disappointment. at 10:00, the s&p lost about ten handles on that. we lost a lot of momentum. economic news definitely does matter. we are getting productivity tomorrow. the ism services on thursday and nonfarm payroll on friday. >> the general fear is you can see it in europe, you can see it in the other asian markets. >> we'll leave it there. thank you very much. art cashin and bob pisani. currently down 443 points on the dow. it was a 500 point decline. there you see the chart coming down at the lows of the day. they sort out the balance of the orders. let's hand it over to the closing moments of this hour of "closing bell." the program continues now on cnbc with kelly evans.

>> welcome to the "closing bell." i'm kelly evans. here is another tough session across wall street. dow going out with a decline of 468 points. s&p giving up 58. nasdaq down 137. declines of nearly 3% across the major averages to kick off the month that could make it the weakest start to a month in six years. we've got full coverage of this market sell-off for you. bob pisani at the new york stock exchange. bertha coombs up at the nasdaq and jackie deangelis covering oil's collapse at the nymex.

first to you and the selling pressure we are seeing. >> it was right at the open. look at the s&p 500. we got down 2% right at the open. essentially stayed there through most of the morning. 10:00 was a bit of a disappointment. ism number came in below expectations. that cost us critical momentum. the market started drooping down there. we drifted lower through much of the afternoon, hitting lows before 2:00 eastern time. then in the final hour, drifted down again. at one point the dow down 530 points was the bottom. before coming back. we are just off the lows for the day. this was a day when everything was essentially down 2.5% to 3%. i noted with concern financials led on the down side. there was expectations for them to do well in this quarter on earnings. energy down as we had a down day on oil. here is something i kept pointing out all day. telecom and utilities down 2.6%.

con ed, not a lot of business in china. exelon, not a lot of business. this is reducing exposure to the overall market. same with regional banks. suntrust, key corp. they don't have a lot of business in china and all down 4% today. concerns about general exposure to the marketplace. the vix here jumping around. 13 two weeks ago to 53 early last week back down into the mid 20s. now back up over into the 30s. that is still a very elevated area. back to you.

>> river front put out a note saying they are getting into stocks. you wouldn't know it watching the nasdaq 100 along with the overall composite falling back into correction territory. going negative for the year. chip stock have been one of the biggest drags in tech. overall today, it was a broad sell-off with everything in tech in correction territory. take a look at netflix. bob was talking about not having china exposure. netflix is shy of bear market territory. it was off about 9% at the lows. stocks with china exposure today falling hard into the close, including wynn hitting a new low today. a number of tech companies that

have exposure and tesla which had problems with sales in china. jd.com and apple. closing just above bear territory. if you take a look at apple, in a way there is a little bit of a silver lining. it's up 20% from the lows last week. that is one of the things we have seen here is that we haven't hit those lows last week. it appears we are in that testing mode now. a few stocks bucking the trend today. american airlines on an upgrade at deutsche bank. this stock is down 30% from its highs. weibo and nantkwest, haven fallen below the price rallying here into the close. it was hard to find green today. >> thank you, bertha coombs. oil giving back its gains today, putting more pressure across the energy complex. jackie deangelis tracking the

downfall for us. especially at the close at the settle there. >> that's right. we started the day taking a pause digesting the news a little bit. potentially profit taking from that 27% jump we saw in crude prices over the last three days. selling pressure intensified throughout the day as traders became skeptical of the equity market. the situation in china and overall the move that crude has made in such a short time. the overarching theme reminded me of what we saw last monday. this negativity in the marketplace that demand in china could fall off. this is a market not necessarily being driven by fundamentals but being driven by headlines. psychology. technical levels, as well. that is why the selling intensified when we hit those key points. we had a session yesterday where we were almost at $50. today we had a session low just above $45, which is just 20 cents off where we closed at $45.41. you had a weaker dollar today which is usually supportive of

crude. right now, the fear factor is in this trade. we are seeing somewhat volatile and knee-jerk reactions here from traders. many of whom are very active in the market that told me you can't sometimes predict this volatility or necessarily trade it. they are standing at the sidelines waiting for it to shake out. they think the level to the up side is about $48. if we breach $45, could be headed lower from here. we are going to get data out from the eia tomorrow on inventories. depending on what they say coupled with the monthly production numbers that we got yesterday, that could move the market. again, this one could see more volatility in the coming days, for sure. >> seems like everything and nothing is moving this market lately. thank you. joining today's panel we have mike santoli and cnbc contributor from "the washington post" and guy adami.

>> none of this behavior is inconsistent with the 2011 violent shakeouts. also it has to be combined with a good cover story. i think china and the fed are very good cover stories for this kind of activity. punishing the dip buyers, making sure that bounce really the vital signs were never in line for that bounce. >> when you say they're giving cover, what does that mean is? it a sell-off looking for an excuse? >> no. there are real things going on there. it's been a slow, evolving process in china. it's not been a spasm of weakness that just happened. the market had no volatility. now it's feeding on itself. people have the sense we are just not sure what turns the story. >> we are getting volatility and

swings around in stocks. we are getting the vix up above 30 today. the federal reserve, we heard them acknowledge they are watching market conditions here. now that we are further into this week ahead of the jobs report friday, closer to their next meeting, is this enough to keep them from raising interest rates? >> there were some glimmers of good news in the macro economic data today. we saw auto sales at high levels and some driven by trucks. there are some glimmers of good news. what i heard out of jackson hole is a lot of uncertainty. when there is uncertainty, that means there is going to be debate within the community. there is not a strong consensus. that needs to be in place for the fed to make the first rate hike in a decade. when there is debate, my

experience is delay. >> look what happened with the financials today. the gold was the biggest decliner in points term on the dow. 45% across some other big money. are they trying to figure out what's the better outcome here or not seeing a better outcome for economic growth? >> people got a little bit ahead of themselves on the banks. there was an upgrade of goldman sachs and morgan stanley. neither one traded well off that upgrade. i'm surprised how lousy they traded today. if you want something that is a bit foreboding, look at the price action in blackstone over the last couple of months. that was a financial up on everybody end of july. that had a lousy few months since. trying to explain in lehman's terms the volatility we are

seeing. options dealers have been rewarded by selling options and taking that premium. there have been no ramifications for that. when volatility goes up, the same option dealers have negative gamma. they have to sell more as prices go lower. it explains that knee-jerk rally and weakness over the last couple of weeks. >> negative gamma? i think i'm following guy. >> that's why the vix remained so elevated. >> hedge fund managers tell us there is going to be volatility. we didn't always get that outcome. things were trading in a range.

markets weren't correcting. why is it now that trade seems to be working they are caught on the other side? >> it's a different class of hedge fund managers. the ones who wanted to pick stocks want volatility. other people who actually were looking for this kind of quote, all-weather portfolios, they wanted to tamp volatility over a cycle. it's not the total explanation but one reason for the day-to-day jumpiness. >> you've had guys like dan greenhouse saying they are increasingly convinced the fed if they raise rates will be one and done. is that enough for a paradigm shift? s. >> i don't think it's a paradigm shift. the medicine will prove gradually even when it does begin lift-off. it's the impact of the volatility and financial market stress has on its economic

outlook and the real economy. you have to look at what is going to happen to their forecast. are they going to mark them down further? s. >> unsettled. let's get over to dominic chu. >> h&r block shares up about 6% on 144,000 shares volume after the tax preparation giant reports a loss per share. loss per share of 35 cents. beats average analyst estimate for a loss of 40 cents a share. revenues $138 million versus $136 million in terms of estimates. headline here driving a bit of stock action. they announce a $3.5 billion buyback program and capital structure plan.

the bank unit is closed. those developments coupled with the earnings release and shares up by about 6% in the after-hours trade. they are about flat down 2%, the same on a year-to-date and one year basis. back to you guys. >> thank you, dom. we have an earnings alert on ambarella. >> reporting 88 cents on $84 million. the street was looking for 80 cents on $82 million. looks like gross margin 65.3%. heading into the print, stock had been down 20% in the past four weeks but still up more than 70% year-to-date. on the conference call we are listening for guidance. any color executives can give us about all those industries

ambarella is exposed to like gopro, drone companies. we'll be on that call and listening. it starts at 5:00 p.m. eastern. back to you. >> thank you shall josh. >> i think ambarella is a good company. the only thing they control right now is the front end of the curve. they lost control over everything else. the policies put in place by our federal reserve has emboldened other central banks to act in kind that don't have the wherewithal or intelligence to do so. sara eisen tweeted something out. the currency swings we are

seeing across the world are direct result of the policies put in place by our fed. to think they control anything but the front end is fool's folly. >> guy, thank you. catch more of guy adami on "fast money" at 5:00. they are asking dennis gartman of the reasons behind oil's volume till moves. >> china's fears are fueling another route in the u.s. how much worse can it get for markets? we'll get you live to beijing next. here at td ameritrade, they work hard. wow, that was random. random? no it's all about understanding patterns like the mail guy at 3:12 every day or jerry, getting dumped every third tuesday. this happens every third tuesday. we have pattern recognition technology on any chart, plus over 300 customizable studies to help you anticipate potential price movement.

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and yet another energy saving opportunity from pg&e. find new ways to save energy and money with pg&e's business energy check-up. welcome back. another brutal session on wall street. the dow finishing lower by 469 points today. decline of nearly 3% across all the major averages. stocks deep in the red today and once again, china seen as the main culprit. yunis uniis in beijing for the latest on china's collapse and a look what today may bring.

>> the feeling among market players is that the government will do whatever it can to prevent any drama in the markets ahead of it. today the brokerages were back in the markets. this is after a government directive encouraging listed companies to buy back shares. also today, investors were very much focused on all the investigations going on. the government has been ramping up its efforts to root out those they believe are destabilizing the stock market. the china chief of man group is missing. she has been taken away by police and reports are she will insist in an investigation involving the stock market. investors were mulling over the economic data. we had twin manufacturing surveys out. pmis both show factory activity shrank by at least at the biggest contraction in at least three years. that was expected, but what

wasn't expected was the services pmi. the services industry is expanding at its slowest pace in a year. that is important because more optimistic economists here had been hoping the services industry would be a bright spot. now we are seeing it's just another indicator that the economy here is decelerating. >> yunis stay there. >> it is not new news. that is still in expansion territory. again, the economy is probably going to slow down. we may see an economic growth falls below 7% in the third quarter but all the stimulus, remember what milton friedman taught us, you're throwing everything but the kitchen sink in terms of moonity poll system more is yet to come. >> what investors are struggling with is the linkages between

whatever degree of slowdown we are seeing in china, the u.s. economy and emerging economies relying on china for growth. >> fisher made it clear to the extent china is the second largest economy in the world, almost accounts for 15% of global economic output, it has large tenticles, we cannot ignore china. you've i got to take into account its indirect impact. something like 0.7% of our gdp is chinese exports is not a lot. in other countries, it's a much bigger number. you mentioned a big decline in the component of manufacturing index. as china looks to increase demand and move more to a consumer-directed economy, what can it do to stimulate more

consumer spending as opposed to beginning to align exports? >> it's clear right now they are caught between a rock and hard place. they want to shift the weight away from manufacturing. you can't afford to let manufacturing slip too much. that will be a big overhang for the overall economy. they are trying to stimulate both even though longer term they want to do consumer spending. it's clear they are not doing the perfect job. >> it's amazing the stock market collapse and slowdown has their gloves coming off. these reports about what's happening to the local china head of the man group, one of the biggest hedge funds, have you learned anything else about what she and others are involved with or what they are being held for? >> no. there is a whole lot of speculation and talk and fear in the market about all these

investigations. earlier this week, the confession of financial journalist was put on national tv. in it he was apologizing for the panic and disruption he caused in the market. also he admitted that he had fabricated news. see just the fact he was on state tv like that and the confession was there made people very nervous that the government is looking for scapegoats. so that has affected -- what's interesting about all these investigations is the point of them all is to try to stabilize the market to get people feel more comfortable that these outliers are getting rooted out. but what is actually happening is many traders are saying, i'm paralyzed. i don't know what to do next. am i able to short sell? what is going to happen to me? that's the irony of it all. >> eunice, thank you for joining us on another early morning there. sure to be another long session.

eunice yoon in beijing. breaking news on uber to get to. on that lawsuit out of california which uber drivers are suing the company to be reclassified as employees instead of independent contractors as they are right now. a san francisco judge has granted the drivers class action status. this is a big deal and stands to have wide ranging implications for the sharing economy. they are suing for reimbursement including gas, vehicle maintenance, mileage and more. one of the big remaining questions is how much this could cost uber if it had to reclassify its california drivers. the price tag is not something that is clear yet. our partners did create a propriety model which they looked at potential cost for payroll taxes and workers' compensation. estimates were 45,000 workers. the number on those two things alone was $209 million.

this will be something to watch. >> thank you, kate rogers on uber. the dow falling another 470 points today. our next guest will tell you where you can find some of it and opportunity in this market. tune in tonight to cnbc's special report "markets in turmoil" with jim cramer, brian sullivan and sara eisen, 7:00 p.m. eastern tonight. [ male announcer ] we know they're out there.

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today another serious down session for the markets with the dow and s&p 500 seeing their worst first trading day of the month since 2009. it was the worst start to september in 13 years. there were some bright spots. sun edison up 3.5%. american airlines about 0.5% and cabella's announcing a share repurchase program. what are some of the best safety plays out there right now? let's ask david nelson and chris cordero. a appreciate both of you being here. >> the term safety in this context is relative in nature. the market's hitting everything. what i try to look for is something that has a secular tail wind. not a lot of them out there the

last time i was here steve liesman beat me up good over facebook. i'm going back to the well again. bob iger, we could see ad dollars are going somewhere else. that is a company like facebook. you can see it in the numbers. $3.8 billion in total ad revenue. that was up 55%. up 74% in mobile. those are compelling numbers. on the surface it looks expensive. growth rate matches that pe at 32. 32 times, i think it's an attractive name. >> facebook, unitedhealth. chris, what about you? >> when i think about safety, what i want in times like this, i want something maybe the market's maybe overlooking. that is a company like williams. williams is a natural gas mover. they consolidate and move natural gas around the country. i think the market is way overselling this and discounting its growth potential going forward. 5% dividend yield gives you a

lot of safety. other areas i think are great for safety are when you can buy marquee brand names for discounted prices. that's both walmart and apple. both of them well off their highs. if you can buy apple for a 12 pe, that is a tremendous time to step in and buy probably the strongest brand in the world. >> we are hearing stocks down for sure, but not the bombed-out cyclical names that look like multiyear lows and discounting almost no global growth out there. do none of those things temperature you? >> i would much rather stay with something like a walmart or apple or williams where they have really strong cash flow. i don't want something that is going to have volatile cash flow. i want really big cash generators in my portfolio to buffer out the bottom. >> i want to weigh in on a moment. the knee-jerk reaction is to buy yield. that is where everybody turns to

and thinks that's the safety play. you can wipe that yield out in an hour. i want something that will survive this. when the market finally does turn, we'll get capital appreciation. i think some of the names, i agree with apple. i don't know about walmart. apple we own, a well. >> american eagle? >> that is the most controversial name. people would disagree with it. about 21% of the flow. there's a lot of sell recommendations on the stock. this company keeps banging it out of the park. they keep beating on top and bottom line. those with sell recommendations had to raise their numbers. >> possible ports as we ride out this storm. david nelson and chris cordero, thank you. let's get back to sharon epperson. >> here is what's happening at this hour. los angeles has been named the u.s. candidate city for the 2014 summer olympics. this after the l.a. city council voted unanimously to pursue the

bid. boston pulled out of the race in july. mcdonald's embarking on its biggest operational change in years as it tries to boost flagging sales. it plans to offer breakfast items all day attist more than 14,300 u.s. restaurants starting october 6th. it was approved in a vote last week. chipotle will visit its fare straight to college students this fall. it will expand to more than 100 campuses by spring. >> the american academy of pediatrics issued interim guidance that say exposing babies to peanuts early in life may protect against food allergies. discounts to hold off giving peanut products until after the age of 1. that's the cnbc news update at this hour. back to you. are markets overreacting to china's collapse or more fallout to come? that is next. what could be a bigger threat to

our market than china? that is coming up. ♪ ♪ isn't it beautiful when things just come together? build a beautiful website with squarespace.

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finished on wall street. declines almost 3% again that. 9% decline is larger than we saw. it's now below $45 a barrel again. 9% drop. that really took another leg out of energy names. exxon was one of the worst performers on the dow. it was also the financials. it was a wild day for stocks. bob pisani back to discuss the action. >> are we overreacting to the china data? on the surface, yes. the china pmi was in line with expectations. we have a situation where buyers lack all conviction. the sellers, the shorts smell after last week that they can press an advantage. i think that's a very important part of the psychology. i think shorts can feel they can

make some money here. i think the fed is a real problem. half the trading community is saying the fed must remove uncertainty by raising rates in september. the other half say the fed must say they are not raising rates in september and will not and that's how we remove the uncertainty. i think the market is completely confused about that. put together shorts feeling they can press the advantage right now with the uncertainty around the fed and you get all of this. i don't think the pmi explains everything. >> as eunice said, the services was the bigger miss. what about the fed? >> i think that is an interesting point. the fed is not able to provide more certainty because the fed is uncertain as to what to do. these are people making realtime decisions with sometimes lagging data. that is a real issue. one interesting thing out of jackson hole, even from the hawks, even if i'm an esther

george, you heard them say we may support a september rate increase. we want to wait and see what happens. if the fed had been making this decision on the monday we saw the 1,000 point drop in the dow, no matter how they feel about financial volatility, they could not have made a move. >> the calendar will help us with the fed. we'll know september 17th what goes on. that's why i feel it could be volatile leading up to that. i'm hopeful the market will calm down after that decision, whatever the decision is. >> clearly we are putting risk levels down before we get to that decision. investors are conditioned to not like this close call with the fed. they like the stage-managed policy. for good reason. it's been 11 years since we started a tightening cycle. you can understand them being uneasy. >> you've got a long light. >> con ed down 3%. >> even the dividend plays are not working.

bob pisani, thank you. we'll have much more on cnbc's special report "markets in turmoil" with jim cramer, brian sullivan and sara eisen at 7:00 eastern here. my next guest vehemently maintains china is not a manipulator. joining us is john mauldin. >> 15, 17 years ago it was thailand and russia. markets become overvalued. you get into august. there's not much trading. you get a highly valued market. it was certainly at the highs. there's been no correction of any size. as the markets go down and shorts were feeling they could press the bet. they are just in control of the market right now. china sounds like a good excuse.

it's a lousy excuse really if you look at it. any excuse in a storm. >> why the storm? should we not look for a cause or is it important to figure out why we are seeing the weakness to tell us about the business cycle, the economy, interest rates, all these variables? >> we are human beings. you and i are reporters on the investment world. we have to have reasons. that is part of our, how we live. the answer is sometimes we really don't know what the exact bubble is. it's time for this market to corre correct. i don't think the underlying fundamentals say anything is happening in the economy. global trading is slowing down. the market looks at these signs. we've had six months of manufacturing pmi in china under 50. manufacturing is retreating. that is not new news.

others have been writing china will deemphasize manufacturing. i was talking to a major china investor. they've got four huge investments in china. they are growing by a minimum of 20%, some 30%. that has a huge impact. services don't buy copper and iron and concrete. >> the only question then for investors is do you stay the course with what's been working or is it time to shift? if so, what is your best idea? >> your time to make that decision was six months ago, to be honest. you need to have a plan and need to know there is going to be a correction in every market. what are you going to do in a correction? if your plan is to stay the course, that is fine. you are taking warren buffett's approach, i'm going to bet on the united states. you've got to have the stomach for it. if not, you need to have stops

and hedges in and a plan that says here is what i'm going to do when something happens. if you don't have that plan, make sure you begin to make one now for the next time this happens. there's always a next time. >> there is. final question. does that mean gold works? >> no. gold is insurance. it's not an investment. you buy gold just in case somebody does something stupid, central bank insurance, i call it. that's what we try to do. we look for insurance in our portfolios. >> john mauldin, thank you. >> breaking news on oil inventories. >> american petroleum with its weekly inventory data says u.s. crude oil stock piles rose 7.6 million barrels. the api says u.s. crude oil stocks rose by 7.6 million

barrels over the course of this past week. analysts were on average looking for increase of 32,000 barrels. supply increase is here. crude stocks at the oklahoma delivery hub did fall 318,000 barrels. on balance here looking at building crude inventories that may have more of a bearish effect on oil prices. we know they were down dramatically today, down by about 9%. we'll watch that trade closely. >> thank you. will china's market be in for a rough ride when it opens in a few hours' time? >> why canada could also be a big threat. that's ahead on "closing bell."

it was a tough day across the board. let's look at some of the biggest losers in the dow 30. exxonmobil down 4.2%. we mentioned goldman is not up there in percentage terms. points weis the biggest decliner on the dow. ibm, microsoft, tech names, general electric, a lot of these widely held names down in the range of 3% to 4% today. investors are focusing on china. there is another country that could pose a major threat to markets in the u.s. deirdre bosa has that story. >> you don't hear words like

canada and threat together too often. trouble could be brewing here in the great white north. canada and the u.s. have the largest trade relationship in the world. if canada slows, american companies doing business here are going to feel it, too. the numbers this morning confirmed canada officially fell into a technical recession in the first half of the year thanks to a huge decline in oil prices. that news and the global sell-off putting year-to-date losses at 8%. the economic contraction was well expected as we've been feeling the pain from lower oil prices for some time. now the question is how long and how deep will the down turn be? on the plus side, the read was not as bad as expected. a positive number in june may indicate the recession will be sort lived. the hope that the u.s. economy will help fuel a rebound has not materialized. the country is in a recession now for the first time since the financial crisis. with the federal election approaching in october, analysts say the government's ability to

offer quick fiscal stimulus to combat the slowdown is limited by campaigning. that leaves the possibility of a third interest rate cut when the bank of canada meets on september 9th. we'll watch that. >> thank you. >> perhaps not a shock. amidst all that market turmoil last week, people were tra transacting more than they normally do. the last week in all that market volatility, they saw revenue-based trades. that is trades that generate commissions just in terms of the straight-up commissions or principles mark-ups for fixed income transactions. this is the average daily volume. 514,000 plus trades on a daily basis. the same time a month ago it was around 278,000. asset-based trades for those accounts that get charged a fee

for the number of assets in the account, 114,000 plus on an average daily basis. they were 75,000 a month ago. other trades which includes the commission-free ones, mutual fund transactions, they came in close to 212,000. the same time a month ago it was about 130,000. huge jumps in volume at charles schwab reflecting a little bit of that retail trade volume that went through because of that market volatility last week. back to you. >> people were selling out more than usual last week. perhaps a little bit of the same going on here, despite everything people say about staying involved long term. thank you, dominic chu. >> we are a few hours away from the market open in china. what that trading day could look like with a reporter on the ground. that's next on cnbc, first in business worldwide.

we're just a few hours away from asia's markets opening. let's hear from someone on the ground in china with what to expect. joining us now by phone is andrew brown, senior correspondent for "wall street journal." it's great to have you on the program, andrew.

and what are people there watching for signs as to whether the selling pressure continues? >> well, you know, i think people have come to the conclusion that the government has lost control, and they're really losing heart in government pledges to hold the line. it seems now that the government has stopped or at least is scaling down the buying and instead is changing tactics to intervene in the market. now they're getting really nasty on people they think are trying to manipulate prices. wave after wave of arrests. >> andrew, mike santoldi here. i wonder how much broad impact this has economically, on a consumer level among chinese people. in other words, was this just really kind of a sideshow, what was going on in terms of the promotion of the local stock market and now these measures will try to support it, or is there a pervasive sense that things economically have gone

out of control? >> i think people are looking at it as a symptom that something much deeper is going on in the chinese economy. the stock market has never really been a good reflection of economic fundamentals. the market, don't forget, was soaring even as the actual economy itself was slowing. i think people are now looking less really at the level of the market and what the government is doing and what they're doing seems to suggest that they're panicking. >> andrew, this is elon from the "washington post" here. you've written about the efforts by the chinese government to sort of root out corruption and to show that they're going to be running a sort of cleaner ship, if you will. but that's actually contributing to the economic slowdown. can you explain how that works? >> yeah, look, everybody is looking at president xi jinping

and the assumption is nothing's more important to him than getting the economy running fast again, and i just don't think that's the case. i think his priority number one, two, and three is priority and nothing is more important to him than cleaning up corruption. which undermines the credibility of the chinese communist party. so the anti-corruption campaign is actually in the short term at least quite painful and counters growth. for instance, his instruction to officials that they should not be seen lavishly entertaining has been bad for restaurants, hotels, and so on. generally the anti-corruption campaign has put a chill through the entire bureaucracy. people are really scared at all levels of government to make decisions. you make the wrong decision, it triggers an investigation into my finances. so you have people who are leaving the administration, the civil service, where treatment

is down, morale is down. there is a pervasive paralysis all the way through the civil service. >> andrew, before we have to let you go, you mentioned that people in the government are really scared. what about the journalists like yourself? >> well, that was interesting. we had the arrest just yesterday of a chinese journalist. he was paraded on television. ostensibly for writing a story that was said to cause damage to the country. this is the way they put it. and his crime was to write a story to say that the government was going to scale back intervention in the stock market. and of course that is precisely what happened several days later. >> andrew, thank you. for all the writing that you're doing. telling us about it. phoning in as well. hope to have you back. >> thank you. >> that's andrew browne with the "wall street journal." today did kick off a huge week for econ data. we'll tell you what numbers to

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♪ isn't it beautiful when things just come together? build a beautiful website with squarespace. markets a sea of red again today. the dow down 470 points. we'll have much more on the sell-off tonight in cnbc's special report "markets in

turmoil" with jim cramer, brian sullivan and sara eisen. again, it begins in just a couple of hours' time. my thanks to the panel. mike santoli, elon moore for being here this afternoon. that does it for us on "closing bell." "fast money" with melissa lee begins right now. >> thank you, kelly. cnbc's breaking coverage of the sell-off continues. i'm melissa lee. if you're just tuning in, it was a brutal day for stocks. the dow plummeting over 500 points at its low. the s&p, the nasdaq and the dow all closing down nearly 3%. and with that move the three indices are now back in correction territory. this was the worst start to a september in 13 years. so we asked tonight did today mark the death of the historic bull market? guy adami, what do you say? >> i don't know if today marked the death of it. i think we can go back last week and look at some of the price action last week. i think potential death of it was when the chinese came in i believe and devalued the won. that's a longer conversation not to have at this time but i think the pieces have been in place that sort of foreshadowed what's happening, not least of h,