Concerns Over Increased Rates Driving Today's Market Selloff

NEW YORK (TheStreet) --CNBC's Bob Pisani joined "Closing Bell" anchor Bill Griffeth from the floor of the New York Stock Exchange to discuss the market trends characterizing today's trading session.

"Not only stocks and bonds, but even gold is also going lower today. This happened on Friday and this is one of those trades where people who have been long stocks and bonds, are lightening up their positions," Pisani explained.

Additionally, Pisani pointed to the Vix and business of selling around volatility.

"There's whole hedge funds that exist out there to essentially sell volatility to the fools who want to buy it because we all know it's going to stay low. This works very well until it doesn't. People who are selling volatility get caught, it moves up and everybody says I want more money," Pisani noted.

Moreover, today's market selloff is ultimately characterized by the possibility of the Federal Reserve raising rates and it has investors worried, Pisani said.

All 10 S&P sectors closed lower on Tuesday. The Dow Jones, NASDAQ, and S&P 500 all closed lower on Tuesday as well.