NEW YORK (TheStreet) --The Dow Jones, NASDAQ, and S&P 500 all closed in the red on Tuesday with volatility and uncertainty pulling markets lower. CNBC's Bob Pisani commented on today's market selloff from the floor of the New York Stock Exchange during this afternoon's "Closing Bell."

"What does this all mean today? It means that in the next week every market report will be layered with some kind of political overtone and with Fed. I believe the Fed is a very important part of what's been moving the markets certainly in the last week and a half," Pisani explained.

Additionally, the CBOE Volatility Index (Vix) hit $20, "and when it hits $20 that's the threshold where we start paying a lot more attention," he added.

"And, if you are worried about earnings or other things like wage growth, folks you're just going to have to wait," Pisani said.

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