On the earnings front, it would seem that companies have fared a little worse than the market had hoped. Annual growth has come in around 14.5 percent this season and analysts were hoping to see 16.6 percent.
With higher gasoline prices putting a dent in consumer spending and underlying inflation looking to be contained, further interest rate hikes seem unnecessary.
It would seem that the up and coming earnings season may not be the centre of attention as concerns over the price of oil hitting record levels is dominating trading sessions at the moment.
It would seem that bulls are finally starting to come to terms with the grim reality that equities are not so attractive after all at the moment.