NEW YORK (TheStreet) --All three major U.S. indexes closed in the red on Thursday, as global bonds sell-off and real estate declines. However, despite the decline in U.S. market's today, one bright spot has been earnings results this quarter.
"It's the main topic on the street; earnings have been good. We're going to get out of the earnings recession. Better than 2% for earnings in the third-quarter and the guidance on the fourth quarter, with the exception of some industrial's, has not been bad," CNBC's Bob Pisani said during this afternoon's "Closing Bell."
Despite the better-than-expected earnings results, the month of October is on pace to be the worst since January. Pisani pointed to three issues dragging down markets this month.
"One is oil, look at the XOP this is the exploration, production group. When you can't get oil into that $50-$60 trading range that everybody wants to see it in and it's in the $40-$50 that's a problem," he noted.
Second, rising bond yields are having an adverse impact on REITs as well as other interest rate-sensitive sectors. REITs alone are down 7% in October, he noted.
Finally, Pisani pointed to increasing concerns in the U.S. retail space also continue to weigh on the markets. All are equating to a decline of about 1.5% in the month of October.