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.

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"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.

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