However, the real story today is in Europe.

Markets are down big there, with Italy and Spain leading the way, off 2.5 percent and 2.4 percent, respectively.

French stocks are down 1.9 percent and German stocks are down 1.7 percent.

The big story was a speech delivered by ECB chief Mario Draghi in Germany today. In the speech, he acknowledged for the first time that the euro crisis is really starting to bring down Germany, the cornerstone economy of the eurozone.