The earnings call after the bell from Visa yesterday was sobering. The company said it sees no acceleration of the economic recovery and no acceleration in 2015.

In addition, the soft IFO report from Germany and negative revisions and details in the durable goods report hurt sentiment.

The S&P 500 is 6 points lower shortly after the open to 1982.

S&P 500 daily

S&P 500 daily