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Lets head straight to the markets desk with julie hyman for the latest on this selloff. It has to dond with oil. If you look at the major averages we are seeing a deep decline of nearly 250 points for the dow and that is despite the fact that one very big company in the s p is actually on the rise. Market cap does indeed surpass apple. Up 4 today. Just around 543 billion dollars is where it is right now. That is not helping overall because as you take a look at the number of terminal, energy is such a big drag. Down near 3 are and financials are falling and industrials. So it is a broadbased decline. Energy may be leading but by no means is that exclusively accounting for the declines. Oil is down nearly 5 today and once again, we have a two day loss in oil. 2011 if west since hold at these levels. There is trepidation over the weekly inventory report. A couple of large cap oil companies. A 91 drop in profits. Exxon mobil reported a drop in profits as well. Earningspershare Beat Estima

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