Update

Standard & Poor's Ratings revised its outlook for 22 U.S. banks. They believe that in the near future, the industry will become less favorable. It is now the worst performing sector at the stock exchange, changing hands at 11.68, down 2.33%.

Opening Bell

Stocks started to trade Wednesday with a mixed fashion. S&P is now trading at 912.43, up 0.46 points. CPI, Consumer Price Index, data was re;eased earlier in the morning. It came in-line with the expectations, up 0.1%. Although energy costs were up, it wasn't as nearly high as it was expected. The food prices were down 0.1% which helped balanced the higher energy costs.

European bourses are having another busy selling day. FTSE, DAX and CAC are all down, 0.93%, 1.15% and 1.24% respectively.

Crude oil slid under $70 a barrel.

Meanwhile, S&P is oversold, currently at 28.68% below the critical value of 30.