Grexit fears in Europe cause flight to safety

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Pisani's market open: Everything is down

Weakness is setting in in Europe on concerns of a Greek exit. We're seeing a fairly clear flight to safety. German and French bond yields are plunging. The is now yielding 2 basis points! Peripheral debt in Italy, Spain, and Greece is up by double-digits.

European banks are notably weak.

After the close in China, regulators instituted a crackdown on stock margin trading in over-the-counter stocks. Because the market was closed, the news was not reflected in the markets there.The Shanghai Index was up 2.2 percent. However, China ETFs trading in the U.S. are lower.

Read More Stocks sharply lower amid overseas decline; Dow plunges triple digits

Elsewhere:

1) Everyone keeps missing on revenues! On Friday, General Electric, Honeywell and Seagate Technology beat on earnings but were light on revenues.

After the close Thursday, the same held true for American Express, Advanced Micro, and Schlumberger.

Also on Thursday, Blackrock, KeyCorp, Sherwin-Williams did the same. Earlier in the week, most of the big banks were also a bit light on revenue expectations: Bank of America, US Bancorp, and PNC Bank.