What was looking like a positive day has taken a turn south as a weak earnings report from JPMorgan Chase (JPM) has put investors in a more defensive mood. This afternoon’s Brexit vote in the UK is also likely to cause volatility as we approach the close. In economic data, PPI for December came in weaker than expected while Empire Manufacturing for January also missed.

We’ve gotten a handful of high profile earnings reports this morning, and the pace will only pick up as the week goes on. Of the companies reporting this morning, though, the results have been mixed. While Delta (DAL) and UnitedHealth (UNH) both exceeded forecasts on the top and bottom line, JPMorgan Chase (JPM) came up woefully short in terms of both earnings and revenues. The more important thing to watch, though, is how the stocks react, and given the size of JPM’s miss, the reaction could have been worse.  As of this writing, it is trading down just 2%.