There's no festive cheer in stocks as of yet, as the downside shove this week continues to run its course. S&P 500 futures are now down 0.8% as we observe one-way traffic ever since European traders got to their desks today.

Dow futures are down 0.6% and Nasdaq futures down 1.2% as well currently. In Europe itself, it's still a sea of red too. The DAX is down 1.4% and CAC 40 down 1.2% on the day. The UK FTSE is also down but less striking, lower by 0.6% at the moment.

A more hawkish Fed was a key trigger but don't discount the impact of rising long-term Treasury yields in all of this.

Here's a look at how the week is playing out so far for the major indices: