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Dudley said BP were "resetting the company for a sustained weaker environment" and that it was a really tough time for the industry.
The drop in trading translates into lower commissions for brokerage firms, as well as a weaker environment for underwriting initial public offerings and other stock issues, traditionally a highly lucrative niche.
Chief executive Bob Dudley said BP's results reflected the "weaker environment and the actions we are taking in response".
Macys : Despite its upbeat predictions for the remainder of the year when it topped earnings predictions on Wednesday, shares in Macys are caught in an otherwise weaker environment for retailers.
Roseman: Wal-Mart is undoubtedly benefiting from the weaker environment, but it bears mentioning that they didn't do as well as they could have prior to the downturn due to self-inflicted wounds.
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China has pollution charges, but they are low and poorly enforced by weak environment bureaus.
Those steps were welcomed by investors as realistic, given the weak environment.
He said he expected the weak environment would persist "well into 2009" and was planning business accordingly.
Analysts are also questioning the exit strategies of private equity firms, given the generally weak environment for initial public offerings in most important markets for Chinese listings.
If the project needed a deadline extension from Congress to hold on to the $1 billion in federal aid, many note, it is not clear that it could get one in this fiscally weak environment.
All of this is taking place against the backdrop of a weak environment for sales at tech companies.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com