The Dow Jones industrial average (^DJI) slid 140 points, the Standard & Poor's 500 index (^GPSC) lost 15 and the Nasdaq composite (^IXIC) plunged 72 points.
The biggest loser on the Dow was Visa (V), tumbling 4.5 percent. Visa is the highest priced stock on the Dow 30, which is a weighted index, meaning its drop had a huge impact. The company's revenue was below expectations.
Facebook (FB) lost 5 percent, Google (GOOG) declined 1.5 percent, Netflix (NFLX) all fell 6 percent, while Twitter (TWTR) dropped 7 percent. And travel sites -- Priceline Group (PCLN) and TripAdvisor (TRIP) -- were booked on a trip south; they both fell by more than 5 percent. HomeAway (AWAY), the online vacation rental firm, fell 10 percent.
Pandora Media (P) tumbled 16.5 percent after reporting another quarterly loss.
Transports were weak, with airlines, rail and package delivery stocks all stalling out. United Continental Holdings (UAL) lost 5 percent.
We've now passed the halfway point in the earning season.
- Microsoft (MSFT) posted lower net, but it wasn't as bad as expected. The stock edged higher, which has to be considered a victory on a day like this.
- Ford Motor (F) fell 3 percent. Earnings fell short of expectations as the company increased its warranty reserves for older models.
- Chubb (CB) fell 2 percent. Its net was hurt by high weather-related insurance claims.
Finally, the biotech firm Cytokinetics (CYTK) tumbled 65 percent after reporting disappointing results on a drug to treat Lou Gehrig's disease, or ALS.
What to Watch Monday:
- The National Association of Realtors releases pending home sales for March at 10 a.m. Eastern time.
- The Federal Reserve Bank of Dallas releases its April survey of manufacturing conditions in Texas.