NEW YORK - U.S. stocks fell Friday, the day after a steep sell-off in technology companies. JPMorgan Chase (JPM) fell more than 3 percent after earnings missed analysts' estimates because of a decline in investment banking and mortgage lending revenue.
KEEPING SCORE: The Dow Jones industrial average fell 80 points to 16,092 as of 10:30 a.m. Eastern time. Standard & Poor's 500 index fell six points to 1,827. The Nasdaq fell 9 points to 4,045.
TECH ROUT: Investors turned against biotech, Internet and other once-soaring stocks Thursday, driving the Nasdaq composite index to its worst day since 2011. The plunge in tech names dragged down the broader market and left all the major U.S. indexes in the red for the year. After U.S. markets closed Thursday, the selling spread to Asia and Europe.
BANK EARNINGS: JPMorgan Chase fell $1.86, or 3 percent, to $55.54 in early trading after the bank missed analysts' earnings estimates. JPMorgan, the nation's biggest bank by assets, said its earnings fell 20 percent in the first quarter as revenue from investment banking and mortgage lending fell. Wells Fargo (WFC) edged up 65 cents to $48.39 after its earnings beat estimates.