Disappointing results at Visa and Amazon dragged on the stock market Friday, and put the Dow Jones industrial average on course for a weekly loss.
KEEPING SCORE: The Dow Jones industrial average lost 123.3 points, 0.72 percent, to 16,960.57 at the close of trading on Friday. The Standard & Poor's 500 index fell 9.64 points, or 0.48 percent, to 1,978.34. The tech-heavy Nasdaq composite dropped 22.54 points, or 0.50 percent, to 4,449.56.
For the week, the S&P 500 is flat and the Dow is off 0.8 percent.
MISSED: Amazon's stock slumped 9.65 percent after the online retail giant posted a much wider loss than analysts had forecast, hit by expenses. The Seattle-based company is focused on spending the money it makes to expand into new areas and products, including a smartphone, the Fire, which starts selling Friday. Amazon fell $34.60 to $324.01 on Friday and was the biggest decliner in the S&P 500 index.
NOT EVERYWHERE: Dow member Visa fell $7.97, or nearly 4 percent, to $214.77. The credit card processing giant reported an 11 percent rise in quarterly profit but cut its full-year forecast on concerns about growth overseas. Visa is a closely watched company because of its heavy exposure to U.S. and global consumer spending.
'COMPLACENCY': "I continue to see the level of complacency in the (stock) market to be unnerving," Scott Clemons, chief investment strategist at Brown Brothers Harriman, which manages $25 billion in assets for private investors. "All of this geopolitical tension, the market trading near all-time highs, I think the market is at a critical state right now."
Clemons said he doesn't believe the market is poised for a major sell-off, but instead thinks investors should brace for more volatility and more heavy-handed reaction to disappointing earnings or data, like Friday's Amazon and Visa results.
NEEDS A PICK-ME-UP: Starbucks fell $1.71, or 2.13 percent, to $78.74 despite the company reporting a profit that came in above analysts' expectations. The company also raised its full-year profit forecast.
BONDS AND OIL: The yield on the 10-year Treasury note eased to 2.47 percent from 2.50 percent late Thursday. Bond yields fall when prices rise. Benchmark U.S. crude oil was up 2 cents to $102.09 a barrel on the New York Mercantile Exchange.