Apple (AAPL) and Microsoft (MSFT) dragged on benchmark indexes. Apple tumbled after sales forecasts disappointed and quarterly iPhone sales missed their targets, while Microsoft slid after reporting future revenue would take a hit on currency exchange. Stocks closed their second straight day in the red with the Nasdaq the worst performer as the technology sector sold off. Medical tech developer Illumina (ILMN) stumbled after missing earnings and revenue expectations in its second quarter. It was the first time the company had missed sales targets since its third quarter 2009. Chipotle (CMG) was one of the best performers on the S&P 500 even as same-restaurant sales cooled off to just over 4% growth, down from explosive double-digit gains in recent quarters.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.