Tech stocks slump after Google, IBM disappoint

April 17, 2014 - 10:03 AM
Wall Street Carnival Corporation

In this photo provided by the New York Stock Exchange Euronext, Carnival Corporation President and Chief Executive Officer, Arnold W. Donald, center, and guests, gather on the podium for the closing bell at the Exchange on Wednesday, April 16, 2014, in New York. Carnival Corporation is headquartered in Doral, Fla; a suburb of Miami. (AP Photo/New York Stock Exchange Euronext, Dario Cantatore)

Technology stocks are leading an early decline on Wall Street after Google and IBM reported disappointing earnings.

Mattel and UnitedHealth Group also fell in early trading Friday after their own results fell short of what investors were expecting.

The Standard & Poor's 500 index fell two points, or 0.1 percent, to 1,859 in the first few minutes of trading. The index rose for the previous three days in a row.

The Dow Jones industrial average fell 27 points, or 0.2 percent, to 16,398. The Nasdaq composite fell five points, or 0.1 percent, to 4,080.

Goldman Sachs and Morgan Stanley rose after reporting better results than analysts had forecast.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.65 percent.

U.S. markets will be closed for Good Friday.