The Dow Jones Industrial Average was down around 75 points by the closing bell.
The Nasdaq slipped more than 110 points as the tech stocks continued to weigh down the index.
Intel Corporation (NASDAQ:INTC) was a top decliner, falling nearly 9% by the end of the day. US stocks trade lower as tech stock losses hang over markets
The S&P 500 was down nearly 20 points by the closing bell.
The Russell 2000 was down nearly 2% by the end of the trading day. Town Sports International Holdings Inc (NASDAQ:CLUB) and DMC Global Inc (NASDAQ:BOOM) were two of the top decliners, both falling more than 20%.
Up north, the TSX fell nearly 70 points as gains in healthcare were offset by tech losses.
Bellwether Caterpillar Inc (NYSE:CAT) is expected to report its second-quarter results before the bell Monday.
12:30 PM: US stocks trade lower as tech stock losses hang over markets
US stocks reversed direction to move into the red in early afternoon trade Friday as tech stock losses overshadowed the release of bullish economic data.
The Dow Jones Industrial Average index shed 51 points to hover at 25,476, led lower by Intel, Exxon Mobil, Microsoft, Visa and Cisco Systems.
The S&P 500 also dipped by 17 points to 2,819 while the hammering was most extensive at the tech-laden Nasdaq, which shed 107 points to 7,744, led lower by a 19% fall in Twitter, which posted a fall in its monthly active users as well as weak earnings guidance.
The chip maker Intel was the Dow's worst performer after dropping 8% on the second-quarter earnings news that its rapidly-growing data center business fell short of estimates.
Other tech stocks continued to be hammered as well two days after Facebook’s pessimistic predictions about its growth prospects put investors on edge. The S&P tech sector fell 2% in afternoon trade to 1,262.
Elsewhere, Toronto’s TSX, Canada’s principal stock exchange, moved further into the red and fell 25 points to 16,430 while the Russell 2000 index of small-cap stocks ploughed lower as well, losing 27 points to 1,668.
10:07 AM: US stocks fail to find footing as mixed quarterly results put a drag on market
US stocks were mixed Friday as robust economic data from the US commerce department boosted investors’ spirits while another set of quarterly reports put a damper on the market.
The US Commerce department improved market sentiment with its announcement that the US economy grew by 4.1% in the second quarter, its best performance since 2014, which fell in line with what economists had expected.
But the report comes as earnings season is in full swing, as a slew of the biggest US companies are reporting results and receiving a lackluster reception from the markets.
The Dow Jones Industrial Average index climbed nearly 44 points to 25,571, led by its biggest gainer Expedia, which is up 9.7% after crushing second-quarter earnings estimates. Also pushing the Big Board higher are Lam Research, Zimmer Biomet Holdings, Jefferies Financial Group and Chipotle Mexican Grill.
The S&P 500, meanwhile, slipped slightly in the wake of the opening bell to lose 2 points to 2,835 while the tech-laden Nasdaq also switched to negative territory to fall 10 points to 7,843.
Amazon’s shares jumped 2.4% in early trade while Intel’s stock dropped over 6%, a day after the two companies beat Wall Street’s forecasts for the second quarter.
Exxon Mobil (NYSE:XOM) also shed 3% after issuing a disappointing set of second-quarter earnings while Chevron shares were flat in the wake of its mixed results.
Up in Canada’s, Toronto’s TSX shed 16 points to 16,439 while the Russell 2000 index of small-cap stocks also dipped to shed 3 points to 1,692.