NEW YORK (CNNMoney)
All the major indices -- the Dow, S&P 500 and Nasdaq -- are down in early trading..
The early market action leaves the S&P 500 on track to end this week in the red, which would make this the 10th week of alternating between gains and losses. That would be the longest such stretch in almost 20 years.
The tech world is buzzing about reports indicating Apple (AAPL, Fortune 500) is considering a $3.2 billion takeover of Beats Electronics, a popular headphone maker and streaming music provider. The deal would be Apple's largest ever and create a huge windfall for Beats investors, which include Dr. Dre and Carlyle Group (CG).
"Great news today for $AAPL. In related news, $BBRY to buy Vanilla Ice's remodeling company," StockTwits user bclund wrote.
But some analysts panned the possible acquisition, and shares of Apple shed about 1%.
Related: The big winner if Apple buys Beats
Pandora Media (P), which provides a rival streaming music service, seemed largely unfazed by rising about 1%.
Biotech stocks, a source of trouble in recent weeks, also helped drag the Nasdaq lower. Names like Mylan (MYL, Fortune 500) and Amgen (AMGN, Fortune 500) were under pressure.
Other Nasdaq stocks being snubbed by investors include Google (GOOGL) and Nvidia (NVDA).
In earnings news, Hilton Worldwide (HLT) rose 4% after more than tripling its profits and raising its outlook for the year. The hotelier also said it's planning to build new hotels.
Related: Fear & Greed Index still gripped by fear
Ralph Lauren (RL, Fortune 500) tumbled 6% to the lowest levels in almost two years amid disappointment over the company's pessimistic outlook. It continues to struggle to grow as fast as some of its competitors. On the other hand, Gap (GPS, Fortune 500) popped 4% on upbeat projected earnings and a 9% jump in April same-store sales.
Investors drove CBS (CBS, Fortune 500) 2% lower as the media giant's revenue fell more than feared due in part to the absence of the Super Bowl. News Corp., the media giant controlled by Rupert Murdoch, ticked higher after logging an earnings beat despite a dip in revenue.
Stratasys (SSYS), a 3D printer maker, plunged 8% even after swinging to a profit and reporting soaring revenue.
There's little in the way of economic reports today.
Federal Reserve chair Janet Yellen's congressional testimony was the big economic news for the week. She mostly reiterated her commitment to keep interest rates low until the economy is on firmer footing.
European markets were dipping down in midday trading with most of the key indexes off by roughly 0.4%.
Asian markets ended with muted, mixed results. But India's Sensex index was a standout performer, rising over 2.5% late in the day, with investors feeling optimistic as the end of the Indian elections nears.
Related: CNNMoney's Tech30
U.S. stocks closed mixed Thursday. The Dow Jones industrial average finished 0.2% higher while the S&P 500 and the Nasdaq closed in the red. 
First Published: May 9, 2014: 9:49 AM ET
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