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NEW YORK (CNNMoney) -- U.S. stocks moved lower in morning trading Friday as investors digest a weak slate of earnings.
The S&P 500, the Dow Jones Industrial Average, and the Nasdaq all dropped between 0.5% and 0.7%.
The tech sector continues to disappoint after two of the largest companies, Microsoft (MSFT, Fortune 500) and Google (GOOG, Fortune 500), reported results that fell short of expectations.
Adding to the worries over earnings, General Electric (GE, Fortune 500) reported results Friday morning that fell short of expectations, sending shares more than 1.5% lower. Honeywell (HON, Fortune 500) posted third-quarter profits that topped forecasts, but revenue disappointed. Shares slipped slightly.
McDonald's (MCD, Fortune 500) logged revenue that was roughly in line with expectations, but its quarterly profit came in lower than anticipated.
A new reading on housing didn't change the tone for the markets.
The National Association of Realtors said September's existing home sales came in at an annual rate of 4.75 million. That was better than the expected rate of 4.70 million, according to a survey of analysts by Briefing.com, but down from 4.82 million in August.
Fear and Greed Index
Overseas, European Union leaders in Brussels agreed late Thursday to establish a eurozone-wide banking supervisor in 2013 designed to help prevent future catastrophic bank failures that could threaten the monetary union.
European stocks were lower Friday morning. Britain's FTSE 100 slumped 0.1%, the DAX in Germany fell 0.5% and France's CAC 40 lost 0.4%.
Meanwhile, Asian markets closed mixed. The Shanghai Composite slid 0.2%, the Hang Seng in Hong Kong gained 0.2%, and Japan's Nikkei added 0.2%.
Friday also marks the 25th anniversary of the worst one-day stock plunge in history, known as "Black Monday," when the Dow dropped 22.6%.
U.S. stocks fell Thursday as investors focused on the latest corporate results and mixed economic data.
Companies: Microsoft (MSFT, Fortune 500) shares slipped more than 2%, after the company reported flat third-quarter sales late Thursday.
Sandisk (SNDK, Fortune 500) shares climbed 8%, following quarterly results late Thursday that trounced expectations.
Shares of Chipotle Mexican Grill (CMG) dropped more than 10%, after the company reported third-quarter earnings late Thursday that showed an 18% revenue increase from the year-ago period, but still missed expectations. Hedge fund manager David Einhorn recommended shorting the stock several weeks ago.
Related: Obama's record on oil and gas
Currencies and commodities: The dollar rose against the euro and Japanese yen, but slipped versus the British pound.
Oil for November delivery gained 86 cents to $92.96 a barrel.
Gold futures for December delivery fell $7.20 to $1,737.50 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury edged higher, pushing the yield down to 1.81% from 1.83% late Thursday.
First Published: October 19, 2012: 9:45 AM ET
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