Stocks dragged down by tech earnings

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NEW YORK (CNNMoney)

The Dow Jones Industrial Average and the S&P 500 dipped slightly. The Nasdaq dropped 0.7%.

The modest pullback comes one day after both the Dow and S&P climbed to new record highs.

All three indexes are also up sharply for the year. The Dow and S&P 500 have gained nearly 19%, while the Nasdaq has rallied almost 20%. (Click here for more on stocks, bonds, commodities and currencies.)

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Tech gets trounced: Google (GOOG, Fortune 500) and Microsoft (MSFT, Fortune 500) reported disappointing quarterly numbers after Thursday's closing bell, sending their shares sharply lower.

Microsoft was hit by a big write-down on its Surface tablet.

Good economic indicators from GE, Honeywell: Results from two of the world's biggest industrial companies -- General Electric and Honeywell -- pointed to continuing strength in the global economy.

Honeywell (HON, Fortune 500) raised its outlook for the year, after the company reported better-than-expected earnings.

General Electric (GE, Fortune 500) reported earnings and sales roughly in line with estimates, and said it saw strong growth in U.S. orders.

Whirlpool (WHR, Fortune 500) raised its guidance for the year as the appliance maker reported a significant gain in quarterly sales and profit.

Schlumberger's (SLB) stock rose after the energy company reported a bump in sales and profit, driven by drilling successes on land and deepwater.

Burrito Boost: Chipotle Mexican Grill's (CMG) stock soared after the restaurant chain reported a jump in same-store sales and profits.

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In international markets, European indexes were down between 0.5% and 0.6% in afternoon trading.

Asian markets were also weak Friday. China's Shanghai Composite index dipped and Japan's Nikkei each pulled back by 1.5%. But Hong Kong's Hang Seng index managed to edge up by 0.1%.

First Published: July 19, 2013: 9:45 AM ET

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