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NEW YORK (CNNMoney)
The Dow Jones industrial average, the S&P 500 and the Nasdaq were flat in morning trading Friday, but the pain of Thursday's sell-off still lingers.
"After big moves yesterday, the market is limping into the weekend," said Marc Chandler, strategist for Brown Brothers Harriman. "There's like an eerie calm settling over the markets."
For the week, all three indexes are down between 1.3% and 2%.
Despite two down weeks, the major indexes remain between 15% and 20% higher for the year. But future gains may be hard to come by as investors worry about the Fed and the broader economy.
Bond yields spike on Fed jitters: Questions about the Federal Reserve's next move remain unanswered. Many traders think the Fed will start to taper its $85 billion in monthly bond buying sooner rather than later.
There are also concerns that other central banks around the world, including the Bank of England, will begin to raise rates soon.
Those worries have put pressure on stocks and pushed the yield on the 10-year Treasury to 2.8%, the highest in two years, from 2.6% at the start of the week.
Are consumers still spending? Investors are also growing nervous about the health of the consumer in light of weak earnings from a number of retailers.
Nordstrom (JWN, Fortune 500) was the latest to disappoint. The upscale department store's revenue came in short of forecasts and it also offered weak guidance for the remainder of the year, sending shares lower.
Earlier in the week, Wal-Mart, (WMT, Fortune 500) Macy's (M, Fortune 500) and Kohl's (KSS, Fortune 500) reported lackluster results and tepid outlooks.
Related: Fear is back in the market
Also on the earnings front, Dell (DELL, Fortune 500) reported solid quarterly results after the close Thursday, but shares traded lower Friday. The company's future is still in limbo as founder Michael Dell attempts to take it private.
What the heck happened in China? Asian markets went on a wild ride, triggered by a possible trading error in Shanghai that sent China's marquee index soaring before momentum reversed. The Shanghai Composite index ended with a 0.6% loss. Stocks in Hong Kong were flat and Japan's Nikkei lost 0.8%.
Meanwhile, European markets suffered alongside U.S. indexes Thursday, and were mostly lower in morning trading on Friday, though the CAC 40 in Paris was little changed. 
First Published: August 16, 2013: 9:57 AM ET
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