NEW YORK (CNNMoney)
Stocks sank early Friday, extending this week's heavy losses, after JPMorgan (JPM, Fortune 500) reported earnings that fell short of investors' expectations.
The Dow Jones industrial average was down nearly 100 points, with JPMorgan leading the way. The S&P 500 and the Nasdaq also declined.
It's been a tough week for so-called momentum stocks, with high-flying technology and healthcare companies bearing the brunt. The Nasdaq is down more than 2% for the week.
All three major U.S. stock indexes are now negative for the year. Even the S&P 500 is off more than 1% year to date.
Related: Fear & Greed Index still gripped by fear
The selling showed no sign of abating Friday as attention turned to the banking sector.
JPMorgan's results were hurt by weakness in bond trading, but consumer lending and deposits were a bright spot. Despite the lackluster quarter, CEO Jamie Dimon said he has "growing confidence in the economy."
Related: JPMorgan profits sink, but Dimon confident
The news was a bit rosier for Wells Fargo (WFC, Fortune 500), which reported a double-digit profit gain for the first quarter.
Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500), Morgan Stanley (MS, Fortune 500) and Goldman Sachs (GS, Fortune 500) will report results next week.
Overall, earnings for the companies in the S&P 500 are expected to fall 1.2% in the first quarter, according to FactSet Research. That would mark the first annual decline since the third quarter of 2012.
Related: CNNMoney's Tech30
"With earnings season in the U.S. under way, tech company earnings will be under intense scrutiny with investors likely to dump their tech stocks on even the faintest sign of bad news out of a company," wrote Ishaq Siddiqi, market strategist for ETX Capital in London, in a report.
In corporate news, shares of H&R Block (HRB) jumped after the company said it will sell its bank to Bofl Federal Bank. Shares of retailer GAP (GPS, Fortune 500) slid after the retailer reported a sales decline for March.
Shares of 3D printing company Voxeljet (VJET) plunged after the German company announced a secondary offering of 3 million U.S. depository shares at $15 apiece.
Related: Tech stock rout continues in Asia
The rout in tech shares spilled over into Asian markets Friday. Shares of Tencent (TCEHY) plunged 6.8% and Samsung (SSNLF) fell 5%. The Nikkei index plunged 2.4%, taking its loss for the week to 7.3%.
European markets were also caught up in the fallout from Wall Street's slump. 
First Published: April 11, 2014: 9:49 AM ET
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