Stocks are rolling over

On Friday, stocks were lower across the board and slowly grinding to their lows of the day through the afternoon.

Near 1:45 pm ET, the Dow was down 147 points, the S&P 500 was down 19 points, and the Nasdaq was down 45

Despite massive gains from Amazon, the tech-heavy Nasdaq was joining the blue-chip Dow and the benchmark S&P 500 index lower on Friday, with each of the average off more than 0.8%.

Market internals are also decidedly negative, with declining stocks leading advancers by almost 3 to 1, and down volume leading up volume by about 4 to 1.

Earlier on Friday we got new home sales data that disappointed, with the pace of sales falling 6.8% in June.

This followed a week with some better-than-expected housing data as the market appeared to be coming back to life.

The big stock movers were Amazon, up better than 14% after reporting better-than-expected earnings on Thursday after the close. Amazon was, however, up better than 21% on Thursday evening and in pre-market trade on Friday.

Biotech giant Biogen was among the losers on Friday, falling as much as 18% after giving a downbeat outlook for sales of its signature drug.