Stocks are rolling over

It's starting to get ugly out there.

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.