Also banks also dragged down the market, as investors feared Congress would pass stringent new financial regulations and crimp bank profits.
What should you be watching?
Instant Insights with the Fast Money traders
I’m watching the G20, says Tim Seymour. I think we’re going to learn from their week-end meeting that the world is not unified in its fiscal policies and it’s entirely possible we come in on Monday morning to trouble.
I’m watching the action in the S&P into quarter's end; we're not seeing any run-up, adds Steve Grasso. It seems like investors are in wait-and-see mode.
I’m watching retail and in the space I like Best Buy, says Karen Finerman. I think we’ve already seen a sharp discounting in this sector. My research suggests many if not most companies in the space have strong balance sheets.
Speaking of retail, the only retail name I like is BJ's, says Barry Ritzholtz of Fusion IQ, because it’s a softer economy play. And I’d also say that although the S&P is falling it’s falling on light volume.
AFTER HOURS ACTION: RESEARCH IN MOTION
Shares of RIM slipped in extended trade, after the BlackBerry maker issued profits that beat forecasts but shipments and subscriber growth fell short of expectations.
By the numbers, the company earned $1.38 a share in its first quarter on sales of $4.24 billion, compared with a gain of 98 cents a share on sales of $3.42 billion in the same period last year.
Analysts who follow RIM expected the company to turn in a profit of $1.34 a share on sales of $4.36 billion, according to a consensus from Thomson Reuters.
And perhaps even more important – RIM also issued forward guidance – they’re estimating between $4.4 billion to $4.6 billion. Analysts' consensus stood at $4.5 billion.
The BlackBerry maker expects to add between 4.9 million and 5.2 million new subscribers in the current quarter.
What should you make of it?
I don’t love the chart but I wouldn’t throw out the stock, says Tim Seymour.
I don’t love that RIM seems to be losing momentum, says Karen Finerman. I’m concerned that Apple is stealing their market share with the iPhone.
I've noticed that my clients are starting to use the iPhone for business, adds Steve Grasso. I agree that’s a huge headwind for RIM going forward.
Barclays says that iPhone will be available on the Verizon network by the first quarter of next year. If business people can get an iPhone on a network that's more reliable than AT&T -- that’s a huge headwind for RIM, adds Jon Najarian.
Find out what Barry Ritzholtz of Fusion IQ has to say about RIM earnings. Watch the video now.
LATEST ON HOW MANY APPLE PHONES DID WE SELL?
The launch of a new Apple product is starting to look a bit like the premiere of a Harry Potter movie.
From Tokyo to San Francisco, the faithful lined up – sometimes around the block – hoping to snag a new iPhone 4 which went on sale Thursday.
It seems even Apple was surprised by the number of people who wanted to snap up the fourth version of the iPhone with Apple spokeswoman Natalie Harrison describing demand as "off the charts," and adding that the company was working hard to get phones into customers' hands as quickly as possible.
Some stores sold out completely within hours. Brian Marshall, an analyst for Gleacher & Co., said certain Apple stores likely had enough iPhones to last into Friday before selling out. A new shipment could be in stores as early as Saturday, he said, but more likely won't arrive until early next week.
It may also be the case that Apple correctly anticipated opening-day demand but sent too many phones to some of its 200-plus U.S. stores and not enough to others, said Kaufman Bros. analyst Shaw Wu.
AFTER HOURS ACTION: ORACLE
Shares of Oracle climbed almost 3% in extended trade after the company reported a profit that jumped from a year ago and easily outstripped what Wall Street was expecting on stronger sales of database and other business software and a bump from the acquisition of Sun Microsystems.