Wall Street On Track For Biggest Weekly Losses In 10 Months

The stock market rally will most certainly be in question when this week is over, barring a sizable buying spree today. The Dow and the S&P 500 are on pace for their biggest weekly drops since the week ending June 1, 2012, while the Nasdaq is looking at its largest weekly slide since the week ending May 18, 2012.

Investors will likely be paying less attention to the markets today and more to the latest developments in the Boston Marathon bombing investigation, with one of the suspects killed in a shootout with Massachusetts authorities this morning. Stay tuned to CNBC for the latest developments in this ongoing story.

There are no economic reports on the schedule for this morning, but the earnings calendar remains fairly busy. Dow components General Electric (GE) and McDonald's (MCD) will issue quarterly numbers this morning, along with Baker Hughes (BHI), Honeywell (HON), Kimberly-Clark (KMB), LabCorp (LH), Schlumberger (SLB), SunTrust Banks (STI), and State Street (STI).

IBM (IBM) leads our list of stocks to watch, as it reports first quarter profit of $3.00 per share, excluding certain items, five cents below estimates, with revenues also falling short of consensus. IBM also issued a full year EPS forecast below estimates, and says it will accelerate the pace of job cuts after sales of software and mainframe computers slowed.

Microsoft (MSFT) earned $0.72 per share for its fiscal third quarter, four cents above estimates, with revenues in line with consensus. Separately, the software giant announced that chief financial officer Peter Klein will leave in June after 3-1/2 years in that job and 11 years with the company. Microsoft plans to name a new CFO from within its ranks within the next few weeks.

Google (GOOG) reported first quarter profit of $11.58 per share, above estimates of $10.66, though revenues were slightly short, as prices for online ads on mobile devices drop. However, the rate at which those ad prices are dropping is slowing down.

Chipotle Mexican Grill (CMG) reported first quarter profit of $2.45 per share, beating estimates of $2.13. The restaurant chain managed to increase profits despite a significant rise in food prices.

Vertex Pharmaceuticals (VRTX) reported a successful trial for its experimental cystic fibrosis drug, with improved lung function in patients who took the drug known as VX-661 in combination with an already approved treatment called Kalydeco.

Intuitive Surgical (ISRG) earned $4.56 per share for the first quarter, well above estimates of $3.98. Revenues also beat consensus, but the maker of surgical products narrowed its 2013 revenue growth forecasts. Intuitive has often raised its forecasts over the course of the year, based on increases in procedures using its da Vinci surgical robots.

J.C. Penney (JCP) chief operating officer Michael Kramer has left the company, according to an SEC filing. He will receive a lump sum cash payment of $2.1 million, and his restricted stock units will vest.

Advanced Micro Devices lost $0.13 per share for the first quarter, five cents smaller than estimates. It's also forecasting current quarter revenue above Street consensus, as it deals with declining personal computer sales.

Restoration Hardware (RH) beat estimates by three cents with fiscal fourth quarter profit of $0.64 per share, excluding certain items. Revenue was above consensus, as the home products retailer continues to gain market share.

SeaWorld (SEAS) will begin trading today after its initial public offering was priced at $27 per share, above the planned price range.

Dell (DELL) is a stock to watch today, as Blackstone reportedly drops out of the bidding to buy the computer maker.