The major averages took a hit to end the week as market rotation out the big cap tech winners the first half of the year continues here in July. The Dow Jones Industrial Average finished down 377 points or 0.93%. The S&P 500 fell 39 points or 0.72% while the Nasdaq fell 144 points or 0.81%.

The day started off with a global tech outage that affected airlines, banks, health care and public transportation. The outage was blamed on security software firm, CrowdStrike and a software flaw that infiltrated the Microsoft operating system disrupting  many businesses, including airlines, emergency management services, and media companies to name a few. Oops.

CrowdStrike fell 11% while Microsoft was just modestly lower. All the AI chip stocks took a hit. July so far has not been kind to the chip sector.

On the earnings front, Travelers fell 7 % while American Express fell 2% on earnings.Netflix was down a percent on concerning revenue outlook.

To the upside Schlumberger rose 2% after reporting a jump in earnings and a 13% increase in sales. Fifth Third Bancorp was up a percent on earnings.

Today's moves come after a broad market sell off with the Dow falling more than 500 points snapping a six-day winning streak. Even with yesterday's sell off, the Dow was higher by 0.72% on the week, The small cap-focused Russell 2000 rose 1.68%.

The S&P 500 dropped 1.97%, its worst week since April. The Nasdaq fell 3.65%, snapping a six-week winning streak.

Bond yields were quiet this week. The yield on the 10-year Treasury added 3 basis points to 4.23% today. The 2-year Treasury yield rose 4 basis points to 4.5% even as an interest rate cut by the Fed as soon as September becomes more probable.