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HEALTH STOCKS QUEASY: Cardinal Health, which distributes prescription drugs, also had a smaller-than-expected profit and slashed its forecast for the rest of the year. Cardinal said its Cordis cardiovascular products business ran into supply chain problems and also paid a higher expected tax rate. The stock gave up 18.9 percent to $52.44.

Medical device maker Hologic dropped 8.5 percent to $36.27 after it wrote down the value of its Cynosure business by about $732 million. It bought Cynosure for $1.57 billion a year ago. Health care information technology company Cerner reported weak revenue and gave a disappointing quarterly forecast. It fell 5.3 percent to $55.89.

NOT EARNING IT: About three-fourths of S&P 500 companies have reported results, according to CFRA Research, and their profits and revenues are consistently blown past Wall Street’s expectations. But the market isn’t acting like it: since April 12, the day before big banks started reporting their results, the S&P 500 is down 1.2 percent.

"Investors looked for any and all reasons to sell the results," wrote Lindsey Bell, investment strategist for CFRA Research. In a note to clients, Bell said that Caterpillar "crushed all hopes" that stocks would rise following earnings. The construction equipment maker said it doesn’t expect to top its first-quarter profit for the rest of the year.

TRADE TALKS: Tensions between the U.S. and China have also taken investors’ attention away from earnings. Chinese and U.S. officials met face-to-face in Beijing Thursday in an attempt to resolve a dispute over technology that has taken the world’s two largest economies the closest they’ve ever come to a trade war. Analysts felt the two sides aren’t likely to have a big breakthrough in the two-day meeting.

HITTING THE SKIDS: Tesla tumbled 6.1 percent to $282.80 after the electric car maker took another big loss as struggles to produce more of its lower-cost Model 3 sedan. Some experts are wondering if Tesla will be able to pay all of its bills because of the repeated losses.

Musk appeared to make matters worse on the company’s conference call, as he dismissed questions about the company’s cash needs as "boring, boneheaded" and "not cool." After being asked about reservations for the Model 3, he said the subject matters was "killing me." JPMorgan Chase analyst Ryan Brinkman said the call was "truly bizarre."

EAT UP: Kraft Heinz posted a bigger profit than analysts expected despite weaker sales, and the Oreo maker’s stock gained 2.3 percent to $55.42. Cereal and Pop Tart maker Kellogg rose 2.2 percent to $57.87 after its profit and sales topped analyst projections.

ENERGY: Benchmark U.S. crude recovered from an early loss and rose 0.7 percent to $68.43 barrel in New York. That was its highest price since December 2014. Brent crude, the international standard, rose 0.3 percent to $73.60 a barrel in London.

OVERSEAS: Germany’s DAX fell 0.9 percent and France’s CAC 40 shed 0.5 percent. The British FTSE 100 dipped 0.5 percent. Hong Kong’s benchmark Hang Seng index dropped 1.2 percent and South Korea’s Kospi dipped 0.7 percent. Japanese markets were closed for a holiday.