The Nikkei was down 304 points today in Japan.
On Wall Street, the Dow fell 176 points.
And the Nasdaq slipped 24.
Stocks will try to bounce back from their biggest loss since August. After the bell, Microsoft reported much stronger than expected quarterly profits and sales thanks, in part, to strong demand for its x-box one video game console.
But it's a different story at Starbucks where earnings managed to beat estimates but sales at the coffee shop chain disappointed.
Less than stellar profit reports from McDonald's and Nokia dragged stocks lower yesterday. Investors were also concerned about a manufacturing slowdown in China.
Shares of Facebook lost ground after an analyst's report called into question the social media giant's longevity.. comparing it to the once popular MySpace. Facebook's stock has been on a tear, but investors have pulled back recently ahead of the company's earnings next week.
A tough winter could hurt profits at airlines. During the first three weeks of this year, airliness have had to cancel more than 33,000 flights because of bad weather. That's more cancellations than in January of 2013 and 2012 -- combined. The hardest-hit cities so far this winter are New York, Washington, Boston, Chicago and Philadelphia.
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