Seven of the 11 S&P 500 sectors are down at least 10 percent from their 52-week highs, including energy, materials and financials. Around three quarters of the index’s stocks are also in a correction.

“The 19.7 percent correction in 2011 is as close to a bear market as we’ve had in recent years. I don’t think we’ll get close to that, but I think we’re heading for a deeper correction than the one we had in January and early February,” said Sam Stovall, chief investment strategist at CFRA Research. He noted investors are realizing that earnings growth will slow down moving forward, thus they are pricing this in.

Among the driving forces for the market’s sharp drop on Friday were disappointing earnings from key tech companies that overshadowed strong economic data.

Amazon fell 7.8 percent after the company released its latest quarterly results on Thursday. Alphabet shares, meanwhile, dropped as much as 5.6 percent before closing 1.8 percent lower. Earnings for both companies topped analyst estimates, but revenues fell short.

There were “high expectations” for this earnings season, King Lip, chief strategist at Baker Avenue Asset Management, told CNBC. “The earnings are not coming in as great as people had suspected,” Lip said, adding that “for Amazon specifically, forward guidance was surprisingly light.”

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