Video

Wall Street is taking it on the chin as the outlook for corporate profits darkens. Tech is leading the downfall, with the Nasdaq down some 2-1/2 percent, after a disappointing outlook from BlackBerry maker Research in Motion. And a tepid forecast from software giant Oracle is not going down well either. Hugh Johnson is chief investment officer at Johnson Illington Advisors. SOUNDBITE: Hugh Johnson, chief investment officer, Johnson Illington Advisors (English) saying: "They are telling us really that conditions are not good in the world of technology; that we are not seeing what we thought we were seeing. Remember technology has been a great performer since the middle of March - up about 9 percent and now we are starting to see it hit the wall or run into trouble." Financials are part of the malaise after Citigroup was cut to a sell by Goldman Sachs. The analyst warns Citi could take another $9 billion write-down this quarter. That stock is trading at levels not seen October 1998. Automakers are down after General Motors was cut to a sell - sending that stock to lows not seen in nearly half a century. And Chrysler has had to deny rumors it is on the verge of filing for bankruptcy. And if all that wasn't enough -- oil is heading back towards the near $140 record set earlier this month. Conway Gittens, Reuters.