Stock investors still in sell-mode

NEW YORK (CNNMoney)

The Dow, S&P, and Nasdaq were all lower again on Monday. The cautious mood follows a 2.6% sell-off Friday in the Nasdaq, and 1% slides in the S&P and Dow.

But several momentum stocks rebounded on Monday. Netflix (NFLX), Facebook, (FB, Fortune 500) and cybersecurity stock FireEye (FEYE)were all higher.

Yahoo (YHOO, Fortune 500) didn't join the rally though. Despite reports that it may be looking to produce original content like Netflix, the stock is lower today.

Some of the "old tech" names, such as CNNMoney Tech 30 index members Microsoft (MSFT, Fortune 500), Intel (INTC, Fortune 500) and Cisco (CSCO, Fortune 500), were gaining.

And the bloodletting in biotech may be subsiding as well. The iShares Nasdaq Biotechnology ETF (IBB) rebounded following a 4% drop Friday..

Despite Friday's sell-off, the market has been hot lately. In fact, the Dow and the S&P both touched all-time highs Friday morning before dipping in the afternoon.

So it may be soon to say if investors are really rotating out of growth stocks and targeting value stocks.

Related: CNNMoney Tech 30

Earnings may help determine whether or not stocks continue to fall or not for the rest of the week and beyond. Alcoa (AA, Fortune 500) will report its fourth-quarter results on Tuesday, and big banks JPMorgan Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) will report their first-quarter earnings later in the week.

Overall, earnings for the companies in the S&P 500 are expected to be down 1.2% in the first quarter, according to estimates from FactSet.

For all the doom and gloom, stock experts surveyed by CNNMoney say the bull market still has room to run. Most expect the S&P 500 to gain 6.5% this year.

Related: Fear & Greed Index show investors are gripped by fear

Some drug makers were moving today. Shares of Mannkind (MNKD) were sharply lower. The Food and Drug Administration is extending its review of Mannkind's Afrezza inhaled insulin drug by at least three months. The stock shot up last week after a favorable review from a panel that advises the FDA.

Questcor Pharmaceuticals (QCOR) is soaring after Ireland's Mallinckrodt (MNK)said it would buy the autoimmune drug maker for $5.6 billion.

Related: Stock experts say the bull isn't dead yet

European markets and Asian markets were weaker, taking their cue from Wall Street on Friday. Germany's DAX was down about 1.5% during the morning while Japan's Nikkei ended 1.7% lower..

First Published: April 7, 2014: 9:55 AM ET

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