S&P 500 slides as investors rotate into defensive stocks

S&P 500 fell 1.2% Friday, sinking below its 50-day moving average, as investors sold tech leaders Amazon and Alphabet on earnings imperfections and rotated into defensive names. Mondelez and Colgate-Palmolive beat Q3 estimates, Walmart climbed 1.8% to a five-month high, and Philip Morris and Altria hit record highs. HCA Healthcare reversed higher after an earlier sell-off.