But beyond that, when you look at the pattern of trades for the day, it was basically positive but sort of lackluster. I think everybody's waiting around to see what happens next week and nobody wants to move a lot in front of the Fed meeting on Tuesday.

Basically what we're seeing is stocks that reported expected or better than expected first-quarter earnings have moved up, while any company that has really disappointed has gotten slammed. The market is looking for direction.

The fast-growing small technology companies basically ignored the Fed's warning of higher interest rates.

Clearly, the people who are buying growth stocks are saying the good news from a series of interest rates in the U.S. and Canada will mean inflation remains under control. The overall sentiment today was basically optimistic.

It was basically not a good day for the tech stocks in general and that's the main reason why we saw the 144-point drop.