NEW YORK (CNNMoney.com) -- Stocks tumbled Thursday on weakness in No. 1 chipmaker Intel and the uncertain outlook for interest rates.

The Dow Jones Industrial average (down 83.32 to 10,928.10, Charts) and the broader Standard & Poor's 500 (down 10.68 to 1,249.13, Charts) index lost about 0.8 percent apiece.

The Nasdaq composite (down 41.29 to 2,039.42, Charts) sank 2 percent, weighed down by Intel's disappointing results.

The chipmaker, which is locked in a fight with rival Advanced Micro Devices, said late Wednesday its net profit sank 57 percent. Sales missed expectations, and the company cut its revenue outlook for the third quarter.

Treasury prices rose, lowering corresponding yields, and the dollar weakened. Oil prices gained and the price of gold fell.

As of 5 p.m. ET, Nasdaq and S&P futures pointed to a positive start for stocks Friday.

No economic reports are due Friday, but investors will watch earnings from Dow component Caterpillar and drug giant Eli Lilly.

Investors may get a boost from some positive tech earnings reported after the market close Thursday.

Tech bellwethers Google (Charts) and Microsoft both reported earnings and revenue, excluding certain items, that beat Wall Street's expectations.

Microsoft (Charts) also announced a $40 billion share buyback program that sent its shares soaring nearly 6 percent in after-hours trading.

Chipmaker AMD (Charts) posted a higher quarterly profit, but it missed analysts' estimates. Shares tumbled 5 percent in extended trade.

Weakness in tech spread to the broader market, and stocks gave back gains from Wednesday's blowout rally.

The blue-chip Dow index gained more than 200 points Wednesday after Fed Chairman Ben Bernanke offered an upbeat outlook on inflation.

Minutes from the Fed's June meeting echoed that view, saying that slowing economic growth should help inflation ease next year.

But the minutes also showed members saw "significant uncertainty" surrounding the rate outlook. (Full story)

Investors have been hoping for signs that the Fed may be ready to wind down its two-year-old rate-hiking campaign, but analysts said stocks are in for more volatile trading between now and the Fed's next meeting in August.

"Right now it's just the battle of how much growth is going to slow and when the Fed is going to stop. It's going to take time to figure that out," Scott Wren, senior equity strategist at A.G. Edwards & Sons, said.

On the economic front, two reports offered further signs that economic growth is cooling.

The Conference Board's Index of Leading Economic Indicators rose just 0.1 percent last month, below expectations for a 0.2 percent gain. The report is used to gauge future economic activity.

The Philadelphia Federal Reserve Bank reported that mid-Atlantic factory activity slowed in July. The bank's business activity index declined to 6 from 13.1 in June. Economists surveyed by Briefing.com had expected the index to fall to 12.

Of the 30 stocks in the Dow, 22 fell and 8 gained.

Among gainers, Pfizer (up $0.41 to $23.71, Charts), rose 1.8 percent after reporting earnings that beat Wall Street's estimates.

Altria Group (up $1.63 to $79.09, Charts) added about 2 percent after J.P. Morgan raised its price target on the stock.

Intel (down $1.39 to $17.10, Charts) sank 7 percent, making it the biggest decliner.

Economically sensitive components Alcoa (down $1.02 to $29.97, Charts) and Caterpillar (down $2.04 to $69.08, Charts) also fell.

Honeywell (down $1.62 to $36.62, Charts) posted upbeat quarterly results but reported weakness at its aerospace unit. Shares tumbled 4 percent.

Elsewhere, Ford Motor (down $0.14 to $6.19, Charts) fell 2 percent, sending the automaker's shares to just a shade above their 52-week trading low of $6.17 a share. The company posted a surprise second-quarter loss.

A string of tech companies reported earnings after the market close Wednesday. Apple (up $6.40 to $60.50, Charts), up 12 percent, and Motorola (up $1.35 to $20.60, Charts), which surged nearly 8 percent, both posted upbeat results.

Market breadth was negative. On the New York Stock Exchange, losers beat winners by a margin of 2 to 1 on volume of 1.67 billion shares. On the Nasdaq, decliners topped advancers by a margin of 3 to 1 as 2.07 billion shares changed hands.

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