New York, NY, United States (AHN) – Stocks fell Friday morning on reports that several euro-region countries may face credit downgrades by Standard & Poor’s and of JP Morgan’s less than impressive earnings.

Just after 10 a.m. on Wall Street, the Dow Jones Industrial Average slumped 107 points, the Standard & Poor’s 500 fell 10 points and the NASDAQ dropped 17 points.

Weighing on stocks in the U.S. was an earnings report from bellwether JP Morgan that showed earnings inline with expectations, but revenues that fell short.

Also dragging stocks lower was a release that revealed the U.S. trade deficit widened more than forecast in November as Americans exports declined and companies stepped up imports of crude oil and automobiles.

Downgrades in the credit ratings of a number of European governments as early as Friday could come from Standard & Poor’s. The rumors sent overseas stocks down.

European markets across the board were lower in afternoon trading and Asian stocks ended mixed.

In commodities, oil dropped 72 cents to $98.25 a barrel and gold lost $6 to $1,640.40 a troy ounce.

U.S. stock markets will be closed Monday in observance of Martin Luther King Day.

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