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So much for calm summer Fridays.

European markets followed Asia down as technology stocks wobbled. News of Amazon's (AMZN) - Get Amazon.com, Inc. Reportlowest profits in seven quarters forced global investors to take pause about the sector's recent highs. The Euro Stoxx technology index is down 1.5%, against an 0.8% fall for the wider Euro Stoxx 600. STMicroelectronics (STM) - Get STMicroelectronics NV Report was the hardest hit in Europe down more than 2%, while semiconductor maker Infineon (IFNNY) lost more than 1%.

London's FTSE 100 was down 0.54% and Germany's Dax was down 0.69%. France's CAC 40 has been particularly hard hit, losing 1.37% in Friday morning trading after data show that consumer spending slowed down considerably in June, raising concerns about the sustainability of France's rising economic momentum. Official figures from the French stats office show household spending fell 0.8% in June, almost entirely wiping out the 0.9% rise reported in May.

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The U.S. dollar has taken a hit this morning after the Senate rejected a so-called 'skinny' repeal of Obamacare in the early hours of Friday morning. The vote count was 49 for and 51 against after Senator John McCain voted against his party's bill in a dramatic vote. President Donald Trump took to Twitter to voice his annoyance over the outcome, saying the senate "let the American people down. As I said from the beginning, let ObamaCare implode, then deal. Watch!"

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The Bloomberg Dollar Spot Index, which measures the dollar against a basket of currencies, was down 0.12% on the day. U.S. markets look set to follow global markets down, with Dow Jones futures were down 0.14% and S&P 500 futures were down 0.29%.

TheStreet's BIGGEST Story of the Morning

Amazon probably just killed the hard-charging rally in its stock in the near-term.

Here are several of TheStreet's biggest stories on Amazon's bizarre earnings miss Thursday evening. The counter point to Amazon's quarter is this: imagine the longer term impact to retailers such as Macy's (M) - Get Macy's Inc Report , J.C. Penney (JCP) - Get J. C. Penney Company, Inc. Report and even Netflix (NFLX) - Get Netflix, Inc. Report as a result of Amazon's investments. It will be felt, it's just a matter of time. 

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