08/09/2013 12:03 EDT | Updated 10/09/2013 05:12 EDT

Stocks slide on Wall Street; S&P 500 index is on track for its first weekly loss since June

NEW YORK, N.Y. - Stocks are falling in midday trading on Wall Street, putting the market on track for its first weekly loss since June.

The Dow Jones industrial average was down 128 points, or 0.8 per cent, to 15,367 shortly before noon Friday.

The Standard & Poor's 500 index was down nine points, or 0.6 per cent, at 1,688.

The Nasdaq composite was down 14, or 0.4 per cent, at 3,654.

The S&P 500 is heading for its first weekly loss in seven weeks. It closed at a record high a week ago.

The market has been mostly slipping this week as companies report mixed earnings and disappointing revenue.

Gap fell 4 per cent to $43.63 after reporting that its sales edged up just 1 per cent last month, less than analysts were expecting.