Electronics Technician Aaron Opperman demonstrates a flight simulator that his team is working on, Monday, May 19, 2007, at Rockwell Collins in Cedar Rapids, Iowa. Fewer college students are pursuing computer-related degrees at a time when demand is increasing and thousands of baby boomers are retiring from technical jobs.

Rockwell Collins (ROC), a maker of aviation systems, is down nearly 1% Friday after the company issued worse-than-expected 2016 profit guidance.

Rockwell Collins says it expects to report an adjusted profit of $5.20 to $5.40 a share and revenue of $5.3 billion to $5.4 billion in fiscal year 2016. Analysts had been looking for a profit of $5.45 a share on revenue of $5.44 billion.

The company blamed weak demand in its business aviation segment for the disappointing forecast.

Shares are down 58 cents to $84.70.

A trader works on the floor of the New York Stock Exchange after the Federal Reserve chose not raise interest rates on September 17, 2015. (Photo by Andrew Burton/Getty Images)

The big fear on Wall Street was a Fed rate hike. But the Fed kept rates at 0%. But instead of stocks going up in a relief rally, the stock market is falling hard. Here’s why.

It turns out Wall Street is focusing on all the negatives the Federal Reserve outlined yesterday in explaining why the Fed opted not to hike rates. The Fed noted that international developments, including economic weakness in China and emerging markets, gave them pause, as did the recent volatility and turbulence in financial markets.

The Fed message on the global economy wasn’t exactly confidence inspiring. Uncertainty still reigns supreme and there is a lack of clarity in the Fed’s message.

ASK MATT:What’s next now that the Fed is stalled

LOSERS:12 stocks hit hard by the Fed decision

So instead of rallying, stocks have turned sharply lower Friday. The Dow Jones industrial average tumbled about 200 points in early trading.

“Markets seem to have focused on the weaker growth message,” Ethan Harris, global economist for Bank of America Merrill Lynch explained in a research note.

Bespoke Investment Group cited three reasons for the stock market’s negative reaction to the Fed’s decision not to hike rates and its post-meeting commentary:

1) An almost unbelievably pessimistic outlook for U.S. growth and inflation in yesterday's Fed statement of economic projections.

2) A strongly negative view of world growth from the Fed.

3) Further uncertainty about the path of policy.

Another possible explanation for the stock selloff today: investors were split on what the Fed was going to do. So the 50% of the market that bet wrong, has had to undue those trades today.

The risk is the Fed’s cautious commentary could spook markets, even though holding off on rate hikes suggests they are still willing to support markets through this turbulent time.

“The Fed is walking a fine line between calming the markets with dovishness, and igniting more global concerns,” Hans Mikkelsen, credit strategist at Bank of America Merrill Lynch warned in a research note.

This June 16, 2005 file photo shows a view of Adobe Systems Inc. headquarters in San Jose, Calif. (Paul Sakuma, AP)

After a pre-market dip, shares of Adobe jumped more than 3% in Friday morning trading after the software company edged past revenue and profit estimates for the third quarter.

Adobe reported revenue of $1.22 billion, with an earnings per share of 54 cents. The company’s cloud-based services continue to grow in popularity. Adobe says annualized recurring revenue from digital projects jumped to $2.65 billion.

"Our recurring revenue has reached 73 percent of total revenue, providing a strong foundation for long-term growth," says Mark Garrett, Adobe's executive vice president and chief financial officer, in a statement.

According to The Wall Street Journal, Adobe revised its annual projection for revenue downward, from $4.85 billion to range between $4.76 billion and $4.81 billion.

Follow Brett Molina on Twitter: @brettmolina23.

Federal Reserve Board Chair Janet Yellen answers questions at a news conference following a Federal Open Market Committee meeting September 17, 2015 in Washington, DC. (Photo by Win McNamee/Getty Images)

The Federal Reserve’s September decision on interest rates is history. So what should investors focus on now, given that the nation's central bank on Thursday kept rates at 0% until at least their October meeting and maybe even December or next year?

Economic-related issues, he says. And corporate earnings, he adds.

"The Fed is still probably going to hike rates later this year," says Russ Koesterich, global chief investment strategist at BlackRock.

ASK MATT:What’s next now that the Fed is stalled

LOSERS:Fed move hit these 12 stocks hard

Over the next month the market's "fixation is going to shift" away from Fed lift-off talk, he says, and toward figuring out how the U.S. and global economy is doing and what the outlook is for third-quarter corporate earnings.

"At end of the day, fundamentals will be a bigger deal than whether the Fed's policy rate is 0% or a quarter-point higher," Koesterich says. "Is the economy growing? Are U.S. companies making their numbers? Investors are fixated on the wrong thing."

In early market trading Friday, the Dow Jones industrial average is pointing down more than 150 points, as investors digest yesterday’s decision by the Fed not to hike rates and focus instead on the Fed’s worries about global growth and market turbulence.

Sometime in the next six months the Fed will raise rates by a modest amount, says Koesterich. "The domestic U.S. economy is OK, and the risk is not the Fed," he says. "The risk is whether the U.S. catches a bad cold or something worse from what's going on in the emerging markets," which have been hurt by slowing growth in China.

On the topic of China, Koesterich doesn't think China will drag down the global economy in the next six to nine months. The reason: Unlike the U.S. central bank, China is "not out of bullets" and "can afford to spend a lot of money," and its central bank still has leeway to loosen policy.