Technology stocks are dragging down the market as Friday as Wall Street closes out a holiday-shortened week. The S&P 500 fell 1.6%, with more than 80% of stocks in the benchmark index losing ground. The benchmark index was managing to hold onto a modest gain for the week.

The S&P 500 lost 1.1% and the Nasdaq Composite was down by 1.5%, after a selloff in Big Tech stocks. The “Magnificent Seven” group of high-performing tech stocks — Alphabet, Amazon, Apple, Meta, Microsoft,

Stock indexes drifted to a mixed finish on Wall Street Thursday, as some heavyweight technology and communications sector stocks offset gains elsewhere in the market. The S&P 500 fell less than 0.1% after spending the day wavering between small gains and losses.