Technology stocks are dragging down the market Friday as Wall Street closes out a holiday-shortened week. The S&P 500 fell 1.3%, with more than 90% of stocks in the benchmark index losing ground. The benchmark index was managing to hold onto a modest gain for the week.

Markets that began the year with investors expecting a global stock rally to fizzle, swift U.S. interest rate cuts to boost Treasuries and soften the dollar and emerging market currencies to strengthen have firmly defied that consensus.

The Dow was lower by around 350 points, or 0.7%, in early-afternoon trading, the S&P 500 lost 1.2% and the Nasdaq Composite was down by 1.6% after a selloff in Big Tech stocks. Shares of Tesla ( TSLA) fell by around 4.5%, while Amazon ( AMZN ), Alphabet ( GOOG ), Microsoft ( MSFT )and Nvidia ( NVDA) were all lower by around 2%.