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.

US stocks slumped Friday morning after a decent run across the holiday-shortened week. Investors have pared back gains after Thursday's mixed jobless claims data, which sent the 10-year Treasury yield above 4.6% and reached a seven-month high. The rate fell back modestly on Friday.

Wall Street's main indexes drifted lower in light trading volumes on Thursday, as rising yields pressured some shares, while investors looked for a year-end boost from the so-called Santa Claus rally.