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.

Wall Street's main indexes were subdued in light trading volumes on Thursday, as rising yields limited gains in equities, while investors looked for a year-end boost from the so-called Santa Claus rally.

Wall Street’s holiday cheer ended abruptly today, with all three main benchmarks slumping in a broad-based sell-off affecting even tech and growth stocks that had driven markets higher through much of the shortened trading week.