One chartmaster highlighted the key level to watch on the 10-year US Treasury yield that would signal "serious trouble" for the economy.

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,

Stocks fell in morning trading Friday as Wall Street closes out a holiday-shortened week. The S&P 500 fell 1.4%, with more than 80% of stocks in the benchmark index losing ground. Still, the index is managing to hold onto a modest gain for the week.