Stocks fell broadly on Friday as Wall Street closed out a holiday-shortened week on a down note. The losses were made worse by sharp declines for the Big Tech stocks known as the “Magnificent 7”, which can heavily influence the direction of the market because of their large size.

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.