Stocks fell in early trading Friday as the Santa Clause rally that kicked off earlier in the week loses steam.

The Dow Jones Industrial Average was down 0.7% about 45 minutes after the opening bell, while the S&P 500 and Nasdaq Composite tumbled 1.3% and 2%, respectively. The major indexes had closed near unchanged on Thursday, with the Dow inching higher to extend its winning streak to five sessions.

Despite the sluggish performance for stocks since the Christmas break, the major indexes are clinging to gains for the week. The Dow, S&P 500 and Nasdaq all fell last week, the first time in five weeks all three had lost ground, as the market hit the brakes on a huge post-election surge.

Mega-cap technology stocks were down across the board in early trading Friday, led by a near-5% decline for EV maker Tesla (TSLA). Shares of AI investor favorite Nvidia (NVDA) and chipmaker Broadcom (AVGO) fell more than 3%, while Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN) and Meta Platforms (META) also lost ground. Apple entered the session on the verge of becoming the first company to ever have a market capitalization of more than $4 trillion.

The yield on 10 year Treasurys, which is correlated with expectations about where interest rates are headed, was up slightly at 4.58% this morning.

Bitcoin was at $95,200, down from an overnight high of around $97,300. Gold futures were down nearly 1% at $2,630 an ounce, while crude oil futures rose about 1%.