(CNBC) – Stocks posted sharp weekly losses on Friday after a strong downturn in technology shares.
The S&P 500 fell 1.6 percent this week, while the Dow Jones Industrial Average and Nasdaq Composite both declined more than 2 percent.
Technology, the biggest sector in the S&P 500 by market cap, was the second-worst performer this week, falling 2.5 percent. The sector dropped following a 5.4 percent decline in Apple. Wall Street analysts worry iPhone sales will slow down. Tech-related shares like Amazon and Netflix were also down 7 percent and 5.7 percent, respectively. Sharp losses in Nvidia dragged down the chips sector and the overall tech sector on Friday.
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Facebook was also under pressure this week, falling nearly 4 percent amid backlash from a New York Times article detailing how the company ignored and then tried to hide that Russia used the platform to disrupt the U.S. election in 2016. COO Sheryl Sandberg said in a statement responding to the article: "To suggest that we weren't interested in knowing the truth, or we wanted to hide what we knew, or that we tried to prevent investigations, is simply untrue."