Stocks fell on Friday, led by technology stocks, giving back most of the holiday-shortened week’s gains.

The Dow Jones Industrial Average lost 500 points, falling for the first time in six sessions. The S&P 500 fell 1.3%. The Nasdaq Composite slipped 2%, while Tesla fell 5% and Nvidia fell more than 3%. Amazon, Microsoft and Alphabet each fell at least 2%.

Friday’s selloff pared major averages’ gains earlier this week. The S&P 500 is up just 0.3% this week after posting its best Christmas Eve performance since 1974 on Tuesday, according to Bespoke. The Dow wiped out earlier weekly gains and the Nasdaq Composite rose just 0.1%.

Although trading was subdued this week, investors are hopeful that share prices will rise in the new year, boosted by the so-called “Santa Claus rally.” This refers to the market’s tendency to rise on the last five trading days of the year and the first two in January. Since 1950, the S&P 500 has returned an average of 1.3% over that period, beating the market’s seven-day average return of 0.3%, according to LPL Financial.

“The country is breathing a collective sigh of relief after weathering a contentious election cycle and unusual market dynamics to end 2024 with strong year-to-date gains,” said Todd Ahlsten, chief investment officer at Parnassus Investments. “Looking forward to 2025, markets are expected to expand and improve.”

In December, the Nasdaq is on track for a 2% gain, buoyed by a rise in Tesla and Alphabet shares as well as a rally in Apple that has pushed the iPhone maker closer to a $4 trillion market cap. The S&P 500 fell 1.3% month over month. The Dow is on track for its worst month since April, down about 4.5%.