Technology stocks sold off sharply on Friday, sending the Nasdaq down sharply and holding back other major Wall Street indexes, which had thit record highs earlier in the session.

The technology sector, which has had strong gains this year and led the market’s rally, downward, falling 2.7 percent, although it pulled back from steeper declines during the day’s trading session.

Countering those losses was strength in the financial and energy sectors, two groups that have lagged the broader rally this year. Energy gained 2.5 percent and financials rose 1.9 percent.

Apple fell 3.9 percent and was the largest drag on the three major indexes, after a report that upcoming iPhones will utilize chips with slower download speeds than some rival smartphones.

Facebook and Alphabet ended down more than 3 percent, Microsoft fell 2.3 percent, while Nvidia fell 6.5 percent to $149.60 after Citron Research said the stock could trade back to $130.

A cautious Goldman Sachs report about tech stocks was la good part of the reason for a move out the tech sector. Shares of software company Cloudera closed down 15.6 percent after its earnings report.

Some the Street’s global concern revolved around the major political and economic events this week in both the United States and Europe. The equity markets had started the session strong after the results of the UK election, where British Prime Minister Theresa May’s Conservative Party lost its parliamentary majority.

The Street also viewed former FBI Director James Comey’s testimony on Thursday as not disruptive to the stock market.

Market watchers were concerned the result of the Congressional hearing could have derailed President Donald Trump’s plans for lower taxes, fiscal spending and looser regulations, which have helped drive the S&P 500 up 13.7 percent since his election.

The focus is now on the Fed’s meeting next week, where it is expected to overwhelmingly approve another increase in interest rates.

Approximately 8.7 billion shares changed hands on the major domestic equity exchanges, a number that was well above the 6.7 billion share daily average over the past 20 sessions.

Inventories Decline

Wholesale inventories declined in April to a greater extent than the government had previously estimated, posting their largest decline in more than a year as sales also fell sharply.

The Commerce Department reported on Friday that wholesale inventories fell 0.5 percent in April after increasing 0.1 percent in March. The department reported last month that wholesale inventories slipped 0.3 percent in April.

Automotive inventories fell 1.4 percent while petroleum inventories dropped 5.0 percent, their biggest fall since December 2015. Paper inventories fell 1.8 percent in the category’s biggest drop since January 2013.

Wholesale stocks of electrical goods also slipped 0.1 percent while machinery inventories were flat.

Sales at wholesalers fell 0.4 percent in April after falling 0.2 percent in March. Sales of electrical goods rose 0.7 percent while those of machinery fell 0.8 percent. Auto sales were up 1.3 percent.

At April’s sales pace, it would take wholesalers 1.28 months to clear shelves, unchanged from March.