Despite Friday’s drop, the market is moving closer to another standout annual finish. The S&P 500 is on track for a gain of around 25% in 2024. That would mark a second consecutive yearly gain of more than 20%, the first time that has happened since 1997-1998.

Stocks closed lower as Wall Street ended a holiday-shortened week on a down note. The S&P 500 fell 1.1% Friday and the the Dow Jones industrial average lost0.8%.

Stocks fell broadly 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.