Stocks fell on Friday, bogged down by losses in technology stocks and a rise in U.S. Treasury yields, after a summit between President Donald Trump and Chinese President Xi Jinping ended and left traders worried about no major policy breakthroughs.

The S&P 500 shed 1%, while the Nasdaq Composite lost 1.4%. The Dow Jones Industrial Average was down 336 points, or 0.7%.

Investors took profits in tech after the group saw sharp gains recently. Notably, Intel retreated 6%, while Advanced Micro Devices and Micron Technology lost around 5% each. Nvidia dropped 4%, while Cerebras Systems — which surged 68% Thursday after it began trading on the Nasdaq — shed 4%.

“The group has witnessed an extremely unsustainable move in recent weeks and remains vulnerable to profit taking regardless of the headlines,” wrote Adam Crisafulli of Vital Knowledge.

Microsoft was an exception, however. The stock was nearly 2% higher after Bill Ackman said Friday that Pershing Square has built a position in the name.

Treasury yields jumped, pressuring stocks, with the 30-year rate topping 5.1% and threatening its highest level since 2023. A series of reports this week showed inflation was revving back up as oil prices remain elevated from the Middle East conflict. Higher rates could hit the high growth stocks the hardest.

Oil prices traded higher Friday. U.S. West Texas Intermediate futures rose 3% to $104 per barrel, while international Brent futures gained 2% to $108.

Investors were also disappointed following the conclusion of the summit between Trump and Xi, as no major deals have been announced.

The two agreed that the Strait of Hormuz must remain open, according to a U.S. readout that was shared by a White House official. But “the few headlines that did come out of the summit (like the Boeing orders) were underwhelming,” Crisafulli wrote.

Boeing shares extended their losses Friday, moving lower by 2% following a nearly 5% drop in the previous session, as investors were let down by Trump saying that China has agreed to buy 200 Boeing jets — just 50 more than the company had previously anticipated.

Thursday marked a winning session for the indexes. The Dow reclaimed the 50,000 level, and the S&P 500 closed above 7,500 for the first time.

Stocks have been on a record-breaking tear on a renewed fervor around artificial intelligence. However, a peek under the hood is showing that the overall market is lagging the largest tech companies, a divergence that is increasingly worrying some investors as it suggests a fragile rally.

“That broadening trade has really fizzled out,” Keith Lerner, investment chief at Truist Advisory Services told CNBC’s “Closing Bell: Overtime” on Thursday. “We are seeing some of that, kind of, more subdued action in the economy reflected in areas of the market. But … it’s top heavy with tech, and that’s why the broad-based indices are doing fine.”

Stocks are headed for a winning week, with the S&P 500 and Nasdaq Composite each headed for their seventh straight week of gains. The Dow is on pace for a sixth winning week in seven.