One chartmaster highlighted the key level to watch on the 10-year US Treasury yield that would signal "serious trouble" for the economy.

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%.

The tech-heavy Nasdaq Composite fell 1.58% while the S&P 500 lost 1.12%. The Dow Jones shed 333 points to end the day.

Stocks fell broadly on 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.

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.