Modest early gains on Wall Street gave way to a technology-stock rout, after the U.S. jobs report renewed expectations that the Federal Reserve will end stimulus early next year.

Though losses in the stock market have been broad-based, many highflying tech and growth stocks have badly underperformed. Shares of Meta Platforms , formerly Facebook, and Netflix have each tumbled almost 10% this week. The which recently counted Tesla, Coinbase and Zoom Video Communications among its biggest holdings, has fallen 13% for the week.