U.S. equities closed lower on Thursday as large-cap technology stocks faced renewed pressure.
The Dow Jones industrial average fell about 15 points, with Goldman Sachs contributing the most losses. The 30-stock index briefly fell more than 100 points earlier in the session.
The S&P 500 dropped 0.2 percent with information technology sliding 0.5 percent; the sector briefly fell more than 1 percent. The Nasdaq composite pulled back about 0.5 percent after falling more than 1 percent earlier on Thursday.
"What's happening here is people are equating FANG to tech more broadly, and that's a mistake," said Michael Arone, chief investment strategist at State Street Global Advisors. "About 74 percent of the tech sector are outperforming the market."
Shares of Facebook, Amazon, Apple and Netflix all closed lower. Snap, meanwhile, closed 4.92 percent lower at $17 a share, its IPO price. Alphabet shares also fell after being downgraded by analysts at Canaccord Genuity.
Technology has been on a tear this year, with the S&P tech sector rising about 18 percent to easily outperform other industries.
In a note to clients Thursday, Jefferies strategist Sean Darby compared the technology stock run we're seeing now to the "melt-up" that occurred in the late-1990s. Darby noted that both periods had declining inflation and low rates, alongside a thriving digital economy. But ultimately that didn't end well.
"After Y2K occurred, the Fed lifted rates which eventually evaporated the cheap financing that had underwritten the technology boom," Darby said.
But earlier this week tech completed its biggest two-day decline since December.