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Technology shares on Nasdaq fall after big rally last week

A series of downbeat research notes about the tech giants and climbing valuations spark sell-off

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The Nasdaq logo is displayed at the Nasdaq Market site in New York

Corrie DriebuschRiva Gold
Technology shares tumbled Friday, as investors pulled back on one of the most profitable trades of the year so far.

Large tech companies pushed major indexes higher in recent months, with stalwarts such as Facebook, Apple and Amazon.com leading the rise. Those companies’ outsized gains had prompted some uneasiness among investors in recent trading sessions, and a series of downbeat research notes about the group and climbing valuations sparked the Friday selloff, some traders and analysts said.

Stock-trading volumes were elevated, making Friday the second-busiest trading day of 2017 as measured by number of shares changing hands on major U.S. exchanges.

“Tech stocks