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Stocks moved lower Friday, pressured by more losses in technology stocks, and were on pace for a losing week as new economic data added to investors’ economic fears.

The S&P 500 lost 0.9%, while the Nasdaq Composite shed 1.5%. The Dow Jones Industrial Average dropped 240 points, or 0.5%.

Concerns among investors around the strength of the U.S. economy have come into view this week. A survey from the University of Michigan revealed Friday that consumer sentiment has neared its lowest level ever. The data comes just a day after firm Challenger, Gray & Christmas reported that layoff announcements in October reached their highest level for the month in 22 years.

Because of the record-breaking U.S. government shutdown, investors have been getting little on the economic data front. The Bureau of Labor Statistics would have released the nonfarm payrolls report Friday. For the second month in a row, however, it is unable to do so because of the stoppage. Economists surveyed by Dow Jones had been expecting the report to show a decline of 60,000 jobs and an increase in the unemployment rate to 4.5%.

The Senate is expected to vote Friday on advancing a House-passed stopgap funding measure. The longest-ever federal funding lapse has posed a threat to economic activity, including causing flight disruptions due to shortages of air traffic controllers, who have been working without pay since October.

Transportation Secretary Sean Duffy said Wednesday that he will be cutting flights by 10% at 40 major airports starting Friday, a move that could affect 3,500 to 4,000 flights daily. As of Friday morning, more than 700 U.S. flights had already been canceled.

“No one likes the dark, and we’ve been in the dark for a while as far as government data is concerned, but I think we might further have some behavior being impacted,” Leah Bennett, chief investment strategist at Concurrent Asset Management, told CNBC. “I think that speaks volumes to why valuations should, at least in the short term, continue to erode.”

The three benchmark indexes are each in the red this week, as fears about elevated tech sector valuations and a highly concentrated market. The S&P 500 is down more than 2% week to date, while the 30-stock Dow Jones Industrial Average and Nasdaq have lost almost 2% and more than 4% during the period, respectively.

Nvidia shares were down 2% Friday, putting their weekly losses at 9%. Fellow leading artificial intelligence player Oracle also fell 3% and was on track for a 10% decline on the week. Palantir Technologies, down 13% on the week, and Broadcom, off by 7% this week, were lower as well.

Key AI leaders lost steam on Thursday, with Nvidia, Advanced Micro Devices, Tesla and Microsoft posting significant declines that weighed on the broader market. Major U.S. stock averages closed lower across the board, with the tech-heavy Nasdaq Composite notably dropping 1.9% and the 30-stock Dow closing lower by almost 400 points.

“You have had a bit of a rotation, which has been helpful in the value stocks, which kind of leads me to believe that the sell-off isn’t overly concerning with the [‘Magnificent Seven’],” Bennett said, adding that “AI spending is still here.”

“This AI rally that we’ve had I think does resume,” she continued. “It’s hard to call the top, but I don’t think we’re at the end of it.”