U.S. stocks fell sharply as the market punished companies seen as potential losers from artificial-intelligence technology.

The S&P 500 sank 1.6% for its second-worst day since Thanksgiving, though it’s still near its all-time high set late last month. The Dow Jones Industrial Average dropped 1.3% and the Nasdaq composite lost 2%.

Cisco Systems was one of the heaviest weights on the market after warning of potentially higher expenses, while AppLovin tumbled as worries about AI competition continue to hit software companies.

Treasury yields tumbled in the bond market ahead of Friday’s coming report on inflation at the U.S. consumer level.

On Thursday:

The S&P 500 fell 108.71 points, or 1.6%, to 6,832.76.

The Dow Jones Industrial Average fell 669.42 points, or 1.3%, to 49,451.98.

The Nasdaq composite fell 469.32 points, or 2%, to 22,597.15.

The Russell 2000 index of smaller companies fell 53.64 points, or 2%, to 2,615.83.

For the week:

The S&P 500 is down 99.54 points, or 1.4%.

The Dow is down 663.69 points, or 1.3%.

The Nasdaq is down 434.07 points, or 1.9%.

The Russell 2000 is down 54.51 points, or 2%.

For the year:

The S&P 500 is down 12.74 points, or 0.2%.

The Dow is up 1,388.69 points, or 2.9%.

The Nasdaq is down 644.84 points, or 2.8%.

The Russell 2000 is up 133.92 points, or 5.4%.