Stocks slid Thursday as investors continued shifting out of major technology names and into sectors seen as better positioned to benefit from steady economic growth, CNBC reports.

The S&P 500 fell 1.2% as of 11:38 a.m. EST, while the Nasdaq Composite dropped 1.54%. The Dow Jones Industrial Average slipped 476.41 points, or 0.95%.

Investors rotated into more cyclical areas of the market, with shares of Walmart rising 3% and Boeing gaining 2%.

Technology stocks lagged, however, as members of the “Magnificent Seven,” including Apple and Amazon, each fell about 2%. Cisco Systems tumbled 11% after issuing disappointing quarterly guidance.

The moves followed a volatile session Wednesday, when stocks initially rallied on a stronger-than-expected jobs report before closing lower.

Payrolls rose by 130,000 last month — well above economists’ forecasts and stronger than December’s downwardly revised gain — while the unemployment rate edged down to 4.3% from 4.4%.

The solid labor data reassured investors who had worried about a sharper slowdown amid what many describe as a “no hire, no fire” environment.

But the stronger job growth also complicates the Federal Reserve’s path forward on interest rates, particularly if inflation remains stubborn.

Attention now turns to Friday’s consumer price index report. Economists surveyed by Dow Jones expect January’s headline and core CPI — which excludes food and energy — to rise 0.3%.

“It’s going to put a lot of weight on Friday’s CPI report, because if that comes in tame, at least the market can understand that the inflation part of the Fed’s equation is cooling,” Tom Lee, head of research at Fundstrat Global Advisors, said Wednesday on CNBC’s “Closing Bell.”

“And of course, now, if the job market is showing decent strength, it kind of relieves us from a macro perspective, because at least we’re not seeing an economic downturn,” Lee added.

Meanwhile, initial jobless claims for the week ended Feb. 7 declined from the prior week, the Labor Department reported Thursday, though the figure came in slightly above expectations.