Stocks fell sharply on Friday as the post-election rally lost its momentum.

The S&P 500 lost 1.6% at last check, while the tech-heavy Nasdaq Composite tumbled 2.6%. The Dow Jones Industrial Average dropped 0.8%. The Russell 2000 Index fell 1.64%.

Bitcoin, which recently touched a record price above $91,000, moved up 3% to $89,922.

S&P 500 big stock movers today

Five S&P 500 stocks making big midday moves are:

• Palantir (PLTR)  +8.6%

• Walt Disney  (DIS)  +5.0%

• Bunge Global  (BG)  +4.4%

• Zimmer Biomet  (ZBH)  +3.0%

• Dexcom  (DXCM)  +2.9%

The worst-performing five S&P 500 stocks with the largest midday drop are:

• Applied Materials  (AMAT)  -8.8%

• Omnicom (OMC)  -7.7%

• Moderna  (MRNA)  -6.9%

• Warner Bros Discovery  (WBD)  -6.7%

• Interpublic Group (IPG)  -6.6%

Stocks also worth noting include:

• Nvidia  (NVDA)  -4.5%

• Tesla  (TSLA)  +2.4%

• Apple  (AAPL)  -1.6%

• Ulta Beauty  (ULTA)  -4.4%

• Domino’s Pizza  (DPZ)  -1.2%

Applied Materials tumbles after disappointing outlook

Applied Materials lost 8% after giving a disappointing outlook.

The chip-equipment maker reported adjusted earnings per share of $2.32 for its fiscal Q4, topping the consensus estimate of $2.18 among analysts tracked by TheStreet. Revenue of $7.05 billion also surpassed analysts’ forecast of $6.96 billion.

Related: Analysts revisit Applied Materials stock price targets after Q4 earnings

For the current quarter, however, it estimated revenue in the region of $7.15 billion, with a margin for error of $400 million, which fell modestly short of Wall Street forecasts.

Applied Materials is a key player in the AI investment story, as it provides the equipment to produce the chips. Its key customers include Intel and Taiwan Semiconductor.

Palantir surges after plans to switch to the Nasdaq

Palantir Technologies shares surged 8% to a record Friday after announcing its switch to the Nasdaq from the New York Stock Exchange, beginning Nov. 26.

The data-analytics company also expects to be eligible to join the Nasdaq 100 index, which would mean that "anyone who uses the Nasdaq index as their benchmark will have to buy PLTR," said Kenny Polcari, chief market strategist for SlateStone Wealth, Reuters reported.

Related: Analyst who forecast Palantir's rally makes another bold call

The stock has more than tripled (up 267%) this year. Its gains were fueled by the company’s strong earnings and rosy guidance following its Nov. 4 quarterly report.