Nasdaq's Slide Eases. Here's What's Happening to Wall Street's Favorite Stocks.

The technology stock selloff abated slightly in early afternoon trading.

The Nasdaq Composite pared its decline to 0.8%, while the S&P 500 was down 0.4%. The Dow was moving in and out of positive territory, most recently down 18 points, or pretty much flat. If it can close 92 points higher, it would lock in its first closing high since Dec. 4.

"Markets are on a three-day losing streak as investors show fatigue following a 30% rally since April," writes Mark Hackett, chief market strategist at Nationwide. "We’re seeing a notable drop in leadership, with large-cap growth significantly lagging small caps and value this month. Still, the S&P 500 Index sits just 1% below record highs, and volatility and credit spreads remain calm, suggesting investors’ fears are modest."