The Nasdaq composite erased a sharp gain on Friday as technology stocks gave back rolled over while Amazon slipped from a record high set earlier in the session.

The tech-heavy index closed flat at 7,119.80 as Apple, Netflix and Alphabet all pulled back. Earlier, it rose more than 1 percent on the back of strong earnings from Amazon. Tech shares initially rose broadly before falling 0.3 percent as a sector.

Meanwhile, the Dow Jones industrial average closed 11.15 points lower at 24,311.19 while the rose 0.1 percent to 2,669.91.

"It seems like we've reached a peak in momentum," said Daniel Deming, managing director at KKM Financial. "We cleared Wednesday and Thursday with strong earnings but people are still asking: 'Now what?'"