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The tech sector continued to slipped again this week, continuing a sudden dip that began last Friday.

The S&P 500 IT sector is down 1.14% for the week but up 18% year to date.

The slight downtick in tech came as a surprise for the sector that has been on a run since the election in November. "I think we need to see more of a pullback to say there is a serious rotation going on as opposed to just some profits coming off the top," Chuck Carlson, Horizon Investment Services CEO, told Reuters. (AMZN) - Get, Inc. Report was the star of the show on Friday with its $13.7 billion acquisition of high-end grocer Whole Foods (WFM) . The deal has received positive reactions from investors and analysts who believe Amazon can lower food prices and improve the customer experience at Whole Foods with its access to data and its quick fulfillment abilities.

The deal managed to send down a number of consumer names, such as Walmart (WMT) - Get Walmart Inc. Report , down 4.65%, Target (TGT) - Get Target Corporation Report , down 5.16%, Kroger (KR) - Get Kroger Co. (KR) Report , down 9.24%, and Supervalu (SVU) , down 14.36%.

Shares of the 'FAANG' stocks -- Facebook (FB) - Get Facebook, Inc. Class A Report , Amazon, Apple (AAPL) - Get Apple Inc. (AAPL) Report , Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report and Alphabet (GOOGL) - Get Alphabet Inc. Class A Report -- were all trading down on Thursday. All managed to recover on Friday except for Alphabet, which was down less than 1% to $958.62, and Apple, which was down 1.4% to $142.27.

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1. Amazon is catching up to Alibaba on its presence in the grocery sector. 

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U.S. e-commerce giant Amazon is purchasing Whole Foods for $13.7 billion, shortly after China e-commerce giant Alibaba (BABA) - Get Alibaba Group Holding Ltd. Sponsored ADR Report purchased stakes in two separate Chinese supermarkets. In China, Alibaba has started transforming supermarkets to combine the best of the online and offline shopping experiences. Amazon looks to be working the same strategy in the U.S. "This deal is a total validation of our strategy," Alibaba Head of External Affairs Brion Tingler told TheStreet. Analysts and investors expect Amazon to lower food prices and to use its enormous fulfillment operations to deliver perishable goods scarily fast. 

Read TheStreet's full coverage of Amazon's purchase of Whole Foods: