Shares of Morgan Stanley and Goldman Sachs Group Inc. fell on Friday after OpenAI is said to weigh holding off on an initial public offering until next year amid volatility in technology stocks.

The stocks fell more than 4% each as the broader KBW Bank Index fell as much as 1.7% before trimming some losses. Meanwhile, the Nasdaq 100 Index declined by about 0.8% at 11:17 a.m. in New York. OpenAI, which is working with Goldman and Morgan Stanley on its potential listing, is now considering going public next year instead of this fall. Shares of the two investment banks have gained recently on heightened capital markets activity.