Why are tech stocks lagging behind despite overall market gains?

[Nottrin]

Recently, U.S. equity indexes hit record highs due to strong corporate earnings and expectations regarding the Federal Reserve. However, why are essential NYSE sectors, such as technology and consumer discretionary, reportedly lagging while others gain?

[Mark]

US stock prices are hitting record highs, thanks to solid earnings reports and a generally positive vibe from the Fed. However, tech and consumer discretionary stocks are lagging a bit, mainly because they are sensitive to interest rates and have relatively high valuations at the moment. Investors seem to be shifting their focus to more stable sectors like utilities and energy, indicating that they are somewhat cautious about what may be coming in the economy and how the Fed might adjust its policies.