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Tech Stocks Are Doing Great. Pain Is Everywhere Else

  • Tech stocks are rallying to new highs, pulling up the S&P 500
  • But airlines and retailers have crumbled in the past month
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Scratch the surface of the latest stock rally, and investors remain steadfast in their conviction that real life isn’t returning anytime soon.

The best companies over the past month are, once again, those that win from people continuing to shop online and work remotely. Big tech won’t stop gobbling up record market gains while stocks which usually do well when economic expectations recover, like small-caps and value names, keep struggling despite the return of animal spirits on Wall Street.