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Tech Reclaims Market Leadership With Recovery Showing Cracks

  • Shares of Zoom Video, Peloton, Netflix all rallied on Thursday
  • ETF investors added $2.8 billion to tech products in August
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It’s been as reliable a trade as any since the stock market bottomed in March: Whenever economic data shows signs of slowing, pile into companies that benefit from a delay in the return to normal.

It was on display again Thursday, when the likes of Zoom Video Communications Inc., Peloton Interactive Inc. and Netflix Inc. left the broader market behind after an unexpected jump in weekly jobless claims. Stalwarts Inc. and Apple Inc. also rallied. Energy companies led declines in the S&P 500, closing down more than 2%. Ulta Beauty Inc., the cosmetics retailer, slumped with Carnival Corp. The Nasdaq 100 jumped 1.4% while the S&P 500 edged up 0.3%.