Tech Is Getting Left Behind in the S&P 500’s Latest Rebound

The S&P 500 is back within spitting distance of an all-time high, and this time Big Tech isn’t leading the rebound.

Eli Lilly & Co, Cardinal Health Inc. and Biogen Inc. are among the top 10 performers in the S&P 500 since Oct. 28, the last time the index closed at a record. In contrast, the S&P 500 Information Technology index is down 4.2% since then, with bigger losses coming from Magnificent Seven stocks like Nvidia Corp. and Microsoft Corp.