Technology giants are diverging in their performance. Amazon (AMZN) is being driven by steady growth in cloud services and results from the consumer season, keeping its intraday performance relatively resilient; meanwhile, some tech heavyweight stocks that had seen large gains earlier are moving lower as overall market trading activity cools.

In the second quarter, corporate capital expenditures on software and technology equipment remained strong, and expectations for tech-sector profit growth continue to hold at a high level in the double digits.

Market funds are rotating within technology giants, moving from names with elevated valuations and a lack of near-term new catalysts toward steadier targets with stronger earnings-confirmation potential.