The technology sector suffered big losses last month due to a decline in mega-cap market caps. The stocks in the sector dragged down the S&P 500 index with the biggest monthly decline of 3.6%.

The financial market backdrop has been witnessing a tectonic shift thanks to a more optimistic economic outlook and dovish Fed cues. Both inspire investors to broaden their focus beyond the massive growth and technology stocks.

The technology sector has been grabbing attention this year on continued artificial intelligence (AI) boom and strong corporate earnings. The ultra-popular Select Sector SPDR Technology ETF (XLK) has gained 6.8% so far this year.