What you have going on in this market is a flight to quality, which is the blue chips, as tech stocks are priced to perfection.
It has nothing to do with the economy. It was in the private equity unit where they tried to help fledgling tech companies get started.
Techs were hot and everything else was not on confusion about the future of interest rates. When the interest-rate picture is cloudy, the focus turns to earnings. And earnings in the tech sector have been good.
Clearly, Microsoft is the catalyst for today's tech sell-off.