Maybe it's concern that the economy may have more of a hard landing. The economy grew a little faster than expected, so people might be thinking we're not done as far as interest rate hikes are concerned.
You're seeing a return to traditional measures of value as investors become more focused on things like (price-to-earnings ratios), interest rates and earnings.
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.
The economy is way too hot and is generating inflation pressure. And the Fed is going to have to address it with higher interest rates.
There's cautiousness about the interest-rate outlook --- a bit of consolidation after very strong gains.