While the pandemic battered the economy, tech companies and consumer companies powered by digital technology stood out as islands of growth.

But with coronavirus cases and deaths falling, more than two million Americans a day getting vaccinations and the overall economic outlook improving, investors are starting to turn elsewhere.

In the past month, the shares of smaller Covid tech darlings have fallen sharply — Zoom off 22 percent and Peloton 24 percent. Zoom’s price is down nearly 50 percent from its all-time high, reached in October. The largest tech companies have dropped less, but even they haven’t been immune to the changing mood. Apple, for example, has lost 11 percent in the last month.

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