Gritty “old economy” stocks are leading the market while Wall Street fears that Big Tech’s yearslong data center spending spree could end in an epic earnings letdown .

Meanwhile, after years of feeling the weight of stubbornly high inflation, consumer staples are suddenly making a resurgence. This year, the State Street Consumer Staples Select Sector SPDR ETF (XLP) is up nearly 13% while the S&P 500 is barely positive.