Tech stocks are leading the market rally again

, the S&P 500 is up almost 7% while the Nasdaq Composite is up more than 8%. A look under the hood shows that once again, Big Tech is leading the charge higher."The economy is slowing, but it's still growing and that's a very important distinction." Angelo Kourkafas, Edward Jones senior investment strategist,Strategists said after the market rout earlier this month that they expected tech stocks to come roaring back.

"In a cooling economic environment, we expect investors to come back to tech given some of the secular tailwinds stemming from artificial intelligence and its premium growth prospects," Lerner wrote in a note to clients on Aug. 8. "Moreover, during the current earnings season, we have seen capital spending trends toward AI continue to rise."

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