Last year's laggards lead U.S. stocks' 2023 rebound, for now By Reuters

) and Meta Platforms are lifting sectors that struggled in last year’s selloff, including technology, and communication services.

Some investors, however, are skeptical that the gains will last, especially if markets continue recalibrating expectations for how high the Federal Reserve will need to raise rates this year to keep cooling off inflation. While falling yields often increase the allure of equities in general, they are particularly beneficial for the technology and growth stocks whose valuations suffered when yields shot higher in 2022.

"The market leaders to-date ... are vulnerable to the higher-for-longer interest rates and a slowing economy," strategists at the) Investment Institute said in a note Thursday."We do not view the recent breadth and leadership as sustainable -- yet -- and prefer not to chase equity rallies at this time."

Rough week ahead

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