(Bloomberg) -- The stock market’s stragglers are staging a comeback as traders ditch the technology titans that have led this year’s gains in favor of industrial bellwethers and small caps.

（彭博社）-随着交易员抛弃导致今年涨势的技术巨头，股票大佬正在卷土重来，而工业巨头和小盘股则是今年以来的涨势。

As the Nasdaq 100 slumped almost 0.5% to start the week amid losses for Microsoft Corp. and Facebook Inc., the Dow Jones Industrial Average added almost 1% on the heels of Friday’s better-than-expected jobs report and ebbing virus case counts. The sunnier economic outlook also boosted the small-cap Russell 2000 by as much as 1.6%.

纳斯达克100指数在本周初因微软公司和Facebook股价下跌而下跌近0.5％，道琼斯工业平均指数在周五公布的好于预期的就业报告和病毒案件数减少之后上涨了近1％。乐观的经济前景也使小型罗素2000指数上涨了1.6％。

Monday’s trading continues a theme scene in recent weeks, when companies that would benefit most from an end to pandemic lockdowns led gains while their work-from-home counterparts trailed behind. And while plunging inflation-adjusted yields have helped to justify bubble-era tech valuations, that trend is nearing a turning point amid the dissipating gloom.

周一的交易延续了最近几周的主题，当时因大流行性封锁而受益最大的公司领涨，而在家工作的同行则落后。尽管通货膨胀调整后的收益率暴跌有助于证明泡沫时代的科技估值合理，但在消退的阴霾中，这一趋势已接近转折点。

“The strong employment data from Friday carried over to this morning, boosting the recovery trade, which has more value and cyclical exposure,” said Matt Stucky, portfolio manager at Northwestern Mutual Wealth Management. “This also hurts the momentum trade, which is very overweight tech.”

西北共同财富管理公司（Northwestern Mutual Wealth Management）的投资组合经理马特·斯塔基（Matt Stucky）说：“周五以来强劲的就业数据一直延续到今天早上，这促进了具有更多价值和周期性风险的复苏贸易。” “这也伤害了动量交易，这是非常超重的技术。”

A pure momentum portfolio was the worst-performing Monday among 10 so-called factors tracked by Bloomberg, dropping the most in two months. Meanwhile, the Dow Average has climbed 4.8% since the end of July, beating the Nasdaq 100 by 3 percentage points. August is on track to be the best month of relative performance for the 30-member gauge since October 2018.

彭博追踪的十个所谓因素中，纯动量投资组合是表现最差的周一，为两个月来最大跌幅。同时，道琼斯工业平均指数自7月底以来已上涨4.8％，超过纳斯达克100指数达3个百分点。自2018年10月以来，八月有望成为30个成员的相对绩效最好的月份。

Bargain-hunting is also fueling the rotation, according to Tallbacken Capital Advisors. The Nasdaq 100 is trading about 18% above its 200-day moving average, versus a roughly 7% gap for the Russell 2000.

Tallbacken Capital Advisors认为，逢低买入也加剧了这种轮换。纳斯达克100的交易价格比其200天移动平均线高出约18％，而罗素2000指数的这一差距约为7％。

“Tech is technically stretched. Every time it gets this far ahead of working support, risk/reward deteriorates,” said Michael Purves, chief executive officer of Tallbacken. “So we have a semblance of a rotation -- sell the overstretched, buy the understretched.”

“技术在技术上已经延伸。每当它在工作支持之前遥遥领先时，风险/回报就会恶化。”塔尔巴肯（Tallbacken）首席执行官Michael Purves说。 “因此，我们有轮换的模样-卖出过度拉伸的股票，买入不足拉伸的股票。”