The money flowing out of pandemic stocks is going into some sectors that were among the most ravaged by Covid. Energy stocks in the S&P 500, for example, have gained 15% this year, the best performance among the benchmark’s main groups.

Another question is what this means for the rest of the tech world, including companies less tied to the vagaries of the pandemic. They’re already facing slowing profit growth and pressure on valuations. The Nasdaq 100 Stock Index has fallen 9% this month, which is on pace to be the worst since 2008.

“Brace yourself, these results cast a shadow on the rest of tech,” said Loup Ventures co-founder Gene Munster. “Until Apple reports and we hear from the Fed, the tech market will be on edge.”