1.   Analysts said investors were shifting into large-capitalization stocks that lagged a rally last month and smaller stocks that promise higher earnings growth this year and next.

2.   For a third straight day, stocks lagged a rally in government Treasury bonds.

3.   Municipal bonds lagged a rally in benchmark Treasuries as some mutual fund managers looked to raise cash in anticipation of investor redemptions.

4.   Municipal bonds have lagged the rally in benchmark Treasury bonds since the end of April when the various tax reform proposals being considered by Congress were first highlighted.

5.   New York stocks lagged rallies in broader indexes.

6.   Software, computer and semiconductor shares lagged the rally for a second day.

7.   Technology stocks have been weak in the past few days, as software semiconductor and computer shares lagged a rally in the Dow Jones Industrial Average.