Shares of technology companies rose, but not by as much as the broad market, as bulls and bears continued to debate valuations in the sector.

Shares of companies that traders consider "stay-at-home" bets such as Zoom Video Communications, Microsoft and Netflix lagged the market, after surging for months.

One strategist said it was "exaggerating" to speak of a bubble in large-cap tech stocks.

"If you're looking at the market cap of Standard & Poor's tech stocks as a percentage of overall market cap, that's about 27%," said Jim Paulsen, chief investment strategist at money manager the Leuthold Group.

"Yes, it's the highest it's been since 2000, when it was 34%. OK, however, if you look at the proportion of total nominal GDP comprised by S&P 500 tech companies' sales, OK, that's up to almost record highs...it's up to about 17% of GDP."

By that measure, the tech sector is far cheaper than it was in 2000, when sales as a fraction of GDP was much smaller, said Mr. Paulsen.

Tripadvisor has sold eight travel websites to the travel-marketing startup Hopjump as the travel-booking-and-information Web site reorganizes itself amid the decimation in the travel industry due to the Covid-19 pandemic. 



  Write to Rob Curran at rob.curran@dowjones.com