Stocks were mixed on Wednesday, a day after the Dow Jones Industrial Average notched another record close, as investors moved away from tech stocks in favor of energy, industrials and other sectors.

The Dow Jones Industrial Average was up 63 points, or 0.17%, to 36,862, while the S&P 500 slipped 0.37% and the Nasdaq lost 1.33%.

Intel  (INTC) – Get Intel Corporation Report, Walmart  (WMT) – Get Walmart Inc. Report and Merck  (MRK) – Get Merck & Co., Inc. Report were some of the Dow’s top gainers.

Adobe  (ADBE) – Get Adobe Inc. Report shares were falling after UBS downgraded the company to neutral from buy.  (CRM) – Get, inc. Report was also down after being downgraded by UBS. was included on Barron’s list of 22 undervalued stocks.

Private job growth totaled 807,000 in December, according to a report from the payroll processing firm ADP.

The results surpassed the Dow Jones estimate for 375,000 as well as the November gain of 505,000.

“Tech stocks remained under pressure after a robust private payrolls report sent Treasury yields higher,” said said Edward Moya, senior market analyst for the Americas with Oanda. “Equity traders are still betting on a strong US economy and that has them rotating out of big-tech and embracing cyclicals.”

The first half of the year will be all about a strong US growth outlook that should benefit cyclical stocks, Moya added, “but a sustained pullback with tech stocks is not justified given the Fed hasn’t officially started their interest rate hiking cycle.”

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Brent crude, the international oil benchmark was up 1.3% to $81.30 a barrel. 

On Tuesday, oil prices surged after the Organization of the Petroleum Exporting Countries and a coalition of Russia-led oil producers agreed to continue pumping more crude.

While the Dow climbed 200 points to a high Tuesday, the tech-focused Nasdaq Composite sold off, falling 1.3% amid a rapid rise in Treasury yields. 

The move by investors sparked talk of a broader rotation out of tech and into areas like energy, industrials and banking, which perform better in higher-yield environments.

Investors will be keeping an eye out for the Federal Reserve’s minutes from its December meeting, to be released at 2 p.m. U.S. Eastern on Wednesday. 

The central bank has said it would speed up the tapering of its bond buying program. The Fed has also forecast three interest rate hikes for 2022.

Beyond Meat  (BYND) – Get Beyond Meat, Inc. Report shares fell even after the plant-based meat-substitute maker said it is teaming up with Yum Brands’  (YUM) – Get Yum! Brands, Inc. Report KFC to roll out Beyond Fried Chicken.

Toyota Motor  (TM) – Get Toyota Motor Corp. Report has taken pole position over automotive behemoth General Motors  (GM) – Get General Motors Company Report as America’s top-selling automaker in 2021. This marks the first time since 1931 that the Detroit automaker wasn’t the best-selling car company in the U.S.

Sony  (SNE) – Get Sony Corp. Report on Tuesday unveiled a follow up to the electric car it revealed at CES two years ago

The new prototype is an SUV that the company is calling Vision-S 02. Sony took the sedan’s EV and cloud platforms and put them in a new form factor to create the vehicle, which features a large interior that can seat seven.