Technology stocks rose, but not by as much as the broad market, as momentum shifted from growth stocks to more beaten-down value sectors.

The Nasdaq 100 tested its February peak, briefly trading above its all-time closing high. But indexes and sectors that are far from all-time highs, including the Russell 2000 small-cap index and the industrial sector, saw the bulk of gains Wednesday.

Shares of Zoom Video Communications surged after the company, which has shot to ubiquity during the Covid-19 pandemic as more office professionals connect by video-conference, posted quarterly earnings in excess of Wall Street targets.

Analysts at brokerage D.A. Davidson said Zoom lived up to high expectations, registering the most impressive growth acceleration the broker could recall for a software company.

Shares of Slack Technologies, another "work-from-home" software play, hit an all-time high ahead of its earnings report. 



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