Tech was trying to stage some kind of comeback, whether it was a

sucker's rally or not. But on the morning after a massive selloff took the

Nasdaq Composite Index

to record lows, some tech sectors were trying to smile their way into positive territory.

As investors tried to make some money in tech, cyclical stocks and defensives were sent into the red.

The

American Stock Exchange Internet Architecture Index

recently gained 3.3%, as bargain hunters emerged for

Cisco

(CSCO) - Get Report

and other companies that build the guts of the Web. To be sure, these stocks have been among the favorites to bail out of. Cisco reached a new two-year low yesterday after it announced an earnings warning and job cuts. Today, it was crawling back, recently gaining $1.50 to $20.38.

Juniper Networks

(JNPR) - Get Report

,

Dell

(DELL) - Get Report

and

Sun Microsystems

(SUNW) - Get Report

were also on the rise. Juniper recently gained 2.5% to $51, PC maker Dell added 5.4% to $23.19 and Sun moved up 4.7% to $17.88.

Chip stocks, tracked by the

Philadelphia Stock Exchange Semiconductor Index

, were also trying to climb back. The index recently gained 2.6%. Chipmaker

Intel

(INTC) - Get Report

, whose troubles helped spark the latest round of market woes, was lately gaining 1.9% to $28.31. Fellow chipmaker

Micron Technology

(MU) - Get Report

was jumping 6.3% to $43.32.

The

American Stock Exchange Securities Broker/Dealer Index

also came in strongly, up 3.1%. The latest round of economic data bodes well for aggressive rate cuts by the

Federal Reserve. Lower rates, after all, make it more attractive for consumers and companies to borrow and spend -- and ultimately help jump-start the overall economy. Bank stocks, however, were edging lower.

Consumer spending fell sharply in February. Retail and consumer stocks were hurt by the news. The

S&P Retail Index

lately fell 1.1%. The

Morgan Stanley Consumer Index

, which tracks the performance of industries like beverages, food, pharmaceuticals and tobacco, was off 1.5%. Health care company

Abbott Laboratories

(ABT) - Get Report

recently dipped 0.6% to $46.90. Yesterday it agreed to buy $250 million in shares of

Millennium Pharmaceuticals

(MLNM)

and jointly develop some drugs for obesity and diabetes.

Philip Morris

(MO) - Get Report

was also helping to lead the sector down. It was off 1.5% to $48.34.