The once high-flying stocks that propelled the S&P 500 Index to records have been leading the way down amid signs of hedge fund flight. Equity market fear has become more focused in technology stocks, according to options markets. As domestically sensitive U.S. segments like homebuilders and regional banks have tread water over the past week, the Nasdaq 100 Index has fallen nearly 5 percent. It’s pushed the spread between the Cboe NDX Volatility Index and the Cboe Volatility Index close to the highest levels of the year.