Only one S&P 500 sector has reached new all-time highs this year, and it’s not home to a single ‘big tech’ stock.
The Industrials surged 11% in June, driven by a broad rally within its diverse membership.
The breakout in Industrials came quickly, but it didn’t come as a surprise. We’ve been highlighting the underlying strength within the sector all year with this chart of the equally weighted sector vs. the equally weighted S&P 500. Strip out the influence of the mega caps, and the Industrials have been outperforming all year.