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Two Sectors Provide 60% of S&P's Gains This Quarter

Sixty percent of the S&P 500’s gains this quarter have come from just two sectors, Energy and Industrials.

The S&P 500 Energy sector is up 16% quarter-to-date – more than double the gains of the second-best sector in the S&P 500, Industrials, up 7%.

As a result of the Energy sector’s huge gain and because of its sizeable weighting on the S&P (with a 13% weighting, it’s the index’s 3rd biggest sector), energy stocks have had a significant impact on the S&P 500 index this quarter.

According to Standard & Poor’s Howard Silverblatt, the Energy sector accounts for 42% of the S&P 500’s 52-point gain this quarter (as of yesterday’s close).

Meanwhile, there’s nothing to sneeze at regarding the performance of the Industrials sector. As the 4th largest sector in the S&P (with an 11% weighting), industrial stocks have contributed an impressive 18% of the S&P 500’s first quarter gains.

Remarkably, even though the S&P 500 is up nearly 5% this quarter, only two sectors (the aforementioned Energy & Industrials sectors) have outperformed the index. Of course that means each of the other eight sectors on the S&P 500 have actually underperformed the broader index.

The last time only two S&P 500 sectors outperformed the index in a quarter was back in Q1 2000 – at the height of the tech boom. In that quarter, only Techs (up 13.53%) and Telecom (up 6.35%) outperformed the S&P 500 index (up 2.00%).

At the time, Techs were a gigantic slice of the S&P 500, as the high-flying sector made up more than one third of the index, according to S&P’s Howard Silverblatt.


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