The S&P 500 is moving on from its Big Tech fixation, but that could mean smaller 3rd-quarter gains
"The rest of the US equity market is finally catching up, which is great, but that means Q3 gains may not be as robust as Q2 unless Big Tech has another leg higher," Colas said in a Monday note., given excitement over artificial intelligence utilized by these companies. In the second quarter, Big Tech was responsible for 73% of S&P 500 gains, Colas wrote.
Financials led the rally of non-Big Tech, accounting for 32% of S&P 500 returns so far this quarter. Though the note highlights this sector as best positioned for near-term gains, the index is further boosted by health care, industrials, energy, consumer staples, utilities, and real estate.
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