Strong earnings announcements from major technology companies have driven recent gains in the S&P 500, but these have not been shared evenly across the market. Energy shows the strongest upward momentum, with more than 90% of the sector’s stocks trading above their 50-day moving average. The rise in oil prices since the start of the conflict in the Gulf and continued uncertainty over global supplies have supported energy producers. Healthcare has also strengthened, helped by expectations of stronger earnings and by renewed investor interest in biotechnology and pharmaceutical companies. Meanwhile, higher gold, silver and copper prices have lifted materials stocks, with copper also benefiting from growing demand from AI data centres and the energy transition. Despite large technology companies driving the wider index higher, only 53.4% of technology stocks are above their 50-day average, suggesting that the sector’s gains remain concentrated among its largest companies. With consumer staples, utilities and real estate showing much weaker momentum, the headline S&P 500 performance masks substantial differences across sectors.