The S&P 500 surged 1.45% on the day after the Fed announced its first rate hike in nearly a decade. Below is a look at the performance breakdown by sector. Notably, Energy fell 0.51% as oil prices plummeted once again. Even more notable is the underperformance we saw in Health Care and Technology — two cyclicals, and the outpeformance in defensive sectors like Utilities, Telecom and Consumer Staples. We’ll be keeping an eye on this performance divergence in the coming days.
The S&P 500’s move higher today pushed it back above its 50-day moving average. Six sectors are now above their 50-days, while three are overbought (Consumer Staples, Health Care and Telecom). Energy and Materials remain oversold.