Below is a look at current S&P 500 sector weightings using GICS standards. As shown, Technology’s weighting now stands at 21.53%, making it the biggest sector by a wide margin. The Financial sector is the second largest with a weighting of 14.8%. Remember, though, that the REITs were recently given their own sector, which lowered the weighting of the Financial sector by over two-and-a-half percentage points. If the Financial sector still contained the REITs, its weighting would be 17.6%.
Below is a look at the change in sector weightings since Election day last November 8th. As shown, the Financial sector has seen the biggest jump by far at 1.4 percentage points. The only other sector that has seen a meaningful jump is Industrials (+0.20 percentage points). On the downside, we’ve seen Consumer Staples, Energy, Health Care, Utilities, Real Estate, Telecom, and Consumer Discretionary all lose share since election day.
If we look at changes in sector weightings so far in 2017, things look quite different versus the change since Election day. Since the start of 2017, the Technology sector has seen the biggest jump in its weighting at 0.76 percentage points. The Consumer Discretionary has seen the next biggest jump at 0.17 percentage points.
While the Financial sector has seen the biggest jump in weighting since Election day, it has actually lost share since the start of the year. So all of its post-Trump gains in share came in 2016.