S&P 500 Sector Wrap: Utilities Lead Declines, Tech Bucks Trend

The split matters more than the headline: defensive, rate-sensitive sectors — utilities, real estate, telecom — led the decline while tech and industrials rose, a rotation rather than broad risk-off. That divergence suggests capital is not leaving equities so much as repricing within them, which tends to affect income-oriented and yield-proxy exposure most. Whether tech's relative strength persists against weakening defensives is the open question, and it is the spread between the two, not the index level, that carries the signal.