S&P 500’s 11 Sectors Broadly Higher; Materials Leads, Real Estate Only Decliner

Broad sector participation, rather than a narrow tech-led move, is the notable signal here, and materials leading while real estate lags points to rotation rather than a uniform risk-on bid. Energy and financials keeping pace with information technology suggests the advance is not dependent on a single growth trade. Whether real estate's decline stays isolated or spreads to other rate-sensitive sectors is the open question worth watching.