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The S&P 500’s performance in the first half of 2026 tells two very different stories. On one hand, the benchmark index has surged to record highs. On the other, the rally has been unusually narrow, driven largely by artificial intelligence (AI) and energy stocks while much of the rest of the market has lagged.
“Strip out AI and energy, and the S&P 500 is down,” Torsten Slok, partner and chief economist at Apollo, wrote in a post on the firm’s website.
Data from Fidelity as of June 18 shows the index’s gains are led by the information technology sector—the sector at the core of the AI trend—up by 21.06 percent year to date, followed by energy, up by 18.61 percent, and materials, up by 12.70 percent….
“Strip out AI and energy, and the S&P 500 is down,” Torsten Slok, partner and chief economist at Apollo, wrote in a post on the firm’s website.
Data from Fidelity as of June 18 shows the index’s gains are led by the information technology sector—the sector at the core of the AI trend—up by 21.06 percent year to date, followed by energy, up by 18.61 percent, and materials, up by 12.70 percent….
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