Sector Chartpack: AI Stumbles, The Index Holds

October saw a 0.9% decline in the S&P 500, dragged lower by Communication Services (-15.1%) and Information Technology (-6.8%). All other sectors delivered positive returns, led by traditional defensives – Health Care (+9.9%), Utilities (+10.2%), Consumer Staples (+11.6%) – and Energy (+14.0%). Although our overweight Tech call surrendered some performance during the month, IT has still gained 37% since the view was initiated on March 30, outpacing the S&P 500’s 20% advance.