Moreover, Stovall warned that what happens to the market is also reflected across sectors. Since 1990, when the S&P 500 was higher in October, the top three performing sectors in October underperformed the market for the rest of the year – the best-performing sectors this October include energy, materials and technology. Month-to-date, the Technology Select Sector SPDR (NYSEArca: XLK) rose 10.5%, Materials Select Sector SPDR (NYSEArca: XLB) gained 11.4% and Energy Select Sector SPDR (NYSEArca: XLE) increased 7.4%.
SPDR S&P 500 ETF
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Max Chen contributed to this article.