That’s why SMH, XLK, PAVE, XLI stand out. Best mix of price strength + earnings support. Energy lagged. Market still prefers growth + visibility over commodity torque.
Big tell: energy lagged badly despite the oil/war backdrop: XLE -5.2%, XOP -5.6%, FCG -4.4% off the same low. Translation: this rebound looked more like tech/cyclicals/infrastructure leadership than durable commodity leadership.
Off the 3/31 low, SPX bounced +3.9%.The real leaders were SMH (+10.3%) and XLK (+6.6%) — strongest price action and strongest forward earnings support. PAVE and XLI also acted well.