The Power Index ranks the 11 S&P 500 sectors by relative performance for the week ending February 20, 2026 (Mon close → Fri close). Performance is measured within the fixed 11-sector universe using close-to-close percentage change versus the benchmark.
Industrials move into #1 after sitting mid-pack in the prior window. The bottom does not move. Real Estate stays last, and Technology remains in the bottom two, keeping the growth side pinned down.
Ranked: The Rotation
The top of the table is where the money showed up, and it showed up in the “real economy” sleeve. Industrials led at roughly +2.1% on the week. Materials followed near +1.8%, and Energy around +1.5%. That top-three cluster is tight, and it is doing most of the visible work.
The key detail is who is not participating. Technology sits at #10, down about -0.9%, and Real Estate is #11, down about -1.4%. That is not a one-day wobble. It is a persistent placement problem. When Tech and Real Estate live in the bottom tier, the market is not paying up for duration-like growth exposure inside equities, even while Treasuries can lead the cross-asset table.
Breadth is the second tell. The sector leadership is rotating, but it is not exploding. A simple check like ~58% of S&P 500 stocks above their 50-day moving average (up from the prior week) suggests mild improvement, not a stampede. That matches the table. The leaders are changing, but the leadership group is still small.
Defensives are not “winning,” but they are not being dumped either. Consumer Staples holds #4, and Health Care sits mid-pack. That is a steadying layer under the cyclicals, not a full sprint into risk.
This week reads like reallocation, not celebration. Cyclicals are being paid. Growth-heavy sectors are being discounted. Participation is inching wider, but not fast enough to call it broad.
The open question is whether this rotation keeps recruiting new sectors into the upper tier, or whether it stays a narrow swap at the top while the same laggards stay rejected.