The Power Index ranks the 11 S&P 500 sectors by relative performance for the week ending May 1, 2026, using the Monday close to Friday close window. This is the Monday slot, so the read reflects the full completed weekly structure after Friday’s close.
The table changed. Energy moved from the lower half into first. Consumer Staples jumped into second. Materials fell to last and was the only sector in the red. This was not a small shift. The order reset at both ends.
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Ranked: The Shift
Energy finished first, up about +3.66% on the week. Consumer Staples followed near +2.22%. Real Estate ranked third at about +1.91%.
This is a new top tier.
Last week, growth led.
This week, it did not.
Technology, Communication Services, and Consumer Discretionary all moved down the table. They stayed positive. But they did not lead.
Money changed direction.
Now tighten the structure.
The top 3 sectors made up roughly 62% of total positive sector movement. Add Health Care, and the top 4 pushed closer to 72%.
The market moved higher.
But the move stayed focused.
This was rotation, not expansion.
Now drop to the bottom.
Materials finished last, down about −0.83%. It was the only negative sector. Financials and Industrials sat just above it, both near +0.2%.
That is a clear rejection.
Energy moved from the lower half to first.
Materials moved the other way.
That is the main shift in the table.
Now check the middle.
Technology rose about +0.81%. Communication Services gained about +0.79%. Utilities came in near +0.78%. Consumer Discretionary followed at about +0.67%.
They moved.
But they did not lead.
They held the tape.
They did not control it.
Now anchor it with breadth.
SPY gained about +0.77% on the week. RSP gained about +0.51%.
That leaves a spread near 0.26 points.
The gap is smaller than prior weeks. This was not a mega-cap-only move. But it still was not fully broad.
Participation improved. It did not open up.
The key reference point is this:
Energy led at about +3.66%.
Consumer Staples followed at about +2.22%.
Real Estate ranked third at about +1.91%.
Growth sectors sat near +0.7% to +0.8%.
Materials fell −0.83% and finished last.
The structure flipped at the top.
The bottom broke lower.
The middle held in place.
Money rotated.
It did not spread.
The table changed fast. The structure is still tight.
And the tension remains:
Energy moved hard.
But only a few sectors moved with it.
If more sectors do not join, this stays a narrow rotation, not a new regime.