The U.S. stock market staged a stunning one-month rebound, fully erasing the losses triggered by Donald Trump‘s April 2 tariff announcements.
From its April low of 4,835 points, the S&P 500—tracked by the SPDR S&P 500 ETF Trust SPY—has surged 17.5%, logging nine consecutive sessions of gains through Friday, the longest winning streak since May 2024.
Still, the rally has been far from uniform across sectors.
The sectoral rebound since April has been powerful, but only a handful of sectors have managed to fully recover to or exceed their April 2 levels, before Trump’s tariff announcements triggered a broad selloff.
Technology led the charge, surging 25.9% since the April low and now stands 3.8% above its April 2 level, the strongest full recovery among all major sectors.
Industrials and Utilities also climbed 1.8% and 1% above their early-April levels, respectively.
Sectors like Consumer Discretionary , Communication Services, Financials, Consumer Staples, and Real Estate posted strong double-digit rebounds off April lows—ranging from 8.3% to 18.9%— finally reaching April 2 levels without breaching them.
On the other end of the spectrum, Energy remains 13.4% below its April 2 level, making it the worst laggard. Health Care is still down 4% from early April, even after recovering 7.2%. Materials also underperformed, ending the period 1.9% below its pre-tariff announcement level.
| Sector | %chg since April lows | May 2 vs. April 2 |
|---|---|---|
| Communication Services Select Sector SPDR Fund XLC | 16.1% | unchanged |
| Consumer Staples Select Sector SPDR Fund XLP | 8.3% | unchanged |
| Consumer Discretionary Select Sector SPDR Fund XLY | 16.9% | unchanged |
| Energy Select Sector SPDR Fund XLE | 11.3% | -13.4% |
| Financial Select Sector SPDR Fund XLF | 18.9% | unchanged |
| Health Care Select Sector SPDR Fund XLV | 7.2% | -4% |
| Industrials Select Sector SPDR Fund XLI | 20.4% | up by 1.8% |
| Materials Select Sector SPDR Fund XLB | 16.4% | -1.9% |
| Real Estate Select Sector SPDR Fund XLRE | 17.2% | unchanged |
| Technology Select Sector SPDR Fund XLK | 25.9% | up by 3.8% |
| Utilities Select Sector SPDR Fund XLU | 12.2% | up by 1% |
Top Performing S&P 500 Stocks Since April 2
| Name | Sector | Return |
| Palantir Technologies Inc. PLTR | Information Technology | 41.22% |
| Netflix, Inc. NFLX | Communication Services | 23.45 |
| Quanta Services, Inc. PWR | Industrials | 23.16 |
| GE Vernova Inc. GEV | Industrials | 20.78 |
| CrowdStrike Holdings, Inc. CRWD | Information Technology | 18.92 |
| Broadcom Inc. AVGO | Information Technology | 18.87 |
| ServiceNow, Inc. NOW | Information Technology | 18.80 |
S&P 500’s Worst Performer Since April 2
| Name | Sector | Return |
| Enphase Energy, Inc. ENPH | Information Technology | -26.66% |
| Becton, Dickinson and Company BDX | Health Care | -25.89 |
| UnitedHealth Group Incorporated UNH | Health Care | -23.76 |
| APA Corporation APA | Energy | -21.40 |
| Global Payments Inc. GPN | Financials | -20.95 |
| Targa Resources Corp. TRGP | Energy | -20.79 |
| Charles River Laboratories International, Inc. CRL | Health Care | -20.00 |
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