Is the index being carried?
Cap-weighted against equal-weighted S&P 500, the 11 GICS sector SPDRs and the energy complex · data as of 2026-11-05 · refreshed 2026-11-06T05:48:58Z
Narrow decline. The index fell 4.41% while equal weight fell 1.52 points less — the damage was concentrated in the largest names rather than spread across the market.
Not a rotation into defensives — utilities, staples and health care all closed red alongside the broad tape.
Cap-weighted vs equal-weighted
SPY holds the S&P 500 by market value; RSP holds the same 500 companies at roughly equal weight. The spread is the whole point: a positive number means the largest companies outperformed the typical one.
| Ticker | Name | Last | 1D | 1W | 1M | 3M | YTD |
|---|---|---|---|---|---|---|---|
| SPY | S&P 500 | 733.00 | -4.41% | -4.73% | -5.69% | -5.21% | -0.11% |
| RSP | S&P 500 Equal Weight | 216.87 | -2.89% | -1.44% | +2.98% | -1.46% | +5.87% |
Sector tape
All eleven GICS sectors. If a down day is a rotation, defensives (utilities, staples, health care) hold up while cyclicals fall. If everything is red, it is not a rotation.
| Ticker | Name | Last | 1D | 1W | 1M | 3M | YTD |
|---|---|---|---|---|---|---|---|
| XLK | Technology | 162.38 | -8.00% | -13.97% | -19.37% | -13.61% | -4.50% |
| XLC | Communication Services | 104.34 | -0.59% | +3.09% | -6.22% | -6.21% | -11.09% |
| XLY | Consumer Discretionary | 117.64 | -3.83% | +1.24% | +5.64% | -1.85% | -1.86% |
| XLP | Consumer Staples | 91.25 | -0.75% | +3.48% | +11.69% | +7.20% | +8.32% |
| XLV | Health Care | 184.91 | -2.50% | +0.47% | +9.54% | +11.61% | +27.17% |
| XLF | Financials | 57.50 | -2.87% | +0.98% | +6.98% | -0.17% | +10.92% |
| XLI | Industrials | 162.47 | -4.12% | -4.50% | -3.20% | -12.26% | -8.14% |
| XLE | Energy | 61.63 | -2.98% | -10.30% | -2.73% | +7.18% | +8.12% |
| XLU | Utilities | 43.30 | -0.71% | +0.37% | +5.22% | -0.71% | -5.27% |
| XLB | Materials | 52.33 | -2.91% | -0.38% | +6.84% | -1.00% | -0.15% |
| XLRE | Real Estate | 44.30 | -1.82% | +2.88% | +9.19% | -1.51% | -0.98% |
Energy complex
The sub-industry ETFs this desk follows, from upstream through grid infrastructure.
| Ticker | Name | Last | 1D | 1W | 1M | 3M | YTD |
|---|---|---|---|---|---|---|---|
| VDE | Energy (broad) | 171.07 | -3.03% | -10.91% | -3.66% | +5.36% | +5.32% |
| XOP | Oil & Gas E&P | 174.10 | -2.89% | -12.74% | -7.51% | +4.63% | +2.82% |
| OIH | Oil Services | 347.65 | -5.03% | -14.77% | -8.88% | -10.46% | -19.64% |
| AMLP | Midstream MLPs | 50.03 | -2.21% | -7.13% | -4.45% | -7.97% | -5.23% |
| GRID | Grid Infrastructure | 152.01 | -6.31% | -10.76% | -15.45% | -18.46% | -23.12% |
| ICLN | Clean Energy | 16.14 | -2.77% | +2.87% | -6.76% | -11.80% | -24.30% |
| TAN | Solar | 44.09 | -3.71% | +7.07% | +1.29% | -16.42% | -27.09% |
| URA | Uranium | 30.98 | -5.26% | -13.27% | -22.41% | -31.02% | -46.82% |
| NLR | Nuclear | 84.71 | -4.03% | -11.23% | -19.53% | -28.10% | -43.24% |
| UNG | Natural Gas | 9.27 | +0.00% | +0.98% | -15.96% | -4.83% | -11.29% |
| USO | Crude Oil | 148.21 | +1.93% | -11.88% | +2.99% | +25.62% | +10.65% |
Concentration check
When the spread above is wide, it is usually these names. Semis plus the megacaps that move the cap-weighted index on their own.
| Ticker | Name | Last | 1D | 1W | 1M | 3M | YTD |
|---|---|---|---|---|---|---|---|
| SMH | Semiconductors | 447.73 | -11.21% | -20.29% | -28.37% | -23.16% | -18.56% |
| NVDA | NVIDIA | 181.60 | -9.26% | -15.01% | -23.53% | -18.91% | -12.62% |
| AVGO | Broadcom | 291.53 | -10.43% | -15.50% | -22.57% | -31.85% | -31.48% |
| AMD | AMD | 404.40 | -17.26% | -28.60% | -37.39% | -16.34% | -4.03% |
| MSFT | Microsoft | 535.93 | -3.58% | +1.09% | +1.16% | +7.19% | +29.46% |
| META | Meta | 605.08 | -3.96% | -3.11% | -16.11% | +2.19% | -1.27% |
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