Big Tech's AI Capex Test: What Sector Divergence Signals This Earnings Week
SPY, the S&P 500 ETF, closed Monday at $742.09, sitting 2.4% below the 52-week high of $760.40 set earlier this year. That gap looks manageable on a chart. It doesn't tell you that Healthcare (XLV) fell 1.14% in Monday's session while Energy (XLE) gained 0.45%, or that Consumer Discretionary and Industrials each shed 0.72%. The index is calm. Underneath it, the market is making choices, and those choices point toward the most consequential earnings week of Q2 2026. Key Takeaways SPY trades at $742.09, 2.4% below its 52-week high of $760.40, with 730 as the key support level to watch this week and 760 as resistance. Sector divergence is pronounced: XLE (+0.45%) and XLC (+0.14%) are firming wh…
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