S&P 500 Sector Rotation and the AI Capex Supercycle
SPY, the S&P 500 ETF, closed Thursday's session at $747.41, down 0.12%, sitting 1.7% below its 52-week high of $760.40. On its face, that is a quiet day for equities. But the composition underneath the index tells a completely different story: defensives and cyclicals are taking ground from mega-cap technology, and the catalyst tying everything together is a number that came out of Alphabet's earnings call: a full-year capital expenditure guidance range of $195 to $205 billion for 2026. Key Takeaways SPY, the S&P 500 ETF, closed at $747.41 on July 23, 1.7% below its 52-week high of $760.40, while Utilities (+2.25%) and Materials (+1.44%) led all eleven S&P 500 sectors. Alphabet raised its fu…
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