Tech Leads the S&P 500 Recovery: Earnings Season Sector Rotation and What's Next
Friday, July 31 delivered exactly the market resolution investors needed after three days of post-FOMC anxiety. SPY, the S&P 500 ETF, closed at $741.69, up 1.68% on the day. Technology led everything: XLK gained 5.50%, closing at $175.73, in its strongest single-day recovery since February 2026. The VIX collapsed 17.28% to 17.09, erasing Wednesday's spike to 20.66 in roughly 72 hours. What looked like the beginning of a sustained rotation away from megacap tech turned out to be a two-week digression before Amazon and Microsoft reminded the market why the trade exists.
Key Takeaways SPY closed at $741.69 (+1.68%) on Friday, July 31, still 2.5% below its June 2 all-time high of $760.40. XLK sur…
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