The S&P 500 is up fractionally on the week as investors target some newer areas of the market. Here’s a breakdown of the best- and worst- performing industry groups at the half-way point:
- Media is the biggest gainer, led by 10 percent surges in Twenty-First Century Fox (FOXA) and Discovery (DISCA). A judge’s decision letting AT&T (T) buy Time Warner (TWX) last night is spurring hopes of more buyouts in the sector.
- Software and video-game makers are on the rise. While there aren’t a ton of immediate catalysts in the software space, several reported strong earnings in May. Video games are enjoying buzz from the E3 trade show that ends today.
- Internet and e-commerce stocks have been rising. Twitter (TWTR) is the most prominent, but Grubhub (GRUB), Carvana (CVNA), Netflix (NFLX) and Snap (SNAP) have added at least 4 percent on the week. The biggest players like Alphabet (GOOGL), Amazon.com (AMZN) and Facebook (FB) have risen less than the smaller names.
- Banks are down more than 2 percent, but that could change after the Federal Reserve’s interest-rate announcement this afternoon.
- Energy stocks continue to pull back from highs as investors grapple with uncertainty before OPEC’s June 22 meeting.
- Home builders are down more than 2 percent, giving back some of last week’s gains.