A noticeable shift has been reshaping US equities in the month of July: Some of the biggest laggards from the first half are now outperforming, while the year’s early winners are falling out of favor.
Investors are taking profits and pivoting into underperforming sectors, fueling a reversal that’s turned energy — one of the biggest losers in the S&P 500 Index in the first six months of the year — into July’s top gainer, according to data compiled by Bloomberg. Meanwhile, communication services has swung from second-best gainer in the first half to the worst performer this month.
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