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Markets in a Minute

All S&P 500 Sectors and Industries, by Size

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S&P 500 sectors and industries

S&P 500 Sectors and Industries

All of the S&P 500 Sectors and Industries, by Size

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The S&P 500 is one of the most widely quoted stock market indexes, but do you know how it’s comprised? From soft drinks to semiconductors, the benchmark index tracks an extremely wide variety of industries across the U.S. economy.

In this Markets in a Minute chart from New York Life Investments, we show every sector and its underlying industries by size.

A Sector View

At a high level, the S&P 500 tracks broad segments of the economy known as sectors. Here’s how the percentage allocation in the index breaks down:

SectorPercent of S&P 500 Index
Information Technology27.48%
Health Care14.58%
Consumer Discretionary11.18%
Communication Services10.90%
Financials9.89%
Industrials7.90%
Consumer Staples7.05%
Utilities3.13%
Real Estate2.80%
Materials2.56%
Energy2.53%

Data as of July 31, 2020.

Information technology, which makes up almost 28% of the index, has outperformed other sectors by a wide margin so far in 2020. At the other end of the spectrum, real estate, materials, and energy each make up less than 3% of the index.

Diving Deeper: An Industry View

While investors are likely familiar with sectors, the specific underlying industries may be lesser known. Below is a complete industry breakdown of the S&P 500.

Click “Next” to view industry breakdowns of each sector

SectorIndustry% of Sector
Communication Services
Advertising0.63%
Alternative Carriers0.32%
Broadcasting1.23%
Cable & Satellite9.86%
Integrated Telecommunication Services15.22%
Interactive Home Entertainment4.18%
Interactive Media & Services51.52%
Movies & Entertainment14.69%
Publishing & Printing0.22%
Communication Services (cont'd)Wireless Telecommunication Services2.12%
Consumer Discretionary
Apparel Retail3.39%
Apparel, Accessories & Luxury Goods1.27%
Auto Parts & Equipment0.94%
Automobile Manufacturers1.89%
Automotive Retail2.97%
Casinos & Gaming0.98%
Computer & Electronics Retail0.75%
Consumer Electronics0.47%
Consumer Discretionary (cont'd)Department Stores0.10%
Distributors0.71%
Footwear4.00%
General Merchandise Stores4.40%
Home Furnishings0.33%
Home Improvement Retail13.16%
Homebuilding2.19%
Hotels, Resorts & Cruise Lines2.05%
Household Appliances0.34%
Housewares & Specialties0.21%
Consumer Discretionary (cont'd)Internet & Direct Marketing Retail47.65%
Leisure Products0.31%
Restaurants10.44%
Specialized Consumer Services0.09%
Specialty Stores1.36%
Consumer Staples
Agricultural Products1.25%
Brewers0.37%
Distillers & Vintners2.23%
Drug Retail1.57%
Consumer Staples (cont'd)Food Distributors1.41%
Food Retail1.43%
Household Products26%
HyperMarkets & Super Centers17.15%
Packaged Foods & Meats14.79%
Personal Products2.39%
Soft Drinks21.13%
Tobacco10.28%
Energy
Integrated Oil & Gas50.88%
Energy (cont'd)Oil & Gas Equipment & Services8.13%
Oil & Gas Exploration & Production20.30%
Oil & Gas Refining & Marketing11.51%
Oil & Gas Storage & Transportation9.18%
Financials
Asset Management & Custody Banks8.08%
Consumer Finance4.40%
Diversified Banks27.43%
Financial Exchanges & Data11.91%
Insurance Brokers5.77%
Financials (cont'd)Investment Banking & Brokerage6.63%
Life & Health Insurance4.08%
Multi-line Insurance1.84%
Multi-Sector Holdings14.23%
Property & Casualty Insurance7.41%
Regional Banks7.91%
Reinsurance0.33%
Health Care
Biotechnology15.66%
Health Care Distributors1.65%
Health Care (cont'd)Health Care Equipment25.73%
Health Care Facilities1.06%
Health Care Services4.80%
Health Care Supplies1.64%
Health Care Technology0.54%
Life Sciences Tools & Services8.56%
Managed Health Care11.30%
Pharmaceuticals29.08%
Industrials
Aerospace & Defense20.41%
Industrials (cont'd)Agricultural & Farm Machinery2.58%
Air Freight & Logistics7.85%
Airlines2.27%
Building Products5.57%
Construction & Engineering0.78%
Construction Machinery & Heavy Trucks6.61%
Diversified Support Services2.09%
Electrical Components & Equipment5.66%
Environmental & Facilities Services3.20%
Human Resource & Employment Services0.27%
Industrials (cont'd)Industrial Conglomerates13.56%
Industrial Machinery10.12%
Railroads11.13%
Research & Consulting Services4.11%
Trading Companies & Distributors2.48%
Trucking1.32%
Information Technology
Application Software8.79%
Communications Equipment3.42%
Data Processing & Outsourced Services15.67%
Information Technology (cont'd)Electronic Components0.74%
Electronic Equipment & Instruments0.53%
Electronic Manufacturing Services0.48%
Internet Services & Infrastructure0.54%
IT Consulting & Other Services4.27%
Semiconductor Equipment1.95%
Semiconductors15.10%
Systems Software24.00%
Technology Distributors0.22%
Technology Hardware, Storage & Peripherals24.29%
Materials
Commodity Chemicals6.71%
Construction Materials4.11%
Copper2.71%
Diversified Chemicals1.46%
Fertilizers & Agricultural Chemicals6.71%
Gold8.02%
Industrial Gases27.73%
Metal & Glass Containers3.47%
Paper Packaging8.80%
Materials (cont'd)Specialty Chemicals28.45%
Steel1.82%
Real Estate
Health Care REITs6.78%
Hotel & Resort REITs1.00%
Industrial REITs12.24%
Office REITs5.85%
Real Estate Services1.94%
Residential REITs11.20%
Retail REITs7.51%
Real Estate (cont'd)Specialized REITs53.48%
Utilities
Electric Utilities62.41%
Gas Utilities1.53%
Independent Power Producers & Energy Traders1.20%
Water Utilities3.15%
Multi-Utilities31.71%

Data as of July 31, 2020.

In total, the S&P 500 tracks 126 industries, and each one presents unique risks and opportunities.

Biotechnology, which focuses on novel drug development and clinical research for treating diseases, has gained renewed interest during the COVID-19 pandemic. While successful drugs can offer high potential returns, about 90% of clinical programs ultimately fail. Investors can screen potential companies for various factors including corporate sponsor support, ample long-term funds, and a pipeline with more than one product.

Another example is aerospace and defense. Due to the high barriers to entry and significant funding from the U.S. government, this can be an attractive industry for investors. However, it can be impacted by the current government’s defense policies. For example, the aerospace and defense industry performed well after President Donald Trump was elected, and it may be influenced by the November 2020 election results.

The Big Picture

With a full view of the S&P 500 sectors and industries, investors can get a better idea of the opportunities within U.S. large cap stocks. However, it’s worth noting that it is not possible to invest directly in an index. Investors can put funds in these industries by purchasing stocks directly, or through managed products such as ETFs and mutual funds that track index performance.

By exploring every corner of the economy, investors can take advantage of growth potential in various areas—not just those trending in the news cycle.

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Markets in a Minute

Visualizing the Three Different Types of Inflation

What are the different types of inflation? Which economic forces impact each type? Below, we chart each over modern history.

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Types of Inlfation

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Visualizing Three Types of Inflation

Inflation is dominating the news as prices hit 40-year highs.

While the price of everyday goods, including food and energy, is the most widely cited type of inflation, other forms exist across the broader economic system.

In this Markets in a Minute from New York Life Investments, we chart three types of inflation and the macroeconomic factors that influence each type.

1. Monetary Inflation

Monetary inflation occurs when the U.S. money supply increases over time. This represents both physical and digital money circulating in the economy including cash, checking accounts, and money market mutual funds.

The U.S. central bank typically influences the money supply by printing money, buying bonds, or changing bank reserve requirements. The central bank controls the money supply in order to boost the economy or tame inflation and keep prices stable.

Between 2020-2021, the money supply increased roughly 25%—a historic record—in response to the COVID-19 crisis. Since then, the Federal Reserve began tapering its bond purchases as the economy showed signs of strength.

YearMoney SupplyAnnual Percent Change
2022*$21.7T0.9%
2021$21.5T12.6%
2020$19.1T24.8%
2019$15.3T6.3%
2018$14.4T3.6%
2017$13.9T5.3%
2016$13.2T7.3%
2015$12.3T5.1%
2014$11.7T6.4%
2013$11.0T4.8%
2012$10.5T8.2%
2011$9.7T10.2%
2010$8.8T6.0%
2009$8.3T1.2%
2008$8.2T9.3%
2007$7.5T5.6%
2006$7.1T6.0%
2005$6.7T4.7%
2004$6.4T4.9%
2003$6.1T5.2%
2002$5.8T7.4%
2001$5.4T10.2%
2000$4.9T6.5%
1999$4.6T4.5%
1998$4.4T10.0%
1997$4.0T5.3%
1996$3.8T5.6%
1995$3.6T2.9%
1994$3.5T0.0%
1993$3.5T2.9%
1992$3.4T0.0%
1991$3.4T3.0%
1990$3.3T3.1%
1989$3.2T6.7%
1988$3.0T7.1%
1987$2.8T3.7%
1986$2.7T8.0%
1985$2.5T8.7%
1984$2.3T9.5%
1983$2.1T10.5%
1982$1.9T5.6%
1981$1.8T12.5%
1980$1.6T14.3%
1979$1.4T0.0%
1978$1.4T7.7%
1977$1.3T8.3%
1976$1.2T20.0%
1975$1.0T-99.9%
1974$902B5.4%
1973$856B6.7%
1972$802B13.0%
1971$710B13.2%
1970$627B6.6%

Indicated by the M2 Money Stock.
*Data as of April 2022.

It’s worth noting that, in theory, increasing the money supply faster than the growth in real output may cause consumer price inflation, especially if the velocity of money (speed at which money exchanges hands) is high. The reason is that there is more money chasing the same number of goods, and this eventually leads to increases in prices.

2. Consumer Price Inflation

Consumer price inflation occurs when the prices of goods and services increase. It is typically measured by the Consumer Price Index (CPI), which shows the average price increase of a basket of goods, such as food, clothing, and housing.

Supply chain issues, geopolitical events, monetary supply, and consumer demand may all affect consumer price inflation.

Rising 8.6% in May year-over-year, the CPI hit its highest level in four decades. Russia’s invasion of Ukraine and COVID-19 have caused extensive disruption in supply chains, from oil to wheat, leading to increased price pressures worldwide.

YearCPI Annual Percent Change
2022*8.6%
20214.7%
20201.2%
20191.8%
20182.4%
20172.1%
20161.3%
20150.1%
20141.6%
20131.5%
20122.1%
20113.2%
20101.6%
2009-0.4%
20083.8%
20072.9%
20063.2%
20053.4%
20042.7%
20032.3%
20021.6%
20012.8%
20003.4%
19992.2%
19981.6%
19972.3%
19962.9%
19952.8%
19942.6%
19933.0%
19923.0%
19914.2%
19905.4%
19894.8%
19884.1%
19873.7%
19861.9%
19853.5%
19844.3%
19833.2%
19826.1%
198110.3%
198013.5%
197911.3%
19787.6%
19776.5%
19765.7%
19759.1%
197411.1%
19736.2%
19723.3%
19714.3%
19705.8%
19695.5%
19684.3%
19672.8%
19663.0%
19651.6%
19641.3%
19631.2%
19621.2%
19611.1%
19601.5%
19591.0%
19582.7%
19573.3%
19561.5%
1955-0.3%
19540.3%
19530.8%
19522.3%
19517.9%
19501.1%
1949-1.0%
19487.7%
194714.4%
19468.5%
19452.3%
19441.6%
19436.0%
194210.9%
19415.1%
19400.7%
1939-1.3%
1938-2.0%
19373.7%
19361.0%
19352.6%
19343.5%
1933-5.2%
1932-10.3%
1931-8.9%
1930-2.7%

*Data for 2022 shows the year-over-year change from May 2021 to May 2022.

When consumer price inflation gets too heated, the central bank may increase interest rates to curtail spending and allow prices to cool down.

3. Asset-Price Inflation

Finally, asset-price inflation represents the price increase of stocks, bonds, real estate, and other financial assets over time. While there are a number of ways to show asset-price inflation, we will use household net worth as a percentage of GDP.

Often, a low interest rate climate creates a favorable environment for asset prices. This can be seen over the last decade as low borrowing costs were met with rising asset prices and strong investor confidence. In 2021, household net worth as a percentage of GDP stood at 620%.

YearU.S. Interest Rate Household Net Worth
as a % of GDP
20210.1%620%
20200.1%510%
20191.6%520%
20182.4%520%
20171.3%510%
20160.6%490%
20150.2%490%
20140.1%480%
20130.1%450%
20120.1%430%
20110.0%440%
20100.1%430%
20090.1%410%
20080.1%460%
20073.1%490%
20065.2%480%
20054.1%460%
20042.0%450%
20030.9%410%
20021.2%430%
20011.5%420%
20005.4%440%
19994.0%420%
19984.1%420%
19975.8%390%
19966.3%390%
19954.7%370%
19944.9%380%
19932.9%380%
19922.7%380%
19914.1%380%
19905.5%380%
19898.0%370%
19889.0%370%
19876.9%380%
198614.4%360%
198513.5%340%
19848.7%340%
19839.9%360%
198211.2%350%
198113.1%340%
198022.0%330%
197914.8%330%
197810.8%330%
19776.5%330%
19764.2%330%
19755.4%340%
19743.9%340%
19739.8%360%
19725.5%360%
19713.0%360%
19703.0%350%
19695.0%360%
19684.0%350%
19674.5%360%
19665.0%350%
19654.6%370%
19644.0%370%
19633.3%380%
19623.0%380%
19612.5%390%
19603.0%370%
19594.0%380%
19582.4%390%
19573.0%370%
19563.0%370%
19552.5%360%

Interest rates indicated by the Effective Federal Funds Rate

Sometimes rising asset prices can be a misleading sign of a strengthening economy since no real output is produced. Instead, this may indicate an asset bubble.

How the Types of Inflation Impact You

With monetary inflation, businesses and consumers have more money at their disposal, which could then boost demand and further increase inflation in the overall economy.

However, the degree that this impacts consumer price inflation can be unclear. Over the last decade, the money supply ballooned but consumer price inflation stayed relatively stable. Instead, supply shocks seen with COVID-19 and the invasion of Ukraine have had a more immediate effect. The effect of this scarcity in goods has made prices more sensitive to demand. This can be seen with gasoline prices at record highs.

When it comes to asset price inflation, a significant increase to the monetary supply and low interest rates are likely factors behind rising asset prices, among other variables. Yet as the Federal Reserve takes a more hawkish stance on monetary policy, the future of asset price inflation remains to be seen.

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Markets in a Minute

Mapped: Economic Predictions for 2022 and Beyond

Global GDP growth is forecast to drop from 6.1% in 2021 to 3.6% in 2022. This map shows economic predictions for 2022 and beyond by country.

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World map with countries coloured according to economic predictions for 2022

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Economic Predictions for 2022 and Beyond

How resilient will countries be in 2022? Economies have to contend with commodity shortages related to the Russia-Ukraine war, supply chain issues due to lockdowns in China, and tightening monetary policy as inflation rises.

In light of these challenges, the International Monetary Fund (IMF) has lowered its economic predictions for 2022 and beyond. The IMF predicts that global GDP growth will slow from 6.1% in 2021 to 3.6% in 2022 and 2023.

In this Markets in a Minute from New York Life Investments, we explore GDP projections by country. It’s the second in a two-part series that explores GDP growth around the world.

GDP Forecasts by Country

Due to the war in Ukraine, the IMF notes that the economic predictions for 2022 and beyond have considerable uncertainty. The projections also assume that the conflict remains confined to Ukraine and that the pandemic’s health and economic consequences lessen during 2022.

Here are the IMF’s predictions for real GDP growth by country. Unsurprisingly, Ukraine will have the most severe contraction of -35% this year. Russia’s invasion has damaged or destroyed 30% of the nation’s infrastructure, and more than 14 million people have fled their homes.

Jurisdiction2022P2023P
Afghanistann/an/a
Albania2.0%2.8%
Algeria2.4%2.4%
Andorra4.5%2.7%
Angola3.0%3.3%
Antigua and Barbuda6.5%5.4%
Argentina4.0%3.0%
Armenia1.5%4.0%
Aruba2.7%3.7%
Australia4.2%2.5%
Austria2.6%3.0%
Azerbaijan2.8%2.6%
Bahrain3.3%3.0%
Bangladesh6.4%6.7%
Barbados11.2%4.9%
Belarus-6.4%0.4%
Belgium2.1%1.4%
Belize5.7%3.4%
Benin5.9%6.2%
Bhutan4.4%4.5%
Bolivia3.8%3.7%
Bosnia and Herzegovina2.5%2.3%
Botswana4.3%4.2%
Brazil0.8%1.4%
Brunei Darussalam5.8%2.6%
Bulgaria3.2%4.5%
Burkina Faso4.7%5.0%
Burundi3.6%4.6%
Cabo Verde5.2%5.8%
Cambodia5.1%5.9%
Cameroon4.3%4.9%
Canada3.9%2.8%
Central African Republic3.5%3.7%
Chad3.3%3.5%
Chile1.5%0.5%
China4.4%5.1%
Colombia5.8%3.6%
Comoros3.5%3.7%
Costa Rica3.3%3.1%
Croatia2.7%4.0%
Côte d'Ivoire6.0%6.7%
Cyprus2.1%3.5%
Czech Republic2.3%4.2%
Democratic Republic of the Congo6.4%6.9%
Denmark2.3%1.7%
Djibouti3.0%5.0%
Dominica6.8%5.0%
Dominican Republic5.5%5.0%
Ecuador2.9%2.7%
Egypt5.9%5.0%
El Salvador3.0%2.3%
Equatorial Guinea6.1%-2.9%
Eritrea4.7%3.6%
Estonia0.2%2.2%
Eswatini2.1%1.8%
Ethiopia3.8%5.7%
Fiji6.8%7.7%
Finland1.6%1.7%
France2.9%1.4%
Gabon2.7%3.4%
Georgia3.2%5.8%
Germany2.1%2.7%
Ghana5.2%5.1%
Greece3.5%2.6%
Grenada3.6%3.6%
Guatemala4.0%3.6%
Guinea4.8%5.8%
Guinea-Bissau3.8%4.5%
Guyana47.2%34.5%
Haiti0.3%1.4%
Honduras3.8%3.5%
Hong Kong SAR0.5%4.9%
Hungary3.7%3.6%
Iceland3.3%2.3%
India8.2%6.9%
Indonesia5.4%6.0%
Iraq9.5%5.7%
Ireland5.2%5.0%
Islamic Republic of Iran3.0%2.0%
Israel5.0%3.5%
Italy2.3%1.7%
Jamaica2.5%3.3%
Japan2.4%2.3%
Jordan2.4%3.1%
Kazakhstan2.3%4.4%
Kenya5.7%5.3%
Kiribati1.1%2.8%
Korea2.5%2.9%
Kosovo2.8%3.9%
Kuwait8.2%2.6%
Kyrgyz Republic0.9%5.0%
Lao P.D.R.3.2%3.5%
Latvia1.0%2.4%
Lebanonn/an/a
Lesotho3.1%1.6%
Liberia4.5%5.5%
Libya3.5%4.4%
Lithuania1.8%2.6%
Luxembourg1.8%2.1%
Macao SAR15.5%23.3%
Madagascar5.1%5.2%
Malawi2.7%4.3%
Malaysia5.6%5.5%
Maldives6.1%8.9%
Mali2.0%5.3%
Malta4.8%4.5%
Marshall Islands2.0%3.2%
Mauritania5.0%4.4%
Mauritius6.1%5.6%
Mexico2.0%2.5%
Micronesia-0.5%2.8%
Moldova0.3%2.0%
Mongolia2.0%7.0%
Montenegro3.8%4.2%
Morocco1.1%4.6%
Mozambique3.8%5.0%
Myanmar1.6%3.0%
Namibia2.8%3.7%
Nauru0.9%2.0%
Nepal4.1%6.1%
Netherlands3.0%2.0%
New Zealand2.7%2.6%
Nicaragua3.8%2.2%
Niger6.9%7.2%
Nigeria3.4%3.1%
North Macedonia3.2%2.7%
Norway4.0%2.6%
Oman5.6%2.7%
Pakistan4.0%4.2%
Palau8.1%18.8%
Panama7.5%5.0%
Papua New Guinea4.8%4.3%
Paraguay0.3%4.5%
Peru3.0%3.0%
Philippines6.5%6.3%
Poland3.7%2.9%
Portugal4.0%2.1%
Puerto Rico4.8%0.4%
Qatar3.4%2.5%
Republic of Congo2.4%2.7%
Romania2.2%3.4%
Russia-8.5%-2.3%
Rwanda6.4%7.4%
São Tomé and Prìncipe1.6%2.8%
Samoa0.0%4.0%
San Marino1.3%1.1%
Saudi Arabia7.6%3.6%
Senegal5.0%9.2%
Serbia3.5%4.0%
Seychelles4.6%5.6%
Sierra Leone3.4%4.3%
Singapore4.0%2.9%
Slovak Republic2.6%5.0%
Slovenia3.7%3.0%
Solomon Islands-4.0%3.2%
Somalia3.0%3.6%
South Africa1.9%1.4%
South Sudan6.5%5.6%
Spain4.8%3.3%
Sri Lanka2.6%2.7%
St. Kitts and Nevis10.0%4.7%
St. Lucia9.7%6.0%
St. Vincent and the Grenadines5.0%6.4%
Sudan0.3%3.9%
Suriname1.8%2.1%
Sweden2.9%2.7%
Switzerland2.2%1.4%
Syrian/an/a
Taiwan Province of China3.2%2.9%
Tajikistan2.5%3.5%
Tanzania4.8%5.2%
Thailand3.3%4.3%
The Bahamas6.0%4.1%
The Gambia5.6%6.2%
Timor-Leste2.0%3.6%
Togo5.6%6.2%
Tonga-1.7%3.0%
Trinidad and Tobago5.5%3.0%
Tunisia2.2%n/a
Turkey2.7%3.0%
Turkmenistan1.6%2.5%
Tuvalu3.0%3.5%
Uganda4.9%6.5%
Ukraine-35.0%n/a
United Arab Emirates4.2%3.8%
United Kingdom3.7%1.2%
United States3.7%2.3%
Uruguay3.9%3.0%
Uzbekistan3.4%5.0%
Vanuatu2.2%3.4%
Venezuela1.5%1.5%
Vietnam6.0%7.2%
West Bank and Gaza4.0%3.5%
Yemen1.0%2.5%
Zambia3.1%3.6%
Zimbabwe3.5%3.0%

Guyana, a country of less than 800,000 people in South America, is forecast to have the highest GDP growth of 47.2% in 2022 and 34.5% in 2023. The country has begun to rapidly develop its offshore oil industry, with oil earnings estimated to make up nearly 40% of its GDP.

In Asia, India is projected to see strong growth of 8.2% in 2022 and 6.9% in 2023. The growth is supported by government spending and economic reforms, such as lowering the corporate tax rate and allowing more foreign direct investment. In fact, foreign direct investment reached a record $84 billion in 2021-22.

Meanwhile, the IMF predicts that GDP growth in the U.S. will hit 3.7% in 2022 and 2.3% in 2023. The Russia-Ukraine war is expected to slow growth in America’s trading partners, reducing their demand for American goods. The central bank has also withdrawn U.S. monetary support faster than expected as rates rise to combat inflation. Even still, the IMF expects that the U.S. will reach its pre-pandemic trend output path by 2022.

Supporting Growth

Certainly, there are a number of risks facing the global economy. Countries with strong fiscal and monetary support, as well as countries with in-demand exports, have some of the best economic predictions for 2022 and beyond.

The IMF also offers countries various recommendations in order to support growth. For instance, central banks can offer clear interest rate guidance to minimize surprises that disrupt the markets. Governments can continue offering targeted fiscal support to vulnerable populations, such as refugees and households most impacted by the pandemic.

Over the longer-term, countries can focus on reskilling their workforce for the digital transformation, investing in renewables for the green transition, and improving the resiliency of global supply chains.

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