The hare that is technology, while by no means lame, is not as pacy as it had once seemed. Meanwhile old-economy tortoises have emerged from their shells with a surprising spring in their step
We have chosen January 1st 2020 as the starting date for our analysis. Since then, the500 index of leading American shares has risen by 25%. The best-performing industry sector is energy, followed by Information Technology . Health care has done well, as might be expected during a public-health crisis: the second-best-performing company in theIndustrial companies have kept pace with the index, as have consumer staples.
The first part of the pandemic amplified these trends. The stay-at-home phase lasted until November 8th 2020, the day before the test results of the Pfizer vaccine were announced. The big winners were tech, consumer discretionary and communication services . The losers were real estate, banks and energy. There is little mystery to this. Stuck indoors, people relied on software and deliveries. Offices were barely occupied; there was little driving or air travel .
Technology firms had two blowout years before a reckoning in 2022. But there is plenty of dispersion. Within the big-tech category of the very largest firms there are big gaps in performance: shares of Meta, the owner of Facebook, have lost almost half of their value even as Apple’s shares have soared . The share price of Nvidia, a chip designer, is up by 177%, even as those of Intel, a chip pioneer from an earlier age, slumped.
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