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Thursday’s sharp stock-market selloff included a 1.7% decline for the S&P 500 and a 2.4% decline for its information-technology sector. That may not seem to be a problem, with the sector posting such large gains for 2025 before that trading session. But it might signal a rotation for the market into more defensive sectors, or at least a breather for technology stocks in light of their high valuations.
Here is a look at the 11 sectors of the S&P 500
SPX with weighted forward price-to-earnings ratios compared with 10-year average valuations. These are share prices divided by rolling 12-month earnings-per-share estimates among analysts polled by LSEG, weighted by market capitalization. The list is sorted by current P/E ratios, with the full index at the bottom:
