S&P 500 Sectors: Tech Still Leads in September 2025
The usual monthly analysis of sector rotation within the S&P 500 confirms that, in September 2025, the technology sector continued to perform particularly well — but somewhat surprisingly, utilities also stood out.
In the standard S&P 500 sector heat map (shown above), one can observe the small yet meaningful changes that occurred between September and early October. Specifically, for the month of September, we note the strong performance of the utilities sector, traditionally considered a defensive area. At the same time, positive returns were also recorded in more “risk-on” sectors such as technology, consumer discretionary, and communications. Meanwhile, weakness persisted in the real estate and materials sectors.
Overall, the third quarter of 2025 saw the technology sector shine, followed by consumer discretionary and communications.
