90% of S&P’s industry groups finished Q3 with positive returns.
Here’s the table:
Let's break down what the table shows:
The table shows quarterly and monthly returns for key S&P industry groups.
Each row lists an industry, with columns for Q1, Q2, Q3, and the months of July, August, and September.
The final column shows year-to-date returns.
Green cells mark gains. Red cells mark losses.
The Takeaway: 90% of industries finished higher.
Six cleared 15%, ten were double-digit gainers.
Metals & Mining led with a 38.7% surge. Semiconductors followed with 24.4%. Biotech and Telecom each cleared 20%.
This was not a defensive rally. It was powered by cyclical and growth-heavy industries.
That kind of widespread strength does not show up in weak markets. It shows up when investors are pressing the accelerator, not tapping the brake.
The laggards were few. Health Care Equipment fell 3.1%, the worst performer in the table. The red on the board was isolated, not dominant.
The message is clear. Q3 was not random strength. It was trend-following behavior clustered around leadership.
And in markets, leadership matters. When the strongest groups get stronger, uptrends tend to continue.
If these trends hold, Q3 may not be the peak. It could be the launchpad.
When this many industries are working at once, momentum tends to persist. The strongest groups are not fading. They are pressing higher with conviction. If leadership keeps leading, the path into year-end still points up.
Grant Hawkridge | Chief Aussie Operator, All Star Charts
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