The S&P 500 is up about 10.2% this year. That average is hiding one of the most lopsided markets in a decade: energy up 28%, communication services negative, and the Magnificent Seven — the stocks that carried the market for three years — collectively underwater.In this week's Money On Tap, Ben Brayshaw and Dan Michelon go beyond the index, sector by sector. They walk the 2026 scoreboard — energy +28.1%, technology +26.8%, industrials +16%, with a 30-point gap between the top and bottom sectors — and unpack the year's most important story: the broadening of the market, with 46.3% of S&P companies now beating the index itself, up from 30.5% last year. Then the mechanics most investors never see: why seven stocks absorb a third of every dollar in a standard S&P fund, why the SPY and QQQ share 8–9 of their top 10 holdings, and why your "diversified" ETFs may be the same bundle of stocks in different wrappers. They close with the Fed's looming rate decision — hike odds jumped from 26% to 73% in one month — and the five durable themes they're watching for the second half.What you'll learn:
The 2026 sector scoreboard: all 11 sectors ranked, from energy's +28.1% to communication services' −3.1%
The broadening of the index: why 46.3% of S&P companies are beating the index — a decade-plus first
Why the Mag Seven flipped from engine to anchor (Microsoft down 20%+), and what the index looks like without them
The ETF overlap trap: cap weighting, 35–55% in the top 10, and wrappers around the same stocks
What a Fed rate hike would do to sector leadership — winners and losers under both scenarios
Buffett's warning: "a church with a casino attached," and why down doesn't mean cheap
The dials for outperforming: sector weighting, security selection, valuation discipline, income, cash, and tax management
Taking gains on purpose: the sequence-of-returns lesson in 2026's −4.3% Q1 and +15.2% Q2
Five second-half themes: electrification, defense, nuclear renaissance, the aging population, and the infrastructure rebuild
Plus Money In The News:
73% odds of a Fed rate hike by September — up from 26% just a month earlier — and the two culprits behind it
Warren Buffett: it's tough to find value "when everybody is preferring gambling"
Blockbuster stock sales — SpaceX's record $75B IPO, Alphabet's $85B raise, SK Hynix ADRs — and whether $500B of new equity can overwhelm the bull market
Securities and advisory services offered through Osaic Wealth, Inc., member FINRA/SIPC. All other services offered through Brayshaw Financial Group, LLC are independent of Osaic Wealth, Inc. Index and sector performance figures are as of the air date and subject to change. Past performance is not a guarantee of future results.
If the S&P 500 is up 10%, why isn't my portfolio? Because the S&P 500 is cap-weighted: seven stocks absorb about a third of every dollar, and the top 10 holdings make up 35–55% of most S&P funds. In 2026 those mega-caps lagged — the Mag Seven are collectively negative — while sectors like energy (+28.1%) and technology (+26.8%) led. If your ETFs overlap in the same top names, you own the laggards several times over. The fix starts with knowing what you actually own.
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