SERIES

Quarterly Sector and Investment Research Update

Make informed decisions with comprehensive, data-driven investment research from Fidelity's Quantitative Market Research Team.

Energy, materials, and utilities led in Q1
Second Quarter 2026

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Geopolitical tensions weighed on the S&P 500® in the first quarter of 2026, even as energy outperformed amid rising oil prices and increased volatility. Historically, the index has often posted positive returns in the year following major geopolitical shocks. Meanwhile, technology and industrials look attractive, supported by strong fundamentals and relative strength respectively.