RESEARCH
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No. 144
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All the Flows Went to One Sector
Since the March low, eleven sectors took in $19 billion. Technology took more than that by itself.
Jacob Radke
2 min read
Cumulative flows across the State Street Select Sector SPDR suite from late March through May 2026.
Source · State Street Investment Management and Bloomberg Finance L.P.
Technology net flow
+$23.4B
State Street trailing-three-month flow through May 29, 2026.
All sectors combined
+$19.4B
Technology alone represented approximately 121% of the net total.
Energy net flow
+$4.8B
The only other sector with meaningful inflows.
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The S&P 500 bottomed on March 30 and has climbed about 19% since. Money came back into the market on the way up, but almost none of it spread out.
Across the eleven State Street sector ETFs, net flows since the spring low add up to $19.4 billion. Technology alone pulled in $23.4 billion.
Energy was the only other sector to draw real money, about $4.8 billion. Financials, health care, and materials each saw billions walk out the door. The nine sectors outside technology and energy landed somewhere between a small gain and a $3.8 billion loss.
Concentration cuts both ways. It has carried the market higher all spring. The question is what the rest of the market does if technology stops doing the lifting.
Until next week,
Jacob
Sources & method
This analysis currently uses the State Street Select Sector SPDR suite only. The source is State Street Investment Management and Bloomberg Finance L.P.’s June 2026 Sector Chart Pack, as of May 29, 2026.
The cumulative series is monthly, derived from May’s net flow and the trailing-three-month total. March and April are calculated as the trailing-three-month flow less May, creating three data points from late March through the end of May.
Vanguard sector-fund flows are intended for a future combined version. The current State Street-only data supports the conclusion: technology accounted for 121% of net sector flows because the other ten sectors were net negative in aggregate.
Written by
Jacob Radke
Partner, Wealth Advisor
Jacob writes the weekly charts. Jacob leads the firm’s platform, including trading, research, portfolio systems and technology. He also sits on the firm’s board and investment committee, and advises client families.
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