The best-performing sector of the S&P 500 is still the cheapest, while technology stocks look overvalued

In a year of supply challenges, investors have watched as the stock market’s sector focus has shifted.

Any company’s forward P/E ratio may not be very meaningful by itself. For example, Amazon.com Inc. AMZN, +0.15% has been trading at high P/E multiples for decades, but these haven’t stopped the stock from performing well as its rapid revenue growth has continued. At the close on March 18, Amazon traded for 59.8 times the consensus earnings-per-share estimate for the next 12 months among analysts polled by FactSet, while the S&P 500 traded at a weighted forward P/E ratio of 19.4.

One way to invest in large domestic energy producers as a group is the Energy Select Sector SPDR ETF XLE, +4.03%, which holds all components of the S&P 500 energy sector. Another is the iShares Global Energy ETF IXC, +3.40%, which holds all the stocks in XLE, but adds large players based outside the U.S., such as TotalEnergies SE TTE, +0.59% TTE, +1.00% and BP PLC BP, +4.05% BP, +3.69%.

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