U.S. stock market sectors reclassified, with big shifts to financials from tech

The revisions meant “big changes” for financials and technology as some S&P 500 stocks switched sectors, according to a BofA Global Research note from earlier this month. As a result of changes to the Global Industry Classification Standard, or GICS, financials could become “the new crowded sector,” BofA equity and quant strategists said in the March 7 note.

S&P Dow Jones Indices and MSCI announced about a year ago that their GICS revisions would take place after the close of business Eastern time on March 17. Companies that moved to the financial sector from information technology included Visa Inc. V , Mastercard Inc. MA and PayPal Holdings Inc. PYPL , according to the BofA note.Shares of the Technology Select Sector SPDR exchange-traded fund XLK were up 15.3% this year through Friday, while the Financial Select Sector SPDR ETF XLF was down 9.4%, according to FactSet data. The performance of the two sectors compares with a 2% gain for the SPDR S&P 500 ETF Trust SPY over the same period of 2023.

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