Just three SPDR sector ETFs ended May in positive territory as an artificial intelligence-driven surge in technology stocks helped to carry the S&P 500 to a 5.1% gain for the month, even as eight of the index’s 11 sectors finished lower.
Key Takeaways:
- Three SPDR sector ETFs finished May positive, led by the tech-heavy XLK as AI-driven spending lifted the S&P 500.
- Dell Technologies more than doubled in May, rising 101.4% after a strong earnings report to lead XLK’s gains.
- Humana led the health care ETF XLV with a 37.4% gain after affirming full-year adjusted EPS guidance of at least $9.00.
The Technology Select Sector SPDR Fund XLK), and the Health Care Select Sector SPDR Fund (XLV ) were the only sector funds to close the month with gains. The remaining eight sectors all finished in the red, with Energy down 6.1% and Utilities falling 5.5%, according to LSEG data.
See more: XLK, XLE, or XLU? Building Your Sector Pairs
The information technology (IT) sector led all groups with a 15.9% gain in May. Semiconductor companies were among the clearest beneficiaries as spending on AI infrastructure continued to expand. The iShares Semiconductor ETF (SOXX ) was up 23% for the month and had climbed 89% for 2026, according to MarketWatch.
Tech gains also spread beyond hardware into software. The S&P 500 Software and Services Index rose 16.3% for May, even after the group had been down 15.7% for 2026 through April, according to LSEG data.
Best-Performing SPDR Stocks Drive the Gains
Individual tech names posted some of the biggest single-month moves in the S&P 500. Dell Technologies, Inc. (DELL) more than doubled, rising 101.4% in May after a strong earnings report. Micron Technology, Inc. (MU) followed with an 87.8% gain, and Datadog, Inc. (DDOG) climbed 87%, according to LSEG.
Cybersecurity was also a bright spot. CrowdStrike Holdings, Inc. (CRWD) rose 68.8% for the month, Fortinet, Inc. (FTNT) gained 63.6% and Palo Alto Networks, Inc. (PANW) added 57.1%, according to State Street.
Advanced Micro Devices, Inc. (AMD) added 45.6% in May and was up 141% for 2026. ServiceNow, Inc. (NOW) gained 40.8%, and Cisco Systems, Inc. (CSCO) rose 31.6%, according to LSEG.
XLV returned 2.3% for May, according to LSEG. Humana Inc. (HUM) led the sector with a 37.4% gain after reporting first-quarter 2026 adjusted earnings per share of $10.31, at the high end of its own guidance range, according to the company’s earnings release.
DaVita Inc. (DVA) and Waters Corp. (WAT) also contributed to XLV’s gains, with DVA rising 23.9% and WAT climbing 21.1%, according to State Street data.
XLY gained 2.6% for May, according to LSEG data. Ford Motor Co. (F) led the fund over the past month with a 35.9% gain, while MGM Resorts International (MGM) rose 25.6%, according to State Street.
Best Buy Co., Inc. (BBY) and Aptiv PLC (APTV) also contributed to XLY’s gains, with BBY climbing 21.2% and APTV adding 22.1% over the past month, according to State Street data.
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