As we've done in the past, below we have updated the current and historical weightings of the S&P 500's sectors. As recently as two days ago, Energy had the second biggest weighting in the index. It currently ranks third, but that's much higher than its 7th place ranking as recently as the end of 2005. Financials still rank first at 17.1%, followed by Technology at 16.3%. These weightings change dramatically due to sector rotation over the years. Back in 1992, Consumer Discretionary had the biggest weighting in the index, but it's now ranked 7th at just 8.5%. Technology got all the way up to 29.2% back in 2000 during the Internet bubble, but its weighting was cut in half by 2002.
As shown in the individual charts of sector weightings, Energy has really taken share from other sectors in recent years. Just like the spike in Financials that was seen in 2006, these big rises should flash warning signals for investors.