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), the Consumer Discretionary Select Sector SPDR Fund (XLY) 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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