A broadening rally lifts cyclicals and rate‑sensitive groups while selected tech pockets stay under pressure

Strength is clustering in metals, chips and transportation as utilities and software slip to the back of the pack

IMGELD Executive Summary Date: Feb 15, 2026

Leaders cluster in Metals & Mining, Semiconductors and Airlines, while Software, Leisure Products and several defensive pockets lag.

Metals & Mining and Semiconductors & Semiconductor Equipment stand out at the top of the ranking, joined by Passenger Airlines and strong pockets in Banks and Electronic Equipment. At the bottom, Software and Leisure Products screen weakest, alongside pressure in Electric Utilities and Residential REITs tied to macro and rate‑sensitive headwinds. Media is mixed, with growth in AI‑driven platforms contrasting with broader volatility.

Top 5 Strongest Industries
(Long bias)

1. Metals & Mining
   Final Score: 94.74
   Before: #4 → Now: #1
   Why they are strong: Metals & Mining names have benefited from strong precious‑metal pricing, with silver mining stocks jumping as the metal holds above a key $90 milestone, boosting sector sentiment and capital flows.
   Key Players: Newmont, Freeport‑McMoRan, Barrick Gold

2. Semiconductors & Semiconductor Equipment
   Final Score: 94.33
   Before: #1 → Now: #2
   Why they are strong: U.S. semiconductor and equipment companies continue to attract investment as policymakers and industry leaders push to keep domestic biotech and advanced‑chip ecosystems competitive with China, underscoring the strategic priority of leading‑edge manufacturing.
   Key Players: NVIDIA, TSMC, ASML

3. Passenger Airlines
   Final Score: 91.97
   Before: Not ranked → Now: #3
   Why they are strong: Passenger airlines are riding robust demand and investor appetite for cheaper, smaller‑cap cyclicals as risk aversion hits mega‑cap tech, redirecting flows toward travel and transport.
   Key Players: Delta Air Lines, American Airlines, United Airlines

4. Banks
   Final Score: 90.73
   Before: #5 → Now: #4
   Why they are strong: Banks are supported by policy moves such as the ECB’s new global euro liquidity backstop, which aims to bolster the currency’s role and stabilize cross‑border funding conditions.
   Key Players: JPMorgan Chase, Bank of America, Citigroup

5. Electronic Equipment, Instruments & Components
   Final Score: 90.31
   Before: #2 → Now: #5
   Why they are strong: Investors are rotating into cheaper industrial and hardware‑linked companies as risk aversion hits expensive tech, lifting demand for diversified industrial electronics and components.
   Key Players: TE Connectivity, Keysight Technologies, Amphenol

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Bottom 5 Weakest Industries
(Short bias)

52. Media
    Final Score: 51.48
    Before: #37 → Now: #52
    Why they are weak: Traditional and legacy media face disruption as platforms like Elon Musk’s AI chatbot Grok quickly gain U.S. market share, intensifying competitive pressure for audience attention and ad dollars.
    Key Players: Comcast, Paramount Global, Warner Bros. Discovery

53. Residential REITs
    Final Score: 51.14
    Before: #41 → Now: #53
    Why they are weak: Residential REITs are pressured by soft fundamentals as U.S. apartment rents continue to fall and vacancies sit near record highs, weighing on operating income expectations.
    Key Players: AvalonBay Communities, Equity Residential, Essex Property Trust

54. Leisure Products
    Final Score: 47.23
    Before: #50 → Now: #54
    Why they are weak: Leisure Products struggle in an environment where Americans are holding onto discretionary devices and goods for longer, a trend that has been cited as a drag on related consumer‑oriented output.
    Key Players: Hasbro, Mattel, Polaris

55. Software
    Final Score: 42.21
    Before: #53 → Now: #55
    Why they are weak: U.S. software and AI‑heavy names have come under pressure after an AI‑led software selloff raised concerns about knock‑on risks for the broader $1.5 trillion U.S. credit market, curbing risk appetite.
    Key Players: Microsoft, Oracle, Adobe

56. Electric Utilities
    Final Score: 42.05
    Before: #52 → Now: #56
    Why they are weak: Electric utilities are contending with large capital needs to serve rising data-centre power demand, while regulators and customers raise affordability concerns that cloud the sector’s risk‑reward profile.
    Key Players: NextEra Energy, Duke Energy, Southern Company

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Additional Readings

1. Metals & Mining: Silver mining stocks jump as metal holds above $90 milestone (CNBC, 2026-01-14)
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2. Semiconductors & Semiconductor Equipment: Making U.S. biotech more competitive with China’s could help rare disease patients, experts say (CNBC, 2026-01-16)
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3. Passenger Airlines: Investors chase cheaper, smaller companies as risk aversion hits tech sector (Reuters, 2026-02-08)
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4. Banks: ECB makes euro backstop global to bolster currency’s role (CNBC, 2026-02-14)
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5. Electronic Equipment, Instruments & Components: Investors chase cheaper, smaller companies as risk aversion hits tech sector (Reuters, 2026-02-08)
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6. Media: Musk’s AI chatbot Grok gains US market share amid sexualized images backlash, data shows (Reuters, 2026-02-13)
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7. Residential REITs: Apartment rents drop further, with vacancies at record high (CNBC, 2025-12-02)
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8. Leisure Products: Americans are holding onto devices longer than ever and it’s costing the economy (CNBC, 2025-11-23)
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9. Software: AI‑led software selloff may pose risk for $1.5 trillion U.S. credit market, says Morgan Stanley (Reuters, 2026-02-10)
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10. Electric Utilities: US utilities spend big on rising data center demand, but affordability concerns loom (Reuters, 2026-02-12)
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