Media, Chips, and Metals Lead while Telecom and Leisure Struggle in a Diverging US Industry Tape

Momentum is clustering in media, semiconductors, metals, and selected cyclicals while telecom, leisure, and parts of consumer services lag.

IMGELD Date: Jan 21, 2026

Media, semiconductors, and metals are setting the pace today, while telecom, leisure, and low-growth consumer pockets remain under pressure.

Executive Summary
Leadership is concentrated in Semiconductors & Semiconductor Equipment, Metals & Mining, and Electronic Equipment, Instruments & Components, with strong showings from Media and Capital Markets. Cyclical strength is also evident in Aerospace & Defense and selected industrials, while Real Estate and Specialty Retail sit in the upper tier rather than at the extremes. On the downside, Wireless and Diversified Telecommunication Services appear structurally weak, joined by Leisure Products, Hotels, Restaurants & Leisure, and softer corners of Consumer Staples Distribution & Retail. Food Products and Tobacco remain under pressure, reflecting challenged growth and pricing environments. Financials are mixed, with Capital Markets near the top, but Consumer Finance and parts of Banks trading closer to the lower half of the spectrum.

Top 10 Strongest Industries
(Long bias)

1. Semiconductors & Semiconductor Equipment
   Final Score: 95.99
   Before: #1 → Now: #1
   Why they are strong: Silver mining’s surge above a key price milestone underscores broad demand for advanced electronics and chip-intensive industrial uses that underpin semiconductor growth.
   Key Players: Nvidia, Advanced Micro Devices, Intel

2. Metals & Mining
   Final Score: 95.13
   Before: #3 → Now: #2
   Why they are strong: Silver mining stocks have jumped as the metal holds above a major price milestone, reinforcing strong momentum across precious and industrial metals producers.
   Key Players: Newmont, Freeport-McMoRan, Barrick Gold

3. Electronic Equipment, Instruments & Components
   Final Score: 93.50
   Before: #2 → Now: #3
   Why they are strong: Despite scrutiny over chip flows into Russia, demand for advanced components from global defense and industrial customers remains robust.
   Key Players: Texas Instruments, TE Connectivity, Keysight Technologies

4. Media
   Final Score: 89.07
   Before: #8 → Now: #4
   Why they are strong: New Trump-branded media ETFs are testing investor appetite in a crowded market, drawing fresh capital and attention into the media complex.
   Key Players: Comcast, Fox, Paramount Global

5. Capital Markets
   Final Score: 88.36
   Before: #5 → Now: #5
   Why they are strong: Even after a sharp index selloff on tariff worries, high trading volumes and volatility are supporting revenue opportunities for capital markets firms.
   Key Players: Goldman Sachs, Morgan Stanley, Charles Schwab

6. Aerospace & Defense
   Final Score: 87.35
   Before: #4 → Now: #6
   Why they are strong: Global defense stocks are advancing after calls for a higher US military budget, supporting sustained order books for defense contractors.
   Key Players: Lockheed Martin, Northrop Grumman, RTX

7. Health Care Equipment & Supplies
   Final Score: 82.66
   Before: #6 → Now: #7
   Why they are strong: The strong Nasdaq debut of Medline, after the biggest healthcare IPO of 2025, highlights investor appetite for medical equipment growth stories.
   Key Players: Medtronic, Abbott Laboratories, Medline Industries

8. Multi-Utilities
   Final Score: 81.76
   Before: #7 → Now: #8
   Why they are strong: Rising gas prices and a coal comeback in several US states are increasing power-market volatility, benefiting diversified utilities with fuel and generation optionality.
   Key Players: Duke Energy, Dominion Energy, Exelon

9. Industrial Conglomerates
   Final Score: 81.14
   Before: #9 → Now: #9
   Why they are strong: As traditional conglomerates restructure or disappear from major indices abroad, focused US industrial conglomerates with clearer portfolios remain relatively attractive.
   Key Players: General Electric, 3M, Honeywell

10. Automobile Components
    Final Score: 79.02
    Before: #12 → Now: #10
    Why they are strong: Tesla’s push for suppliers to avoid China-made parts for US cars is reshaping the auto supply chain and creating opportunities for compliant component makers.
    Key Players: Aptiv, BorgWarner, Magna International

Bottom 10 Weakest Industries
(Short bias)

47. Tobacco
    Final Score: 36.87
    Before: #44 → Now: #47
    Why they are weak: BAT’s forecast of low 2026 growth due to vaping competition and regulatory pressure highlights structural headwinds for the tobacco industry.
    Key Players: Altria Group, Philip Morris International, British American Tobacco

48. Food Products
    Final Score: 35.33
    Before: #48 → Now: #48
    Why they are weak: Recent tariff cuts on foods like beef and coffee, introduced amid inflation concerns, are pressuring pricing power and margins in parts of the food products sector.
    Key Players: Tyson Foods, Kraft Heinz, General Mills

49. Leisure Products
    Final Score: 32.32
    Before: #49 → Now: #49
    Why they are weak: Softness in discretionary consumer categories, reflected in muted goods inflation, is weighing on demand for nonessential leisure products.
    Key Players: Hasbro, Mattel, Polaris

50. Hotels, Restaurants & Leisure
    Final Score: 31.09
    Before: #50 → Now: #50
    Why they are weak: Slower regional growth tied to tariff impacts in Asia is a drag on global travel and trade flows, indirectly pressuring leisure and travel-related spending.
    Key Players: Marriott International, McDonald’s, Carnival

51. Consumer Staples Distribution & Retail
    Final Score: 30.84
    Before: #51 → Now: #51
    Why they are weak: Tariff cuts on key food items signal policy pressure to contain prices, challenging margins and pricing power for staples distributors and retailers.
    Key Players: Walmart, Costco, Kroger

52. Diversified Consumer Services
    Final Score: 29.62
    Before: #52 → Now: #52
    Why they are weak: Rising adoption of AI tools that can automate customer-facing and back-office tasks is putting structural pressure on traditional service models and labor-heavy platforms.
    Key Players: Service Corporation International, Bright Horizons, Chegg

53. Wireless Telecommunication Services
    Final Score: 26.50
    Before: #54 → Now: #53
    Why they are weak: Aggressive competition and capital-intensive networks, combined with regulatory scrutiny similar to that facing other telecoms, are limiting growth and returns in wireless.
    Key Players: Verizon Communications, AT&T, T-Mobile US

54. Commercial Services & Supplies
    Final Score: 26.08
    Before: #53 → Now: #54
    Why they are weak: Studies showing AI can already replace a notable share of US jobs highlight automation risk for routine-intensive commercial service and support functions.
    Key Players: Waste Management, Cintas, ADT

55. Diversified Telecommunication Services
    Final Score: 22.73
    Before: #55 → Now: #55
    Why they are weak: Regulatory and competitive pressures similar to those weighing on broader telecom, alongside weak pricing power, continue to depress diversified carriers.
    Key Players: Lumen Technologies, Verizon Communications, AT&T

56. Consumer Finance
    Final Score: 22.08
    Before: #56 → Now: #56
    Why they are weak: The US consumer finance watchdog’s decision to scrap a planned bad-actor registry eases compliance for some lenders but also sustains headline and conduct risk in the sector.
    Key Players: Capital One Financial, Synchrony Financial, American Express

Additional Readings

1. Semiconductors & Semiconductor Equipment: Silver mining stocks jump as metal holds above $90 milestone (CNBC, 2026-01-14)
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2. Metals & Mining: Silver mining stocks jump as metal holds above $90 milestone (CNBC, 2026-01-14)
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3. Electronic Equipment, Instruments & Components: Intel, AMD Accused of Allowing Chips in Russian Missiles (Bloomberg, 2025-12-10)
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4. Media: Trump Media ETFs Test Brand Power in Crowded $14 Trillion Market (Bloomberg, 2026-01-15)
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5. Capital Markets: Dow slides 870 points, S&P 500 drops 2% for worst day since October on Trump tariff threat over Greenland: Live updates (CNBC, 2026-01-20)
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6. Aerospace & Defense: Global defense stocks advance after Trump calls for higher US military budget (Reuters, 2026-01-08)
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7. Health Care Equipment & Supplies: Medline soars 41% in Nasdaq debut after 2025’s biggest IPO (Reuters, 2025-12-17)
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8. Multi-Utilities: Six US states to watch as rising gas prices drive a coal comeback (Reuters, 2025-11-13)
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9. Industrial Conglomerates: FTSE 100 loses the last of its industrial conglomerates (Financial Times, 2025-12-30)
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10. Automobile Components: Tesla requires suppliers to avoid China-made parts for US cars, WSJ reports (Reuters, 2025-11-15)
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11. Tobacco: BAT forecasts low 2026 growth as vape competition, regulation weigh (Reuters, 2025-12-09)
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12. Food Products: Trump cuts tariffs on beef, coffee and other foods as inflation concerns mount (Reuters, 2025-11-15)
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13. Leisure Products: US October Consumer Goods Inflation Slows in OpenBrand CPI Data (Bloomberg, 2025-11-10)
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14. Hotels, Restaurants & Leisure: Taiwan third-quarter economic growth likely slowed on tariff impact: Reuters poll (Reuters, 2025-10-29)
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15. Consumer Staples Distribution & Retail: Trump cuts tariffs on beef, coffee and other foods as inflation concerns mount (Reuters, 2025-11-15)
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16. Diversified Consumer Services: MIT study finds AI can already replace 11.7% of U.S. workforce (CNBC, 2025-11-26)
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17. Wireless Telecommunication Services: BAT forecasts low 2026 growth as vape competition, regulation weigh (Reuters, 2025-12-09)
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18. Commercial Services & Supplies: MIT study finds AI can already replace 11.7% of U.S. workforce (CNBC, 2025-11-26)
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19. Diversified Telecommunication Services: Six US states to watch as rising gas prices drive a coal comeback (Reuters, 2025-11-13)
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20. Consumer Finance: US consumer finance watchdog formally kills Biden-era bad actor registry (Reuters, 2025-10-28)
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