Semiconductors, metals and electronics lead as telecom, leisure and software sink to the bottom of the US industry spectrum

Large-cap tech and resource industries stay in charge while rate‑sensitive and structurally challenged sectors lag

IMGELD Jan 28, 2026

Leadership is concentrated in semiconductors, metals & mining and high‑value electronics, while wireless telecom, leisure products and software sit at the weakest end of the market today.

Executive Summary
Strength today is concentrated in semiconductors, metals & mining, electronic equipment and select capital‑intensive industrials and financials. These areas are benefiting from strong earnings sentiment, renewed investment and macro or policy tailwinds. At the same time, consumer credit, tobacco, wireless telecom and leisure‑related segments remain structurally pressured by regulation, competition or soft demand. Rate‑sensitive groups such as parts of real estate show sharp dispersion, with residentially exposed names responding positively to targeted policy support. Overall, the market is rewarding industries with clear growth catalysts or capital inflows and punishing those facing tighter regulation, disruptive technology shifts or weak pricing power.

Top 10 Strongest Industries
(Long bias)

1. Semiconductors & Semiconductor Equipment
   Final Score: 96.65
   Before: #2 → Now: #1
   Why they are strong: Investor enthusiasm around chipmakers remains elevated as they ride continued demand for AI and data‑center infrastructure, helping propel the broader market to fresh highs.
   Key Players: NVIDIA, Intel, AMD

2. Metals & Mining
   Final Score: 95.69
   Before: #1 → Now: #2
   Why they are strong: Precious‑metal miners, especially silver producers, are seeing strong gains as silver prices hold above key milestones, drawing renewed investor interest into the mining complex.
   Key Players: Newmont, Freeport‑McMoRan, Hecla Mining

3. Electronic Equipment, Instruments & Components
   Final Score: 94.71
   Before: #3 → Now: #3
   Why they are strong: Manufacturers of grid and power‑equipment are attracting new investment as they expand US capacity to ease ongoing supply bottlenecks in critical electrical components.
   Key Players: Schneider Electric, Emerson Electric, Eaton

4. Capital Markets
   Final Score: 87.58
   Before: #5 → Now: #4
   Why they are strong: Capital markets firms are benefiting as major US equity indices set new records, supported by strong performance in large technology and growth names.
   Key Players: Goldman Sachs, Morgan Stanley, Charles Schwab

5. Aerospace & Defense
   Final Score: 86.94
   Before: #9 → Now: #5
   Why they are strong: Order momentum in aerospace, including a pickup in helicopter orders and deliveries, signals resilient demand across defense and civil aviation backlogs.
   Key Players: Lockheed Martin, RTX, Boeing

6. Banks
   Final Score: 82.72
   Before: #10 → Now: #6
   Why they are strong: A recent pickup in bank lending activity is being watched by the Federal Reserve as a sign of resilience, reinforcing the case against imminent rate cuts.
   Key Players: JPMorgan Chase, Bank of America, Wells Fargo

7. Industrial Conglomerates
   Final Score: 81.15
   Before: #4 → Now: #7
   Why they are strong: Large diversified industrials are positioned to benefit from renewed policy focus on global energy and infrastructure assets, including efforts to revamp struggling oil industries abroad.
   Key Players: General Electric, Honeywell, 3M

8. Food Products
   Final Score: 79.62
   Before: #13 → Now: #8
   Why they are strong: Recent tariff cuts on beef, coffee and other foods are aimed at easing inflation pressures and could support volumes and margins across parts of the packaged and commodity food complex.
   Key Players: Tyson Foods, Kraft Heinz, Archer‑Daniels‑Midland

9. Oil, Gas & Consumable Fuels
   Final Score: 78.43
   Before: #7 → Now: #9
   Why they are strong: Selected energy names remain in focus as investors seek high‑flying opportunities across the energy complex, with interest supported by company‑specific upside narratives.
   Key Players: Exxon Mobil, Chevron, ConocoPhillips

10. Passenger Airlines
    Final Score: 77.12
    Before: #11 → Now: #10
    Why they are strong: Airlines are navigating a mixed operational backdrop but remain supported by still‑solid travel demand even as freight and air‑traffic constraints tighten capacity in parts of the system.
    Key Players: Delta Air Lines, United Airlines, American Airlines

Bottom 10 Weakest Industries
(Short bias)

47. Professional Services
    Final Score: 39.95
    Before: #46 → Now: #47
    Why they are weak: Emerging AI systems are already capable of automating a meaningful share of knowledge tasks, raising margin and disruption risks for traditional professional‑services business models.
    Key Players: Accenture, Jacobs Solutions, Booz Allen Hamilton

48. Tobacco
    Final Score: 44.37
    Before: #44 → Now: #48
    Why they are weak: Large tobacco companies are guiding to low growth in 2026 as regulatory pressure and competition from vaping products weigh on traditional cigarette volumes.
    Key Players: Altria, Philip Morris International, British American Tobacco

49. Software
    Final Score: 44.48
    Before: #45 → Now: #49
    Why they are weak: Rapid advances in AI, including systems that can perform a growing range of digital tasks, are intensifying competitive dynamics and forcing software vendors to rethink product and pricing strategies.
    Key Players: Microsoft, Salesforce, Adobe

50. Consumer Finance
    Final Score: 36.89
    Before: #49 → Now: #50
    Why they are weak: Consumer‑finance stocks have come under pressure after proposals to cap US credit‑card interest rates raised concerns about profitability and business‑model risk.
    Key Players: Capital One Financial, Discover Financial Services, Synchrony Financial

51. Wireless Telecommunication Services
    Final Score: 35.02
    Before: #51 → Now: #51
    Why they are weak: Wireless carriers remain structurally pressured by intense competition and heavy capital needs at a time when investors are favoring higher‑growth technology and infrastructure themes.
    Key Players: Verizon, AT&T, T-Mobile US

52. Leisure Products
    Final Score: 32.34
    Before: #52 → Now: #52
    Why they are weak: Leisure‑goods demand is facing headwinds as consumers focus spending on services and experiences, while many discretionary brands struggle to create new growth categories.
    Key Players: Hasbro, Mattel, Brunswick

53. Hotels, Restaurants & Leisure
    Final Score: 32.65
    Before: #53 → Now: #53
    Why they are weak: The broader leisure complex is contending with cost inflation and uneven demand, while freight and flight‑capacity constraints complicate travel logistics in peak periods.
    Key Players: Marriott International, Hilton Worldwide, McDonald’s

54. Diversified Telecommunication Services
    Final Score: 31.33
    Before: #54 → Now: #54
    Why they are weak: Traditional telecom operators continue to face secular challenges from competition and changing usage patterns, while investors look toward higher‑growth digital and infrastructure plays.
    Key Players: Lumen Technologies, Verizon, AT&T

55. Health Care Providers & Services
    Final Score: 30.39
    Before: #55 → Now: #55
    Why they are weak: Rapid progress in AI tools capable of automating administrative and some clinical tasks is adding uncertainty to long‑term workforce and cost structures for health‑care service providers.
    Key Players: UnitedHealth Group, HCA Healthcare, Cigna

56. Media
    Final Score: 29.19
    Before: #56 → Now: #56
    Why they are weak: Traditional media companies are grappling with audience fragmentation and advertising volatility as digital and social platforms capture a larger share of consumer attention and ad dollars.
    Key Players: Comcast, Paramount Global, Warner Bros. Discovery

Additional Readings

1. Semiconductors & Semiconductor Equipment: Tech megacaps drive S&P 500 to record high as AI enthusiasm persists (CNBC, 2026-01-27)
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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: Grid equipment makers invest in US to ease supply shortage (Reuters, 2025-12-02)
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4. Capital Markets: S&P 500 closes at a record Tuesday as tech giants rally (CNBC, 2026-01-27)
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5. Aerospace & Defense: Airbus Helicopters posts higher orders and deliveries (Reuters, 2026-01-26)
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6. Banks: For Fed, uptick in bank lending may add to case against rate cuts (Reuters, 2026-01-28)
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7. Industrial Conglomerates: Trump urges US oil giants to repair Venezuela’s ‘rotting’ energy industry (Reuters, 2026-01-10)
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8. Food Products: Trump cuts tariffs on beef, coffee and other foods as inflation concerns mount (Reuters, 2025-11-15)
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9. Oil, Gas & Consumable Fuels: Six high-flying energy stocks catching investor interest in early 2026 (Reuters, 2026-01-27)
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10. Passenger Airlines: FAA flight cuts squeeze freight capacity in peak shipping season (CNBC, 2025-11-06)
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11. Consumer Finance: Financial stocks fall as Trump’s credit card rate cap plan rattles investors (Reuters, 2026-01-12)
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12. Tobacco: BAT forecasts low 2026 growth as vape competition, regulation weigh (Reuters, 2025-12-09)
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13. Professional Services: MIT study finds AI can already replace 11.7% of U.S. workforce (CNBC, 2025-11-26)
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14. Health Care Technology: MIT study finds AI can already replace 11.7% of U.S. workforce (CNBC, 2025-11-26)
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15. Financial Services: The rise of agentic AI in financial services: from automation to autonomy (Moody’s, 2026-01-16)
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16. Multi-Utilities: Six US states to watch as rising gas prices drive a coal comeback (Reuters, 2025-11-13)
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17. Automobile Components: Tesla requires suppliers to avoid China-made parts for US cars, WSJ reports (Reuters, 2025-11-15)
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18. Automobiles: Auto executives are hoping for the best and planning for the worst in 2026 (CNBC, 2026-01-25)
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19. Residential REITs: Housing-linked stocks surge on Trump’s $200 billion mortgage bond-buy order (Reuters, 2026-01-09)
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20. Pharmaceuticals: First GLP-1 pill for obesity from Novo Nordisk launches in the U.S. (CNBC, 2026-01-05)
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21. Personal Care Products: Gen Z and social media are helping men’s makeup go mainstream (CNBC, 2026-01-10)
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