Tech hardware and semiconductors remain the clear leadership group in the US equity landscape, while interest-rate and credit‑sensitive pockets like mortgage REITs and some services lag.
Under the surface, commodity-linked groups like metals and energy are firm, while parts of real estate, leisure, and lower‑quality cyclicals remain under pressure.
IMGELD (Date: May 24, 2026 )
Semiconductors, tech hardware, and energy-related groups dominate the leadership board today, while mortgage REITs, airlines, and select commercial services sit at the bottom.
Executive Summary
Leadership is concentrated in semiconductors, technology hardware, electronic equipment, and energy, reflecting ongoing strength in advanced manufacturing and energy infrastructure, as evidenced by recent industrial and tech supply-chain expansions. At the same time, pockets of financials and real estate show mixed dynamics, with select listings and capital markets activity offset by weakness in rate‑sensitive mortgage REITs and travel‑linked businesses. Consumer and leisure segments, including restaurants and airlines, continue to face challenges from geopolitical disruptions and demand uncertainty.Finance and capital‑markets‑linked areas.
Top 5 Strongest Industries
(Long bias)
Semiconductors & Semiconductor Equipment
Final Score: 97.96
Before: #1 → Now: #1
Why they are strong: Expansion in high‑end American manufacturing partnerships, including new U.S. production collaborations in advanced electronics, is supporting demand for semiconductor and equipment capacity as supply chains localize.
Key Players: NVIDIA, Intel, Advanced Micro DevicesTechnology Hardware, Storage & Peripherals
Final Score: 90.72
Before: #2 → Now: #2
Why they are strong: Major US‑focused hardware and device makers are stepping up domestic manufacturing commitments through new supplier partnerships, underscoring strong demand for high‑end electronics and infrastructure.
Key Players: Apple, Dell Technologies, HPElectronic Equipment, Instruments & Components
Final Score: 90.79
Before: #3 → Now: #3
Why they are strong: The expansion of American manufacturing programs by leading device makers into additional US‑based partners is driving investment and order growth across electronic components and instrumentation supply chains.
Key Players: Texas Instruments, TE Connectivity, CorningEnergy Equipment & Services
Final Score: 88.67
Before: #5 → Now: #4
Why they are strong: Elevated upstream and midstream activity, reflected in continued build‑out of energy infrastructure and service capacity, is being supported by robust oil and gas markets amid geopolitical tensions and supply concerns.
Key Players: Schlumberger, Halliburton, Baker HughesMetals & Mining
Final Score: 86.07
Before: #6 → Now: #5
Why they are strong: Persistent focus on reshoring and expansion of US manufacturing footprints, including electronics and industrial supply chains, is underpinning demand expectations for key metals and mined inputs.
Key Players: Freeport-McMoRan, Newmont, Southern Copper
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Bottom 5 Weakest Industries
(Short bias)
Hotels, Restaurants & Leisure
Final Score: 19.70
Before: #49 → Now: #52
Why they are weak: US‑listed restaurant names have struggled in early 2026 as rising costs and uneven traffic weigh on margins, leading analysts to flag the group as an area where selectivity is crucial.
Key Players: McDonald’s, Starbucks, Chipotle Mexican GrillCommercial Services & Supplies
Final Score: 21.65
Before: #51 → Now: #53
Why they are weak: Smaller and more cyclical commercial services providers are under pressure as investors rotate toward higher‑quality growth and defensives, with market commentary emphasizing caution toward economically sensitive service businesses.
Key Players: Cintas, Waste Management, Republic ServicesPassenger Airlines
Final Score: 36.80
Before: #52 → Now: #54
Why they are weak: US and global airline stocks have sold off sharply after a flare‑up in the US‑Iran conflict triggered the worst travel disruption since the pandemic, hitting demand expectations and raising risk premiums.
Key Players: Delta Air Lines, American Airlines, United AirlinesDiversified Consumer Services
Final Score: 18.08
Before: #54 → Now: #55
Why they are weak: Discretionary consumer‑service providers face a tougher backdrop as investors focus on geopolitical risk and higher‑quality growth sectors, leaving smaller diversified services exposed to demand swings.
Key Players: Service Corporation International, Bright Horizons Family Solutions, H&R BlockMortgage Real Estate Investment Trusts (REITs)
Final Score: 13.58
Before: #56 → Now: #56
Why they are weak: Rate‑sensitive mortgage REITs lag as investors favor equity‑oriented and operating REIT models, while capital flows gravitate toward residential and senior‑housing platforms that can better capture rental and demographic growth.
Key Players: Annaly Capital Management, AGNC Investment, Starwood Property Trust
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Additional Readings
Semiconductors & Semiconductor Equipment: US device makers deepen American production partnerships, supporting advanced chip demand (CNBC, 2026-03-26)
Apple expands American manufacturing program with four new partnersTechnology Hardware, Storage & Peripherals: US hardware makers ramp domestic manufacturing with new partners (CNBC, 2026-03-26)
Apple expands American manufacturing program with four new partnersElectronic Equipment, Instruments & Components: Expansion of US electronics manufacturing boosts component suppliers (CNBC, 2026-03-26)
Apple expands American manufacturing program with four new partnersEnergy Equipment & Services: Chemical and industrial names highlighted as beneficiaries of conflict‑driven energy market volatility (CNBC, 2026-03-02)
Josh Brown highlights three chemical stocks as U.S.-Iran conflict rattles global marketsMetals & Mining: Geopolitics and supply‑chain shifts reinforce demand for US‑linked industrial materials (CNBC, 2026-04-11)
Trump policies, China’s biotech boom are ending Europe’s pharma powerhouse eraHotels, Restaurants & Leisure: Restaurant stocks struggle in early 2026 amid cost and demand pressures (CNBC, 2026-03-15)
Restaurant stocks are struggling to start 2026. Where to find buying opportunitiesCommercial Services & Supplies: Investors urged to be selective in economically sensitive service stocks as war jitters hit markets (CNBC, 2026-04-16)
Why the stock market is hitting records despite Iran warPassenger Airlines: Travel stocks slide as US‑Iran conflict causes worst disruption since the pandemic (Reuters, 2026-03-02)
Travel stocks tumble as US-Iran conflict sparks worst disruption since pandemicDiversified Consumer Services: War‑related market volatility is pushing investors toward quality growth and defensives, away from smaller discretionary service names (CNBC, 2026-04-16)
Why the stock market is hitting records despite Iran warMortgage REITs / Residential REITs: Senior‑housing and operating residential REITs attract capital as investors seek growthier real‑estate exposure (Reuters, 2026-03-20)
Senior housing REIT Janus Living valued at $5.9 billion as shares rise in NYSE debut“