US Markets 2026: Tech Dominance Ebbs as Gold and Energy Take the Lead

US Markets 2026: Tech Dominance Ebbs as Gold and Energy Take the Lead

U.S. Markets Enter "Selection" Phase: Tech Dominance Ebbs as Energy, Metals, and Gold Rise Published: May 3, 2026 A recent video on the Schwab Network highlights a clear divergence in the U.S. market. While the "Mag 7" stocks continue to lead the gains, a significant portion of the S&P 500 is lagging, with roughly 45% to 55% of companies remaining in negative territory for the year. According to guest Patrick Muller, this trend reflects that the current rally is not as broad-based as it appears. Instead, it relies heavily on a limited number of stocks tied to Artificial Intelligence (AI). Inflation Pressures and Energy The discussion also touched on the impact of rising oil prices on the markets. Muller noted that ongoing events in the Middle East are adding a new layer of risk and fueling inflationary fears. He further pointed out that fuel prices directly affect consumers, impacting daily spending and the overall cost of goods and services. In this context, he obse…