AI and Energy Drive S&P 500 GainsWhat It Means for Markets and the Economy

A board shows stock prices at the New York Stock Exchange on April 22, 2026. Angela Weiss/AFP via Getty ImagesThe S&P 500’s performance in the first half of 2026 tells two very different stories. On one hand, the benchmark index has surged to record highs. On the other, the rally has been unusually narrow, driven largely by artificial intelligence (AI) and energy stocks while much of the rest of the market has lagged.“Strip out AI and energy, and the S&P 500 is down,” Torsten Slok, partner and chief economist at Apollo, wrote in a post on the firm’s website.