Wall Street Roars Back From April Tariff Sell-Off: Which Sectors Are Still Underwater?

The U.S. stock market staged a stunning one-month rebound, fully erasing the losses triggered by Donald Trump‘s April 2 tariff announcements.

From its April low of 4,835 points, the S&P 500—tracked by the SPDR S&P 500 ETF Trust SPY—has surged 17.5%, logging nine consecutive sessions of gains through Friday, the longest winning streak since May 2024.

Still, the rally has been far from uniform across sectors.

The sectoral rebound since April has been powerful, but only a handful of sectors have managed to fully recover to or exceed their April 2 levels, before Trump’s tariff announcements triggered a broad selloff.

Technology led the charge, surging 25.9% since the April low and now stands 3.8% above its April 2 level, the strongest full recovery among all major sectors.

Industrials and Utilities also climbed 1.8% and 1% above their early-April levels, respectively.

Sectors like Consumer Discretionary , Communication Services, Financials, Consumer Staples, and Real Estate posted strong double-digit rebounds off April lows—ranging from 8.3% to 18.9%— finally reaching April 2 levels without breaching them.

On the other end of the spectrum, Energy remains 13.4% below its April 2 level, making it the worst laggard. Health Care is still down 4% from early April, even after recovering 7.2%. Materials also underperformed, ending the period 1.9% below its pre-tariff announcement level.

Sector	%chg since April lows	May 2 vs. April 2
Communication Services Select Sector SPDR Fund XLC	16.1%	unchanged
Consumer Staples Select Sector SPDR Fund XLP	8.3%	unchanged
Consumer Discretionary Select Sector SPDR Fund XLY	16.9%	unchanged
Energy Select Sector SPDR Fund XLE	11.3%	-13.4%
Financial Select Sector SPDR Fund XLF	18.9%	unchanged
Health Care Select Sector SPDR Fund XLV	7.2%	-4%
Industrials Select Sector SPDR Fund XLI	20.4%	up by 1.8%
Materials Select Sector SPDR Fund XLB	16.4%	-1.9%
Real Estate Select Sector SPDR Fund XLRE	17.2%	unchanged
Technology Select Sector SPDR Fund XLK	25.9%	up by 3.8%
Utilities Select Sector SPDR Fund XLU	12.2%	up by 1%

Top Performing S&P 500 Stocks Since April 2

Name	Sector	Return
Palantir Technologies Inc. PLTR	Information Technology	41.22%
Netflix, Inc. NFLX	Communication Services	23.45
Quanta Services, Inc. PWR	Industrials	23.16
GE Vernova Inc. GEV	Industrials	20.78
CrowdStrike Holdings, Inc. CRWD	Information Technology	18.92
Broadcom Inc. AVGO	Information Technology	18.87
ServiceNow, Inc. NOW	Information Technology	18.80

S&P 500’s Worst Performer Since April 2

Name	Sector	Return
Enphase Energy, Inc. ENPH	Information Technology	-26.66%
Becton, Dickinson and Company BDX	Health Care	-25.89
UnitedHealth Group Incorporated UNH	Health Care	-23.76
APA Corporation APA	Energy	-21.40
Global Payments Inc. GPN	Financials	-20.95
Targa Resources Corp. TRGP	Energy	-20.79
Charles River Laboratories International, Inc. CRL	Health Care	-20.00