The S&P 500 Index and its top ETFs, such as Vanguard’s VOO and State Street’s SPY, have declined sharply in the past few days. They have dropped by over 6.45% from the highest point this year. Also, they have been hovering at the lowest level since November last year. This article explores some of the top movers in the index this year.
S&P 500 Index chart | Source: TradingView
Why the S&P 500 Index has dropped this year
Most companies in the S&P 500 Index have dropped this year because of the ongoing Iran war, which has pushed energy prices higher.
Brent and the West Texas Intermediate (WTI) have jumped by double digits since the war started a few weeks ago. As a result, the headline and core consumer price index (CPI) data are expected to continue rising, and possibly hit the key milestone at 3% this year.
As a result, US bond yields have continued rising, with the 10-year and 30-year rising to 4.3% and 4.8%, respectively. This jump is mostly because investors anticipate the Federal Reserve will either leave interest rates unchanged between 3.50% and 3.75% or hike rates this year.
The S&P 500 Index has also dropped because of the ongoing concerns about the private credit industry, where some top companies like Blackstone, Ares, and Blue Owl have continued to restrict withdrawals. As such, there are concerns that the private credit bubble may be about to burst.
The index has also slumped amid the rising concerns about the artificial intelligence (AI) industry. Software stocks have slumped amid concerns that tools being made by companies like Anthropic will disrupt their business models.
Top gainers in the VOO ETF this year
Some notable companies in the S&P 500 Index have done well in the past few months. Memory chip companies like Sandisk, Western Digital, and Seagate Technology stocks have jumped by 187%, 70%, and 50%, respectively.
This surge happened as the memory chip shortage continued, pushing them to boost prices and margins. For example, analysts expect that Sandisk’s revenue will jump by 112% to $15.5 billion this year. They also expect that Western Digital’s revenue will jump by 30% to $12.47 billion.
Texas Pacific Land stock has jumped by 88% this year, while companies like Ciena, LyondellBasell, Moderna, APA Corporation, Dow, and Teradyne have all jumped by over 60% this year.
Some of the other top gainers this year are companies like Marathon Petroleum, Occidental, Valero, and Phillips 66. These companies are doing well as crude oil and natural gas prices soar.
Top laggards in S&P 500 Index in 2026
Many companies in the S&P 500 Index have come under pressure this year. The Trade Desk stock has slumped by 42% this year as some key clients like Omnicom and Publicis have announced reviews of its practices.
Fair Isaac, a top company in the financial services industry, has tumbled by 42% this year amid concerns that the business will be disrupted by AI tools.
The other top laggards in the S&P 500 Index are firms like Robinhood, Workday, Gartner, CoStar, AppLovin, and GoDaddy. Also, other top companies like Adobe, ServiceNow, FactSet have all dropped amid concerns about the disruption by AI tools.
Other top laggards in the index are private equity companies like Ares, Blue Owl, and KKR.
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