The Return of the Stock Picker’s Market

Adam Turnquist | Chief Technical Strategist

Last Updated: February 17, 2026

If you judged the S&P 500 solely by its flat year-to-date performance, you may assume it has been an uneventful year for the U.S. equity market…

First, the economy is creating uneven sector performance as different industries face an evolving set of tailwinds and headwinds… Weekly Market Commentary.

High Dispersion and Low Correlation Create Opportunities for Active Management

From Worst to First

Dispersion is showing up across S&P 500 sectors as well…

S&P 500 Sector Performance Comparison

Conclusion

The U.S. equity market may look steady on the surface but rising dispersion and falling correlations among S&P 500 stocks reveal a far more dynamic environment beneath…

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Important Disclosures

This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

Investing involves risks including possible loss of principal.

Indexes are unmanaged and cannot be invested into directly.

This research material has been prepared by LPL Financial LLC.

Not Insured by FDIC/NCUA or Any Other Government Agency | Not Bank/Credit Union Deposits or Obligations | Not Bank/Credit Union Guaranteed | May Lose Value

For Public Use – Tracking: #1065924