Sector rotation in the US equity market over the past month has been driven by a combination of rising bond yields, stronger US economic growth and political risks going into Tuesday’s US Presidential and Congressional elections. The chart shows the performance over the past month of the 10 sectors that comprise the S&P 500 index, all indexed to a common origin of 100. Only two US sectors are higher than where they were a month ago, namely Utilities and Financials, with Consumer Staples only slightly lower.