The recent volatility in bond yields has caused some sector rotation in equity markets. For the US and Australian equity markets we show in the table below the September-quarter-to-date local currency total returns across the main GICs sectors and industries. We have separated Banks and Real Estate out of Financials to provide a more accurate picture. The sectors are listed in descending order of US total returns, with the Australian equivalents shown next to them. The best performing sector in the US since 30 June has been Information Technology, which continues to go from strength to strength. It was the stand out sector during the US profit reporting season, with companies such as Facebook, Alphabet and Amazon posting strong growth that beat estimates. Even Apple's result was better than expected and the company's share price has risen strongly since recently launching their iPhone 7, helped in part by Samsung's "fire phone" debacle.