U.S. Markets Enter Selection Phase: Tech Dominance Ebbs as Energy, Metals, and Gold Rise

Published: May 3, 2026

A recent video on the Schwab Network highlights a clear divergence in the U.S. market. While the Mag 7 stocks continue to lead the gains, a significant portion of the S&P 500 is lagging, with roughly 45% to 55% of companies remaining in negative territory for the year.

According to guest Patrick Muller, this trend reflects that the current rally is not as broad-based as it appears. Instead, it relies heavily on a limited number of stocks tied to Artificial Intelligence (AI).

Inflation Pressures and Energy

The discussion also touched on the impact of rising oil prices on the markets. Muller noted that ongoing events in the Middle East are adding a new layer of risk and fueling inflationary fears.

He further pointed out that fuel prices directly affect consumers, impacting daily spending and the overall cost of goods and services. In this context, he observed that the Federal Reserve typically lags behind market developments, and its ability to take decisive action will remain limited until geopolitical tensions become clearer.

AI: Between Hype and Reality

Muller explained that capital flows are still aggressively moving toward AI, particularly in the semiconductor sector. However, he noted a gradual transition from hype to actual earnings.

This shift is prompting investors to reallocate funds toward other assets and sectors, such as infrastructure, energy, and precious metals.

Defensive Opportunities

In contrast to the volatility seen in tech stocks, the video indicated a growing trend toward defensive assets, specifically gold and silver.

Muller stated that gold maintains its appeal in an environment defined by fear and uncertainty, while silver appears poised to benefit from industrial demand related to electric vehicles (EVs) and solar energy.

The discussion also highlighted a move away from a total focus on growth stocks, with investors seeking more conservative tools like fixed income and funds that benefit from the re-industrialization within the United States.

What Does This Mean?

The takeaway is that the U.S. market is no longer moving in a single rhythm. It is entering a selection phase, distinguishing between stocks leading the rally and those falling behind.

If strong earnings continue to support mega-cap companies, the rally may persist. However, any missed earnings from market leaders could open the door for a broader correction. Meanwhile, energy, metals, and defensive assets stand out as primary beneficiaries of the current anxiety, leaving investors with a more selective market that is less dependent on the AI narrative alone.

$BTC

$XAUT
#Gate广场五月交易分享