Published on 20 Mar 2023 on MarketWatch
U.S. stock market sectors reclassified, with big shifts to financials from tech
The U.S. stock market, which has experienced elevated volatility due to recent bank fears, saw a reclassification of its sectors after Friday’s close.
The revisions meant “big changes” for financials and technology as some S&P 500 stocks switched sectors, according to a BofA Global Research note from earlier this month. As a result of changes to the Global Industry Classification Standard, or GICS, financials could become “the new crowded sector,” BofA equity and quant strategists said in the March 7 note.