Simple Linear Regression analysis supported these findings. The slope coefficient for the Semiconductor sector was the largest among all sectors, meaning that changes in SPY are most strongly reflected in the Semiconductor sector’s returns. The Technology sector also displayed a high B1 value, suggesting significant market sensitivity.
From these results, we can infer that during the past decade, the Semiconductor and Technology sectors have been the primary drivers of S&P 500 growth, likely due to advancements in AI, cloud computing, and digital infrastructure.
In conclusion, the U.S. stock market’s recent performance has been heavily influenced by technology-related industries—especially semiconductors—highlighting their central role in market expansion and economic transformation.