Best of the Worst. That’s perhaps the most apt way to describe the Industrials sector in 2023. The S&P 500’s year-to-date return has been dominated by large cap growth. That’s no secret. The Information Technology, Communication Services, and Consumer Discretionary sectors, home to juggernauts like Apple, Microsoft, Alphabet, Meta, Amazon, Tesla, and NVIDIA, are each up more than 25%. Their huge gains have pulled the S&P 500 Index 13.4% higher for the year. The average stock, meanwhile, has fallen.