Because of Apple's (AAPL) struggles this year, the S&P 500 technology sector has been one of the weaker performing sectors so far in 2013. This has allowed the financial sector to make up significant ground in its race to take back its spot as the biggest sector in the market.
Below is a look at the current weightings of the 10 S&P 500 sectors compared to where they stood at the end of 2011 and 2012. As shown, at the end of 2011, the technology sector made up 19.02% of the S&P 500, while the financial sector was at 13.43%. The financial sector made nice gains on tech in 2012 as it narrowed the gap by 2.27 percentage points (18.95% vs. 15.63%). Over the first five and a half months of 2013, the spread has tightened even more, and the financial sector is now just 1.3 percentage points below tech. Technology has seen its weighting fall 1.11 percentage points this year down to 17.83%, while the financial sector has seen its weighting gain 0.90 percentage points up to 16.53%. Another five months of similar action would put the financial sector back on top.
Note that we don't think it's a good thing when the financial sector is the biggest sector of the market. The financial services sector is there to "service" the rest of the economy as it grows. Back before the financial crisis hit in late 2007, the financial sector was by far the biggest sector of the market, and we all saw how that ended.