The stock market reacted enthusiastically to the election results, and momentum played a significant role in almost every market segment.

The chart shows the long-short momentum return for the week starting Monday, November 4, and ending Friday, November 8. It shows the long-short momentum return within the S&P 500 GICS sectors and sector-neutral momentum return within the S&P 500, S&P 500 Value, S&P 500 Growth, S&P 500 ex Tech, and the Russell 2000.

The outlier in this chart is the energy sector, which had double the momentum return in the technology sector. Stocks like TARGA Resources (TRG) and ONEOK (OKE) powered the energy sector's momentum return. These diversified energy infrastructure companies had double-digit returns over the week.

The energy sector did not outperform the S&P500 last week. However, the incoming Trump administration's energy-friendly posture will greatly benefit the right stocks and industries within energy. That is likely what momentum's power in energy indicates.

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