Consumer sectors reportedly hit lowest S&P 500 weight since at least the 1990s

The Kobeissi Letter reported on September 19, 2026, that consumer discretionary stocks represented about 9% of the S&P 500’s market value and staples about 4%. Their combined weight averaged about 22% over the preceding 35 years, it said. A reply argues that AI infrastructure stocks’ expansion—not weak staples earnings—is shrinking other sectors’ shares. It also warns that the smaller staples share leaves the index with less cushion if AI capital spending slows.