In recent years, when investors have considered market outperformance, many of the usual suspects have likely come to mind, such as AI stocks, semiconductor names, and mega-cap technology. For much of the past few years, that's been the story. But 2026 has thrown up something different so far. Many of the S&P 500's strongest performers year to date aren't tech companies, with three in particular standing out. They're a refiner, a petrochemical giant, and an oil producer. Valero Energy (NYSE: VLO), LyondellBasell (NYSE: LYB), and APA Corporation (NASDAQ: APA) rank 25th, 11th, and 14th among S&P 500 performers year to date.
The common thread is the geopolitical shock triggered by the U.S. and Israel's conflict with Iran in late February, which sent oil prices surging and disrupted global supply chains. And after a stellar run, all three outperformers have just pulled back significantly, possibly giving investors a fresh momentum entry.
