Sector early indicator? Telecommunications - not much at all.
The Telecommunications sector - here represented by AT&T (T, in teal) and Verizon (VZ, in pink), - does not often clearly act as an early indicator against the broader market (here represented by the DJIA in gray, and the NASDAQ in black)... falling from peaks in Jul 1999, then a prolonged period around two years of weak underperforming prices from 2013-2015, and then another prolonged period of around ten months of weak underperforming prices in 2017, and a period of around two months of weak underperforming prices from Nov 2019.
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