Wall Street has been on a remarkable rally so far this year, with all three major indices near record highs. Solid corporate earnings, Fed rate cut bets and booming AI have been driving the rally. Earnings grew 6% in the first quarter of 2024, the highest growth rate seen in nearly two years. The recent economic data showed that the U.S. economy is back on course for another solid GDP gain in the second quarter. U.S. business activity growth accelerated sharply to its fastest pace in more than two years in May after two months of slower growth, led by an upturn in the service sector. Consumer confidence, as indicated by the Conference Board's gauge of sentiment, increased in May after three months of decline. Further, Wall Street has become more bullish on stocks, given the improving outlook for both earnings and economic growth. Over the past two weeks, three equity strategists tracked by Yahoo Finance have boosted their year-end targets for the S&P 500. The median target on Wall Street for the benchmark index now sits at 5,250, up from the median target of 4,850 on Dec 30, per Bloomberg data. However, uncertainty about the timing of Fed rate cuts will weigh on investors' sentiment in the coming weeks. The latest data from the Institute for Supply Management showed that U.S. manufacturing contracted in May for the 18th time in 19 months, hit particularly hard by high interest rates. The latest Fed minutes highlight concerns over stubborn inflation. While inflation has eased over the past year, it failed to show further progress toward the Fed's 2% objective in recent months. As such, the disinflation process would likely take longer than previously thought, per Fed minutes. Additionally, geopolitics will continue to be an overhang. Against such a backdrop, investors could be well served by ETFs from sectors that house the top-ranked industries. Here's How to Find the Top-Performing Sectors While identifying the top-performing sectors is a daunting task, the Zacks Sector Rank makes this process simpler. The Zacks Sector Rank is determined by calculating the average Zacks Rank for all the stocks in ...