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Expand chart
Data: Mike Schoonover, Catalyst Funds; Chart: Axios Visuals

IT companies are again on pace to spend the most on stock buybacks this year, as the total looks set to pass 2018's $1.085 trillion record total.

By the numbers: Companies so far have spent $272 billion on buybacks, data compiled by Mike Schoonover, COO of Catalyst Funds, for Axios shows.

Between the lines: The amount of spending on buybacks announced by companies in the IT sector has fallen significantly this year as other industries, particularly energy and industrials, have picked up the slack. Companies in those sectors have about doubled their percentage of announced buybacks.

  • The top 5 sectors for buybacks this year accounted for 76% of the total. Last year, the top 5 sectors accounted for 82%, led by IT, financials, health care, consumer discretionary and industrials, respectively.

Interestingly, buyback spending has not coincided with market performance for most sectors.

  • IT companies, which announced the most ($369 billion) buyback spending last year and this year ($53 billion), have seen the biggest rise in 1-year return among S&P 500 sectors, up 22.5%, according to data from Fidelity.
  • However, financials, which last year accounted for 20% of completed buybacks ($186 billion) and 9% this year ($24 billion), have been the third-worst performer among the S&P's 11 sectors, delivering a 1-year return of just 0.23%.
  • The real estate sector accounted for just 1% of share buybacks in both 2018 and 2019 but has seen a 19.5% gain in the last year, trailing only IT.

Go deeper

Biden's two-step negotiating process

President Biden departs Geneva. Photo: Martial Trezzini/Pool/AFP via Getty

President Biden's summit "reset" was less about trying to make a friend out of Russia than reframing what the U.S. believes can be accomplished by engaging with President Vladimir Putin.

Driving the news: The Geneva meeting yielded no immediate breakthroughs beyond agreements about ambassadors returning to work and plans to launch talks on nuclear security. But in classic Biden fashion — aviators on, jacket off and a one-liner about invading Russia he had to clarify was a joke — the U.S. president used a post-summit news conference to explain his approach.

Scoop: NRCC to accept cryptocurrency donations

Illustration: Sarah Grillo/Axios

The Republicans' House campaign arm will begin accepting contributions in cryptocurrency, Axios has learned.

Why it matters: The National Republican Congressional Committee is the first national party committee to solicit crypto donations. That puts it at the forefront of a disruptive financial technology that could test campaign finance rules.

By the numbers: Federal holiday adoption dates

Data: FederalPay; Chart: Connor Rothschild/Axios

In the 244-year history of the United States, the government has created 10 federal holidays. Juneteenth — to be marked on June 19 — will become No. 11.

Why it matters: It's not clear how all Americans will come to commemorate a day celebrating the formal end of slavery in the U.S., but it will come with all the trappings of the others: a day off for federal employees, and a potential close of businesses.