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The S&P500 is not an index of the entire economy. It's heavily weighted towards the tech sector.

The hardest hit businesses (retail, restaurants, service) were small parts of the S&P500 because they usually don't have the economies of scale that tech has, and therefore don't produce the mega-caps that dominate the S&P500.

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it's supposed to be a broad index representative of most if not all publicly traded industries. tech is heavily represented because it's become the largest sector as far as total market cap goes.

there are equal weighted index that trade - it's not nearly as recovered as the market cap weighted one but recovered significantly nonetheless. energy, transports, utilities, and certain retail companies have been doing well.

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