The S&P 500 has consistently delivered gains during past Federal Reserve rate hike cycles, according to a report by Barclays. "The positive performance in equities during these hiking cycles is not surprising, given these hikes mostly occur in healthy growth environments," wrote Barclays strategists led by Venu Krishna. Tech and energy lead, but volatility loomingHistorically, Technology and energy have posted the strongest median annualized returns during rate hike cycles at 14% and 8.8%, respectively. Related articlesWhat happens to stocks when the Fed starts hiking? Barclays weighs inBerkshire's profit doubles as equity holdings surge; buys back $4.5 bln sharesKlesch becomes Germany's second-largest oil refiner after BP deal