This paper analyses the impact of macroeconomic factors on stock returns in Sweden’s Real Estate and Technology sectors from 2015 to 2023. Using monthly data, the study applies a Vector Autoregressive model (VAR) and Granger causality tests. Additionally, four dummy variables are used in the VAR model to identify seasonality post Covid-19. Results indicate the real estate index is negatively influenced by interest rate, money supply, oil, and

SEK/USD exchange rate, while GDP and SEK/EUR exchange rate have a positive impact. The technology index shows no significance for interest rates and SEK/EUR but is positively influenced by GDP and oil band negatively by money supply and SEK/USD. Furthermore, seasonality was detected in 2022 for the real estate index and 2023 for the technology index. The Granger Causality tests suggest a unidirectional relationship for the two variables GDP and money supply towards the real estate index. However, only money supply showed a unidirectional relationship towards the technology index. In conclusion, this study has shown that macroeconomic factors are indeed essential in explaining the performance of the Swedish real estate and technology indexes, influencing each sector differently.