Macro Overview
U.S. equity markets opened the week on a positive note as the S&P 500 (IVV) gained 0.53%, supported by a significant rally in precious metals and safe-haven assets. Geopolitical tensions centered on tariff threats against Canada and a looming U.S. government shutdown drove a flight to quality, sending gold and silver to record highs. While Developed Markets (EFA) rose 0.50% and Emerging Markets (EEM) edged up 0.17%, the most dramatic action occurred in the Commodities (DJP) space, where Silver jumped 5.84% amid a historic short squeeze. Fixed Income saw a divergence as safe-haven demand pushed long-term yields lower, aiding international bonds but pressuring credit-sensitive areas like high yield.
U.S. Size & Style
Large-cap growth outperformed today as investors sought out tech-heavy quality names ahead of a massive week for earnings. The Large Growth (IVW) segment led with a 0.64% gain, even as technical indicators show the group consolidating with an RSI of 50.37. Conversely, Mid-Cap (IJH) and Small-Cap Value (IJS) struggled, closing slightly in the red. Breadth remains healthy across the board, with nearly 66% of Large Cap (IVV) constituents trading above their 200-day moving average.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Growth (IVW) | 0.64% | -0.54% | 1.45% | 0.85% | 17.51% |
| Large Cap (IVV) | 0.53% | 0.38% | 2.62% | 1.60% | 15.38% |
| Large Value (IVE) | 0.37% | 1.38% | 3.96% | 2.39% | 12.61% |
| Small Growth (IJT) | 0.27% | 3.30% | 4.86% | 6.43% | 7.69% |
| Mid Growth (IJK) | 0.05% | 3.66% | 5.82% | 6.05% | 7.72% |
| Small Cap (IJR) | 0.04% | 4.07% | 6.27% | 6.62% | 9.26% |
| Mid Cap (IJH) | -0.04% | 3.39% | 6.01% | 5.47% | 7.95% |
| Mid Value (IJJ) | -0.18% | 3.07% | 6.03% | 4.75% | 7.87% |
| Small Value (IJS) | -0.18% | 4.88% | 7.75% | 6.74% | 10.67% |
U.S. Sectors & Industries
Utilities (XLU) emerged as the daily leader, gaining 0.73% as the yield on the 10-year Treasury slipped toward 4.21%. Tech-related sectors also finished strong, with Communication Services (XLC) and Technology (XLK) rising roughly 0.69% and 0.68%, respectively. Materials (XLB) and Energy (XLE) are flashing overbought signals with RSIs of 74.84 and 70.39, while Consumer Discretionary (XLY) lagged the field with a 0.66% decline.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Utilities (XLU) | 0.73% | 0.21% | -5.48% | 0.42% | 10.93% |
| Communication Services (XLC) | 0.69% | -0.17% | 2.25% | 0.04% | 18.71% |
| Technology (XLK) | 0.68% | -0.31% | -0.33% | 1.47% | 22.84% |
| Financials (XLF) | 0.64% | -3.97% | 0.91% | -2.48% | 6.48% |
| Health Care (XLV) | 0.39% | 1.31% | 8.72% | 2.13% | 11.48% |
| Materials (XLB) | 0.12% | 8.50% | 12.99% | 10.32% | 14.64% |
| Industrials (XLI) | 0.10% | 4.56% | 6.47% | 5.97% | 18.11% |
| Energy (XLE) | 0.06% | 11.36% | 12.72% | 10.09% | 11.42% |
| Real Estate (XLRE) | -0.07% | 1.73% | -2.30% | 2.16% | 2.59% |
| Consumer Staples (XLP) | -0.16% | 5.82% | 5.51% | 6.57% | 9.17% |
| Consumer Discretionary (XLY) | -0.66% | 0.22% | 3.14% | 2.44% | 7.27% |
Global Thematic
Cloud Computing (SKYY) and Cybersecurity (HACK) dominated the thematic landscape as enterprise software demand remains a primary narrative in the pre-earnings jitters. Wind Energy (FAN) also saw strong follow-through on recent infrastructure sentiment. On the downside, Bitcoin Mining (WGMI) and Cannabis (MSOS) were heavy laggards, with MSOS plunging over 5.5% as regulatory momentum stalled.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Daily Leaders | |
| Cloud Computing (SKYY) | 2.60% |
| Cybersecurity (HACK) | 2.17% |
| Internet & E-Commerce (FDN) | 1.55% |
| Wind Energy (FAN) | 1.53% |
| Digital Media & Entertainment (ESPO) | 1.19% |
| Daily Laggards | |
| Innovation (ARKK) | -0.97% |
| Future Mobility (DRIV) | -1.05% |
| Blockchain (BLOK) | -1.32% |
| Crypto Miners (WGMI) | -5.21% |
| U.S. Cannabis (MSOS) | -5.57% |
Developed ex-U.S. & Emerging Markets
International markets were buoyed by significant strength in the Asian and European financial hubs, with Spain (EWP) leading developed markets higher. South Korea (EWY) is currently extremely overbought with an RSI of 80.42, which contributed to its 0.55% daily slide. In Emerging Markets, Malaysia (EWM) led country-level performance with a 2.50% jump, while Thailand (THD) and China (MCHI) showed relative weakness despite strong 1-year momentum.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets | |||||
| Australia (EWA) | 0.88% | 3.52% | 3.36% | 5.46% | 14.50% |
| Hong Kong (EWH) | 0.88% | 4.20% | 10.09% | 7.44% | 46.52% |
| Germany (EWG) | 0.83% | 2.79% | 5.41% | 3.15% | 28.95% |
| Netherlands (EWN) | 0.77% | 9.88% | 10.70% | 10.14% | 42.92% |
| United Kingdom (EWU) | 0.57% | 3.59% | 9.21% | 4.21% | 35.56% |
| Switzerland (EWL) | 0.53% | 1.07% | 7.13% | 2.05% | 27.70% |
| Dev ex-U.S. (EFA) | 0.50% | 4.04% | 7.64% | 4.62% | 31.34% |
| France (EWQ) | 0.31% | 1.04% | 1.71% | 1.47% | 19.94% |
| Japan (EWJ) | 0.08% | 4.52% | 6.47% | 4.82% | 29.30% |
| Canada (EWC) | -0.14% | 1.62% | 10.52% | 3.26% | 35.81% |
| South Korea (EWY) | -0.55% | 22.41% | 30.35% | 20.67% | 114.65% |
| Emerging Markets | |||||
| Malaysia (EWM) | 2.50% | 6.73% | 16.65% | 7.82% | 27.15% |
| South Africa (EZA) | 1.36% | 10.06% | 25.24% | 12.47% | 90.40% |
| Indonesia (EIDO) | 1.00% | 4.06% | 5.94% | 2.67% | 6.52% |
| Mexico (EWW) | 0.81% | 7.80% | 19.61% | 10.63% | 59.02% |
| India (INDA) | 0.39% | -4.46% | -5.63% | -4.83% | 1.50% |
| Taiwan (EWT) | 0.33% | 10.98% | 10.05% | 10.09% | 36.93% |
| Emerging Markets (EEM) | 0.17% | 7.97% | 8.93% | 8.15% | 41.09% |
| Brazil (EWZ) | 0.05% | 15.76% | 24.43% | 15.23% | 58.65% |
| China (MCHI) | -0.13% | 2.27% | -1.67% | 4.31% | 35.15% |
| Thailand (THD) | -0.52% | 4.40% | 5.51% | 6.47% | 9.99% |
Fixed Income
Longer-duration Treasury assets outperformed today as safe-haven bids dominated the narrative. Government Long (SPTL) gained 0.45%, while credit-sensitive segments like Bank Loans (BKLN) and Preferred Stock (PFF) struggled under the weight of geopolitical risk. International bonds (IGOV) were the day’s clear standout, jumping 0.64% as the dollar’s slide accelerated against a basket of currencies.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Long Term (BLV) | 0.30% | 0.59% | -1.57% | 1.09% | 7.55% |
| Taxable Core (AGG) | 0.15% | 0.22% | 0.11% | 0.38% | 7.48% |
| Taxable Core Enhanced (IUSB) | 0.13% | 0.21% | 0.29% | 0.41% | 7.65% |
| Taxable Short-Term (BSV) | 0.04% | 0.04% | 0.55% | 0.01% | 5.84% |
| Government | |||||
| Government Long (SPTL) | 0.45% | 0.56% | -1.80% | 1.02% | 6.64% |
| Inflation Protected (TIP) | 0.14% | 0.30% | -0.50% | 0.43% | 6.35% |
| Government Intermediate (SPTI) | 0.10% | -0.28% | -0.05% | -0.14% | 7.12% |
| Taxable Ultrashort (BIL) | 0.00% | 0.25% | 0.92% | 0.23% | 4.09% |
| Government Short (SPTS) | 0.00% | 0.10% | 0.63% | 0.00% | 4.97% |
| Specialty | |||||
| Mortgage Backed (MBS) | 0.21% | 0.41% | 0.77% | 0.56% | 9.02% |
| Corporate (SPIB) | 0.06% | 0.06% | 0.60% | 0.21% | 7.84% |
| Taxable High Yield (HYG) | 0.05% | 0.72% | 1.58% | 0.68% | 7.83% |
| Preferred Stock (PFF) | -0.09% | 2.64% | 2.11% | 2.97% | 5.83% |
| Bank Loans (BKLN) | -0.19% | -0.20% | 1.54% | -0.25% | 6.03% |
| Convertible (CWB) | -0.20% | 3.63% | 1.41% | 5.04% | 18.46% |
| International & EM | |||||
| International Local (IGOV) | 0.64% | 1.28% | 1.18% | 1.80% | 11.11% |
| Emerging Local (EMLC) | 0.19% | 1.93% | 4.82% | 2.05% | 17.68% |
| International USD (BNDX) | 0.17% | 0.23% | -0.13% | 0.43% | 3.67% |
| Emerging USD (EMB) | 0.10% | 0.29% | 1.78% | 0.56% | 12.85% |
| Municipals | |||||
| Municipal High Yield (HYD) | 0.10% | 0.27% | 1.15% | 0.18% | 3.29% |
| Municipal Short (SUB) | 0.05% | 0.58% | 1.30% | 0.45% | 4.00% |
| Municipal Intermediate (MUB) | 0.05% | 0.72% | 0.85% | 0.51% | 4.57% |
| Municipal Long (MLN) | 0.00% | -0.30% | -0.35% | -0.06% | 2.91% |
Commodities
Precious metals stole the show today as Silver (SLV) soared 5.84%, leading the Precious Metals (DBP) complex to a 2.17% daily gain. Natural Gas (UNG) also saw an explosive 6.16% rally as an Arctic cold front tightened the supply-demand balance. Conversely, oil markets lagged the broader energy complex, with WTI Crude Oil (USO) slipping 0.64% as structural surpluses offset weather-driven demand elsewhere.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 1.13% | 8.34% | 15.60% | 11.94% | 24.41% |
| Agriculture | |||||
| Agriculture (DBA) | 0.08% | 0.39% | 0.35% | 0.94% | -2.47% |
| Sugar (CANE) | -0.16% | -3.26% | -0.01% | -2.31% | -15.82% |
| Soybeans (SOYB) | -0.36% | -0.67% | -0.29% | 1.51% | -0.27% |
| Corn (CORN) | -0.40% | -4.14% | -1.50% | -2.14% | -12.20% |
| Wheat (WEAT) | -1.06% | 0.44% | -0.10% | 2.80% | -15.17% |
| Energy | |||||
| Natural Gas (UNG) | 6.16% | 15.77% | 14.34% | 20.96% | -18.16% |
| Broad Energy (DBE) | -0.05% | 7.92% | 2.37% | 7.64% | -0.30% |
| Brent Crude Oil (BNO) | -0.39% | 8.83% | 2.62% | 7.94% | -3.60% |
| WTI Crude Oil (USO) | -0.64% | 7.30% | 0.41% | 6.25% | -7.69% |
| Industrial Metals | |||||
| Industrial Metals (DBB) | 0.04% | 6.21% | 15.50% | 5.88% | 30.76% |
| Copper (CPER) | 0.05% | 2.04% | 15.67% | 4.52% | 34.59% |
| Precious Metals | |||||
| Silver (SLV) | 5.84% | 38.27% | 123.55% | 52.65% | 252.35% |
| Precious Metals (DBP) | 2.17% | 16.52% | 40.13% | 25.11% | 105.88% |
| Gold (GLD) | 1.46% | 11.51% | 23.09% | 17.26% | 81.77% |
| Palladium (PALL) | -0.53% | 4.47% | 41.06% | 26.41% | 103.56% |
| Platinum (PPLT) | -2.18% | 12.09% | 68.71% | 32.36% | 184.01% |
Cryptocurrency
Digital assets faced broad-based selling pressure today as the dollar’s weakness didn’t translate into the usual crypto tailwind, potentially due to a shift toward physical safe havens like gold. Solana (SOLZ) led the decliners, dropping 2.55% as it continues to correct from recent highs. Bitcoin (IBIT) and Ethereum (ETHA) also saw significant daily drops of 2.07% and 1.35%, respectively, though longer-term performance remains under pressure relative to last year’s historic bull run.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Solana (SOLZ) | -2.55% | 0.94% | -37.22% | -0.72% | N/A |
| Multi-Coin (NCIQ) | -2.11% | 0.04% | -22.67% | 0.06% | N/A |
| Bitcoin (IBIT) | -2.07% | 0.08% | -20.98% | 0.00% | -16.83% |
| Ethereum (ETHA) | -1.35% | -1.08% | -26.29% | -2.36% | -13.27% |
What to Watch Today
The market’s primary focus shifts to the start of a massive tech earnings wave and the Federal Reserve’s two-day policy meeting. Investors are carefully weighing President Trump’s recent tariff threats against Canada, which have reignited global trade concerns and pressured the U.S. dollar. While most economists expect the Fed to hold rates steady on Wednesday, Jerome Powell’s subsequent commentary will be vital for assessing whether the central bank will maintain its easing bias for the remainder of 2026. Additionally, the potential for a U.S. government shutdown at the end of the month remains a key tail risk that could sustain the current flight to safe-haven assets like gold and silver.
