Macro Overview
The S&P 500 (SPY) advanced by 1.02% as domestic equities caught a bid amidst broader risk-on sentiment across global markets. Developed ex-U.S. Equities (EFA) climbed 1.87%, while Emerging Markets (EEM) stood out as a clear outlier, surging 2.78% in a single session. Fixed income aggregates managed positive returns as yields slightly compressed, though broad commodities measured by the Bloomberg Commodity Index (DJP) shed 1.82% due to notable weakness in the energy complex.
U.S. Size & Style
The S&P 500 (IVV) added 1.01% with size and style factors largely participating in the upward momentum. Large Growth (IVW) paced the U.S. landscape by returning 1.29%, outpacing the 0.76% gain registered by Large Value (IVE). Small Cap (IJR) and Mid Cap (IJH) equities produced more muted advances of 0.74% and 0.70%, respectively, reflecting a slight preference for large-cap durability. Small Value (IJS) posted the weakest result across the nine style boxes at 0.36%, continuing its struggle to break from near-term ranges.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Growth (IVW) | 1.29% | -0.66% | -3.14% | -4.08% | 25.25% |
| Large Cap (IVV) | 1.01% | -1.88% | -1.17% | -1.90% | 20.33% |
| Mid Growth (IJK) | 0.91% | -3.33% | 3.87% | 4.11% | 21.26% |
| Large Value (IVE) | 0.76% | -3.17% | 1.08% | 0.58% | 14.92% |
| Small Cap (IJR) | 0.74% | -6.11% | 0.58% | 2.30% | 18.88% |
| Mid Cap (IJH) | 0.70% | -5.43% | 1.64% | 2.08% | 16.60% |
| Small Growth (IJT) | 1.09% | -5.42% | 0.18% | 2.17% | 17.17% |
| Mid Value (IJJ) | 0.50% | -7.57% | -0.79% | -0.12% | 11.58% |
| Small Value (IJS) | 0.36% | -6.84% | 0.93% | 2.31% | 20.31% |
U.S. Sectors & Industries
Technology (XLK) propelled market action with a 1.45% climb, closely followed by a 1.21% advance from Consumer Discretionary (XLY). Defensive allocations lagged the broader tape, with Consumer Staples (XLP) returning a modest 0.28%. Energy (XLE) managed only a 0.35% gain despite elevated momentum, entering technical overbought territory with a 14-day RSI of 71.10. Overall breadth remained somewhat concentrated in pro-cyclical and growth-oriented segments of the U.S. economy.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Technology (XLK) | 1.45% | -0.56% | -2.50% | -3.60% | 30.53% |
| Consumer Discretionary (XLY) | 1.21% | -3.43% | -7.80% | -6.04% | 15.05% |
| Industrials (XLI) | 0.86% | -4.66% | 6.77% | 7.05% | 28.36% |
| Financial (XLF) | 0.84% | -4.55% | -9.46% | -9.99% | 3.01% |
| Health Care (XLV) | 0.81% | -4.22% | -1.57% | -2.45% | 6.02% |
| Real Estate (XLRE) | 0.78% | -2.11% | 6.15% | 5.53% | 6.23% |
| Communication Services (XLC) | 0.77% | 0.65% | -0.81% | -2.03% | 20.86% |
| Utilities (XLU) | 0.64% | 1.63% | 10.63% | 10.71% | 23.25% |
| Materials (XLB) | 0.43% | -7.33% | 10.34% | 8.93% | 17.18% |
| Energy (XLE) | 0.35% | 6.53% | 33.28% | 29.50% | 33.33% |
| Consumer Staples (XLP) | 0.28% | -5.06% | 8.05% | 9.40% | 9.80% |
Global Thematic
Digital asset infrastructure dominated the thematic leaderboard, with the CoinShares Bitcoin Mining ETF (WGMI) returning 5.68% amid tailwinds in blockchain technology. Cybersecurity themes encountered headwinds, resulting in the WisdomTree Cybersecurity Fund (WCBR) shedding 1.73% to pace the laggards. Cannabis equities also retreated, highlighted by a 1.58% decline in the Amplify Alternative Harvest ETF (MJ).
| Name (Ticker) | 1-Day |
|---|---|
| Top 5 Leaders | |
| CoinShares Bitcoin Mining ETF (WGMI) | 5.68% |
| Global X Blockchain ETF (BKCH) | 5.43% |
| iShares Blockchain and Tech ETF (IBLC) | 5.24% |
| VanEck Digital Transformation ETF (DAPP) | 5.06% |
| Bitwise Crypto Industry Innovators ETF (BITQ) | 4.99% |
| Bottom 5 Laggards | |
| WisdomTree Cybersecurity Fund (WCBR) | -1.73% |
| Amplify Alternative Harvest ETF (MJ) | -1.58% |
| Amplify Seymour Cannabis ETF (CNBS) | -1.58% |
| Amplify Cybersecurity ETF (HACK) | -1.33% |
| Global X Cybersecurity ETF (BUG) | -1.09% |
Developed ex-U.S. & Emerging Markets
International equities exhibited robust upside, headlined by the MSCI South Korea ETF (EWY) delivering an exceptional 7.21% single-day advance and pushing its one-year return to 142.48%. The MSCI South Africa ETF (EZA) followed with a 3.72% gain as emerging market investors deployed capital into higher-beta regions. Conversely, the MSCI Indonesia ETF (EIDO) recorded a 0.71% decline, plunging deeper into oversold territory with an RSI registering at 19.99. The MSCI India ETF (INDA) advanced 1.04% but likewise flashed an oversold RSI reading of 27.32.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| South Korea (EWY) | 7.21% | -0.65% | 48.68% | 36.91% | 142.48% |
| South Africa (EZA) | 3.72% | -8.28% | 5.14% | 0.41% | 56.89% |
| Brazil (EWZ) | 2.93% | -4.02% | 15.99% | 14.98% | 49.11% |
| Taiwan (EWT) | 2.91% | -1.40% | 17.85% | 13.38% | 49.89% |
| Emerging (EEM) | 2.78% | -4.48% | 10.19% | 6.71% | 34.11% |
| Australia (EWA) | 2.50% | -1.65% | 11.08% | 9.51% | 26.03% |
| Mexico (EWW) | 2.28% | -9.71% | 7.15% | 5.52% | 45.02% |
| Japan (EWJ) | 2.05% | -9.36% | 5.22% | 5.36% | 26.52% |
| Dev ex-U.S. (EFA) | 1.87% | -5.89% | 3.35% | 2.16% | 21.38% |
| Netherlands (EWN) | 1.83% | -3.16% | 5.83% | 4.68% | 29.04% |
| U.K. (EWU) | 1.72% | -2.41% | 7.91% | 4.84% | 27.20% |
| Germany (EWG) | 1.71% | -7.85% | -3.59% | -4.66% | 6.65% |
| Thailand (THD) | 1.64% | -5.59% | 11.08% | 11.23% | 29.12% |
| France (EWQ) | 1.59% | -6.90% | -3.25% | -3.36% | 8.23% |
| China (MCHI) | 1.59% | -2.73% | -1.68% | -2.28% | 4.59% |
| Canada (EWC) | 1.49% | -0.57% | 5.42% | 3.56% | 41.43% |
| Malaysia (EWM) | 1.47% | -2.22% | 8.47% | 6.21% | 29.89% |
| Switzerland (EWL) | 1.33% | -6.73% | 0.81% | -0.77% | 15.29% |
| Hong Kong (EWH) | 1.19% | -0.52% | 8.94% | 8.38% | 33.80% |
| India (INDA) | 1.04% | -8.19% | -8.29% | -10.16% | -0.72% |
| Indonesia (EIDO) | -0.71% | -13.28% | -17.38% | -17.59% | -3.57% |
Fixed Income
A flatter yield curve profile benefited longer-duration instruments across the fixed income spectrum. The SPDR Portfolio Long Term Treasury ETF (SPTL) registered a 0.80% gain, decisively outperforming the 0.07% return of its short-term counterpart (SPTS). Credit markets remained well-supported, evidenced by the iShares Convertible Bond ETF (CWB) climbing 1.27% alongside a 0.32% advance in the iShares iBoxx $ High Yield Corporate Bond ETF (HYG). International fixed income allocations additionally caught a tailwind, with the iShares International Treasury Bond ETF (IGOV) increasing by 1.08%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Long Term (BLV) | 0.67% | -2.79% | -0.29% | -0.23% | 3.10% |
| Taxable Core (AGG) | 0.39% | -1.07% | 0.47% | 0.36% | 5.39% |
| Taxable Core Enhanced (IUSB) | 0.37% | -1.14% | 0.38% | 0.26% | 5.60% |
| Taxable Multisector (PYLD) | 0.27% | -1.79% | -0.16% | -0.50% | 6.80% |
| Government | |||||
| Government Long (SPTL) | 0.80% | -2.24% | 0.41% | 0.59% | 2.06% |
| Inflation Protected (TIP) | 0.32% | -0.30% | 1.12% | 1.05% | 5.06% |
| Government Intermediate (SPTI) | 0.31% | -0.68% | 0.45% | 0.41% | 5.44% |
| Government Short (SPTS) | 0.07% | -0.26% | 0.52% | 0.33% | 4.22% |
| Taxable Ultrashort (BIL) | 0.00% | 0.27% | 0.86% | 0.71% | 4.01% |
| Specialty | |||||
| Convertible (CWB) | 1.27% | -1.21% | 5.13% | 4.76% | 22.85% |
| Mortgage Backed (MBS) | 0.44% | -0.94% | 1.09% | 0.80% | 6.93% |
| Taxable High Yield (HYG) | 0.32% | -1.25% | -0.06% | -0.49% | 6.76% |
| Corporate (SPIB) | 0.27% | -1.14% | 0.14% | -0.11% | 6.13% |
| Preferred Stock (PFF) | 0.26% | -2.87% | -0.18% | -0.02% | 4.76% |
| Bank Loans (BKLN) | 0.05% | -0.33% | -1.15% | -1.54% | 5.36% |
| International & EM | |||||
| International (IGOV) | 1.08% | -3.96% | -1.08% | -1.01% | 6.10% |
| Emerging (EMLC) | 0.84% | -3.90% | -0.19% | -0.99% | 11.86% |
| International USD (BNDX) | 0.46% | -1.01% | 0.20% | 0.23% | 3.94% |
| Emerging USD (EMB) | 0.39% | -2.34% | -0.74% | -0.75% | 9.90% |
| Municipals | |||||
| Municipal High Yield (HYD) | 0.17% | -0.56% | 0.49% | 0.04% | 2.49% |
| Municipal Long (MLN) | 0.14% | -0.11% | 1.61% | 0.93% | 4.81% |
| Municipal Intermediate (MUB) | 0.12% | -0.55% | 1.17% | 0.78% | 4.73% |
| Municipal Short (SUB) | 0.01% | -0.19% | 0.89% | 0.67% | 3.83% |
Commodities
Broad commodity strategies faced acute downward pressure as the Invesco DB Energy Fund (DBE) dropped 2.91% in sympathy with a 4.05% pullback in WTI Crude Oil (USO). Agricultural markets compounded the weakness, illustrated by a 3.88% daily decline in the Teucrium Soybean Fund (SOYB) and a 1.12% drop for the broader Invesco DB Agriculture Fund (DBA). Industrial and precious metals offered a pocket of resilience, driven by a 4.42% surge in the abrdn Physical Platinum Shares ETF (PPLT) and a 2.50% advance for the United States Copper Index Fund (CPER).
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -1.82% | 15.08% | 27.28% | 24.57% | 35.29% |
| Agriculture | |||||
| Agriculture (DBA) | -1.12% | 2.56% | 4.38% | 3.64% | 3.55% |
| Sugar (CANE) | -1.33% | 6.64% | -0.26% | -1.28% | -22.05% |
| Corn (CORN) | -2.20% | 3.46% | 3.81% | 2.99% | -3.03% |
| Wheat (WEAT) | -2.48% | 8.91% | 14.65% | 14.42% | -6.54% |
| Soybeans (SOYB) | -3.88% | 1.54% | 6.77% | 8.87% | 10.88% |
| Energy | |||||
| Gasoline (UGA) | -1.04% | 41.60% | 58.19% | 55.32% | 59.27% |
| Brent Crude Oil (BNO) | -2.81% | 49.45% | 75.22% | 68.29% | 63.67% |
| Energy (DBE) | -2.91% | 45.11% | 62.92% | 58.77% | 54.56% |
| WTI Crude Oil (USO) | -4.05% | 50.92% | 73.84% | 66.32% | 59.15% |
| Industrial Metals | |||||
| Copper (CPER) | 2.50% | 0.37% | 8.51% | 2.09% | 17.17% |
| Industrial Metals (DBB) | 1.39% | 2.25% | 11.90% | 5.10% | 24.57% |
| Precious Metals | |||||
| Platinum (PPLT) | 4.42% | 2.66% | 14.41% | 2.96% | 111.12% |
| Palladium (PALL) | 3.82% | -4.78% | 0.02% | 0.52% | 65.60% |
| Silver (SLV) | 0.73% | 5.02% | 26.83% | 13.66% | 138.42% |
| Precious Metals (DBP) | 0.36% | 0.97% | 17.55% | 14.92% | 75.99% |
| Gold (GLD) | -0.09% | -0.47% | 16.30% | 16.18% | 67.28% |
Cryptocurrency
Digital assets experienced widespread accumulation, led by an exceptional 10.82% upside move in the iShares Ethereum Trust ETF (ETHA). While the iShares Bitcoin Trust ETF (IBIT) anchored the bottom of the group, it still posted a solid 3.89% return on the session. Broader ecosystem proxies, such as the Solana ETF (SOLZ), maintained strong momentum with a 7.11% gain.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Bitcoin (IBIT) | 3.89% | 7.62% | -15.63% | -15.53% | -12.88% |
| Multi-Coin (NCIQ) | 5.74% | 8.58% | -16.99% | -16.51% | -11.76% |
| Solana (SOLZ) | 7.11% | 12.29% | -26.28% | -23.68% | – |
| XRP (XRP) | 9.06% | 7.95% | -20.83% | -16.67% | – |
| Ethereum (ETHA) | 10.82% | 14.05% | -20.96% | -21.49% | 20.29% |
What to Watch Today
Following the digestion of yesterday’s retail sales figures, market participants will shift their attention toward the release of building permits and housing starts to assess the trajectory of the residential real estate sector. These metrics will provide critical insights into how homebuilders are navigating the current interest rate environment and evolving supply dynamics. Additionally, a scheduled slate of central bank speakers will be closely monitored for nuanced clues regarding the future path of monetary policy. Any unexpected shifts in rhetorical tone could inject incremental volatility into both currency pairs and the broader sovereign yield curve.
