Macro Overview
Global markets navigated a complex session on January 13, 2026, as a “cool” core CPI reading of 2.6% initially sparked an equity rally that ultimately faded amid geopolitical tensions and bank earnings. U.S. equities saw a divergence in performance, with large-cap IVV slipping -0.19% while mid-cap segments showed relative strength. Developed markets ex-U.S. (EFA) declined -0.57%, though South Korea remained a significant outlier with a 1-year return exceeding 105%. Emerging markets (EEM) fell -0.74% as a stronger U.S. dollar and tariff rhetoric weighed on sentiment. In fixed income, the long end of the curve outperformed as yields stabilized, while commodities (DJP) rose 0.66%, led by a 2.55% surge in crude oil. Cryptocurrency assets like IBIT rallied over 3% as digital assets acted as a macro hedge against potential dollar debasement.
U.S. Size & Style
U.S. size and style performance reflected a notable rotation toward mid-cap equities, with IJK leading the style box with a +0.50% gain. Large-cap blend (IVV) remains technically constructive, trading 1.92% above its 50-day moving average, though momentum has moderated with an RSI of 60.8. Mid-cap growth (IJK) is approaching overbought territory with an RSI of 67.04, supported by 71.83% of its constituents trading above their 200-day moving averages. Small-cap value (IJS) continues to exhibit the strongest long-term breadth, with 71.05% of members positioned above their 200-day SMA.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Cap | |||||
| Large Growth (IVW) | -0.18% | +2.14% | +3.54% | +1.31% | +24.49% |
| Large Cap (IVV) | -0.19% | +2.07% | +4.97% | +1.74% | +20.82% |
| Large Value (IVE) | -0.21% | +1.94% | +6.60% | +2.22% | +16.41% |
| Mid Cap | |||||
| Mid Growth (IJK) | +0.50% | +4.49% | +7.93% | +5.66% | +13.01% |
| Mid Cap (IJH) | +0.20% | +3.77% | +8.09% | +5.09% | +12.79% |
| Mid Value (IJJ) | -0.12% | +2.77% | +8.13% | +4.35% | +12.03% |
| Small Cap | |||||
| Small Growth (IJT) | +0.08% | +1.88% | +7.03% | +5.05% | +11.59% |
| Small Cap (IJR) | -0.02% | +2.41% | +9.03% | +5.28% | +13.13% |
| Small Value (IJS) | -0.08% | +2.87% | +11.14% | +5.40% | +14.57% |
U.S. Sectors & Industries
Energy (XLE) and Consumer Staples (XLP) emerged as the day’s defensive leaders, gaining 1.42% and 1.16% respectively. Materials (XLB) remains technically overbought with an RSI of 74.68, yet maintains perfect breadth with 100% of constituents trading above their 50-day moving average. Conversely, Financials (XLF) tumbled -1.92% as the kick-off to earnings season and news of a potential credit card interest rate cap weighed on the industry. Utilities (XLU) showed stabilizing breadth at 29.17% above the 50-day SMA, despite trading -7.75% from its 52-week high.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Energy (XLE) | +1.42% | +4.15% | +9.74% | +5.12% | +7.64% |
| Consumer Staples (XLP) | +1.16% | +2.95% | +5.04% | +4.42% | +8.97% |
| Real Estate (XLRE) | +0.76% | +1.53% | +1.13% | +1.44% | +6.67% |
| Utilities (XLU) | +0.63% | +0.79% | -5.01% | +0.37% | +17.98% |
| Industrials (XLI) | +0.51% | +4.99% | +8.65% | +5.73% | +25.11% |
| Materials (XLB) | +0.43% | +8.48% | +11.02% | +7.45% | +16.70% |
| Technology (XLK) | -0.21% | +2.10% | +2.89% | +1.74% | +29.76% |
| Consumer Discretionary (XLY) | -0.25% | +3.11% | +6.44% | +4.02% | +12.82% |
| Health Care (XLV) | -0.41% | +2.17% | +10.89% | +1.25% | +12.74% |
| Communication Services (XLC) | -0.56% | +0.61% | +3.01% | -0.71% | +23.42% |
| Financial (XLF) | -1.92% | -0.97% | +3.34% | -0.99% | +15.35% |
Global Thematic
Thematic performance was dominated by high-beta digital infrastructure, with Crypto Miners (WGMI) and Blockchain (BLOK) capitalizing on the rally in underlying digital assets. Conversely, Evolving Consumer themes faced sharp pullbacks, led by a -4.18% drop in U.S. Cannabis (MSOS). Cloud Computing funds (CLOU, WCLD) also lagged significantly, dropping over 2% as investors rotated out of software-as-a-service providers amid pricing model uncertainty.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Top 5 Leaders | |
| First Trust SkyBridge Crypto Industry & Digital Economy (CRPT) | +3.03% |
| CoinShares Bitcoin Mining ETF (WGMI) | +2.82% |
| Global X Blockchain ETF (BKCH) | +2.42% |
| VanEck Onchain Economy ETF (NODE) | +2.34% |
| Bitwise Crypto Industry Innovators ETF (BITQ) | +2.12% |
| Bottom 5 Laggards | |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -4.18% |
| Amplify Seymour Cannabis ETF (CNBS) | -3.65% |
| Amplify Alternative Harvest ETF (MJ) | -2.82% |
| Global X Cloud Computing ETF (CLOU) | -2.64% |
| Amplify Digital Payments ETF (IPAY) | -2.26% |
Developed ex-U.S.
Developed international markets retreated broadly, with Japan (EWJ) leading laggards with a -0.98% decline despite recent record highs for the Nikkei. South Korea (EWY) remains in an extremely overbought state with an RSI of 71.14, having surged 119.83% from its 52-week low. Canada (EWC) showed technical resilience, closing at its 52-week high and maintaining 73.24% of its constituents above their 50-day moving average.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | -0.57% | +4.29% | +8.24% | +2.93% | +36.78% |
| Australia (EWA) | -0.15% | +1.30% | +0.76% | +0.84% | +14.21% |
| Canada (EWC) | +0.05% | +3.20% | +9.93% | +2.21% | +40.53% |
| France (EWQ) | -0.30% | +2.93% | +6.56% | +2.16% | +31.88% |
| Germany (EWG) | -0.59% | +3.30% | +4.28% | +2.52% | +38.97% |
| Hong Kong (EWH) | -0.58% | +5.74% | +9.60% | +5.41% | +49.49% |
| Japan (EWJ) | -0.98% | +4.34% | +10.54% | +4.59% | +35.06% |
| Netherlands (EWN) | -0.43% | +7.69% | +9.28% | +6.58% | +44.46% |
| South Korea (EWY) | -1.28% | +18.69% | +31.53% | +10.62% | +105.62% |
| Switzerland (EWL) | -0.76% | +3.08% | +7.29% | +0.35% | +32.83% |
| U.K. (EWU) | -0.24% | +5.94% | +9.20% | +2.27% | +40.14% |
Emerging Markets
Emerging markets were pressured by a -1.15% decline in China (MCHI), as star market and tech segments retraced significantly. South Africa (EZA) remained a bright spot, gaining 0.43% and maintaining 83.33% of its constituents above their 200-day moving average. Technical weakness is evident in Thailand (THD) and India (INDA), both of which are flirting with oversold levels (RSI ~40) and trading nearly 2% below their 50-day moving averages.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Emerging (EEM) | -0.74% | +7.56% | +9.15% | +5.12% | +44.32% |
| Brazil (EWZ) | -0.91% | +1.45% | +15.84% | +2.71% | +50.89% |
| China (MCHI) | -1.15% | +4.52% | +1.58% | +5.74% | +48.00% |
| India (INDA) | -0.67% | -0.19% | +0.13% | -1.87% | +4.72% |
| Indonesia (EIDO) | +0.21% | +2.42% | +9.36% | +1.76% | +8.30% |
| Malaysia (EWM) | +0.29% | +5.62% | +10.83% | +2.52% | +23.41% |
| Mexico (EWW) | -0.12% | +3.79% | +12.06% | +3.81% | +57.39% |
| South Africa (EZA) | +0.43% | +12.35% | +16.81% | +6.24% | +91.08% |
| Taiwan (EWT) | -0.78% | +7.87% | +7.10% | +4.05% | +37.55% |
| Thailand (THD) | -1.89% | -0.39% | +0.62% | -1.74% | +5.23% |
Fixed Income
Fixed income assets showed strength across the duration spectrum as investors digested a tamer core inflation report. Long-term Treasuries (SPTL) outperformed shorter-dated notes, gaining 0.15% as the 10-year yield retreated from recent highs. Credit performance was mixed, with high yield (HYG) flatlining while investment-grade corporate bonds (SPIB) notched a 0.12% gain. Short-term municipals (SUB) were a notable area of relative strength in the credit space, advancing 0.20% on the session.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Core & Multisector | |||||
| Taxable Core (AGG) | +0.09% | +0.73% | +0.57% | +0.32% | +8.71% |
| Taxable Core Enhanced (IUSB) | +0.11% | +0.70% | +0.72% | +0.32% | +8.88% |
| Taxable Multisector (PYLD) | +0.00% | +1.05% | +2.22% | +0.45% | +10.70% |
| Government & Treasuries | |||||
| Taxable Ultrashort (BIL) | +0.01% | +0.28% | +0.94% | +0.12% | +4.14% |
| Government Short (SPTS) | +0.00% | +0.26% | +0.80% | -0.03% | +5.34% |
| Government Intermediate (SPTI) | +0.07% | +0.36% | +0.45% | +0.03% | +8.43% |
| Government Long (SPTL) | +0.15% | +0.99% | -1.34% | +0.57% | +8.40% |
| Inflation Protected (TIP) | +0.09% | +0.36% | -0.43% | +0.34% | +7.46% |
| Corporate & Specialty | |||||
| Corporate (SPIB) | +0.12% | +0.60% | +1.04% | +0.18% | +8.96% |
| Taxable High Yield (HYG) | +0.00% | +1.06% | +2.20% | +0.51% | +9.34% |
| Bank Loans (BKLN) | +0.00% | +0.73% | +2.72% | +0.29% | +7.03% |
| Preferred Stock (PFF) | +0.08% | +2.23% | +2.29% | +2.21% | +8.96% |
| Convertible (CWB) | +0.23% | +3.60% | +0.95% | +4.64% | +22.55% |
| Mortgage Backed (MBS) | +0.04% | +1.13% | +1.32% | +0.49% | +10.50% |
| International & EM | |||||
| International USD (BNDX) | -0.08% | +0.66% | +0.13% | +0.46% | +4.48% |
| International (IGOV) | -0.36% | -0.05% | -0.12% | -0.29% | +12.68% |
| Emerging USD (EMB) | -0.12% | +0.29% | +2.16% | -0.12% | +14.23% |
| Emerging (EMLC) | -0.04% | +1.60% | +4.00% | +0.50% | +20.08% |
| Municipals | |||||
| Municipal Short (SUB) | +0.20% | +0.67% | +0.98% | +0.40% | +4.22% |
| Municipal Intermediate (MUB) | +0.04% | +0.96% | +1.34% | +0.45% | +5.31% |
| Municipal Long (MLN) | +0.00% | +0.73% | +0.44% | +0.11% | +3.91% |
| Municipal High Yield (HYD) | -0.04% | +0.94% | +1.94% | +0.33% | +4.26% |
Commodities
Commodities were led higher by a 2.29% gain in the Energy complex (DBE), as WTI crude oil prices rose to a two-month high following tariff threats related to Iranian trade. Precious metals (DBP) showed divergent performance; while gold (GLD) dipped slightly after hitting a record high earlier in the day, silver (SLV) gained 1.77%. Industrial metals (DBB) and Agriculture (DBA) both faced modest selling pressure, with agricultural assets remaining negative on a 1-year basis.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | +0.66% | +5.78% | +10.34% | +5.03% | +17.21% |
| Agriculture | |||||
| Agriculture (DBA) | -0.23% | -0.12% | +0.29% | +0.20% | -0.98% |
| Corn (CORN) | -0.87% | -4.23% | -1.28% | -4.12% | -12.82% |
| Soybeans (SOYB) | -1.18% | -3.60% | +0.60% | -0.69% | -2.43% |
| Wheat (WEAT) | -0.37% | -2.02% | -0.17% | +0.73% | -16.54% |
| Sugar (CANE) | +0.26% | -0.62% | -2.92% | -0.67% | -15.73% |
| Energy | |||||
| Energy (DBE) | +2.29% | +3.93% | +3.25% | +4.75% | -4.24% |
| WTI Crude Oil (USO) | +2.55% | +6.79% | +4.55% | +6.25% | -10.64% |
| Brent Crude Oil (BNO) | +2.35% | +7.75% | +5.44% | +7.49% | -6.85% |
| Natural Gas (UNG) | +1.25% | -11.08% | -7.06% | -7.67% | -37.87% |
| Gasoline (UGA) | +1.51% | +3.92% | +6.17% | +6.48% | -0.17% |
| Industrial Metals | |||||
| Industrial Metals (DBB) | -0.29% | +11.79% | +17.34% | +5.23% | +31.47% |
| Copper (CPER) | +0.03% | +12.37% | +16.78% | +5.52% | +36.23% |
| Precious Metals | |||||
| Precious Metals (DBP) | +0.12% | +13.36% | +21.77% | +9.81% | +87.61% |
| Gold (GLD) | -0.14% | +6.62% | +11.52% | +6.39% | +71.58% |
| Silver (SLV) | +1.77% | +40.11% | +66.31% | +22.01% | +191.54% |
| Platinum (PPLT) | -0.23% | +33.09% | +42.71% | +13.53% | +143.08% |
| Palladium (PALL) | -1.82% | +21.87% | +23.32% | +14.42% | +92.96% |
Cryptocurrency
Digital assets broadly rallied during the session, with Bitcoin (IBIT) and Ethereum (ETHA) both gaining over 3.2% as a “debasement trade” gained momentum. Multi-coin and platform-specific assets like Solana (SOLZ) showed significant relative strength on a YTD basis, with Solana up nearly 16%. Despite the daily rally, the space remains in a intermediate-term consolidation phase, with three-month returns for most major assets still reflecting double-digit percentage declines.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Solana (SOLZ) | +2.86% | +9.37% | -32.05% | +15.93% | — |
| Multi-Coin (NCIQ) | +3.04% | +4.63% | -20.30% | +8.76% | — |
| Bitcoin (IBIT) | +3.28% | +4.63% | -18.60% | +7.90% | +0.66% |
| Ethereum (ETHA) | +3.33% | +4.08% | -24.74% | +7.98% | +3.50% |
| XRP | +3.37% | +6.69% | — | +16.57% | — |
What to Watch Today
Investors remain focused on the fallout from the December CPI data, which solidified expectations for a Federal Reserve rate pause at the upcoming January meeting. The focus now shifts toward a busy slate of big-bank earnings as Wells Fargo, Citigroup, and Bank of America are scheduled to report, potentially setting the tone for the broader financial sector. Additionally, ongoing geopolitical developments and a domestic investigation into the Federal Reserve’s leadership continue to inject headline risk into the market. Market participants will also be monitoring the Supreme Court for potential rulings regarding unilateral tariff imposition, which could significantly impact trade-sensitive sectors and inflationary expectations for the second quarter.
