Macro Overview
The S&P 500 (IVV) declined 0.56% during the most recent session, extending its one-month drawdown to 2.86%. Developed ex-U.S. equities (EFA) experienced a sharper 1.19% single-day contraction, pushing its trailing one-month performance to negative 7.62%. Emerging Markets (EEM) posted a more measured 0.26% decline, though it remains up 3.82% on a year-to-date basis. Broad Commodities (DJP) softened by 0.46% on the day but continue to lead major asset classes with a 26.88% return year-to-date. In fixed income, the Taxable Core (AGG) segment remained relatively flat with a 0.08% decline as market participants evaluated ongoing macroeconomic data.
U.S. Size & Style
Size and style metrics registered uniform declines across the matrix, with Large Growth (IVW) acting as the primary laggard following a 0.99% daily contraction. Small Growth (IJT) demonstrated the most relative resilience by limiting its daily loss to 0.08%. Notably, the Mid Value (IJJ) segment reached an oversold condition with an RSI of 25.78, correlating with its 8.04% one-month drawdown. From a trailing one-year perspective, Large Growth remains the performance leader at 26.82%, despite recent near-term pressures.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Small Growth (IJT) | -0.08% | -6.45% | -1.99% | 1.06% | 19.02% |
| Large Value (IVE) | -0.09% | -3.89% | -0.44% | -0.17% | 15.92% |
| Mid Value (IJJ) | -0.10% | -8.04% | -2.13% | -0.62% | 13.47% |
| Small Cap (IJR) | -0.12% | -6.80% | -1.21% | 1.56% | 20.90% |
| Small Value (IJS) | -0.14% | -7.17% | -0.51% | 1.94% | 22.49% |
| Mid Cap (IJH) | -0.15% | -6.09% | 0.09% | 1.36% | 18.60% |
| Mid Growth (IJK) | -0.19% | -4.20% | 2.03% | 3.17% | 23.31% |
| Large Cap (IVV) | -0.56% | -2.86% | -2.57% | -2.88% | 21.60% |
| Large Growth (IVW) | -0.99% | -1.92% | -4.53% | -5.31% | 26.82% |
U.S. Sectors & Industries
The Utilities (XLU) sector decoupled from the broader market, advancing 0.99% as investors favored defensive equity segments. Energy (XLE) recorded a 0.33% daily gain, maintaining its technically overbought status with an RSI of 70.25 and a year-to-date return of 29.05%. Conversely, Materials (XLB) posted the steepest daily decline at 0.99%, expanding its one-month deficit to 7.73%. Financials (XLF) edged up 0.12% but continue to reflect an oversold technical posture with an RSI of 29.16. Consumer Discretionary (XLY) also exhibits an oversold RSI of 29.26 following a 0.59% single-day reduction.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Utilities (XLU) | 0.99% | 0.99% | 10.46% | 10.00% | 24.85% |
| Consumer Staples (XLP) | 0.58% | -5.33% | 7.56% | 9.09% | 9.74% |
| Energy (XLE) | 0.33% | 6.16% | 27.86% | 29.05% | 36.80% |
| Real Estate (XLRE) | 0.26% | -2.87% | 4.81% | 4.71% | 7.45% |
| Financial (XLF) | 0.12% | -5.34% | -10.72% | -10.74% | 4.52% |
| Health Care (XLV) | -0.25% | -5.00% | -2.36% | -3.24% | 5.97% |
| Industrials (XLI) | -0.36% | -5.47% | 5.40% | 6.14% | 29.59% |
| Consumer Discretionary (XLY) | -0.59% | -4.58% | -7.97% | -7.16% | 16.10% |
| Communication Services (XLC) | -0.71% | -0.11% | -1.49% | -2.78% | 22.14% |
| Technology (XLK) | -0.75% | -1.98% | -4.65% | -4.98% | 32.56% |
| Materials (XLB) | -0.99% | -7.73% | 9.50% | 8.47% | 18.21% |
Global Thematic
Digital asset infrastructure themes demonstrated positive daily momentum, led by the First Trust SkyBridge Crypto Industry & Digital Economy (CRPT) strategy with a 2.75% advance. Cannabis-related funds also generated near-term strength, as the AdvisorShares Pure US Cannabis (MSOS) product gained 2.69%. The laggard side of the thematic spectrum was entirely dominated by precious metal miners, reflecting acute daily selling pressure. The Sprott Silver Miners & Physical Silver (SLVR) fund recorded the sharpest single-session contraction at 7.05%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Top 5 Leaders | |
| First Trust SkyBridge Crypto Industry & Digital Economy (CRPT) | 2.75% |
| AdvisorShares Pure US Cannabis (MSOS) | 2.69% |
| Amplify Seymour Cannabis (CNBS) | 2.29% |
| VanEck Digital Transformation (DAPP) | 1.74% |
| VanEck Alternative Asset Manager (GPZ) | 1.68% |
| Bottom 5 Laggards | |
| Sprott Silver Miners & Physical Silver (SLVR) | -7.05% |
| Sprott Active Gold & Silver Miners (GBUG) | -6.41% |
| U.S. Global GO GOLD and Precious Metal Miners (GOAU) | -6.24% |
| VanEck Gold Miners (GDX) | -6.08% |
| VanEck Junior Gold Miners (GDXJ) | -5.82% |
Developed ex-U.S. & Emerging Markets
South Korea (EWY) served as a rare bright spot within international equities, advancing 0.53% for the day and maintaining a trailing one-year return of 129.94%. Other isolated areas of strength included Malaysia (EWM) and Taiwan (EWT), which logged daily gains of 0.39% and 0.33%, respectively. Alternatively, South Africa (EZA) experienced the most severe daily drawdown, retreating 3.51%. Broad European markets exhibited coordinated weakness, highlighted by a 1.79% decline in France (EWQ) and a 1.24% reduction in Germany (EWG).
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets | |||||
| Hong Kong (EWH) | -0.52% | -1.68% | 7.44% | 7.11% | 32.08% |
| Netherlands (EWN) | -0.56% | -4.90% | 3.88% | 2.81% | 29.65% |
| Japan (EWJ) | -0.99% | -11.18% | 3.00% | 3.24% | 25.92% |
| Switzerland (EWL) | -1.08% | -7.95% | 0.60% | -2.07% | 14.76% |
| Dev ex-U.S. (EFA) | -1.19% | -7.62% | 1.61% | 0.28% | 21.34% |
| U.K. (EWU) | -1.20% | -4.06% | 6.77% | 3.07% | 27.00% |
| Germany (EWG) | -1.24% | -9.39% | -5.55% | -6.26% | 7.74% |
| Canada (EWC) | -1.47% | -2.03% | 3.03% | 2.04% | 42.23% |
| Australia (EWA) | -1.55% | -4.05% | 7.32% | 6.83% | 25.52% |
| France (EWQ) | -1.79% | -8.35% | -4.15% | -4.87% | 8.70% |
| Emerging Markets | |||||
| South Korea (EWY) | 0.53% | -7.33% | 37.02% | 27.70% | 129.94% |
| Malaysia (EWM) | 0.39% | -3.63% | 7.84% | 4.68% | 29.69% |
| Taiwan (EWT) | 0.33% | -4.19% | 14.22% | 10.17% | 47.52% |
| China (MCHI) | 0.17% | -4.26% | -4.92% | -3.81% | 5.90% |
| Emerging (EEM) | -0.26% | -7.07% | 6.23% | 3.82% | 32.87% |
| Mexico (EWW) | -0.89% | -11.72% | 3.16% | 3.17% | 45.03% |
| Thailand (THD) | -0.91% | -7.11% | 10.94% | 9.44% | 29.69% |
| India (INDA) | -0.95% | -9.13% | -9.56% | -11.08% | -0.93% |
| Brazil (EWZ) | -1.74% | -6.75% | 10.34% | 11.71% | 50.94% |
| Indonesia (EIDO) | -2.14% | -12.66% | -16.47% | -17.01% | -3.81% |
| South Africa (EZA) | -3.51% | -11.58% | 2.38% | -3.20% | 55.01% |
Fixed Income
The municipal bond complex exhibited isolated strength within fixed income, as Municipal High Yield (HYD) and Municipal Long (MLN) advanced 0.44% and 0.40%, respectively. Shorter-duration taxable instruments, including Taxable Ultrashort (BIL), posted marginal gains of 0.03% amidst an otherwise flat-to-negative environment. Long-duration sovereign exposure experienced the most acute daily pressure, reflected by a 0.49% decline in the Government Long (SPTL) proxy. International debt profiles also contracted, with the International Local (IGOV) instrument falling 0.99% alongside a 0.83% drop in Emerging Local (EMLC).
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Short-Term (BSV) | 0.01% | -0.61% | 0.42% | 0.10% | 4.51% |
| Taxable Core (AGG) | -0.08% | -1.45% | 0.37% | -0.03% | 4.77% |
| Taxable Core Enhanced (IUSB) | -0.17% | -1.50% | 0.27% | -0.11% | 5.01% |
| Taxable Long Term (BLV) | -0.47% | -3.44% | -0.49% | -0.90% | 2.18% |
| Government | |||||
| Taxable Ultrashort (BIL) | 0.03% | 0.27% | 0.87% | 0.71% | 4.04% |
| Government Short (SPTS) | 0.03% | -0.33% | 0.55% | 0.26% | 4.04% |
| Government Intermediate (SPTI) | 0.00% | -0.99% | 0.41% | 0.09% | 4.81% |
| Inflation Protected (TIP) | -0.20% | -0.61% | 0.75% | 0.73% | 4.48% |
| Government Long (SPTL) | -0.49% | -3.02% | 0.21% | -0.21% | 0.76% |
| Specialty | |||||
| Convertible (CWB) | 0.02% | -2.45% | 2.42% | 3.45% | 23.20% |
| Mortgage Backed (MBS) | 0.01% | -1.37% | 0.99% | 0.36% | 6.14% |
| Corporate (SPIB) | -0.18% | -1.41% | 0.05% | -0.38% | 5.78% |
| Taxable High Yield (HYG) | -0.19% | -1.56% | -0.26% | -0.80% | 6.91% |
| Bank Loans (BKLN) | -0.20% | -0.38% | -1.15% | -1.59% | 5.41% |
| Preferred Stock (PFF) | -0.58% | -3.12% | -0.26% | -0.28% | 5.17% |
| International & EM | |||||
| International USD (BNDX) | -0.17% | -1.46% | -0.03% | -0.23% | 3.42% |
| Emerging USD (EMB) | -0.49% | -2.72% | -0.73% | -1.14% | 9.58% |
| Emerging (EMLC) | -0.83% | -4.70% | -0.74% | -1.81% | 11.16% |
| International (IGOV) | -0.99% | -4.98% | -1.83% | -2.06% | 4.84% |
| Municipals | |||||
| Municipal High Yield (HYD) | 0.44% | -0.72% | 0.48% | -0.13% | 2.22% |
| Municipal Long (MLN) | 0.40% | -0.25% | 1.41% | 0.78% | 4.54% |
| Municipal Intermediate (MUB) | 0.25% | -0.67% | 1.18% | 0.66% | 4.65% |
| Municipal Short (SUB) | 0.10% | -0.20% | 0.92% | 0.66% | 3.80% |
Commodities
Agricultural products demonstrated resilient daily behavior, headlined by a 2.23% positive move in Wheat (WEAT). Within the energy complex, Brent Crude Oil (BNO) increased 1.64%, augmenting its year-to-date performance to 73.16%. Precious metals encountered intense daily liquidation, with Silver (SLV) and Platinum (PPLT) declining 4.96% and 5.18%, respectively. The broader Industrial Metals (DBB) index also weakened, contracting 3.10% over the session.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.46% | 17.22% | 27.80% | 26.88% | 37.95% |
| Agriculture | |||||
| Wheat (WEAT) | 2.23% | 11.68% | 14.13% | 17.33% | -4.37% |
| Corn (CORN) | 0.43% | 5.78% | 5.18% | 5.30% | -1.16% |
| Sugar (CANE) | 0.21% | 8.08% | 0.10% | 0.05% | -20.96% |
| Agriculture (DBA) | 0.00% | 3.72% | 4.48% | 4.82% | 4.09% |
| Soybeans (SOYB) | -0.32% | 5.63% | 9.95% | 13.27% | 16.68% |
| Energy | |||||
| Gasoline (UGA) | 2.05% | 43.10% | 53.19% | 56.96% | 62.43% |
| Brent Crude Oil (BNO) | 1.64% | 53.78% | 73.59% | 73.16% | 70.04% |
| WTI Crude Oil (USO) | 1.27% | 57.29% | 74.23% | 73.35% | 67.40% |
| Energy (DBE) | 0.28% | 49.45% | 62.24% | 63.53% | 60.88% |
| Natural Gas (UNG) | -3.07% | -0.86% | 1.61% | -0.71% | -41.02% |
| Industrial Metals | |||||
| Copper (CPER) | -2.11% | -2.08% | 6.06% | -0.40% | 13.13% |
| Industrial Metals (DBB) | -3.10% | 0.85% | 10.12% | 3.66% | 22.43% |
| Precious Metals | |||||
| Gold (GLD) | -1.29% | -0.38% | 16.54% | 16.28% | 67.50% |
| Precious Metals (DBP) | -2.12% | 0.61% | 18.20% | 14.51% | 75.06% |
| Palladium (PALL) | -4.27% | -8.28% | 3.12% | -3.18% | 60.19% |
| Silver (SLV) | -4.96% | 4.26% | 29.57% | 12.84% | 136.47% |
| Platinum (PPLT) | -5.18% | -1.68% | 15.59% | -1.39% | 102.01% |
Cryptocurrency
Digital assets posted uniform daily gains, led by a 2.58% advance in the Solana (SOLZ) proxy. Ethereum (ETHA) followed closely with a 1.66% increase, though it remains mired in a 31.71% three-month drawdown. Bitcoin (IBIT) advanced 1.05% for the session, bringing its trailing one-month performance to a positive 3.59%. Despite the near-term recovery, the broader Multi-Coin (NCIQ) benchmark remains down 21.04% on a year-to-date basis.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multi-Coin (NCIQ) | 0.64% | 2.69% | -24.04% | -21.04% | -11.92% |
| Bitcoin (IBIT) | 1.05% | 3.59% | -21.15% | -18.69% | -11.31% |
| XRP (XRP) | 1.55% | -1.01% | -30.06% | -23.59% | – |
| Ethereum (ETHA) | 1.66% | 2.91% | -31.71% | -29.16% | 13.66% |
| Solana (SOLZ) | 2.58% | 4.83% | -32.78% | -28.75% | – |
What to Watch Today
Market participants will pivot their attention to upcoming manufacturing and industrial production data points expected prior to the opening bell. Shifts in forward-looking consumer sentiment indices will also be heavily scrutinized for implications on discretionary spending. Continued assessment of energy inventory levels may dictate near-term pricing momentum across the crude complex. Additionally, ongoing developments in global monetary policy signaling will heavily influence duration positioning within the fixed income markets.
