Macro Overview
February 6, 2026, marked a historic turning point as the Dow Jones Industrial Average crossed the 50,000 threshold for the first time, fueled by a powerful relief rally following a volatile week. U.S. Large Caps (IVV) gained 1.95%, while risk appetite surged globally with Emerging Markets (EEM) jumping 2.63% and Developed ex-U.S. (EFA) climbing 2.27%. High-beta and growth segments staged a technical comeback as Bitcoin (IBIT) snapped back nearly 10%, helping to stabilize broad market sentiment. Fixed Income markets remained relatively flat as Treasury yields stabilized, while Precious Metals (DBP) outperformed within the commodity complex, rising 3.72% on the session.
U.S. Size & Style
The style box was dominated by Mid Growth (IJK) and Mid Cap (IJH), which rose 3.66% and 3.16% respectively, as investors rotated back into mid-tier growth names. Technically, Small Value (IJS) and Mid Value (IJJ) are approaching overbought territory with RSIs near 68-69. Despite the daily pop in Large Growth (IVW), it remains the only style box in the red YTD (-1.66%) and is trading 1.83% below its 50-day moving average. Market breadth remains robust in the mid and small-cap segments, with over 70% of constituents in Mid Cap (IJH) trading above their 200-day SMA.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 1.40% | 2.67% | 7.79% | 4.72% | 15.11% |
| Large Cap (IVV) | 1.95% | -0.16% | 3.37% | 1.29% | 15.31% |
| Large Growth (IVW) | 2.49% | -2.60% | -0.35% | -1.66% | 15.22% |
| Mid Cap | |||||
| Mid Value (IJJ) | 2.66% | 5.34% | 14.01% | 9.23% | 13.11% |
| Mid Cap (IJH) | 3.16% | 4.32% | 12.36% | 8.68% | 12.13% |
| Mid Growth (IJK) | 3.66% | 3.24% | 10.61% | 8.08% | 11.00% |
| Small Cap | |||||
| Small Value (IJS) | 2.40% | 7.04% | 16.48% | 11.26% | 16.65% |
| Small Cap (IJR) | 2.76% | 5.81% | 13.38% | 9.81% | 12.77% |
| Small Growth (IJT) | 3.02% | 4.59% | 10.43% | 8.34% | 8.98% |
U.S. Sectors & Industries
The Technology (XLK) sector led the GICS recovery with a 4.06% surge, though it remains technically damaged, trading 7.19% below its 52-week high with an RSI of 44.81. Defensive rotations saw Consumer Staples (XLP) enter overbought territory with a staggering RSI of 82.37, despite a more modest 1.17% daily gain. Energy (XLE) continues to exhibit the strongest breadth and momentum, with 100% of its constituents trading above both their 50-day and 200-day SMAs. Conversely, Communication Services (XLC) was the sole laggard, slipping 0.39% as rotation favored hardware over social media platforms.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Technology (XLK) | 4.06% | -3.76% | -2.24% | -1.97% | 20.94% |
| Industrials (XLI) | 2.86% | 6.89% | 13.88% | 11.64% | 27.44% |
| Materials (XLB) | 2.00% | 8.44% | 22.11% | 13.58% | 17.53% |
| Energy (XLE) | 1.99% | 16.67% | 21.67% | 19.10% | 24.27% |
| Health Care (XLV) | 1.85% | -0.24% | 8.52% | 1.88% | 9.08% |
| Real Estate (XLRE) | 1.84% | 3.17% | 4.21% | 4.06% | 3.09% |
| Financial (XLF) | 1.82% | -3.79% | 3.89% | -0.93% | 5.56% |
| Consumer Staples (XLP) | 1.17% | 13.51% | 17.26% | 13.21% | 13.68% |
| Utilities (XLU) | 0.58% | 1.03% | -1.26% | 1.55% | 13.87% |
| Consumer Discretionary (XLY) | 0.41% | -2.54% | 0.41% | -1.19% | 3.44% |
| Communication Services (XLC) | -0.39% | -1.34% | 3.32% | -1.66% | 13.79% |
Global Thematic
Crypto-linked themes dominated the leaderboard as Bitcoin Mining (WGMI) skyrocketed 14.76% following the rebound in digital asset prices. Blockchain Technology (BLOK) and Clean Energy (PBW) also saw significant inflows of risk capital, rising 8.68% and 7.20% respectively. On the downside, Internet and E-Commerce (PNQI) languished as investors focused on hardware over high-multiple consumer web names. MLP C-Corps (AMLP) remained essentially flat, reflecting a pause in the yield-sensitive energy infrastructure trade.
| Name (Ticker) | 1-Day % Change |
|---|---|
| 1-Day Performance Leaders | |
| Crypto Miners (WGMI) | 14.76% |
| Blockchain (BLOK) | 8.68% |
| Clean Energy (PBW) | 7.20% |
| Uranium & Nuclear Energy (URA) | 6.21% |
| Innovation (ARKK) | 6.15% |
| 1-Day Performance Laggards | |
| MLP C-Corp (AMLP) | -0.08% |
| Midstream & MLP RIC (MLPX) | 0.68% |
| Internet & E-Commerce (FDN) | 0.94% |
| Digital Media & Entertainment (ESPO) | 1.69% |
| Water Resources (PHO) | 1.91% |
Developed ex-U.S. & Emerging Markets
International markets participated fully in the global risk-on shift, led by a massive 3.83% surge in Japan (EWJ). South Korea (EWY) remains the global performance outlier, up 130.98% over the past year and trading nearly 20% above its 50-day SMA. In Emerging Markets, South Africa (EZA) and Mexico (EWW) led with gains of approximately 4%, both hitting new 52-week highs. Technical breadth is highest in Hong Kong (EWH), where over 88% of constituents are trading above their 50-day moving average.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets | |||||
| Dev ex-U.S. (EFA) | 2.27% | 4.38% | 11.21% | 6.85% | 32.24% |
| Japan (EWJ) | 3.83% | 7.62% | 11.84% | 10.73% | 34.78% |
| Netherlands (EWN) | 2.43% | 2.63% | 11.12% | 8.77% | 40.21% |
| U.K. (EWU) | 2.09% | 4.11% | 12.18% | 6.64% | 35.30% |
| South Korea (EWY) | 3.74% | 15.89% | 36.40% | 28.28% | 130.98% |
| Germany (EWG) | 1.61% | 0.93% | 7.77% | 2.42% | 26.03% |
| Canada (EWC) | 1.61% | 0.66% | 11.56% | 2.00% | 33.67% |
| France (EWQ) | 1.47% | 1.75% | 7.41% | 3.13% | 22.13% |
| Australia (EWA) | 1.40% | 6.57% | 8.52% | 7.79% | 16.01% |
| Switzerland (EWL) | 1.37% | 4.19% | 14.25% | 5.22% | 28.66% |
| Hong Kong (EWH) | 1.29% | 6.25% | 9.89% | 11.20% | 52.68% |
| Emerging Markets | |||||
| Emerging (EEM) | 2.63% | 4.87% | 11.38% | 9.80% | 42.27% |
| South Africa (EZA) | 4.43% | 2.79% | 23.83% | 8.68% | 74.98% |
| Mexico (EWW) | 3.96% | 14.03% | 21.58% | 15.20% | 63.47% |
| Taiwan (EWT) | 3.23% | 6.41% | 12.84% | 10.26% | 40.22% |
| Thailand (THD) | 2.98% | 8.07% | 10.06% | 10.19% | 22.62% |
| China (MCHI) | 2.61% | -1.66% | -2.41% | 2.66% | 28.33% |
| Brazil (EWZ) | 1.76% | 13.44% | 21.44% | 18.22% | 53.73% |
| Malaysia (EWM) | 1.34% | 7.02% | 15.49% | 8.08% | 27.61% |
| India (INDA) | 0.62% | -1.48% | -0.63% | -1.42% | 4.78% |
| Indonesia (EIDO) | 0.51% | -7.76% | -3.63% | -5.88% | 3.80% |
Fixed Income
Credit segments were the primary beneficiary of the equity-led rally, with high-beta Convertible bonds (CWB) soaring 2.95% on the day. Short-term and intermediate government bonds saw modest price declines as yields ticked higher, with Short-Term Treasury (SPTS) slipping 0.03%. Credit quality spreads favored Preferred Stocks (PFF), which gained nearly 1% and improved its YTD performance to 2.22%. Despite the rally, High Yield (HYG) continues to lag on a YTD basis (+0.72%) compared to the 18.12% one-year returns seen in Emerging Local debt (EMLC).
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Core Enhanced (IUSB) | 0.06% | 0.46% | 1.01% | 0.64% | 6.80% |
| Core (AGG) | 0.06% | 0.44% | 0.88% | 0.58% | 6.50% |
| Long-Term (BLV) | 0.06% | 0.57% | -0.30% | 0.76% | 4.57% |
| Short-Term (BSV) | -0.06% | 0.26% | 1.01% | 0.34% | 5.74% |
| Government | |||||
| Inflation Protected (TIP) | 0.10% | 0.54% | 0.41% | 0.69% | 5.35% |
| Long-Term (SPTL) | 0.04% | 0.50% | -0.94% | 0.62% | 2.93% |
| Ultrashort (BIL) | 0.03% | 0.31% | 0.94% | 0.37% | 4.10% |
| Short-Term (SPTS) | -0.03% | 0.31% | 0.99% | 0.31% | 5.04% |
| Intermediate (SPTI) | -0.03% | 0.15% | 0.64% | 0.26% | 6.57% |
| Specialty | |||||
| Convertible (CWB) | 2.95% | 1.45% | 3.09% | 5.42% | 18.85% |
| Preferred Stock (PFF) | 0.99% | 0.63% | 3.02% | 2.22% | 5.69% |
| Bank Loans (BKLN) | 0.39% | -1.20% | 0.37% | -1.02% | 5.37% |
| High Yield (HYG) | 0.35% | 0.38% | 2.13% | 0.72% | 7.58% |
| Mortgage Backed (MBS) | 0.04% | 0.59% | 1.30% | 0.68% | 7.88% |
| Corporate (SPIB) | 0.00% | 0.36% | 1.33% | 0.54% | 7.48% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.61% | 1.81% | 5.14% | 2.44% | 18.12% |
| International Local (IGOV) | 0.43% | 1.61% | 2.05% | 1.68% | 9.93% |
| Emerging USD (EMB) | 0.26% | 0.79% | 1.98% | 0.86% | 11.81% |
| International USD (BNDX) | 0.02% | 0.46% | 0.21% | 0.71% | 2.69% |
| Municipals | |||||
| Long-Term (MLN) | 0.06% | 0.19% | 0.39% | 0.44% | 1.87% |
| Short-Term (SUB) | -0.04% | 0.49% | 1.44% | 0.67% | 3.72% |
| Intermediate (MUB) | -0.11% | 0.51% | 1.23% | 0.80% | 3.96% |
| High Yield (HYD) | -0.16% | 0.13% | 1.34% | 0.13% | 2.00% |
Commodities
Precious Metals (DBP) outperformed the broader commodity landscape, jumping 3.72% as silver surged over 5%. Platinum (PPLT) was a top performer within the group despite its weak 1-month trend, rallying 5.24% on the session. Energy (DBE) markets were mixed as Gasoline (UGA) rose 1.37% while Natural Gas (UNG) continued its sharp descent, falling 1.85%. Agricultural commodities (DBA) remained essentially unchanged on the day, struggling with a -3.56% one-year return profile.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.76% | 5.53% | 12.42% | 9.01% | 19.57% |
| Agriculture | |||||
| Soybeans (SOYB) | 0.22% | 4.50% | 0.13% | 5.26% | 2.04% |
| Broad-based (DBA) | 0.00% | -0.27% | 2.24% | 0.98% | -3.56% |
| Corn (CORN) | -0.54% | -1.74% | -1.85% | -1.30% | -13.71% |
| Sugar (CANE) | -0.76% | -4.43% | -0.33% | -6.00% | -20.63% |
| Wheat (WEAT) | -0.81% | 3.29% | -2.82% | 3.66% | -19.92% |
| Energy | |||||
| Gasoline (UGA) | 1.37% | 13.65% | 2.33% | 12.47% | 8.15% |
| Brent Crude Oil (BNO) | 0.60% | 13.83% | 10.34% | 13.07% | 5.19% |
| WTI Crude Oil (USO) | 0.39% | 12.38% | 8.62% | 11.32% | 2.04% |
| Broad-based (DBE) | 0.21% | 12.73% | 4.71% | 11.02% | 6.42% |
| Industrial Metals | |||||
| Copper (CPER) | 2.84% | -2.76% | 17.55% | 3.66% | 29.01% |
| Broad-based (DBB) | 2.49% | -2.05% | 13.84% | 3.92% | 28.13% |
| Precious Metals | |||||
| Silver (SLV) | 5.25% | -4.78% | 61.17% | 8.96% | 138.90% |
| Platinum (PPLT) | 5.24% | -13.22% | 37.07% | 2.61% | 110.85% |
| Broad-based (DBP) | 3.72% | 5.13% | 29.73% | 12.64% | 79.85% |
| Palladium (PALL) | 3.22% | -6.34% | 23.48% | 6.54% | 72.48% |
| Gold (GLD) | 3.07% | 10.23% | 24.42% | 14.93% | 72.90% |
Cryptocurrency
Digital assets staged a massive relief rally, with XRP (XRP) surging nearly 22% to lead the group after months of underperformance. Multi-Coin strategies (NCIQ) and Ethereum (ETHA) both posted double-digit gains, recovering from recent weekly skids. Bitcoin (IBIT) and Solana (SOLZ) each jumped approximately 10% on the session, though Solana remains down over 30% on a year-to-date basis. The broad recovery in digital assets was a key driver of the high-beta risk sentiment seen across equity markets today.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | 21.94% | -35.82% | N/A | -20.91% | N/A |
| Multi-Coin (NCIQ) | 10.64% | -27.63% | -32.74% | -22.09% | N/A |
| Ethereum (ETHA) | 10.31% | -36.69% | -37.96% | -30.85% | -24.75% |
| Solana (SOLZ) | 9.99% | -38.00% | -44.93% | -30.69% | N/A |
| Bitcoin (IBIT) | 9.92% | -24.35% | -30.70% | -20.08% | -28.01% |
What to Watch Today
The market will be closely monitoring the sustainability of the Dow’s 50,000 breakout, particularly as technical damage remains in several high-growth tech segments. Investors are weighing signs of a softer U.S. labor market against resilient corporate earnings, creating a complex backdrop for Federal Reserve policy expectations. Geopolitical developments, specifically around trade and international relations, remain a persistent source of volatility that could influence risk appetite heading into next week. Finally, the extreme overbought levels in defensive sectors like Consumer Staples suggest a potential for near-term rotation as investors seek value in lagging cyclical areas.
