Macro Overview
Global equities exhibited positive momentum on May 21, 2026, with Emerging Markets (EEM) serving as the outlier by advancing 0.87% on the day. Developed ex-U.S. equities (EFA) also outpaced domestic markets, rising 0.55% compared to the S&P 500 (IVV) which posted a modest 0.19% gain. Conversely, Broad Commodities (DJP) faced headwinds, retreating 0.84%, while the U.S. Aggregate Bond Index (AGG) edged higher by 0.12%. This divergence across major asset classes underscores a rotation toward international risk assets while commodity prices consolidate following their robust year-to-date run.
U.S. Size & Style
Domestic equity performance remained tightly bound across the capitalization and style spectrum, with Small Value (IJS) emerging as the clear leader with a 0.51% daily gain. This action helped push Small Value’s trailing one-year return to an impressive 37.25%, solidifying its technical leadership. Meanwhile, Large Growth (IVW) and Mid Growth (IJK) posted modest gains of 0.22% and 0.23% respectively. From a breadth perspective, small and mid-capitalization styles continue to show healthy participation, with roughly 60% of constituents in the S&P SmallCap 600 (IJR) trading above their 50-day moving averages.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.18% | 2.91% | 2.62% | 7.03% | 22.27% |
| Large Cap (IVV) | 0.19% | 5.51% | 8.04% | 9.23% | 28.98% |
| Large Growth (IVW) | 0.22% | 7.72% | 12.90% | 10.94% | 34.59% |
| Mid Value (IJJ) | 0.14% | -1.26% | -1.65% | 6.65% | 19.71% |
| Mid Cap (IJH) | 0.15% | -0.03% | 1.33% | 10.71% | 23.66% |
| Mid Growth (IJK) | 0.23% | 1.07% | 4.12% | 14.53% | 27.09% |
| Small Value (IJS) | 0.51% | 0.49% | 2.23% | 13.04% | 37.25% |
| Small Cap (IJR) | 0.30% | 0.88% | 3.69% | 13.57% | 32.01% |
| Small Growth (IJT) | 0.12% | 1.15% | 5.00% | 13.93% | 27.06% |
U.S. Sectors & Industries
Sector performance was highly bifurcated, led by Utilities (XLU) which surged 1.10% alongside an ongoing preference for yield-oriented equities. Technology (XLK) followed closely with a 0.82% advance, pushing its 14-day RSI to 71.37, indicating technically overbought conditions after a powerful 24.21% year-to-date rally. On the downside, Energy (XLE) and Consumer Staples (XLP) lagged the broader market, declining 1.12% and 1.01% respectively. Energy’s weakness aligns with softening crude prices, leaving the sector nearly 5.5% below its 52-week high despite maintaining strong longer-term momentum.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Utilities (XLU) | 1.10% | 0.11% | -2.20% | 6.14% | 13.88% |
| Technology (XLK) | 0.82% | 15.46% | 26.93% | 24.21% | 56.67% |
| Health Care (XLV) | 0.69% | 1.53% | -5.14% | -3.90% | 14.60% |
| Consumer Discretionary (XLY) | 0.64% | -0.23% | 1.26% | -0.40% | 13.04% |
| Materials (XLB) | 0.60% | -3.38% | -5.14% | 10.78% | 18.64% |
| Real Estate (XLRE) | 0.16% | 1.64% | 2.84% | 11.02% | 12.91% |
| Financial (XLF) | 0.14% | -1.09% | -0.94% | -5.07% | 4.44% |
| Communication Services (XLC) | 0.00% | -0.90% | -0.28% | -1.06% | 16.52% |
| Industrials (XLI) | -0.12% | -0.53% | -3.51% | 10.24% | 22.28% |
| Consumer Staples (XLP) | -1.01% | 3.45% | -3.14% | 9.60% | 6.57% |
| Energy (XLE) | -1.12% | 5.83% | 8.44% | 33.11% | 48.77% |
Global Thematic
Emerging technologies and digital asset miners dominated the thematic landscape, with Hydrogen (HYDR) soaring 8.78% in a single session. Bitcoin Miners (WGMI) and Quantum Computing (WQTM) tracked closely behind, advancing 7.45% and 6.99% as risk-on sentiment permeated speculative growth areas. Conversely, Video Games & Esports (HERO) and Junior Gold Miners (SGDJ) faced technical selling pressure, shedding 1.92% and 1.70% to anchor the laggards list.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Leaders | |
| Global X Hydrogen ETF (HYDR) | 8.78% |
| CoinShares Bitcoin Mining ETF (WGMI) | 7.45% |
| WisdomTree Quantum Computing Fund (WQTM) | 6.99% |
| Global X Blockchain ETF (BKCH) | 5.69% |
| Roundhill Memory ETF (DRAM) | 5.49% |
| Laggards | |
| Global X Video Games & Esports ETF (HERO) | -1.92% |
| Sprott Junior Gold Miners ETF (SGDJ) | -1.70% |
| VanEck Video Gaming and eSports ETF (ESPO) | -1.67% |
| WisdomTree Cloud Computing Fund (WCLD) | -1.50% |
| iShares MSCI Agriculture Producers ETF (VEGI) | -1.30% |
Developed ex-U.S. & Emerging Markets
South Korea (EWY) delivered a commanding 3.50% return, extending its extraordinary year-to-date surge to 91.75% amidst persistent strength in its technology and semiconductor exports. Taiwan (EWT) similarly capitalized on the regional tech tailwind, gaining 2.77% and keeping its RSI elevated at 62.8. Within European developed markets, the Netherlands (EWN) outperformed with a 2.27% increase, while Indonesia (EIDO) severely lagged emerging peers, dropping 3.04% and sinking into technically oversold territory with an RSI of 18.47.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets | |||||
| Netherlands (EWN) | 2.27% | 5.49% | 5.76% | 17.17% | 33.97% |
| Switzerland (EWL) | 0.88% | 3.32% | -2.38% | 4.82% | 16.36% |
| U.K. (EWU) | 0.59% | 0.85% | -1.46% | 7.64% | 24.90% |
| Dev ex-U.S. (EFA) | 0.55% | 2.52% | -0.68% | 8.50% | 22.68% |
| Canada (EWC) | 0.51% | 1.31% | 2.48% | 8.62% | 35.41% |
| Germany (EWG) | 0.40% | 2.35% | -2.87% | 1.29% | 4.99% |
| Australia (EWA) | 0.31% | -1.66% | -2.39% | 10.69% | 17.82% |
| Japan (EWJ) | 0.18% | 4.85% | -0.11% | 13.17% | 32.20% |
| France (EWQ) | 0.02% | 0.31% | -4.57% | 1.13% | 9.49% |
| Hong Kong (EWH) | -0.21% | 2.36% | 0.29% | 12.14% | 33.52% |
| Emerging Markets | |||||
| South Korea (EWY) | 3.50% | 27.00% | 31.39% | 91.75% | 222.61% |
| Taiwan (EWT) | 2.77% | 13.10% | 27.01% | 48.70% | 83.96% |
| Emerging (EEM) | 0.87% | 6.07% | 5.92% | 20.69% | 46.40% |
| Brazil (EWZ) | 0.71% | -9.27% | -5.99% | 16.49% | 41.08% |
| Thailand (THD) | 0.15% | 4.13% | 0.06% | 21.40% | 36.25% |
| India (INDA) | 0.02% | -3.55% | -10.09% | -11.14% | -11.10% |
| South Africa (EZA) | -0.38% | -3.90% | -11.64% | -0.78% | 41.62% |
| Malaysia (EWM) | -0.68% | 1.03% | -2.72% | 7.13% | 24.16% |
| Mexico (EWW) | -0.83% | -0.26% | -4.22% | 12.22% | 33.87% |
| China (MCHI) | -1.17% | -3.78% | -8.28% | -6.84% | 4.02% |
| Indonesia (EIDO) | -3.04% | -18.81% | -27.57% | -30.05% | -27.82% |
Fixed Income
Duration was rewarded across the yield curve as long-dated Treasuries (SPTL) and Long-Term Corporate Bonds (BLV) posted daily gains of 0.35% and 0.34%, respectively. In the specialty credit space, Convertible Bonds (CWB) experienced a massive 2.19% upward move, deeply outperforming traditional credit aggregates as underlying equity optionality drove valuations. High Yield Municipals (HYD) also found steady footing, advancing 0.28%, while rate-sensitive floating rate notes and Bank Loans (BKLN) marginally detracted with a 0.05% decline.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Long Term (BLV) | 0.34% | -1.68% | -3.66% | -1.21% | 7.24% |
| Taxable Multisector (PYLD) | 0.15% | -0.57% | -0.97% | 0.26% | 7.70% |
| Taxable Core (AGG) | 0.12% | -0.81% | -1.57% | -0.24% | 5.65% |
| Taxable Core Enhanced (IUSB) | 0.09% | -0.84% | -1.49% | -0.16% | 5.86% |
| Taxable Short-Term (BSV) | -0.01% | -0.36% | -0.55% | 0.10% | 3.91% |
| Government | |||||
| Government Long (SPTL) | 0.35% | -2.21% | -4.43% | -1.92% | 5.28% |
| Government Intermediate (SPTI) | 0.04% | -1.01% | -1.67% | -0.74% | 3.97% |
| Taxable Ultrashort (BIL) | 0.00% | 0.30% | 0.86% | 1.36% | 3.91% |
| Inflation Protected (TIP) | 0.00% | -0.26% | -0.24% | 0.92% | 4.98% |
| Government Short (SPTS) | -0.03% | -0.17% | -0.15% | 0.33% | 3.58% |
| Specialty | |||||
| Convertible (CWB) | 2.19% | 5.60% | 11.77% | 18.69% | 34.49% |
| Mortgage Backed (MBS) | 0.15% | -0.88% | -1.52% | 0.00% | 7.18% |
| Corporate (SPIB) | 0.06% | -0.49% | -0.94% | 0.09% | 5.81% |
| Preferred Stock (PFF) | 0.06% | 0.09% | -0.80% | 2.14% | 9.76% |
| Taxable High Yield (HYG) | 0.05% | -0.06% | 0.13% | 1.08% | 7.47% |
| Bank Loans (BKLN) | -0.05% | 0.20% | 1.33% | 0.11% | 5.25% |
| International & Emerging | |||||
| Emerging (EMLC) | 0.20% | -1.52% | -2.80% | 0.10% | 9.59% |
| International USD (BNDX) | 0.13% | -0.02% | -1.38% | 0.20% | 2.67% |
| Emerging USD (EMB) | 0.07% | -0.76% | -1.42% | 0.41% | 11.66% |
| International (IGOV) | 0.02% | -0.79% | -3.12% | -0.55% | 1.99% |
| Municipals | |||||
| Municipal High Yield (HYD) | 0.28% | -0.54% | -0.09% | 0.61% | 6.91% |
| Municipal Intermediate (MUB) | 0.14% | -0.81% | -1.48% | 0.10% | 5.64% |
| Municipal Long (MLN) | 0.12% | -1.84% | -1.10% | 0.06% | 6.92% |
| Municipal Short (SUB) | 0.03% | -0.21% | -0.45% | 0.40% | 3.12% |
Commodities
Broad commodities faced concentrated selling pressure, anchored by a 1.29% decline in Agriculture (DBA) and a 1.20% drop in WTI Crude Oil (USO). Soft commodities exhibited mixed underlying action, with Sugar (CANE) climbing 0.70% while Wheat (WEAT) absorbed a sharp 1.61% drawdown. Precious metals offered a notable bright spot against the broader complex, as Silver (SLV) rose 1.05%, maintaining an exceptional 127.63% return over the trailing one-year period.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.84% | 4.29% | 18.98% | 32.52% | 46.60% |
| Agriculture | |||||
| Sugar (CANE) | 0.70% | 9.00% | 8.90% | 3.02% | -13.62% |
| Soybeans (SOYB) | -0.32% | 1.09% | 6.47% | 14.41% | 13.30% |
| Corn (CORN) | -0.60% | 0.72% | 3.92% | 3.27% | -2.14% |
| Agriculture (DBA) | -1.29% | 1.62% | 6.07% | 8.19% | 3.32% |
| Wheat (WEAT) | -1.61% | 5.79% | 10.51% | 22.68% | 5.83% |
| Energy | |||||
| Brent Crude Oil (BNO) | -0.14% | 10.96% | 63.99% | 96.19% | 102.33% |
| Energy (DBE) | -0.40% | 9.28% | 60.62% | 85.40% | 88.26% |
| WTI Crude Oil (USO) | -1.20% | 11.14% | 76.30% | 106.10% | 110.89% |
| Natural Gas (UNG) | -1.39% | 3.47% | -5.66% | -7.59% | -33.04% |
| Gasoline (UGA) | -1.43% | 10.22% | 61.24% | 86.26% | 90.31% |
| Industrial Metals | |||||
| Copper (CPER) | 0.03% | 5.53% | 6.66% | 10.35% | 32.08% |
| Industrial Metals (DBB) | -0.12% | 4.04% | 8.23% | 12.38% | 42.82% |
| Precious Metals | |||||
| Silver (SLV) | 1.05% | 1.40% | -9.36% | 7.81% | 127.63% |
| Palladium (PALL) | 0.84% | -8.70% | -20.99% | -13.26% | 33.59% |
| Platinum (PPLT) | 0.79% | -2.50% | -9.16% | -4.25% | 80.56% |
| Precious Metals (DBP) | 0.17% | -2.33% | -10.71% | 5.03% | 48.52% |
| Gold (GLD) | -0.10% | -2.93% | -11.02% | 5.22% | 36.35% |
Cryptocurrency
Digital assets consolidated with tightly compressed trading ranges, seeing Bitcoin (IBIT) and Ethereum (ETHA) register essentially flat daily returns of 0.02% and 0.06%. Solana (SOLZ) operated as the primary upside driver, advancing 1.85% to partially pare back its steep 30.18% year-to-date drawdown. Multi-Coin aggregates (NCIQ) and XRP posted marginal gains, reflecting a broader market pause after significant historical volatility.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Bitcoin (IBIT) | 0.02% | 3.51% | 14.52% | -11.38% | -28.79% |
| Ethereum (ETHA) | 0.06% | -6.92% | 8.46% | -28.00% | -15.13% |
| Multi-Coin (NCIQ) | 0.28% | 1.93% | 12.18% | -15.17% | -30.25% |
| XRP (XRP) | 0.59% | -2.34% | -2.77% | -24.81% | – |
| Solana (SOLZ) | 1.85% | 3.29% | 2.85% | -30.18% | -53.63% |
What to Watch Today
Market participants will be closely monitoring upcoming flash PMI data releases across major global economies to gauge the trajectory of manufacturing and services activity. Evolving commentary from central bank officials will also remain in focus, particularly regarding the potential path of monetary policy adjustments in the second half of the year. Furthermore, shifts in consumer sentiment indices will be scrutinized for insights into the resilience of domestic spending amidst fluctuating energy prices and inflation expectations.
