Macro Overview
Equity markets showed mixed performance on Tuesday, with a notable growth-oriented bias in U.S. large caps while small-cap segments lagged. The S&P 500 (IVV) advanced 0.40%, supported by a continued push in high-momentum segments, even as Small Cap Blend (IJR) fell 0.37%. International markets provided a significant tailwind, with Developed Markets ex-U.S. (EFA) gaining 1.61% and Emerging Markets (EEM) rising 1.98%. A standout outlier was South Korea (EWY), which surged 4.59% on the day, extending its exceptional technical strength. Meanwhile, the fixed income market saw defensive posture as long-term yields pressured long-duration assets like Government Long (SPTL), while broad commodities (DJP) appreciated 1.45% amid rising energy and precious metals prices.
U.S. Size & Style
The daily narrative in the U.S. was dominated by the outperformance of large-cap growth over value, as Large Growth (IVW) climbed 0.94% while its value counterpart (IVE) retreated into negative territory. Technically, the Large Cap (IVV) segment is sitting at a 52-week high with a healthy RSI of 58.84, though breadth remains concentrated with only 64.45% of constituents trading above their 200-day moving average. Smaller segments struggled to maintain momentum, with Small Growth (IJT) ending the day as the session laggard, down 0.51%.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Growth (IVW) | 0.94% | 0.39% | 0.81% | 1.80% | 23.04% |
| Large Cap (IVV) | 0.40% | 0.78% | 1.82% | 2.00% | 17.48% |
| Mid Growth (IJK) | 0.19% | 3.86% | 5.37% | 6.26% | 10.24% |
| Mid Cap (IJH) | 0.00% | 3.39% | 5.61% | 5.47% | 9.10% |
| Small Value (IJS) | -0.12% | 4.75% | 7.73% | 6.60% | 10.22% |
| Mid Value (IJJ) | -0.16% | 2.91% | 5.71% | 4.58% | 7.65% |
| Large Value (IVE) | -0.18% | 1.19% | 3.00% | 2.20% | 11.29% |
| Small Cap (IJR) | -0.37% | 3.68% | 5.87% | 6.22% | 9.12% |
| Small Growth (IJT) | -0.51% | 2.78% | 4.05% | 5.89% | 7.94% |
U.S. Sectors & Industries
Sector performance was highly bifurcated, led by the Technology (XLK) and Utilities (XLU) sectors, both gaining over 1.3%. Energy (XLE) showed strong technical momentum, ending at a 52-week high with a heavily overbought RSI of 72.70. Conversely, Health Care (XLV) and Financials (XLF) faced sharp declines; the Health Care Providers & Services (XHS) industry was particularly hard-hit, plummeting 4.39% in a single session.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Technology (XLK) | 1.35% | 1.04% | -0.82% | 2.83% | 30.91% |
| Utilities (XLU) | 1.31% | 1.52% | -4.51% | 1.73% | 15.04% |
| Energy (XLE) | 0.91% | 12.38% | 13.48% | 11.09% | 13.62% |
| Consumer Staples (XLP) | 0.46% | 6.30% | 5.82% | 7.05% | 6.78% |
| Industrials (XLI) | 0.41% | 4.99% | 6.31% | 6.41% | 20.21% |
| Consumer Discretionary (XLY) | 0.30% | 0.52% | 1.98% | 2.75% | 6.98% |
| Real Estate (XLRE) | 0.07% | 1.80% | -2.44% | 2.23% | 1.66% |
| Materials (XLB) | -0.10% | 8.39% | 12.93% | 10.21% | 14.47% |
| Communication Services (XLC) | -0.74% | -0.91% | 0.10% | -0.70% | 17.22% |
| Financials (XLF) | -0.77% | -4.71% | -0.28% | -3.23% | 4.51% |
| Health Care (XLV) | -1.68% | -0.38% | 6.65% | 0.42% | 7.20% |
Global Thematic
Crypto-adjacent and uranium themes dominated thematic performance today, with the Bitcoin Mining ETF (WGMI) leading the field with a professional 9.27% gain. Uranium & Nuclear Energy (URA) also exhibited significant strength, rising 5.32%. On the negative side, sentiment shifted against cannabis and certain cloud segments, with Pure US Cannabis (MSOS) shedding 4.59% as the day’s primary laggard.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Thematic Leaders | |
| Bitcoin Mining (WGMI) | 9.27% |
| Blockchain (BKCH) | 7.49% |
| Junior Uranium Miners (URNJ) | 6.43% |
| Digital Transformation (DAPP) | 5.48% |
| Uranium (URA) | 5.32% |
| Thematic Laggards | |
| Pure US Cannabis (MSOS) | -4.59% |
| Alternative Harvest (MJ) | -2.27% |
| Cloud Computing (WCLD) | -1.70% |
| Digital Payments (IPAY) | -1.63% |
| Innovative Technology (XITK) | -1.36% |
Developed ex-U.S. & Emerging Markets
Global markets were broadly positive, led by an extraordinary 4.59% gain in South Korea (EWY), which is currently exhibiting extreme overbought conditions with an RSI of 82.76. In Emerging Markets, Brazil (EWZ) also displayed robust strength, advancing 3.50%. In contrast, India (INDA) was a relative laggard in the EM space, showing signs of oversold behavior with an RSI of 35.37 and a daily gain of only 0.49%.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets | |||||
| South Korea (EWY) | 4.59% | 28.03% | 33.06% | 26.21% | 130.05% |
| Switzerland (EWL) | 2.26% | 3.35% | 9.89% | 4.35% | 27.93% |
| Australia (EWA) | 2.24% | 5.85% | 4.95% | 7.83% | 17.26% |
| Hong Kong (EWH) | 1.93% | 6.21% | 11.12% | 9.51% | 49.34% |
| Dev ex-U.S. (EFA) | 1.61% | 5.72% | 8.62% | 6.31% | 33.46% |
| U.K. (EWU) | 1.46% | 5.11% | 10.29% | 5.73% | 36.61% |
| Japan (EWJ) | 1.43% | 6.01% | 6.66% | 6.32% | 32.58% |
| Netherlands (EWN) | 1.42% | 11.44% | 11.04% | 11.70% | 46.85% |
| France (EWQ) | 1.10% | 2.15% | 2.33% | 2.58% | 21.16% |
| Germany (EWG) | 1.05% | 3.87% | 6.03% | 4.24% | 30.49% |
| Canada (EWC) | 0.88% | 2.52% | 11.60% | 4.17% | 38.13% |
| Emerging Markets | |||||
| Brazil (EWZ) | 3.50% | 19.81% | 27.56% | 19.26% | 62.20% |
| Thailand (THD) | 2.60% | 7.12% | 7.93% | 9.23% | 14.59% |
| South Africa (EZA) | 2.12% | 12.39% | 29.85% | 14.85% | 97.49% |
| Emerging (EEM) | 1.98% | 10.11% | 9.87% | 10.29% | 46.54% |
| Taiwan (EWT) | 1.97% | 13.17% | 11.39% | 12.26% | 47.94% |
| Malaysia (EWM) | 1.90% | 8.76% | 17.63% | 9.87% | 29.83% |
| Mexico (EWW) | 1.51% | 9.43% | 19.66% | 12.30% | 63.95% |
| China (MCHI) | 1.01% | 3.30% | -2.32% | 5.36% | 35.51% |
| India (INDA) | 0.49% | -3.99% | -5.54% | -4.37% | 3.19% |
| Indonesia (EIDO) | -0.10% | 3.95% | 7.05% | 2.57% | 6.98% |
Fixed Income
The fixed income market showed a notable preference for credit over duration today, with Convertible (CWB) bonds leading all categories with a 1.29% gain. Long-duration assets struggled as interest rate sensitivity weighed on returns; Government Long (SPTL) fell 0.56% while Taxable Long Term (BLV) dropped 0.40%. Emerging Markets Local Debt (EMLC) remained a bright spot in the international space, advancing 0.83% on the day.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Short-Term (BSV) | 0.05% | 0.09% | 0.64% | 0.06% | 5.66% |
| Taxable Core Enhanced (IUSB) | -0.04% | 0.17% | 0.17% | 0.37% | 7.09% |
| Taxable Core (AGG) | -0.07% | 0.15% | -0.03% | 0.31% | 6.81% |
| Taxable Long Term (BLV) | -0.40% | 0.19% | -2.26% | 0.69% | 5.96% |
| Government | |||||
| Government Short (SPTS) | 0.03% | 0.14% | 0.70% | 0.03% | 4.83% |
| Taxable Ultrashort (BIL) | 0.01% | 0.26% | 0.93% | 0.24% | 4.09% |
| Inflation Protected (TIP) | 0.01% | 0.31% | -0.47% | 0.44% | 5.91% |
| Government Intermediate (SPTI) | -0.03% | -0.31% | -0.05% | -0.17% | 6.62% |
| Government Long (SPTL) | -0.56% | 0.00% | -2.67% | 0.45% | 4.76% |
| Specialty | |||||
| Convertible (CWB) | 1.29% | 4.97% | 2.08% | 6.40% | 20.98% |
| Corporate (SPIB) | 0.06% | 0.12% | 0.60% | 0.27% | 7.51% |
| Taxable High Yield (HYG) | -0.01% | 0.71% | 1.32% | 0.67% | 7.74% |
| Mortgage Backed (MBS) | -0.01% | 0.40% | 0.67% | 0.55% | 8.40% |
| Bank Loans (BKLN) | -0.10% | -0.30% | 1.25% | -0.35% | 5.93% |
| Preferred Stock (PFF) | -0.13% | 2.51% | 1.69% | 2.84% | 5.11% |
| International & EM | |||||
| International Local (IGOV) | 1.18% | 2.47% | 2.16% | 3.00% | 12.60% |
| Emerging Local (EMLC) | 0.83% | 2.78% | 5.49% | 2.90% | 19.16% |
| International USD (BNDX) | -0.02% | 0.21% | -0.33% | 0.41% | 3.42% |
| Emerging USD (EMB) | -0.04% | 0.25% | 0.96% | 0.52% | 12.48% |
| Municipals | |||||
| Municipal Intermediate (MUB) | 0.07% | 0.79% | 0.91% | 0.58% | 4.11% |
| Municipal Short (SUB) | 0.03% | 0.61% | 1.33% | 0.48% | 3.85% |
| Municipal Long (MLN) | 0.00% | -0.30% | -0.38% | -0.06% | 2.27% |
| Municipal High Yield (HYD) | 0.00% | 0.27% | 1.07% | 0.18% | 2.91% |
Commodities
Energy and precious metals provided strong performance on Tuesday, lifting the Broad Commodities (DJP) index by 1.45%. Silver (SLV) was the day’s standout with a 3.30% jump, while WTI Crude Oil (USO) gained nearly 3% as global demand outlooks shifted. In contrast, palladium and platinum faced sharp pullbacks, with Palladium (PALL) dropping 4.78%, signaling a divergent path within the metals complex.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 1.45% | 9.91% | 17.89% | 13.56% | 28.18% |
| Agriculture | |||||
| Sugar (CANE) | 0.64% | -2.65% | 3.01% | -1.69% | -15.73% |
| Soybeans (SOYB) | 0.50% | -0.18% | -1.50% | 2.01% | 0.86% |
| Broad-based (DBA) | 0.31% | 0.70% | 1.81% | 1.25% | -2.03% |
| Wheat (WEAT) | -0.15% | 0.29% | -2.61% | 2.65% | -14.05% |
| Corn (CORN) | -0.19% | -4.32% | -3.09% | -2.33% | -11.78% |
| Energy | |||||
| WTI Crude Oil (USO) | 2.97% | 10.48% | 3.47% | 9.40% | -2.91% |
| Brent Crude Oil (BNO) | 2.78% | 11.85% | 5.79% | 10.95% | 0.87% |
| Broad-based (DBE) | 2.65% | 10.78% | 5.03% | 10.49% | 4.67% |
| Natural Gas (UNG) | -0.88% | 14.75% | 14.04% | 19.90% | -14.29% |
| Industrial Metals | |||||
| Broad-based (DBB) | 0.12% | 6.34% | 14.53% | 6.02% | 32.03% |
| Copper (CPER) | 0.11% | 2.15% | 14.67% | 4.63% | 37.36% |
| Precious Metals | |||||
| Silver (SLV) | 3.30% | 42.84% | 139.60% | 57.70% | 269.96% |
| Gold (GLD) | 2.45% | 14.24% | 29.72% | 20.13% | 88.19% |
| Broad-based (DBP) | 2.28% | 19.17% | 47.68% | 27.96% | 113.37% |
| Platinum (PPLT) | -3.64% | 8.01% | 64.80% | 27.54% | 174.10% |
| Palladium (PALL) | -4.78% | -0.52% | 37.33% | 20.37% | 98.92% |
Cryptocurrency
The digital asset market rebounded on Tuesday, led by a strong 4.25% gain in Ethereum (ETHA). Solana (SOLZ) also outperformed the broader crypto market, advancing 2.91%. Bitcoin (IBIT) saw a more measured rise of 1.97%, finding support after a period of volatility that has left it down over 22% on a three-month basis.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | 1.56% | 3.56% | N/A | 4.87% | N/A |
| Bitcoin (IBIT) | 1.97% | 2.06% | -22.44% | 1.97% | -12.21% |
| Multi-Coin (NCIQ) | 2.29% | 2.33% | -24.28% | 2.35% | N/A |
| Solana (SOLZ) | 2.91% | 3.88% | -37.62% | 2.17% | N/A |
| Ethereum (ETHA) | 4.25% | 3.12% | -28.09% | 1.78% | -4.04% |
What to Watch Today
As the market moves into mid-week, all eyes are on the upcoming preliminary GDP prints and persistent inflation data, which will likely dictate the path for fixed income duration. The continued technical stretch in international markets, particularly South Korea and Brazil, suggests potential for a consolidation phase if global macro sentiment shifts. Investors will also be monitoring crude oil inventories to see if the recent energy surge has staying power or if it will face resistance at current 52-week highs.
