Macro Overview
The broader market experienced a risk-off rotation as the U.S. Large Cap (IVV) declined 1.70%, driving its RSI down to an oversold level of 27.48. International developed equities navigated the headwinds slightly better, with the Developed ex-U.S. (EFA) shedding 0.91%. Emerging Markets (EEM) registered the strongest relative performance among global equity composites, slipping just 0.49%. Meanwhile, inflation narratives reignited as Broad Commodities (DJP) advanced 2.62%, pushing year-to-date returns to 26.91%.
U.S. Size & Style
Valuation concerns and rising commodity costs weighed heavily on domestic equities, with Large Growth (IVW) underperforming by posting a 2.08% loss. Value-oriented segments provided relative shelter across capitalization tiers, evidenced by Large Value (IVE) declining only 1.22%. Smaller capitalization stocks also faced downward pressure, as Small Growth (IJT) dropped 1.47% amid concerns over tightening credit conditions. This defensive positioning reflects a market shifting preference toward near-term cash flows over long-duration growth expectations.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -1.22% | -6.19% | -2.73% | -1.76% | 10.15% |
| Large Cap (IVV) | -1.70% | -7.35% | -7.87% | -6.75% | 13.21% |
| Large Growth (IVW) | -2.08% | -8.26% | -12.25% | -11.01% | 16.01% |
| Mid Value (IJJ) | -1.63% | -7.26% | -2.80% | -1.22% | 8.91% |
| Mid Cap (IJH) | -1.64% | -7.31% | -1.58% | 0.40% | 13.05% |
| Mid Growth (IJK) | -1.74% | -7.49% | -0.49% | 1.81% | 16.83% |
| Small Value (IJS) | -1.65% | -4.93% | 0.88% | 2.66% | 18.95% |
| Small Cap (IJR) | -1.55% | -5.98% | -0.97% | 1.46% | 16.09% |
| Small Growth (IJT) | -1.47% | -7.14% | -2.79% | 0.15% | 13.08% |
U.S. Sectors & Industries
The Energy (XLE) sector led the market with a 1.69% advance, pushing its 14-day RSI to an overbought reading of 82.99 as crude prices rallied. Defensive sectors also demonstrated relative strength, with Consumer Staples (XLP) and Utilities (XLU) gaining 0.79% and 0.57%, respectively. Conversely, higher interest rates disproportionately impacted cyclical and growth-sensitive areas, sending Consumer Discretionary (XLY) and Financials (XLF) down 2.89% and 2.53%. Technology (XLK) mirrored the broader growth selloff, retreating 1.95% on the day.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Energy (XLE) | 1.69% | 12.60% | 42.45% | 40.83% | 39.06% |
| Consumer Staples (XLP) | 0.79% | -8.63% | 5.12% | 5.87% | 4.00% |
| Utilities (XLU) | 0.57% | -3.82% | 7.31% | 7.53% | 21.11% |
| Materials (XLB) | -0.37% | -8.02% | 6.54% | 8.32% | 15.09% |
| Real Estate (XLRE) | -0.69% | -8.13% | -0.60% | -0.18% | -0.10% |
| Industrials (XLI) | -1.28% | -9.88% | 1.55% | 2.92% | 21.40% |
| Communication Services (XLC) | -1.63% | -9.04% | -8.98% | -8.78% | 9.84% |
| Health Care (XLV) | -1.70% | -10.21% | -7.82% | -7.07% | 0.58% |
| Technology (XLK) | -1.95% | -6.26% | -11.23% | -9.65% | 23.54% |
| Financial (XLF) | -2.53% | -6.56% | -13.60% | -12.26% | -3.26% |
| Consumer Discretionary (XLY) | -2.89% | -9.39% | -13.24% | -11.32% | 4.75% |
Global Thematic
Precious metal miners dominated the thematic leaderboard as investors sought traditional safe-haven assets amidst broader equity market volatility. The Sprott Silver Miners & Physical Silver (SLVR) surged 5.17%, followed closely by the Global X Gold Explorers (GOEX) at 5.04%. On the downside, speculative and growth-oriented themes faced severe capitulation, particularly in the cannabis sector. The Pure US Cannabis (MSOS) plummeted 8.12%, while digital asset infrastructure proxies like the Blockchain (BKCH) declined 5.77%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Leaders | |
| Sprott Silver Miners & Physical Silver (SLVR) | 5.17% |
| Global X Gold Explorers (GOEX) | 5.04% |
| VanEck Junior Gold Miners (GDXJ) | 4.40% |
| Amplify Junior Silver Miners (SILJ) | 4.35% |
| VanEck Gold Miners (GDX) | 4.13% |
| Laggards | |
| AdvisorShares Pure US Cannabis (MSOS) | -8.12% |
| REX Drone (DRNZ) | -6.37% |
| Amplify Seymour Cannabis (CNBS) | -6.23% |
| Global X Blockchain (BKCH) | -5.77% |
| VanEck Digital Transformation (DAPP) | -5.74% |
Developed ex-U.S. & Emerging Markets
Global equity performance exhibited high dispersion, with commodity-exporting nations generally outpacing their manufacturing-heavy peers. South Korea (EWY) defied the regional downturn, posting a 0.83% gain supported by targeted fiscal stimulus narratives. European markets struggled against the backdrop of hawkish central bank rhetoric, leading to a 1.53% decline in Germany (EWG) and a 1.69% drop in the Netherlands (EWN). Among emerging economies, Malaysia (EWM) and South Africa (EZA) advanced 0.53% and 0.39%, respectively, benefiting from the rotation into resource-rich regions.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets | |||||
| Australia (EWA) | 0.15% | -9.57% | 1.99% | 3.89% | 18.31% |
| Canada (EWC) | -0.15% | -7.50% | -2.14% | -0.56% | 32.05% |
| U.K. (EWU) | -0.23% | -9.37% | -0.27% | 0.32% | 21.87% |
| Switzerland (EWL) | -0.56% | -12.45% | -5.88% | -4.97% | 10.41% |
| Hong Kong (EWH) | -0.84% | -7.56% | 2.15% | 5.32% | 32.50% |
| France (EWQ) | -0.90% | -12.53% | -7.33% | -6.93% | 6.13% |
| Germany (EWG) | -1.53% | -14.12% | -10.72% | -10.40% | 2.98% |
| Japan (EWJ) | -1.55% | -11.84% | 0.57% | 0.85% | 20.59% |
| Netherlands (EWN) | -1.69% | -11.00% | -2.22% | -2.00% | 22.98% |
| Emerging Markets | |||||
| South Korea (EWY) | 0.83% | -20.08% | 26.23% | 24.44% | 119.04% |
| Thailand (THD) | 0.79% | -11.89% | 8.68% | 10.83% | 28.70% |
| Malaysia (EWM) | 0.53% | -2.70% | 2.86% | 3.91% | 25.24% |
| South Africa (EZA) | 0.39% | -21.29% | -8.65% | -6.64% | 42.21% |
| China (MCHI) | -0.40% | -7.18% | -10.53% | -8.74% | 0.40% |
| Brazil (EWZ) | -0.46% | -5.42% | 15.83% | 15.30% | 46.74% |
| Taiwan (EWT) | -0.87% | -8.17% | 10.27% | 9.38% | 47.75% |
| Indonesia (EIDO) | -1.41% | -13.64% | -16.59% | -17.70% | -2.82% |
| Mexico (EWW) | -1.61% | -10.91% | 1.35% | 4.01% | 43.51% |
| India (INDA) | -1.69% | -12.34% | -14.90% | -15.23% | -11.53% |
Fixed Income
Yield curve dynamics dictated fixed income returns as investors positioned for persistent inflation and higher terminal policy rates. Short-duration assets outperformed, with the Taxable Short-Term (BSV) gaining 0.17%, while the Taxable Long Term (BLV) declined 0.56% due to its heightened duration risk. Credit markets also exhibited weakness, as the Taxable High Yield (HYG) and Convertible (CWB) segments dropped 0.25% and 1.77%, respectively. International debt felt the pressure of a strong U.S. dollar, driving the Emerging USD (EMB) 0.55% lower.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Short-Term (BSV) | 0.17% | -1.12% | -0.18% | -0.21% | 4.09% |
| Taxable Core (AGG) | -0.01% | -2.52% | -0.87% | -0.71% | 4.40% |
| Taxable Core Enhanced (IUSB) | -0.04% | -2.49% | -0.95% | -0.76% | 4.60% |
| Taxable Long Term (BLV) | -0.56% | -4.91% | -2.26% | -1.76% | 2.50% |
| Government | |||||
| Government Short (SPTS) | 0.14% | -0.70% | 0.12% | 0.02% | 3.79% |
| Government Intermediate (SPTI) | 0.11% | -2.28% | -0.81% | -0.67% | 4.23% |
| Taxable Ultrashort (BIL) | 0.03% | 0.28% | 0.86% | 0.84% | 4.01% |
| Inflation Protected (TIP) | -0.08% | -1.98% | -0.35% | -0.22% | 3.11% |
| Government Long (SPTL) | -0.42% | -5.10% | -1.65% | -1.20% | 1.37% |
| Specialty | |||||
| Mortgage Backed (MBS) | 0.09% | -2.55% | -0.62% | -0.47% | 5.57% |
| Corporate (SPIB) | 0.00% | -2.02% | -0.94% | -0.80% | 5.15% |
| Taxable High Yield (HYG) | -0.25% | -2.00% | -1.37% | -1.41% | 5.70% |
| Preferred Stock (PFF) | -0.72% | -3.88% | -2.25% | -1.94% | 3.08% |
| Bank Loans (BKLN) | -0.73% | 1.16% | -1.61% | -1.66% | 4.84% |
| Convertible (CWB) | -1.77% | -4.70% | -0.43% | 0.93% | 17.46% |
| International & EM | |||||
| International USD (BNDX) | -0.17% | -2.93% | -1.14% | -0.94% | 2.33% |
| Emerging (EMLC) | -0.28% | -5.96% | -2.83% | -2.71% | 10.93% |
| International (IGOV) | -0.37% | -5.70% | -3.19% | -2.69% | 4.81% |
| Emerging USD (EMB) | -0.55% | -4.50% | -2.90% | -2.64% | 8.33% |
| Municipals | |||||
| Municipal Intermediate (MUB) | 0.04% | -2.75% | -0.65% | -0.85% | 4.17% |
| Municipal Long (MLN) | 0.03% | -2.53% | -0.94% | -0.71% | 4.37% |
| Municipal Short (SUB) | 0.02% | -0.73% | 0.29% | 0.16% | 3.51% |
| Municipal High Yield (HYD) | -0.22% | -3.20% | -1.84% | -1.94% | 2.34% |
Commodities
Supply-side constraints and geopolitical tensions fueled a robust, broad-based rally across the commodities complex. The WTI Crude (USO) surged 5.92%, propelling its year-to-date return to 79.58% and elevating energy prices globally. Precious metals caught a strong bid on safe-haven demand, with Silver (SLV) advancing 4.39% and Gold (GLD) climbing 3.51%. Agricultural commodities were comparatively muted, though Wheat (WEAT) managed a slight 0.22% gain while Soybeans (SOYB) retreated 0.70%.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 2.62% | 11.81% | 22.83% | 26.91% | 36.59% |
| Agriculture | |||||
| Wheat (WEAT) | 0.22% | 2.66% | 13.36% | 16.02% | -0.77% |
| Agriculture (DBA) | 0.22% | 4.42% | 5.88% | 6.47% | 6.49% |
| Sugar (CANE) | -0.09% | 14.32% | 7.81% | 8.87% | -13.73% |
| Corn (CORN) | -0.69% | 3.86% | 2.65% | 4.79% | 0.38% |
| Soybeans (SOYB) | -0.70% | 1.55% | 8.28% | 10.66% | 13.14% |
| Energy | |||||
| WTI Crude Oil (USO) | 5.92% | 51.56% | 81.37% | 79.58% | 64.55% |
| Brent Crude Oil (BNO) | 4.25% | 51.39% | 87.61% | 86.09% | 73.01% |
| Natural Gas (UNG) | 3.72% | 6.60% | -4.14% | 0.16% | -39.83% |
| Energy (DBE) | 3.23% | 47.90% | 74.23% | 73.78% | 64.31% |
| Industrial Metals | |||||
| Industrial Metals (DBB) | 0.39% | -5.29% | 0.13% | -0.17% | 20.81% |
| Copper (CPER) | 0.36% | -9.30% | -6.59% | -4.32% | 4.66% |
| Precious Metals | |||||
| Silver (SLV) | 4.39% | -25.36% | -10.80% | -1.52% | 102.55% |
| Precious Metals (DBP) | 3.70% | -16.86% | -4.50% | 2.55% | 52.96% |
| Gold (GLD) | 3.51% | -14.27% | -0.49% | 4.64% | 47.07% |
| Palladium (PALL) | 2.50% | -22.75% | -28.69% | -13.72% | 40.03% |
| Platinum (PPLT) | 2.38% | -21.11% | -23.05% | -9.13% | 87.80% |
Cryptocurrency
Digital assets endured another session of intense selling pressure as regulatory scrutiny and macro risk-off sentiment intersected. Bitcoin (IBIT) led the downturn with a 3.66% decline, deepening its year-to-date deficit to 24.67%. Broader token portfolios were similarly affected, with the Multi-Coin (NCIQ) shedding 3.46% and Solana (SOLZ) dropping 3.13%. Ethereum (ETHA) managed to contain its losses to 2.91%, though it remains down over 33% on the year.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Bitcoin (IBIT) | -3.66% | 0.56% | -24.61% | -24.67% | -24.35% |
| Multi-Coin (NCIQ) | -3.46% | 0.58% | -26.28% | -26.27% | -24.21% |
| Solana (SOLZ) | -3.13% | 1.36% | -32.96% | -34.07% | -46.61% |
| Ethereum (ETHA) | -2.91% | 3.37% | -32.20% | -33.08% | -1.05% |
| XRP (XRP) | -1.40% | -2.44% | -28.83% | -27.92% | – |
What to Watch Today
With Monday marking the penultimate trading session of the first quarter, institutional end-of-quarter portfolio rebalancing will serve as a primary broad market narrative. On the macroeconomic front, market participants will evaluate the Dallas Fed Manufacturing Index for real-time insights into regional industrial activity and cost pressures. Additionally, investors will monitor the Treasury yield curve’s reaction to recent commodity spikes, as inflation expectations could force adjustments to near-term monetary policy assumptions heading into Q2.
