Macro Overview
U.S. equities extended their recovery on January 22, 2026, as the S&P 500 (IVV) gained 0.53% following the rescinding of tariff threats against European allies and a “framework” agreement regarding Greenland. Risk appetite improved globally, though Developed Markets ex-U.S. (EFA) traded slightly lower by 0.11%, contrasting with a strong 0.76% advance in Emerging Markets (EEM). Fixed income markets saw a flattening bias as benchmark 10-year yields held steady at 4.25%, while Commodities (DJP) edged 0.12% higher amid a volatile session for energy and precious metals.
U.S. Size & Style
Large-cap growth (IVW) led the style boxes with a 0.76% gain, benefiting from a rebound in the “Magnificent Seven” and easing geopolitical jitters. Small-cap value (IJS) also showed resilience with a 0.35% advance, continuing a recent trend of small-cap outperformance that has seen the segment trade at 52-week highs. Technical breadth remains healthy, with approximately 66% of S&P 500 constituents trading above their 200-day moving average, while the Small Cap Blend (IJR) maintains an RSI of 69.55, approaching overbought territory.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Cap | |||||
| Large Growth (IVW) | 0.76% | -0.54% | 2.20% | -0.21% | 16.41% |
| Large Cap (IVV) | 0.53% | 0.60% | 3.47% | 1.02% | 15.03% |
| Large Value (IVE) | 0.25% | 1.88% | 4.90% | 2.40% | 13.05% |
| Mid Cap | |||||
| Mid Growth (IJK) | 0.04% | 4.49% | 9.51% | 7.06% | 8.31% |
| Mid Cap (IJH) | 0.01% | 4.35% | 9.21% | 6.59% | 8.96% |
| Mid Value (IJJ) | -0.14% | 4.04% | 8.82% | 5.97% | 9.38% |
| Small Cap | |||||
| Small Value (IJS) | 0.35% | 6.95% | 12.23% | 8.91% | 13.36% |
| Small Cap (IJR) | 0.24% | 5.78% | 10.20% | 8.53% | 11.35% |
| Small Growth (IJT) | 0.16% | 4.62% | 8.12% | 8.05% | 9.25% |
U.S. Sectors & Industries
Communication Services (XLC) was the day’s top performer, surging 1.41% as major constituents like Meta Platforms gained ground. Consumer Discretionary (XLY) followed with a 1.00% rise, while defensive sectors lagged, notably Real Estate (XLRE) which fell 0.99%. Materials (XLB) remains technically overbought with an RSI of 72.57, even as 100% of its constituents trade above their 50-day moving average, signaling high internal momentum.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Communication Services (XLC) | 1.41% | -0.35% | 0.85% | -1.25% | 18.54% |
| Consumer Discretionary (XLY) | 1.00% | 0.23% | 3.55% | 2.69% | 7.52% |
| Technology (XLK) | 0.74% | -0.19% | 1.65% | 0.63% | 20.78% |
| Financial (XLF) | 0.65% | -2.73% | 2.99% | -1.75% | 8.21% |
| Materials (XLB) | 0.57% | 8.43% | 12.71% | 9.20% | 13.81% |
| Energy (XLE) | 0.33% | 10.63% | 12.35% | 9.39% | 10.15% |
| Health Care (XLV) | 0.02% | 1.93% | 8.91% | 2.25% | 13.28% |
| Consumer Staples (XLP) | -0.21% | 5.64% | 4.00% | 5.91% | 9.45% |
| Industrials (XLI) | -0.52% | 5.38% | 8.63% | 6.69% | 19.61% |
| Utilities (XLU) | -0.72% | 0.57% | -4.80% | 0.05% | 12.16% |
| Real Estate (XLRE) | -0.99% | 2.36% | -2.24% | 1.96% | 3.51% |
Global Thematic
Thematic performance was dominated by silver and junior mining funds, with the Amplify Junior Silver Miners ETF (SILJ) exploding for a 7.73% daily gain. Health innovation also saw a significant boost as the ARK Genomic Revolution ETF (ARKG) rallied 5.68%. Conversely, copper miners and crypto-focused themes struggled; the Sprott Copper Miners ETF (COPP) fell 2.63%, and the CoinShares Bitcoin Mining ETF (WGMI) dropped 2.05%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Top 5 Leaders | |
| Amplify Junior Silver Miners ETF (SILJ) | 7.73% |
| Sprott Silver Miners & Physical Silver ETF (SLVR) | 6.72% |
| Global X Silver Miners ETF (SIL) | 6.24% |
| ARK Genomic Revolution ETF (ARKG) | 5.68% |
| iShares MSCI Global Silver Miners ETF (SLVP) | 5.60% |
| Bottom 5 Laggards | |
| Sprott Copper Miners ETF (COPP) | -2.63% |
| Global X Copper Miners ETF (COPX) | -2.07% |
| CoinShares Bitcoin Mining ETF (WGMI) | -2.05% |
| VanEck Digital Transformation ETF (DAPP) | -2.03% |
| Global X Blockchain ETF (BKCH) | -2.00% |
Developed ex-U.S. & Emerging Markets
South Korea (EWY) continues to exhibit exceptional momentum, climbing another 3.36% today and maintaining a parabolic 1-year return of 111.42%, though its RSI of 78.4 suggests it is deeply overbought. In Emerging Markets, Brazil (EWZ) and South Africa (EZA) were standout leaders, gaining 2.66% and 2.77% respectively. India (INDA) remains a laggard technically, with its RSI at a weak 32.08 as it trades more than 7% below its 52-week high.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed ex-U.S. | |||||
| South Korea (EWY) | 3.36% | 26.42% | 32.62% | 19.31% | 111.42% |
| Australia (EWA) | 1.23% | 3.52% | 1.72% | 3.36% | 13.13% |
| Netherlands (EWN) | 0.37% | 9.00% | 11.01% | 8.96% | 40.27% |
| Canada (EWC) | 0.33% | 1.90% | 10.95% | 2.35% | 36.55% |
| France (EWQ) | 0.24% | 0.44% | 1.07% | 0.38% | 21.16% |
| Hong Kong (EWH) | 0.18% | 4.62% | 11.15% | 6.54% | 45.66% |
| Switzerland (EWL) | 0.13% | 1.10% | 6.04% | 1.05% | 27.46% |
| Dev ex-U.S. (EFA) | -0.11% | 3.89% | 7.18% | 3.53% | 31.77% |
| U.K. (EWU) | -0.20% | 2.92% | 8.33% | 2.48% | 34.34% |
| Germany (EWG) | -0.55% | 1.79% | 4.01% | 1.41% | 28.56% |
| Japan (EWJ) | -0.73% | 5.47% | 7.17% | 5.10% | 32.02% |
| Emerging Markets | |||||
| South Africa (EZA) | 2.77% | 9.84% | 25.38% | 9.83% | 85.97% |
| Brazil (EWZ) | 2.66% | 16.47% | 24.01% | 13.16% | 56.82% |
| Taiwan (EWT) | 1.19% | 10.12% | 9.79% | 7.43% | 33.82% |
| Emerging (EEM) | 0.76% | 8.68% | 9.74% | 7.29% | 41.21% |
| Malaysia (EWM) | 0.60% | 3.72% | 13.39% | 3.91% | 22.89% |
| Indonesia (EIDO) | 0.58% | 2.09% | 7.52% | 1.87% | 5.01% |
| Mexico (EWW) | 0.52% | 8.29% | 17.88% | 9.26% | 59.64% |
| India (INDA) | 0.48% | -4.42% | -6.32% | -4.17% | 2.32% |
| China (MCHI) | 0.46% | 3.10% | 0.83% | 4.51% | 38.57% |
| Thailand (THD) | -0.58% | 4.66% | 8.04% | 6.49% | 10.53% |
Fixed Income
In duration terms, long-term bonds showed the most strength today, with Taxable Long Term (BLV) rising 0.36%. From a credit perspective, high-yield credit (HYG) edged 0.07% higher as risk sentiment remained positive, while bank loans (BKLN) rose 0.10%. International local currency debt (EMLC) was a significant outlier, advancing 0.58% as the U.S. dollar weakened against a basket of global currencies.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Long Term (BLV) | 0.36% | 0.71% | -2.32% | 0.68% | 6.93% |
| Taxable Core Enhanced (IUSB) | 0.02% | 0.26% | 0.00% | 0.17% | 7.40% |
| Taxable Core (AGG) | 0.02% | 0.22% | -0.21% | 0.14% | 7.22% |
| Taxable Short-Term (BSV) | -0.03% | 0.06% | 0.44% | -0.09% | 5.80% |
| Government | |||||
| Government Long (SPTL) | 0.30% | 0.34% | -3.03% | 0.34% | 5.60% |
| Taxable Ultrashort (BIL) | 0.01% | 0.28% | 0.93% | 0.20% | 4.10% |
| Government Short (SPTS) | 0.00% | 0.10% | 0.56% | -0.03% | 5.01% |
| Government Intermediate (SPTI) | -0.03% | -0.24% | -0.36% | -0.31% | 6.97% |
| Inflation Protected (TIP) | -0.10% | 0.21% | -1.04% | 0.09% | 6.28% |
| Specialty | |||||
| Convertible (CWB) | 0.40% | 3.56% | 4.21% | 5.63% | 19.43% |
| Preferred Stock (PFF) | 0.28% | 2.54% | 2.89% | 3.17% | 6.33% |
| Bank Loans (BKLN) | 0.10% | 0.32% | 2.08% | 0.04% | 6.34% |
| Taxable High Yield (HYG) | 0.07% | 0.93% | 2.09% | 0.68% | 8.09% |
| Corporate (SPIB) | 0.00% | 0.30% | 0.57% | 0.12% | 7.87% |
| Mortgage Backed (MBS) | -0.09% | 0.28% | 0.35% | 0.15% | 8.44% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.58% | 1.98% | 4.47% | 1.47% | 18.10% |
| International Local (IGOV) | 0.55% | 0.77% | -0.39% | 0.48% | 10.24% |
| International USD (BNDX) | 0.08% | 0.50% | -0.51% | 0.31% | 3.44% |
| Emerging USD (EMB) | -0.02% | 0.18% | 1.65% | 0.21% | 12.61% |
| Municipals | |||||
| Municipal Long (MLN) | 0.06% | -0.47% | -0.30% | -0.12% | 2.50% |
| Municipal High Yield (HYD) | 0.04% | 0.24% | 0.95% | 0.04% | 3.09% |
| Municipal Short (SUB) | 0.04% | 0.54% | 1.20% | 0.37% | 3.91% |
| Municipal Intermediate (MUB) | -0.01% | 0.71% | 0.69% | 0.35% | 4.38% |
Commodities
Precious metals led the commodities complex today as safe-haven demand persisted despite easing trade tensions, with Platinum (PPLT) soaring 6.27% and Silver (SLV) adding 3.78%. Energy products were a notable drag, as United States Gasoline (UGA) and WTI Crude Oil (USO) both fell more than 2%. Broad-based agricultural funds (DBA) showed little movement, edging up just 0.20%.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.12% | 8.22% | 12.80% | 8.48% | 20.11% |
| Agriculture | |||||
| Wheat (WEAT) | 1.30% | 0.54% | 0.54% | 1.70% | -17.10% |
| Sugar (CANE) | 0.84% | -0.55% | 0.11% | -1.08% | -12.47% |
| Corn (CORN) | 0.23% | -3.91% | -1.94% | -3.05% | -12.74% |
| Agriculture (DBA) | 0.20% | 0.63% | -1.64% | 0.31% | -2.58% |
| Soybeans (SOYB) | -0.02% | 0.09% | 0.59% | 1.37% | -0.31% |
| Energy | |||||
| Natural Gas (UNG) | -1.54% | 13.33% | 2.83% | 9.54% | -27.56% |
| Brent Crude Oil (BNO) | -1.81% | 4.41% | 3.68% | 5.44% | -6.60% |
| Energy (DBE) | -2.04% | 4.47% | 2.50% | 5.07% | -3.23% |
| WTI Crude Oil (USO) | -2.07% | 3.00% | 1.68% | 3.85% | -10.71% |
| Gasoline (UGA) | -2.11% | 3.63% | 3.37% | 5.76% | 1.22% |
| Industrial Metals | |||||
| Industrial Metals (DBB) | 0.51% | 7.91% | 14.83% | 4.05% | 27.96% |
| Copper (CPER) | -0.06% | 5.72% | 15.14% | 2.00% | 32.07% |
| Precious Metals | |||||
| Platinum (PPLT) | 6.27% | 25.41% | 62.19% | 29.00% | 177.09% |
| Palladium (PALL) | 4.23% | 9.60% | 32.94% | 21.00% | 94.87% |
| Silver (SLV) | 3.78% | 39.47% | 98.56% | 35.25% | 210.62% |
| Precious Metals (DBP) | 2.61% | 16.43% | 33.36% | 19.09% | 96.51% |
| Gold (GLD) | 1.85% | 10.67% | 19.75% | 14.00% | 77.57% |
Cryptocurrency
Digital assets traded in a tight range with a slight downward bias today, as risk capital rotated back into traditional equities. Ethereum (ETHA) was the weakest major asset, sliding 3.10% over the last 24 hours. Bitcoin (IBIT) remained more resilient, trading down 0.86% and hovering near the $90,000 psychological level. Solana (SOLZ) also saw a 1.94% decline, reflecting broader profit-taking in the crypto landscape.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Ethereum (ETHA) | -3.10% | -1.38% | -22.91% | -1.16% | -10.06% |
| XRP | -2.36% | 1.27% | – | 4.92% | – |
| Solana (SOLZ) | -1.94% | 3.06% | -30.04% | 3.21% | – |
| Multi-Coin (NCIQ) | -1.32% | 0.83% | -18.73% | 2.04% | – |
| Bitcoin (IBIT) | -0.86% | 1.16% | -17.22% | 2.05% | -14.67% |
What to Watch Today
The market’s attention is shifting toward the upcoming FOMC meeting next week, with today’s November PCE price index data showing a tame 0.2% month-over-month increase. This reading aligns with expectations and reinforces the potential for a stable interest rate environment, though investors remain cautious ahead of major earnings releases from the “Magnificent Seven” next Wednesday. Geopolitical developments around Greenland and the Arctic region continue to influence energy and defense-related sentiment, while upcoming activity data from Japan and the Eurozone will set the tone for global growth expectations heading into the weekend.
