Macro Overview
U.S. equities fell for a third consecutive session as escalating geopolitical tensions and rising Treasury yields weighed on investor sentiment, sending the S&P 500 (IVV) down 0.68%. International markets followed the downward trend, with Developed ex-U.S. (EFA) equities losing 1.09%. The most significant decline occurred in Emerging Markets (EEM), which dropped 2.94%, marking a clear divergence from other asset classes. In contrast, the U.S. Aggregate Bond (AGG) market posted a modest 0.10% gain, while Broad Commodities (DJP) edged lower by 0.26%.
U.S. Size & Style
A risk-off tone permeated U.S. markets, with growth-oriented segments leading the decline. Mid-Cap Growth (IJK) was the weakest performer across the style box, falling 1.99%, while Large Growth (IVW) was down 1.28%. Bucking the trend, Large Value (IVE) managed to finish the day nearly flat with a 0.03% gain. Smaller capitalization stocks also faced headwinds, with the Small Cap (IJR) index retreating by 1.43%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.03% | 2.40% | 5.66% | 12.47% | 19.47% |
| Large Cap (IVV) | -0.68% | 3.25% | 4.19% | 13.16% | 20.70% |
| Large Growth (IVW) | -1.28% | 4.04% | 2.94% | 13.52% | 21.34% |
| Mid Value (IJJ) | -1.15% | 0.63% | 7.99% | 14.08% | 19.81% |
| Mid Cap (IJH) | -1.58% | 2.25% | 7.32% | 17.59% | 22.86% |
| Mid Growth (IJK) | -1.99% | 3.86% | 6.60% | 20.76% | 25.53% |
| Small Value (IJS) | -1.17% | 0.87% | 9.88% | 22.17% | 32.62% |
| Small Cap (IJR) | -1.43% | 1.14% | 10.22% | 23.45% | 30.55% |
| Small Growth (IJT) | -1.71% | 1.31% | 10.46% | 24.45% | 28.19% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
The Energy (XLE) sector was the clear standout, rallying 1.76% as rising geopolitical tensions in the Middle East drove crude oil prices higher; the advance pushed the sector’s RSI to an overbought reading of 73. Defensive sectors also performed well, with Health Care (XLV) and Consumer Staples (XLP) gaining 1.60% and 1.06%, respectively. Conversely, the Technology (XLK) sector was the day’s biggest laggard, declining 2.47% amid weakness in stocks associated with artificial intelligence.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.68% | 3.25% | 4.16% | 13.14% | 20.62% |
| Energy (XLE) | 1.76% | 10.40% | 5.87% | 44.37% | 54.38% |
| Health Care (XLV) | 1.60% | 5.36% | 16.99% | 10.58% | 27.08% |
| Consumer Staples (XLP) | 1.06% | 0.46% | 0.32% | 11.56% | 7.39% |
| Financials (XLF) | 0.45% | 2.81% | 12.18% | 6.51% | 11.87% |
| Communication Services (XLC) | -0.31% | -0.15% | -5.31% | -5.60% | 0.97% |
| Consumer Discretionary (XLY) | -0.33% | 0.80% | 0.24% | -2.17% | 1.98% |
| Utilities (XLU) | -0.36% | -2.55% | 0.82% | 4.49% | 6.13% |
| Real Estate (XLRE) | -0.45% | -1.74% | 2.89% | 12.31% | 12.74% |
| Materials (XLB) | -0.88% | 2.47% | 3.49% | 15.11% | 17.79% |
| Industrials (XLI) | -1.48% | 2.32% | 7.77% | 18.96% | 23.10% |
| Technology (XLK) | -2.47% | 5.71% | 6.58% | 29.24% | 40.15% |
Explore the U.S. Sectors & Industries Explorer →
Global Thematic
Energy infrastructure funds dominated the thematic leaderboard, mirroring the broader sector’s strength amid rising oil prices. The Global X MLP & Energy Infrastructure ETF (MLPX) and the ALPS Medical Breakthroughs ETF (SBIO) both advanced 1.88%. In stark contrast, technology-focused themes suffered deep losses, reflecting weakness in the underlying sector. Thematic funds targeting photonics and memory chips were hit particularly hard, with the Tuttle Capital Pure Play Photonics ETF (FOTO) falling 10.82%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| ALPS Medical Breakthroughs ETF (SBIO) | 1.88% |
| Global X MLP & Energy Infrastructure ETF (MLPX) | 1.88% |
| USCF Midstream Energy Income Fund ETF (UMI) | 1.86% |
| Alerian Energy Infrastructure ETF (ENFR) | 1.77% |
| Pacer American Energy Infrastructure ETF (USAI) | 1.69% |
| Laggards | |
| Tuttle Capital Pure Play Photonics ETF (FOTO) | -10.82% |
| Tema Memory ETF (DISK) | -9.66% |
| Roundhill Neocloud ETF (NCLD) | -9.23% |
| Tema Photonics & Optical ETF (LAZR) | -9.19% |
| Roundhill Memory ETF (DRAM) | -8.76% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
International equity markets broadly declined, with particularly sharp sell-offs in key Asian countries. South Korea (EWY) experienced a dramatic 8.13% drop, significantly outpacing other developed markets, though it remains up nearly 75% year-to-date. Japan (EWJ) also saw a notable decline of 2.85%. In the emerging markets space, weakness was also concentrated in Asia, with Taiwan (EWT) falling 3.16% and contributing to the broader index’s underperformance.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -1.09% | 3.81% | 6.13% | 13.46% | 20.47% |
| Australia (EWA) | 0.20% | 2.99% | 4.23% | 14.66% | 13.80% |
| Canada (EWC) | -0.96% | 3.58% | 7.48% | 14.72% | 31.83% |
| France (EWQ) | -0.83% | 3.57% | 6.76% | 6.38% | 10.46% |
| Germany (EWG) | -0.64% | 6.12% | 5.22% | 4.82% | 4.94% |
| Hong Kong (EWH) | -0.27% | 1.77% | -4.93% | 7.24% | 11.56% |
| Japan (EWJ) | -2.85% | 5.39% | 5.45% | 18.75% | 23.92% |
| Netherlands (EWN) | -2.08% | 4.70% | 9.98% | 23.95% | 38.14% |
| South Korea (EWY) | -8.13% | 4.62% | -3.44% | 74.91% | 138.90% |
| Switzerland (EWL) | -0.02% | -0.43% | 3.46% | 6.77% | 17.80% |
| U.K. (EWU) | 0.00% | 2.60% | 4.77% | 11.08% | 20.62% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -2.94% | 3.24% | 1.08% | 20.03% | 32.62% |
| Brazil (EWZ) | -0.79% | -4.34% | -7.40% | 7.09% | 24.58% |
| China (MCHI) | -0.29% | 3.68% | -1.95% | -8.01% | -6.83% |
| India (INDA) | -0.40% | 0.96% | 3.22% | -8.64% | -7.70% |
| Indonesia (EIDO) | -0.32% | 1.13% | -8.35% | -31.63% | -29.96% |
| Malaysia (EWM) | 0.36% | 0.11% | -2.24% | 5.23% | 16.39% |
| Mexico (EWW) | -0.60% | -0.87% | -3.02% | 8.97% | 25.87% |
| South Africa (EZA) | -1.60% | 7.60% | 1.03% | -0.41% | 26.58% |
| Taiwan (EWT) | -3.16% | 7.25% | 13.76% | 64.32% | 78.90% |
| Thailand (THD) | -0.58% | 0.80% | 4.65% | 25.98% | 33.55% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Despite reports of a continued selloff in the underlying Treasury market, longer-duration bond ETFs posted modest gains on the day. The Long-Term Treasury (SPTL) rose 0.28%, while the core U.S. Aggregate Bond (AGG) index gained 0.10%. Credit-sensitive areas of the market showed more weakness, as High Yield (HYG) slipped 0.10%. Convertible bonds (CWB), which have higher correlation to equities, fell sharply by 1.92%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.26% | -2.43% | -1.01% | -2.94% | 0.09% |
| Core (AGG) | 0.10% | -0.52% | 0.34% | -0.24% | 2.49% |
| Core Enhanced (IUSB) | 0.09% | -0.42% | 0.51% | 0.04% | 2.78% |
| Short-Term (BSV) | 0.03% | 0.27% | 0.81% | 0.83% | 2.80% |
| Government | |||||
| Long-Term (SPTL) | 0.28% | -2.55% | -0.75% | -3.30% | -0.09% |
| Inflation Protected (TIP) | 0.23% | -0.43% | -0.32% | 0.70% | 2.19% |
| Intermediate (SPTI) | 0.04% | -0.16% | 0.59% | -0.32% | 1.93% |
| Ultrashort (BIL) | 0.01% | 0.31% | 0.92% | 2.25% | 3.76% |
| Short-Term (SPTS) | -0.03% | 0.28% | 0.81% | 1.11% | 2.98% |
| Specialty | |||||
| Corporate (SPIB) | 0.06% | -0.10% | 0.68% | 0.50% | 2.97% |
| Mortgage Backed (MBB) | 0.03% | -0.38% | 0.64% | 0.20% | 3.96% |
| High Yield (HYG) | -0.10% | 0.33% | 1.45% | 2.09% | 4.86% |
| Bank Loans (BKLN) | -0.19% | 0.83% | 1.13% | 1.39% | 4.48% |
| Preferred Stock (PFF) | -0.59% | 0.80% | -0.93% | 1.29% | 1.98% |
| Convertible (CWB) | -1.92% | 3.13% | 1.98% | 18.17% | 24.05% |
| International & EM | |||||
| Emerging USD (EMB) | -0.06% | -0.50% | 1.30% | 1.32% | 6.01% |
| International USD (BNDX) | -0.13% | -0.46% | 0.48% | 0.09% | 1.21% |
| Emerging Local (EMLC) | -0.16% | 1.42% | 2.96% | 2.78% | 7.79% |
| International Local (IGOV) | -0.28% | 0.82% | -0.42% | -1.33% | -1.16% |
| Municipals | |||||
| Short-Term (SUB) | 0.05% | 0.27% | 0.76% | 1.09% | 2.02% |
| Intermediate (MUB) | -0.18% | -0.87% | 0.13% | 0.23% | 4.57% |
| High Yield (HYD) | -0.31% | -1.43% | 0.25% | 0.60% | 6.28% |
| Long-Term (MLN) | -0.35% | -1.31% | 0.60% | 1.07% | 7.36% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
The commodities complex saw a clear divergence between energy and metals. Energy futures advanced on geopolitical news, with Natural Gas (UNG) climbing 2.75% and Brent Crude (BNO) up 0.27%. In contrast, precious metals sold off as the U.S. dollar strengthened amid the risk-off sentiment. Silver (SLV) led the decline with a 3.58% loss, while Gold (GLD) fell 1.71%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.26% | 4.95% | -3.10% | 31.32% | 47.27% |
| Agriculture | |||||
| Sugar (CANE) | 2.29% | 14.78% | 12.59% | 14.61% | 2.19% |
| Soybeans (SOYB) | 0.00% | 1.22% | 2.50% | 18.02% | 16.58% |
| Corn (CORN) | -0.22% | 3.60% | -1.71% | 3.89% | 7.72% |
| Broad (DBA) | -0.39% | 0.68% | -0.60% | 9.84% | 7.46% |
| Wheat (WEAT) | -1.16% | -2.14% | -1.16% | 23.74% | 17.39% |
| Energy | |||||
| Natural Gas (UNG) | 2.75% | -3.90% | -12.48% | -17.62% | -20.60% |
| Broad (DBE) | 0.59% | 7.33% | -2.87% | 86.20% | 80.97% |
| WTI Crude (USO) | 0.28% | 5.40% | -12.48% | 88.92% | 78.57% |
| Brent Crude (BNO) | 0.27% | 7.00% | -9.61% | 84.00% | 75.69% |
| Industrial Metals | |||||
| Broad (DBB) | -1.45% | 2.20% | -1.57% | 9.29% | 32.53% |
| Copper (CPER) | -2.37% | 3.32% | 2.03% | 12.07% | 40.73% |
| Precious Metals | |||||
| Gold (GLD) | -1.71% | 8.18% | -4.75% | 0.57% | 29.84% |
| Broad (DBP) | -1.99% | 9.17% | -8.01% | -2.76% | 34.24% |
| Platinum (PPLT) | -3.17% | 7.31% | -12.78% | -16.54% | 28.09% |
| Palladium (PALL) | -3.35% | 3.00% | -8.56% | -19.59% | 14.43% |
| Silver (SLV) | -3.58% | 13.12% | -17.87% | -10.84% | 66.25% |
Explore the Commodities Explorer →
Cryptocurrency
The digital asset space remained relatively calm amid the volatility in traditional markets, with major cryptocurrencies posting slight gains. Solana (SOLZ) was the day’s top performer, rising 1.91%. The two largest assets by market capitalization, Bitcoin (IBIT) and Ethereum (ETHA), recorded more modest increases of 0.49% and 0.28%, respectively.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | 0.18% | -8.28% | -27.85% | -45.47% | — |
| Ethereum (ETHA) | 0.28% | 3.81% | -9.75% | -35.62% | -56.20% |
| Multi-Coin (NCIQ) | 0.44% | 0.50% | -16.15% | -29.44% | -49.45% |
| Bitcoin (IBIT) | 0.49% | 0.69% | -15.92% | -26.28% | -44.59% |
| Solana (SOLZ) | 1.91% | 2.58% | -9.32% | -38.59% | -60.48% |
Explore the Digital Assets Explorer →
What to Watch Today
Looking ahead to Wednesday, market participants will be focused on the 2:00 PM ET release of the minutes from the Federal Reserve’s July FOMC meeting for further clues on monetary policy. The economic calendar also includes the weekly MBA Mortgage Applications and the EIA Petroleum Status Report. Additionally, the U.S. Treasury is scheduled to hold a 20-Year Bond Auction, while the pre-market session will feature key earnings reports from retailers such as Target (TGT) and Lowe’s (LOW).
