Macro Overview
Global equity markets ended the week on a positive note, with gains across major regions despite a backdrop of mixed economic data in the U.S. Developed ex-U.S. markets (EFA) led the way with a 0.83% advance, outpacing the 0.39% rise in the S&P 500 (IVV). In contrast, the U.S. bond market showed signs of stress, with the U.S. Aggregate Bond (AGG) index declining 0.14%. Broad Commodities (DJP) also participated in the risk-on mood, climbing 0.56% on the day.
U.S. Size & Style
Gains were seen across all U.S. size and style segments, with a clear preference for smaller companies. The Small Cap (IJR) index gained 0.64%, while the Mid Cap (IJH) index rose 0.52%, both outperforming their large-cap counterparts. A modest value tilt was also evident, as Large Value (IVE) added 0.48% versus a 0.33% increase for Large Growth (IVW). Overall market breadth was solid, with roughly half of constituents in major indexes trading above their 50-day moving averages.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.48% | 2.90% | 5.32% | 12.72% | 19.96% |
| Large Cap (IVV) | 0.39% | 2.31% | 3.37% | 12.91% | 21.88% |
| Large Growth (IVW) | 0.33% | 1.83% | 1.70% | 12.83% | 23.23% |
| Mid Value (IJJ) | 0.69% | 1.06% | 6.92% | 14.03% | 19.63% |
| Mid Cap (IJH) | 0.52% | 1.39% | 5.57% | 16.88% | 22.58% |
| Mid Growth (IJK) | 0.37% | 1.69% | 4.27% | 19.43% | 25.01% |
| Small Value (IJS) | 0.67% | 0.79% | 8.31% | 22.43% | 33.50% |
| Small Cap (IJR) | 0.64% | 0.50% | 8.43% | 23.14% | 30.77% |
| Small Growth (IJT) | 0.61% | 0.08% | 8.46% | 23.57% | 27.93% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Sector performance showed significant divergence to close the week. Materials (XLB) was the clear leader, surging 2.14%, followed by strong showings from Health Care (XLV) and Consumer Discretionary (XLY). Conversely, Utilities (XLU) was a notable laggard, falling 2.28% on the day. The Energy (XLE) sector, while the top performer year-to-date, slipped 0.17% and remains in overbought territory with an RSI of 72.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.41% | 2.33% | 3.36% | 12.89% | 21.81% |
| Materials (XLB) | 2.14% | 6.87% | 7.44% | 19.02% | 20.61% |
| Health Care (XLV) | 1.29% | 8.97% | 18.38% | 13.76% | 29.64% |
| Consumer Discretionary (XLY) | 1.15% | 2.74% | -0.37% | -0.77% | 5.14% |
| Financials (XLF) | 0.93% | 2.44% | 11.50% | 5.85% | 10.75% |
| Consumer Staples (XLP) | 0.79% | 2.30% | 2.28% | 12.10% | 7.17% |
| Communication Services (XLC) | 0.65% | 1.25% | -3.79% | -4.82% | 2.80% |
| Industrials (XLI) | 0.27% | 0.89% | 5.96% | 16.81% | 21.15% |
| Technology (XLK) | 0.11% | 1.40% | 2.76% | 27.63% | 42.34% |
| Real Estate (XLRE) | 0.00% | -0.27% | 2.18% | 13.44% | 11.86% |
| Energy (XLE) | -0.17% | 8.79% | 8.39% | 44.28% | 51.90% |
| Utilities (XLU) | -2.28% | -4.79% | -4.35% | 1.52% | 2.72% |
Explore the U.S. Sectors & Industries Explorer →
Global Thematic
Uranium and rare earth metals themes dominated the top performers list. The Sprott Junior Uranium Miners ETF (URNJ) and Sprott Uranium Miners ETF (URNM) posted substantial gains of 7.94% and 7.66%, respectively. Similarly, the VanEck Rare Earth and Strategic Metals ETF (REMX) climbed 6.69%. The rally in digital assets also lifted related equity funds, with the First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) advancing 6.45%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Sprott Junior Uranium Miners ETF (URNJ) | 7.94% |
| Sprott Uranium Miners ETF (URNM) | 7.66% |
| VanEck Rare Earth and Strategic Metals ETF (REMX) | 6.69% |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | 6.45% |
| Sprott Rare Earths Ex-China ETF (REXC) | 6.30% |
| Laggards | |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | -2.54% |
| Roundhill Neocloud ETF (NCLD) | -2.53% |
| Global X U.S. Electrification ETF (ZAP) | -1.89% |
| First Trust North American Energy Infrastructure Fund (EMLP) | -1.60% |
| Tortoise AI Infrastructure ETF (TCAI) | -1.42% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
International equities broadly advanced, with both developed and emerging markets posting gains. Developed ex-U.S. (EFA) stocks rose 0.83%, led by a 1.74% rally in Hong Kong (EWH). Emerging Markets (EEM) were also strong, climbing 0.75% as a whole. Among emerging nations, South Africa (EZA) was a standout with a 2.89% gain, followed closely by Brazil (EWZ) and Mexico (EWW).
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.83% | 4.02% | 5.52% | 14.49% | 21.88% |
| Australia (EWA) | 1.31% | 5.09% | 5.44% | 16.71% | 15.76% |
| Canada (EWC) | 0.96% | 5.61% | 6.95% | 16.17% | 33.70% |
| France (EWQ) | 0.23% | 4.01% | 5.75% | 6.95% | 11.05% |
| Germany (EWG) | 0.64% | 6.94% | 4.71% | 6.07% | 7.13% |
| Hong Kong (EWH) | 1.74% | 4.71% | -0.45% | 11.64% | 15.70% |
| Japan (EWJ) | 0.97% | 2.63% | 4.72% | 18.51% | 26.19% |
| Netherlands (EWN) | 0.70% | 2.16% | 4.95% | 22.97% | 37.18% |
| South Korea (EWY) | 0.10% | 3.15% | -4.33% | 83.44% | 156.11% |
| Switzerland (EWL) | 0.97% | 2.71% | 4.21% | 9.24% | 19.22% |
| U.K. (EWU) | 0.82% | 4.64% | 4.87% | 12.88% | 21.48% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.75% | 2.72% | 2.16% | 23.30% | 37.85% |
| Brazil (EWZ) | 2.69% | -1.57% | -4.36% | 11.41% | 32.56% |
| China (MCHI) | 0.27% | 3.07% | 0.12% | -6.73% | -5.47% |
| India (INDA) | 0.18% | 1.76% | 3.35% | -8.16% | -7.34% |
| Indonesia (EIDO) | 2.16% | 0.55% | -0.62% | -30.49% | -28.82% |
| Malaysia (EWM) | 0.81% | 2.58% | -0.20% | 6.91% | 17.96% |
| Mexico (EWW) | 2.49% | 2.03% | 0.92% | 13.24% | 30.04% |
| South Africa (EZA) | 2.89% | 16.43% | 8.48% | 7.62% | 37.26% |
| Taiwan (EWT) | 0.22% | 3.70% | 10.41% | 64.17% | 86.28% |
| Thailand (THD) | 1.63% | 1.67% | 5.62% | 28.22% | 35.60% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
The fixed income landscape was characterized by broad weakness, particularly in longer-duration government debt. The Long-Term Treasury (SPTL) fell 0.36%, and the Core U.S. Aggregate Bond (AGG) index declined 0.14% amid market volatility. This weakness came despite the U.S. Treasury’s announcement that it would double its long-term debt buybacks. Credit-sensitive segments proved more resilient, as High Yield (HYG) and Bank Loans (BKLN) eked out small gains.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.06% | 0.38% | 0.65% | 0.75% | 2.75% |
| Core (AGG) | -0.14% | -0.05% | 0.01% | -0.24% | 2.47% |
| Core Enhanced (IUSB) | -0.15% | -0.02% | 0.20% | 0.04% | 2.80% |
| Long-Term (BLV) | -0.29% | -1.11% | -1.41% | -2.60% | 0.43% |
| Government | |||||
| Ultrashort (BIL) | 0.03% | 0.34% | 0.92% | 2.30% | 3.76% |
| Short-Term (SPTS) | 0.00% | 0.46% | 0.78% | 1.11% | 2.94% |
| Intermediate (SPTI) | -0.14% | 0.16% | 0.27% | -0.47% | 1.75% |
| Long-Term (SPTL) | -0.36% | -1.16% | -0.97% | -2.88% | 0.09% |
| Inflation Protected (TIP) | -0.36% | 0.03% | -0.12% | 0.80% | 2.07% |
| Specialty | |||||
| Convertible (CWB) | 0.12% | 0.20% | -1.17% | 17.31% | 24.41% |
| High Yield (HYG) | 0.06% | 0.43% | 1.10% | 2.19% | 5.23% |
| Bank Loans (BKLN) | 0.05% | 1.03% | 1.58% | 1.69% | 4.78% |
| Preferred Stock (PFF) | 0.03% | 0.93% | -0.80% | 1.32% | 2.01% |
| Corporate (SPIB) | -0.06% | 0.14% | 0.35% | 0.44% | 3.03% |
| Mortgage Backed (MBB) | -0.19% | 0.06% | 0.24% | 0.24% | 3.93% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.51% | 2.41% | 3.72% | 3.82% | 9.23% |
| International Local (IGOV) | 0.07% | 2.24% | 0.14% | -0.41% | 0.50% |
| Emerging USD (EMB) | 0.05% | -0.26% | 0.99% | 1.41% | 6.56% |
| International USD (BNDX) | 0.00% | -0.13% | 0.02% | 0.22% | 1.27% |
| Municipals | |||||
| Short-Term (SUB) | -0.02% | 0.33% | 0.72% | 1.12% | 1.98% |
| High Yield (HYD) | -0.04% | -0.72% | 0.16% | 0.77% | 6.74% |
| Intermediate (MUB) | -0.12% | -0.51% | 0.10% | 0.20% | 4.67% |
| Long-Term (MLN) | -0.17% | -0.88% | 1.03% | 1.09% | 7.55% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities posted a strong session, driven by a significant rally in precious metals. Gold (GLD) advanced 1.95% while Platinum (PPLT) jumped 2.04%, lifting the broader precious metals complex. Base metals also performed well, with the Broad Base Metals (DBB) index gaining 1.55%. The energy space was mixed, as WTI Crude (USO) rose modestly by 0.07% but Natural Gas (UNG) slipped 0.20%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.56% | 5.68% | 1.57% | 34.59% | 49.54% |
| Agriculture | |||||
| Corn (CORN) | 0.96% | 5.55% | 3.82% | 7.22% | 9.82% |
| Soybeans (SOYB) | 0.27% | 1.51% | 4.92% | 20.04% | 17.62% |
| Sugar (CANE) | 0.18% | 14.39% | 11.54% | 14.92% | 1.82% |
| Wheat (WEAT) | 0.12% | 0.83% | 3.71% | 27.24% | 20.14% |
| Broad (DBA) | -0.21% | 0.60% | 2.57% | 10.97% | 7.54% |
| Energy | |||||
| Brent Crude (BNO) | 0.58% | 6.41% | -3.17% | 89.97% | 78.68% |
| Broad (DBE) | 0.11% | 7.08% | 2.86% | 90.70% | 83.04% |
| WTI Crude (USO) | 0.07% | 4.49% | -5.54% | 94.68% | 81.63% |
| Natural Gas (UNG) | -0.20% | -3.94% | -11.83% | -18.52% | -19.44% |
| Industrial Metals | |||||
| Copper (CPER) | 1.63% | 1.16% | 3.65% | 14.39% | 44.00% |
| Broad (DBB) | 1.55% | 2.53% | -0.89% | 11.38% | 34.58% |
| Precious Metals | |||||
| Platinum (PPLT) | 2.04% | 14.84% | -4.65% | -8.71% | 37.59% |
| Broad (DBP) | 2.01% | 14.14% | -1.00% | 3.98% | 43.30% |
| Gold (GLD) | 1.95% | 12.95% | 1.53% | 6.83% | 37.77% |
| Silver (SLV) | 1.72% | 18.16% | -9.69% | -2.64% | 81.22% |
| Palladium (PALL) | 1.03% | 5.03% | -3.05% | -15.91% | 20.68% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets experienced a significant rally, with broad-based gains across the complex. XRP (XRP) was the day’s standout performer, surging 11.24%. Bitcoin (IBIT) also posted a strong advance, climbing 6.02% on the session. This widespread buying pressure lifted the Multi-Coin (NCIQ) index by 5.69%, capping a strong week for the asset class.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Ethereum (ETHA) | 3.93% | 25.53% | 12.94% | -18.68% | -42.89% |
| Solana (SOLZ) | 4.13% | 16.81% | 3.61% | -27.66% | -52.49% |
| Multi-Coin (NCIQ) | 5.69% | 16.88% | 0.19% | -15.01% | -36.77% |
| Bitcoin (IBIT) | 6.02% | 15.95% | -0.73% | -12.02% | -31.42% |
| XRP (XRP) | 11.24% | 18.73% | -0.58% | -25.24% | — |
Explore the Digital Assets Explorer →
What to Watch Today
Looking ahead to Monday, market participants will monitor the release of the Chicago Fed National Activity Index for July. The U.S. Treasury is also scheduled to hold its 3-month and 6-month bill auctions. The calendar is otherwise light, with no major S&P 500 earnings reports or Federal Reserve speakers scheduled. Investor focus will likely begin to shift toward the Jackson Hole Economic Symposium, which kicks off on Thursday.
