Macro Overview
Global markets started the week with a cautious tone as rising geopolitical and trade tensions prompted a flight from risk assets. The S&P 500 (IVV) edged lower by 0.28%, while Developed ex-U.S. (EFA) saw a modest decline of 0.19%. Emerging Markets (EEM) were the clear underperformer, falling 1.50% amid broad declines in Asian equities. In contrast, fixed income markets saw gains, with the U.S. Aggregate Bond (AGG) rising 0.21%, while broad commodities (DJP) slipped 0.63%.
U.S. Size & Style
A distinct defensive rotation was evident across U.S. size and style segments, with value stocks outperforming their growth counterparts. Large Value (IVE) was the sole segment to finish in positive territory, gaining 0.22%. Conversely, growth-oriented funds saw widespread losses, led by a 0.99% drop in Mid Growth (IJK). This divergence highlights a risk-off sentiment among investors, who favored more stable, value-oriented names over higher-duration growth stocks.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.22% | 2.77% | 4.68% | 12.97% | 18.55% |
| Large Cap (IVV) | -0.28% | 3.34% | 2.67% | 12.59% | 19.70% |
| Large Growth (IVW) | -0.68% | 3.80% | 1.01% | 12.06% | 20.45% |
| Mid Value (IJJ) | -0.52% | 0.04% | 5.56% | 13.44% | 15.43% |
| Mid Cap (IJH) | -0.74% | 0.57% | 3.93% | 16.01% | 18.38% |
| Mid Growth (IJK) | -0.99% | 1.00% | 2.34% | 18.25% | 20.85% |
| Small Value (IJS) | -0.40% | 1.46% | 6.94% | 21.94% | 27.58% |
| Small Cap (IJR) | -0.37% | 1.32% | 7.14% | 22.69% | 25.48% |
| Small Growth (IJT) | -0.33% | 1.08% | 7.20% | 23.15% | 23.21% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Sector performance was sharply divided between defensive leadership and technology-led declines. Consumer Staples (XLP) surged 1.70%, followed by strong gains in Financials (XLF) and Utilities (XLU), which rose 1.29% and 1.05% respectively. At the other end of the spectrum, the Technology sector (XLK) was the session’s laggard, falling 1.78% amid broad weakness in the space. The Energy sector (XLE) also retreated by 0.83%, tracking a decline in crude oil prices.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.29% | 3.32% | 2.65% | 12.56% | 19.62% |
| Consumer Staples (XLP) | 1.70% | 3.95% | 3.85% | 14.00% | 8.99% |
| Financials (XLF) | 1.29% | 3.39% | 12.48% | 7.21% | 10.36% |
| Utilities (XLU) | 1.05% | -6.63% | -4.09% | 2.59% | 3.25% |
| Communication Services (XLC) | 0.83% | 5.66% | -2.46% | -4.03% | 2.18% |
| Real Estate (XLRE) | 0.55% | -1.35% | 2.61% | 14.07% | 10.72% |
| Consumer Discretionary (XLY) | 0.24% | 8.13% | -0.54% | -0.53% | 2.29% |
| Materials (XLB) | 0.07% | 4.53% | 6.94% | 19.11% | 18.35% |
| Health Care (XLV) | 0.05% | 7.46% | 17.06% | 13.81% | 28.64% |
| Industrials (XLI) | -0.69% | -2.00% | 4.46% | 16.00% | 18.38% |
| Energy (XLE) | -0.83% | 5.85% | 6.84% | 43.08% | 47.63% |
| Technology (XLK) | -1.78% | 2.37% | -0.07% | 25.36% | 37.94% |
Explore the U.S. Sectors & Industries Explorer →
Global Thematic
Thematic ETFs reflected the market’s risk-off posture, with funds focused on hard assets outperforming while high-beta technology themes faltered. Uranium and precious metals miners were notable leaders, including the Sprott Junior Uranium Miners ETF (URNJ) which climbed 2.18%. In stark contrast, specialized technology segments experienced significant pullbacks, with the Roundhill Photonics & Optics ETF (LYTE) and Roundhill Memory ETF (DRAM) declining by 6.43% and 5.89%, respectively. This performance gap underscores a clear rotation away from speculative growth and towards defensive industries.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Sprott Junior Uranium Miners ETF (URNJ) | 2.18% |
| Sprott Active Gold & Silver Miners ETF (GBUG) | 1.44% |
| U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) | 1.33% |
| Global X Millennial Consumer ETF (MILN) | 1.30% |
| ProShares Online Retail ETF (ONLN) | 1.28% |
| Laggards | |
| Roundhill Photonics & Optics ETF (LYTE) | -6.43% |
| Roundhill Memory ETF (DRAM) | -5.89% |
| Defiance Drone and Modern Warfare ETF (JEDI) | -5.76% |
| Tema Memory ETF (DISK) | -5.72% |
| Tuttle Capital Pure Play Photonics ETF (FOTO) | -5.13% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
International equities were mostly lower, with emerging markets bearing the brunt of the selling pressure amid global uncertainty. South Korea (EWY) was a significant laggard, dropping 2.64%, while China (MCHI) fell 1.31%, pulling the broader Emerging Markets (EEM) index down 1.50%. Developed markets fared better but still finished mostly negative, though the U.K. (EWU) bucked the trend with a 0.33% gain. Brazil (EWZ) also managed a modest 0.31% advance, standing out among its emerging market peers.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.19% | 4.47% | 5.53% | 14.26% | 19.84% |
| Australia (EWA) | -0.27% | 4.67% | 5.93% | 16.40% | 13.75% |
| Canada (EWC) | -0.38% | 5.16% | 6.67% | 15.72% | 31.11% |
| France (EWQ) | -0.13% | 4.43% | 6.39% | 6.81% | 9.32% |
| Germany (EWG) | -0.16% | 7.32% | 4.89% | 5.90% | 5.50% |
| Hong Kong (EWH) | -0.47% | 3.06% | 0.52% | 11.12% | 13.49% |
| Japan (EWJ) | -0.36% | 3.98% | 4.08% | 18.09% | 23.66% |
| Netherlands (EWN) | -0.35% | 4.12% | 4.56% | 22.55% | 33.91% |
| South Korea (EWY) | -2.64% | 6.55% | -4.61% | 78.61% | 141.59% |
| Switzerland (EWL) | -0.20% | 3.45% | 4.35% | 9.02% | 17.48% |
| U.K. (EWU) | 0.33% | 3.96% | 5.77% | 13.25% | 20.66% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -1.50% | 4.39% | 0.85% | 21.44% | 33.12% |
| Brazil (EWZ) | 0.31% | -1.57% | -2.38% | 11.76% | 28.56% |
| China (MCHI) | -1.31% | 3.00% | -0.45% | -7.96% | -9.09% |
| India (INDA) | -0.58% | 2.77% | 1.98% | -8.70% | -7.89% |
| Indonesia (EIDO) | -0.94% | 3.18% | -1.63% | -31.14% | -30.29% |
| Malaysia (EWM) | -0.21% | 3.51% | -0.17% | 6.69% | 15.29% |
| Mexico (EWW) | -0.30% | 2.25% | 0.67% | 12.91% | 27.07% |
| South Africa (EZA) | -1.63% | 16.80% | 8.22% | 5.87% | 30.69% |
| Taiwan (EWT) | -0.93% | 5.43% | 6.70% | 62.65% | 81.18% |
| Thailand (THD) | -1.73% | 0.88% | 3.58% | 26.01% | 30.59% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Fixed income markets benefited from a flight to safety as investors sought refuge in government debt amid equity market volatility. The U.S. Aggregate Bond (AGG) gained 0.21%, with longer-duration assets showing the most strength, as seen in the 0.56% rise of Long-Term Treasuries (SPTL). Conversely, assets with higher equity correlation struggled, with Convertible bonds (CWB) declining 0.99%. The easing in Treasury yields supported most bond categories, reflecting investor demand for safer assets.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.52% | 0.03% | -1.32% | -2.10% | 0.12% |
| Core (AGG) | 0.21% | 0.44% | 0.11% | -0.03% | 2.11% |
| Core Enhanced (IUSB) | 0.18% | 0.49% | 0.25% | 0.22% | 2.45% |
| Short-Term (BSV) | 0.05% | 0.53% | 0.70% | 0.81% | 2.49% |
| Government | |||||
| Long-Term (SPTL) | 0.56% | -0.14% | -0.81% | -2.33% | -0.04% |
| Intermediate (SPTI) | 0.11% | 0.48% | 0.38% | -0.36% | 1.37% |
| Inflation Protected (TIP) | 0.11% | 0.50% | -0.02% | 0.92% | 1.49% |
| Short-Term (SPTS) | 0.03% | 0.53% | 0.85% | 1.14% | 2.80% |
| Ultrashort (BIL) | 0.01% | 0.30% | 0.91% | 2.31% | 3.74% |
| Specialty | |||||
| Mortgage Backed (MBB) | 0.20% | 0.58% | 0.26% | 0.45% | 3.50% |
| Preferred Stock (PFF) | 0.16% | 1.63% | -0.99% | 1.49% | 1.44% |
| High Yield (HYG) | 0.11% | 1.08% | 1.20% | 2.31% | 4.50% |
| Corporate (SPIB) | 0.09% | 0.47% | 0.44% | 0.53% | 2.61% |
| Bank Loans (BKLN) | 0.07% | 1.10% | 1.74% | 1.76% | 4.65% |
| Convertible (CWB) | -0.99% | 1.37% | -2.41% | 16.14% | 21.40% |
| International & EM | |||||
| Emerging USD (EMB) | 0.14% | 0.66% | 0.94% | 1.55% | 5.94% |
| International USD (BNDX) | 0.06% | 0.00% | -0.08% | 0.28% | 1.17% |
| International Local (IGOV) | -0.05% | 2.55% | 0.10% | -0.46% | -0.76% |
| Emerging Local (EMLC) | -0.12% | 2.94% | 3.56% | 3.70% | 8.16% |
| Municipals | |||||
| Long-Term (MLN) | 0.17% | 0.17% | 1.15% | 1.27% | 7.35% |
| High Yield (HYD) | 0.16% | 0.35% | 0.16% | 0.93% | 6.50% |
| Intermediate (MUB) | 0.07% | 0.14% | 0.08% | 0.26% | 4.42% |
| Short-Term (SUB) | 0.04% | 0.62% | 0.75% | 1.16% | 1.97% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
The commodities complex delivered a mixed performance, driven by divergent trends in energy and precious metals. Energy prices fell, with WTI Crude (USO) declining 1.80% amid concerns over global economic activity. In contrast, precious metals acted as a safe haven, with Gold (GLD) advancing 0.79% in response to geopolitical uncertainty. Agricultural products were split, as Corn (CORN) rose 1.10% while Soybeans (SOYB) fell 1.14%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.63% | 3.73% | 1.62% | 33.74% | 47.81% |
| Agriculture | |||||
| Corn (CORN) | 1.10% | 5.03% | 4.68% | 8.40% | 11.10% |
| Sugar (CANE) | 0.36% | 15.92% | 13.64% | 15.33% | 2.41% |
| Wheat (WEAT) | 0.28% | 1.03% | 3.79% | 27.59% | 20.76% |
| Broad (DBA) | -0.07% | 0.21% | 2.69% | 10.89% | 6.25% |
| Soybeans (SOYB) | -1.14% | -1.29% | 3.51% | 18.66% | 15.80% |
| Energy | |||||
| Natural Gas (UNG) | 1.60% | -3.79% | -7.22% | -17.21% | -14.78% |
| WTI Crude (USO) | -1.80% | -3.28% | -6.18% | 91.17% | 77.13% |
| Brent Crude (BNO) | -1.90% | 0.38% | -4.04% | 86.37% | 74.42% |
| Broad (DBE) | -2.11% | 1.22% | 1.57% | 86.68% | 78.76% |
| Industrial Metals | |||||
| Copper (CPER) | 0.20% | 4.48% | 2.95% | 14.62% | 44.29% |
| Broad (DBB) | -0.12% | 3.36% | -1.47% | 11.25% | 33.46% |
| Precious Metals | |||||
| Gold (GLD) | 0.79% | 14.73% | 3.11% | 7.67% | 37.38% |
| Palladium (PALL) | 0.74% | 9.18% | 0.45% | -15.29% | 19.90% |
| Broad (DBP) | 0.35% | 15.49% | 0.23% | 4.34% | 41.96% |
| Platinum (PPLT) | -0.12% | 17.81% | -2.69% | -8.81% | 37.12% |
| Silver (SLV) | -0.83% | 18.27% | -9.01% | -3.45% | 76.00% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets demonstrated notable resilience, posting broad gains that contrasted sharply with the risk-off sentiment in traditional equity markets. Performance was strong across the board, led by an 8.21% surge in XRP (XRP). Major cryptocurrencies also advanced, with Ethereum (ETHA) and Bitcoin (IBIT) gaining 2.30% and 2.20%, respectively. This positive momentum suggests the asset class was driven by factors independent of the broader market’s concerns over trade and geopolitics.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Bitcoin (IBIT) | 2.20% | 22.81% | 3.91% | -10.09% | -32.62% |
| Ethereum (ETHA) | 2.30% | 32.91% | 19.85% | -16.81% | -49.00% |
| Multi-Coin (NCIQ) | 3.10% | 24.50% | 6.12% | -12.37% | -38.45% |
| Solana (SOLZ) | 6.28% | 30.95% | 14.16% | -23.12% | -54.42% |
| XRP (XRP) | 8.21% | 36.51% | 10.96% | -19.10% | — |
Explore the Digital Assets Explorer →
What to Watch Today
Looking ahead to Tuesday, market participants will be closely watching a full slate of U.S. economic data for insights into the housing market and consumer sentiment. Key releases include the S&P/Case-Shiller Home Price Index and New Home Sales figures, followed by the August Consumer Confidence report and the Richmond Fed Manufacturing Index. Additionally, Richmond Fed President Thomas Barkin is scheduled to speak twice, and investors will parse earnings reports from companies such as DICK’S Sporting Goods (DKS) and Okta (OKTA). The Treasury will also be active with auctions for 6-Week Bills and 2-Year Notes.
