Macro Overview
Global equity markets advanced on Wednesday, with investors digesting the Federal Reserve’s Beige Book and key employment data. The S&P 500 (IVV) gained 0.45%, though it was outpaced by international stocks, as Developed ex-U.S. (EFA) and Emerging Markets (EEM) rose 0.54% and 0.57%, respectively. Fixed income markets were muted, with the U.S. Aggregate Bond (AGG) index inching up just 0.07%. Broad Commodities (DJP) were also little changed on the day, masking significant divergence among underlying components.
U.S. Size & Style
A clear rotation into smaller capitalization stocks characterized the U.S. equity session. Small-Cap Value (IJS) was a top performer, climbing 1.11%, with Mid-Cap Value (IJJ) also posting a strong 0.98% gain. This move contrasted with the more modest advances in large caps, where Large Growth (IVW) rose 0.51%. The outperformance of value and smaller stocks suggests a broadening of market participation.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.41% | 2.18% | 4.32% | 12.50% | 18.76% |
| Large Cap (IVV) | 0.45% | 2.46% | 1.02% | 12.84% | 20.91% |
| Large Growth (IVW) | 0.51% | 2.71% | -1.65% | 12.90% | 22.49% |
| Mid Value (IJJ) | 0.98% | -0.66% | 2.77% | 12.37% | 15.13% |
| Mid Cap (IJH) | 0.68% | -0.21% | 0.10% | 14.35% | 17.23% |
| Mid Growth (IJK) | 0.45% | 0.26% | -2.36% | 16.03% | 18.97% |
| Small Value (IJS) | 1.11% | 0.46% | 3.65% | 20.80% | 27.55% |
| Small Cap (IJR) | 0.97% | -0.79% | 3.62% | 20.63% | 24.80% |
| Small Growth (IJT) | 0.88% | -2.06% | 3.58% | 20.19% | 21.83% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Sector performance was led by cyclical and materials-based industries, with Materials (XLB) surging 1.69% and Communication Services (XLC) adding 1.39%. In contrast, defensive and interest-rate sensitive sectors lagged, as Real Estate (XLRE) fell 0.70% and Technology (XLK) finished flat. Energy (XLE) continued its strong run with a 0.51% gain, pushing its RSI into overbought territory at 72, while Industrials (XLI) entered oversold territory with an RSI of 30.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.44% | 2.43% | 0.99% | 12.80% | 20.83% |
| Materials (XLB) | 1.69% | 5.00% | 3.16% | 17.71% | 17.72% |
| Communication Services (XLC) | 1.39% | 3.86% | -0.75% | -3.95% | 2.37% |
| Financials (XLF) | 0.80% | 1.26% | 12.44% | 6.18% | 9.25% |
| Health Care (XLV) | 0.75% | 6.40% | 18.65% | 12.67% | 27.91% |
| Energy (XLE) | 0.51% | 9.32% | 13.12% | 47.59% | 48.28% |
| Consumer Staples (XLP) | 0.33% | 0.56% | 5.25% | 11.50% | 9.01% |
| Utilities (XLU) | 0.26% | -3.79% | -2.18% | 1.29% | 4.36% |
| Consumer Discretionary (XLY) | 0.24% | -1.06% | -2.12% | -3.43% | 0.65% |
| Industrials (XLI) | 0.03% | -3.93% | -0.57% | 11.97% | 16.23% |
| Technology (XLK) | -0.02% | 4.70% | -7.26% | 27.83% | 42.07% |
| Real Estate (XLRE) | -0.70% | -2.97% | 1.42% | 10.04% | 8.74% |
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Global Thematic
Thematic performance showed a stark divergence between precious metals miners and cybersecurity firms. Silver and gold miners dominated the leaderboard, with the Sprott Silver Miners & Physical Silver ETF Silver Miners ETF (SLVR) and Amplify Junior Silver Miners ETF (SILJ) gaining 5.61% and 5.36%, respectively. Conversely, cybersecurity ETFs faced a significant sell-off, as the WisdomTree Cybersecurity Fund (WCBR) and First Trust NASDAQ Cybersecurity ETF (CIBR) dropped 3.08% and 2.77%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Sprott Silver Miners & Physical Silver ETF Silver Miners ETF (SLVR) | 5.61% |
| Amplify Junior Silver Miners ETF (SILJ) | 5.36% |
| Sprott Junior Gold Miners ETF (SGDJ) | 5.22% |
| iShares MSCI Global Silver Miners ETF (SLVP) | 5.19% |
| VanEck Junior Gold Miners ETF (GDXJ) | 4.72% |
| Laggards | |
| WisdomTree Cybersecurity Fund (WCBR) | -3.08% |
| First Trust NASDAQ Cybersecurity ETF (CIBR) | -2.77% |
| Global X Cybersecurity ETF (BUG) | -2.36% |
| Amplify Cybersecurity ETF (HACK) | -2.21% |
| iShares Cybersecurity & Tech ETF (IHAK) | -2.15% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
Emerging markets showed notable strength, led by a remarkable 4.16% surge in Brazil (EWZ). In developed Asia, South Korea (EWY) was a standout, rising 1.74%, while Hong Kong (EWH) also posted a solid 1.42% gain. European markets saw more modest advances, with Germany (EWG) up 0.18% and the U.K. (EWU) nearly flat.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.54% | 1.40% | 3.55% | 13.24% | 22.24% |
| Australia (EWA) | 1.18% | 2.35% | 3.34% | 16.29% | 15.72% |
| Canada (EWC) | 1.11% | 3.17% | 3.53% | 14.14% | 27.82% |
| France (EWQ) | 0.33% | -2.06% | 1.29% | 3.74% | 10.93% |
| Germany (EWG) | 0.18% | 1.56% | 1.87% | 4.44% | 8.15% |
| Hong Kong (EWH) | 1.42% | -0.91% | 0.29% | 9.35% | 12.68% |
| Japan (EWJ) | 0.86% | 3.95% | 3.18% | 19.58% | 28.22% |
| Netherlands (EWN) | 0.95% | 1.77% | 0.63% | 20.39% | 37.25% |
| South Korea (EWY) | 1.74% | 13.85% | -16.63% | 83.97% | 154.35% |
| Switzerland (EWL) | 0.58% | -0.43% | 3.63% | 6.74% | 17.07% |
| U.K. (EWU) | 0.06% | -0.39% | 4.23% | 11.22% | 21.92% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.57% | 4.77% | -4.68% | 23.36% | 37.41% |
| Brazil (EWZ) | 4.16% | 3.93% | 7.47% | 21.04% | 37.36% |
| China (MCHI) | 0.24% | -2.26% | -4.01% | -8.61% | -9.84% |
| India (INDA) | 0.79% | 0.34% | 4.04% | -7.55% | -4.55% |
| Indonesia (EIDO) | 0.54% | 5.09% | 3.22% | -29.24% | -24.68% |
| Malaysia (EWM) | 1.33% | 0.04% | -0.14% | 4.78% | 17.77% |
| Mexico (EWW) | 0.74% | -0.77% | -2.21% | 11.55% | 25.32% |
| South Africa (EZA) | 0.65% | 10.01% | 4.26% | 3.88% | 31.70% |
| Taiwan (EWT) | -0.28% | 13.34% | 2.17% | 72.25% | 97.20% |
| Thailand (THD) | 0.52% | -1.29% | -1.15% | 23.66% | 28.99% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
The fixed income landscape was exceptionally quiet, with most major bond categories registering minimal price changes. The U.S. Aggregate Bond (AGG) rose by just 0.07%, reflecting broad stability across the Treasury and corporate credit markets. International local currency debt (IGOV) was a slight outperformer with a 0.42% gain. In contrast, municipal bonds saw minor weakness, particularly on the long end of the curve, where the iShares National Muni Bond ETF (MUB) declined 0.11%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.12% | 0.37% | -3.03% | -2.45% | 0.86% |
| Core (AGG) | 0.07% | 0.15% | -0.88% | -0.41% | 1.93% |
| Core Enhanced (IUSB) | 0.07% | 0.15% | -0.74% | -0.14% | 2.21% |
| Short-Term (BSV) | 0.06% | 0.15% | 0.20% | 0.57% | 2.09% |
| Government | |||||
| Long-Term (SPTL) | 0.08% | 0.55% | -2.75% | -2.75% | 0.52% |
| Inflation Protected (TIP) | 0.05% | 0.01% | -1.16% | 0.55% | 1.08% |
| Intermediate (SPTI) | 0.04% | -0.08% | -0.61% | -0.84% | 0.69% |
| Short-Term (SPTS) | 0.03% | 0.19% | 0.43% | 0.95% | 2.47% |
| Ultrashort (BIL) | 0.01% | 0.30% | 0.91% | 2.39% | 3.71% |
| Specialty | |||||
| Convertible (CWB) | 0.36% | -0.17% | -8.11% | 14.79% | 19.66% |
| Preferred Stock (PFF) | 0.33% | 0.06% | -2.57% | 0.95% | 1.70% |
| Mortgage Backed (MBB) | 0.11% | 0.29% | -0.85% | -0.05% | 3.09% |
| Corporate (SPIB) | 0.09% | 0.02% | -0.36% | 0.20% | 2.31% |
| Bank Loans (BKLN) | 0.05% | 1.39% | 1.84% | 2.05% | 4.76% |
| High Yield (HYG) | 0.01% | 0.57% | 0.50% | 2.11% | 4.40% |
| International & EM | |||||
| International Local (IGOV) | 0.42% | 0.20% | -1.70% | -1.37% | -0.80% |
| Emerging Local (EMLC) | 0.31% | 1.18% | 1.48% | 2.98% | 7.99% |
| Emerging USD (EMB) | 0.06% | 0.33% | -0.92% | 1.24% | 6.12% |
| International USD (BNDX) | -0.04% | -0.59% | -1.25% | -0.37% | 0.86% |
| Municipals | |||||
| Short-Term (SUB) | -0.01% | 0.20% | 0.19% | 0.97% | 1.70% |
| High Yield (HYD) | -0.01% | -0.58% | -2.29% | -0.18% | 5.00% |
| Intermediate (MUB) | -0.11% | -0.80% | -1.89% | -0.59% | 3.50% |
| Long-Term (MLN) | -0.18% | -1.29% | -2.42% | -0.29% | 5.66% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Precious metals were the clear winners in the commodities space, posting significant gains across the board. Palladium (PALL) led the advance with a 3.80% jump, followed by strong performances from Silver (SLV) and Gold (GLD), which rose 1.99% and 1.52%, respectively. In contrast, agricultural commodities softened, with the broad Invesco DB Agriculture Fund (DBA) falling 0.75%. Energy prices were mixed, as WTI Crude (USO) edged up 0.11%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.06% | 9.84% | 5.94% | 38.37% | 49.28% |
| Agriculture | |||||
| Sugar (CANE) | 0.78% | 21.21% | 19.22% | 19.53% | 7.86% |
| Corn (CORN) | -0.35% | 14.56% | 14.17% | 14.04% | 14.11% |
| Wheat (WEAT) | -0.50% | 17.01% | 20.35% | 39.51% | 32.04% |
| Soybeans (SOYB) | -0.58% | 9.78% | 10.79% | 26.35% | 24.64% |
| Broad (DBA) | -0.75% | 6.40% | 7.93% | 14.69% | 10.45% |
| Energy | |||||
| Natural Gas (UNG) | 1.61% | 6.86% | -6.28% | -12.32% | -15.88% |
| Brent Crude (BNO) | 0.32% | 10.64% | 5.39% | 96.82% | 79.23% |
| WTI Crude (USO) | 0.11% | 9.27% | 2.83% | 104.09% | 83.88% |
| Broad (DBE) | 0.00% | 10.88% | 10.49% | 98.34% | 84.59% |
| Industrial Metals | |||||
| Copper (CPER) | 1.18% | -0.08% | -2.64% | 13.07% | 38.75% |
| Broad (DBB) | 0.75% | 1.79% | -3.83% | 11.64% | 32.32% |
| Precious Metals | |||||
| Palladium (PALL) | 3.80% | 5.81% | -1.48% | -15.46% | 18.06% |
| Silver (SLV) | 1.99% | 12.82% | -13.12% | -8.30% | 59.00% |
| Gold (GLD) | 1.52% | 8.41% | -2.23% | 1.63% | 23.71% |
| Broad (DBP) | 1.40% | 8.81% | -5.07% | -1.65% | 27.02% |
| Platinum (PPLT) | 1.14% | 6.82% | -8.84% | -14.28% | 24.77% |
Explore the Commodities Explorer →
Cryptocurrency
The digital asset market paused after a month of strong returns, with most major cryptocurrencies trading in a tight range. Bitcoin (IBIT) was virtually unchanged, while other prominent assets like Ethereum (ETHA) and Solana (SOLZ) posted modest declines of 0.99% and 0.70%, respectively. This consolidation follows a period where most crypto ETFs gained over 20% in the past month, suggesting a period of price discovery for the asset class.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Ethereum (ETHA) | -0.99% | 28.29% | 25.52% | -19.53% | -44.12% |
| XRP (XRP) | -0.86% | 26.48% | 9.89% | -26.90% | — |
| Solana (SOLZ) | -0.70% | 35.87% | 31.51% | -21.21% | -54.32% |
| Multi-Coin (NCIQ) | -0.21% | 23.69% | 15.60% | -14.57% | -35.93% |
| Bitcoin (IBIT) | 0.07% | 22.87% | 15.09% | -11.80% | -30.46% |
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What to Watch Today
Looking ahead to Thursday, market participants will be closely watching a series of key economic data releases. The morning session will feature the July Trade Balance and revised second-quarter Productivity and Costs at 8:30 AM ET, followed by the important ISM Non-Manufacturing Composite for August at 10:00 AM ET. Additionally, Federal Reserve Governor Christopher Waller is scheduled to speak on the economic outlook. The earnings calendar includes pre-market reports from Campbell Soup and Ciena, with DocuSign and UiPath reporting after the close.
