Macro Overview
U.S. Size & Style
Style leadership was mixed but tilted toward growth and smaller caps on the day, with Mid Growth (IJK) leading at 0.55% and Small Value (IJS) up 0.34%, while Large Value (IVE) lagged with a 0.15% decline given its heavier financials exposure. Large Growth (IVW) carries an RSI of 65, approaching overbought territory and reflecting its 16.78% YTD gain, the strongest among the size/style cohort. On the other end, Mid Value (IJJ), Small Value, and Small Cap (IJR) all show RSI readings in the low-to-mid 30s, bordering on oversold after steep one-month declines of roughly 4.6% to 4.8%. Breadth remains narrow across the cohort, with only 15% to 39% of constituents trading above their 50-day moving averages, underscoring a market still concentrated in a handful of large-cap growth names.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.15% | -1.35% | 3.18% | 11.20% | 15.59% |
| Large Cap (IVV) | -0.01% | 1.27% | 4.18% | 14.34% | 17.30% |
| Large Growth (IVW) | 0.13% | 3.50% | 4.97% | 16.78% | 18.46% |
| Mid Value (IJJ) | 0.07% | -4.60% | -1.96% | 8.78% | 10.96% |
| Mid Cap (IJH) | 0.30% | -4.00% | -3.12% | 12.20% | 13.46% |
| Mid Growth (IJK) | 0.55% | -3.40% | -4.14% | 15.37% | 15.78% |
| Small Value (IJS) | 0.34% | -4.43% | -0.54% | 17.01% | 20.44% |
| Small Cap (IJR) | 0.33% | -4.82% | -2.13% | 17.20% | 18.35% |
| Small Growth (IJT) | 0.26% | -5.27% | -3.85% | 17.06% | 16.10% |
U.S. Sectors & Industries
Materials (XLB) led all sectors with a 1.65% gain, followed by Consumer Staples (XLP) at 0.99% and Technology (XLK) at 0.73%, with Technology’s RSI at 67 and 70% of its constituents above their 50-day average reflecting continued strength that has driven its 36.81% YTD return. Financials (XLF) was the day’s clear laggard, falling 1.97% as bank and brokerage names came under pressure from elevated Treasury yields and rate uncertainty, pushing the sector’s RSI down to 29 and leaving just 5% of its constituents above their 50-day moving average. Energy (XLE) also declined 1.09% as crude oil extended losses on progress in U.S.-Iran diplomatic talks and Saudi Arabia’s pipeline restart plans, even though the sector retains a substantial 40.91% YTD gain. Communication Services (XLC) slipped 1.06%, while Utilities (XLU) posted an RSI of 27, the most oversold reading among all sectors tracked.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.02% | 1.25% | 4.15% | 14.30% | 17.23% |
| Materials (XLB) | 1.65% | -5.19% | -1.66% | 12.85% | 13.84% |
| Consumer Staples (XLP) | 0.99% | -3.16% | 1.33% | 8.56% | 9.04% |
| Technology (XLK) | 0.73% | 7.19% | 2.26% | 36.81% | 39.58% |
| Health Care (XLV) | 0.52% | -2.34% | 13.64% | 11.10% | 26.41% |
| Industrials (XLI) | 0.17% | -5.28% | -6.09% | 10.64% | 12.55% |
| Consumer Discretionary (XLY) | 0.09% | -4.61% | -2.06% | -5.35% | -5.70% |
| Real Estate (XLRE) | -0.21% | -4.94% | -2.65% | 7.84% | 5.56% |
| Utilities (XLU) | -0.32% | -4.54% | -8.70% | -3.08% | -2.15% |
| Communication Services (XLC) | -1.06% | 2.24% | 6.58% | -2.69% | -3.08% |
| Energy (XLE) | -1.09% | -2.33% | 14.98% | 40.91% | 44.94% |
| Financials (XLF) | -1.97% | -4.33% | 2.41% | 1.27% | 3.07% |
Global Thematic
Cannabis-focused thematic ETFs dominated the leaderboard, with AdvisorShares Pure US Cannabis ETF (MSOS) surging 7.89%, alongside Amplify Seymour Cannabis ETF (CNBS) at 6.16% and Amplify Alternative Harvest ETF (MJ) at 6.08%. Junior mining themes also participated, with Amplify Junior Silver Miners ETF (SILJ) up 4.36% and Sprott Junior Copper Miners ETF (COPJ) gaining 4.34%, consistent with the day’s broader strength in industrial and precious metals. On the downside, energy infrastructure and telecom themes lagged, with iShares U.S. Telecommunications ETF (IYZ) down 1.63% and MLP-linked funds including ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) falling 1.40%, likely tied to the pullback in crude prices. Global X Defense Tech ETF (SHLD) also declined 1.47%, rounding out the day’s laggards.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| AdvisorShares Pure US Cannabis ETF (MSOS) | 7.89% |
| Amplify Seymour Cannabis ETF (CNBS) | 6.16% |
| Amplify Alternative Harvest ETF (MJ) | 6.08% |
| Amplify Junior Silver Miners ETF (SILJ) | 4.36% |
| Sprott Junior Copper Miners ETF (COPJ) | 4.34% |
| Laggards | |
| iShares U.S. Telecommunications ETF (IYZ) | -1.63% |
| Global X Defense Tech ETF (SHLD) | -1.47% |
| ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) | -1.40% |
| Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) | -1.34% |
| Roundhill Photonics & Optics ETF (LYTE) | -1.31% |
Developed ex-U.S. & Emerging Markets
Within developed markets, South Korea (EWY) led with a 1.83% gain, extending an extraordinary YTD advance of 98.13% and a 1-year return of 141.54%, the strongest across all regions covered. Japan (EWJ) added 0.84% and the Netherlands (EWN) rose 1.08%, while the U.K. (EWU) was roughly flat at -0.04%. In emerging markets, Thailand (THD) and South Africa (' target='_blank'>EZA) both gained over 1.3%, while Indonesia (EIDO) fell 1.62% and remains the weakest EM constituent with a steep 33.81% YTD decline. Taiwan (EWT) continues to stand out on a longer horizon with an 81.19% YTD gain despite slipping 0.46% on the day.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.35% | -1.61% | 1.84% | 12.65% | 18.05% |
| Australia (EWA) | 0.17% | -3.48% | 2.25% | 12.65% | 11.47% |
| Canada (EWC) | 0.55% | -2.57% | 4.96% | 13.19% | 21.05% |
| France (EWQ) | 0.07% | -5.85% | -2.12% | 0.69% | 4.00% |
| Germany (EWG) | 0.12% | -3.51% | 2.67% | 2.35% | 5.47% |
| Hong Kong (EWH) | 0.35% | -2.18% | 7.08% | 9.20% | 12.06% |
| Japan (EWJ) | 0.84% | 3.78% | 1.87% | 22.99% | 26.85% |
| Netherlands (EWN) | 1.08% | -1.27% | -2.96% | 21.41% | 25.34% |
| South Korea (EWY) | 1.83% | 8.01% | -12.05% | 98.13% | 141.54% |
| Switzerland (EWL) | 0.61% | -4.94% | -0.11% | 3.84% | 12.04% |
| U.K. (EWU) | -0.04% | -2.59% | 4.33% | 9.95% | 18.47% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.39% | 2.95% | -2.96% | 26.94% | 32.25% |
| Brazil (EWZ) | 0.50% | 9.13% | 11.64% | 21.58% | 29.95% |
| China (MCHI) | 0.46% | -2.53% | 2.63% | -9.09% | -14.20% |
| India (INDA) | -0.43% | -2.72% | -3.27% | -10.66% | -9.74% |
| Indonesia (EIDO) | -1.62% | -4.78% | 0.08% | -33.81% | -29.51% |
| Malaysia (EWM) | 1.23% | -2.30% | 3.47% | 4.45% | 12.57% |
| Mexico (EWW) | 1.03% | -3.77% | -1.97% | 8.97% | 15.12% |
| South Africa (EZA) | 1.35% | -4.63% | 6.16% | 2.64% | 19.27% |
| Taiwan (EWT) | -0.46% | 10.36% | 3.21% | 81.19% | 88.09% |
| Thailand (THD) | 1.40% | -0.32% | 4.28% | 27.81% | 27.50% |
Fixed Income
Fixed income was broadly quiet, with Core bonds via the (AGG) up 0.04% and Short-Term Treasuries (SPTS) flat, reflecting a market still digesting elevated Treasury yields that weighed on rate-sensitive equities. Convertible bonds (CWB) gained 0.53%, benefiting from equity market participation, while Bank Loans (BKLN) edged up 0.05% and remain up 2.67% YTD. Preferred Stock (PFF) declined 0.26%, likely reflecting its financials-sector tilt, and municipal bond categories including High Yield Municipal (HYD) slipped 0.22%. Longer-duration Treasuries such as Long-Term (BLV) were roughly unchanged, consistent with a market awaiting Wednesday’s 5-Year Note auction for further direction on rate expectations.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Core Enhanced (IUSB) | 0.07% | -0.75% | -1.25% | -0.72% | 0.42% |
| Short-Term (BSV) | 0.04% | -0.74% | -0.20% | 0.01% | 1.19% |
| Core (AGG) | 0.04% | -0.79% | -1.40% | -1.02% | -0.01% |
| Long-Term (BLV) | -0.02% | 0.02% | -3.37% | -2.59% | -2.56% |
| Government | |||||
| Intermediate (SPTI) | 0.04% | -1.34% | -1.29% | -1.80% | -0.77% |
| Ultrashort (BIL) | 0.00% | 0.27% | 0.90% | 2.58% | 3.65% |
| Short-Term (SPTS) | 0.00% | -0.54% | 0.15% | 0.56% | 1.73% |
| Long-Term (SPTL) | 0.00% | -0.23% | -3.47% | -3.10% | -2.91% |
| Inflation Protected (TIP) | -0.11% | -1.47% | -1.44% | -0.67% | -0.71% |
| Specialty | |||||
| Convertible (CWB) | 0.53% | -0.06% | -5.88% | 17.24% | 15.85% |
| Bank Loans (BKLN) | 0.05% | 0.97% | 2.70% | 2.67% | 4.77% |
| Corporate (SPIB) | 0.03% | -0.79% | -0.81% | -0.35% | 0.79% |
| High Yield (HYG) | -0.01% | -0.64% | -0.11% | 1.54% | 2.63% |
| Mortgage Backed (MBB) | -0.15% | -1.43% | -1.91% | -1.19% | 0.46% |
| Preferred Stock (PFF) | -0.26% | -0.60% | -0.91% | 0.71% | -0.97% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.12% | -1.51% | 0.69% | 2.26% | 5.09% |
| International USD (BNDX) | 0.11% | -0.57% | -1.37% | -0.35% | 0.09% |
| International Local (IGOV) | -0.02% | -2.17% | -1.05% | -2.57% | -3.48% |
| Emerging USD (EMB) | -0.07% | -0.63% | -1.53% | 0.77% | 3.60% |
| Municipals | |||||
| Long-Term (MLN) | -0.03% | -3.17% | -4.52% | -2.11% | -0.51% |
| Intermediate (MUB) | -0.11% | -2.19% | -3.47% | -1.99% | -0.36% |
| Short-Term (SUB) | -0.16% | -0.91% | -0.72% | 0.20% | 0.72% |
| High Yield (HYD) | -0.22% | -2.47% | -3.94% | -1.71% | 0.25% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodity markets diverged sharply, with Natural Gas (UNG) surging 5.85% while WTI Crude (USO) fell 2.75% and Brent Crude (BNO) dropped 1.63%, as WTI moved below $90 per barrel amid reported progress in U.S.-Iran talks and Saudi Arabia’s plans to restart its East-West pipeline by Saturday. Despite the daily pullback, crude remains up substantially year-to-date, with USO ahead 108.33% and BNO up 104.48%, reflecting the scale of the broader energy rally over the year. Industrial and precious metals advanced broadly, with Copper (CPER) up 1.87%, Platinum (PPLT) and Silver (SLV) both gaining 1.84%. Agricultural commodities were mixed to lower, with Corn (CORN) down 1.43% and Wheat (WEAT) off 1.22%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.38% | 3.99% | 17.71% | 39.96% | 51.67% |
| Agriculture | |||||
| Sugar (CANE) | 0.72% | 0.00% | 21.98% | 14.92% | 9.85% |
| Soybeans (SOYB) | -0.14% | 7.01% | 15.37% | 28.45% | 29.58% |
| Broad (DBA) | -0.45% | 0.81% | 7.13% | 11.87% | 10.14% |
| Wheat (WEAT) | -1.22% | 2.28% | 14.24% | 30.15% | 26.17% |
| Corn (CORN) | -1.43% | 5.10% | 19.14% | 12.69% | 13.46% |
| Energy | |||||
| Natural Gas (UNG) | 5.85% | 8.71% | -7.73% | -11.42% | -10.62% |
| Broad (DBE) | -1.27% | 7.64% | 32.48% | 105.27% | 97.81% |
| Brent Crude (BNO) | -1.63% | 7.64% | 34.30% | 104.48% | 93.36% |
| WTI Crude (USO) | -2.75% | 7.01% | 27.86% | 108.33% | 96.16% |
| Industrial Metals | |||||
| Copper (CPER) | 1.87% | 3.60% | 6.75% | 18.51% | 44.76% |
| Broad (DBB) | 1.12% | 2.43% | 3.68% | 14.08% | 33.80% |
| Precious Metals | |||||
| Silver (SLV) | 1.84% | -3.17% | 3.09% | -5.73% | 51.67% |
| Platinum (PPLT) | 1.84% | -2.35% | 9.49% | -10.85% | 28.07% |
| Broad (DBP) | 0.80% | -4.98% | 4.01% | -1.20% | 20.83% |
| Gold (GLD) | 0.42% | -5.50% | 4.03% | 0.95% | 15.95% |
| Palladium (PALL) | 0.08% | -2.86% | 3.76% | -18.32% | 9.59% |
Cryptocurrency
Crypto-linked products were mixed, with XRP (XRP) standing out with a 5.28% gain, contrasting with modest declines in Bitcoin (IBIT) at -0.37% and Ethereum (ETHA) at -0.43%. Solana-linked (SOLZ) products slipped 0.17% on the day but retain a strong 62.37% three-month gain. Despite recent monthly strength across the group, most crypto products remain negative on a YTD basis, with Bitcoin down 1.65% and Ethereum off 7.45%, reflecting the volatility that has characterized the asset class over the past year. Longer-term returns remain notably negative for several products, including a 47.92% one-year decline for Solana-linked exposure.
What to Watch Today
Wednesday, September 23 brings Treasury auctions for the 17-Week Bill and the 5-Year Note, both of which could influence yield-sensitive sectors such as Financials and Real Estate following Tuesday’s underperformance. Overnight, Australia’s preliminary S&P Global PMI data for September, due at 7pm Eastern, will offer an early read on manufacturing and services activity heading into the Asia-Pacific session. Investors will also continue monitoring the ongoing U.S.-Iran diplomatic talks and Saudi Arabia’s progress in restarting its East-West pipeline, both of which have been active drivers of crude oil pricing this week. No additional U.S. economic releases were confirmed for Wednesday at the time of this briefing.
U.S. equities finished essentially flat on the headline, with the S&P 500 (IVV) down a marginal 0.01% even as the Nasdaq Composite closed at a fresh record, masking a sharp divergence beneath the surface as financials sold off broadly. Developed ex-U.S. equities via the (EFA) outperformed with a 0.35% gain, while Emerging Markets (EEM) added 0.39%, both extending their considerable YTD leads of 12.65% and 26.94%, respectively, over the S&P 500’s 14.34%. Fixed income was largely stable, with the U.S. Aggregate Bond (AGG) up 0.04% even as elevated Treasury yields continued to pressure rate-sensitive equity sectors. Broad Commodities (DJP) rose 0.38%, bringing its YTD advance to 39.96%, though the outlier of the day was clearly the Financials sector, which dropped nearly 2% as bank and brokerage names absorbed the brunt of yield-driven selling.