Macro Overview
U.S. Size & Style
U.S. equity styles moved uniformly lower, with mid- and small-cap growth segments bearing the brunt of the selling. Mid Growth (IJK) fell 1.30% on the day and is now down 7.54% over the trailing month, while Small Growth (IJT) dropped 0.92% with an RSI of 31, approaching oversold territory. Large-cap value held up relatively better, with Large Value (IVE) slipping just 0.15%, reflecting a defensive rotation away from higher-beta growth exposures. Breadth remains narrow across the size spectrum, with only 30-38% of constituents trading above their 50-day moving average in mid- and small-cap categories, suggesting the recent pullback has been broad-based rather than isolated to a handful of names. Despite the one-day weakness, small-cap value (IJS) still leads on a year-to-date basis at 18.63%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.15% | -1.31% | 3.13% | 11.64% | 17.13% |
| Large Cap (IVV) | -0.45% | -1.99% | 2.87% | 12.20% | 17.08% |
| Large Growth (IVW) | -0.71% | -2.58% | 2.55% | 12.42% | 16.70% |
| Mid Value (IJJ) | -0.57% | -4.81% | -1.29% | 10.47% | 12.06% |
| Mid Cap (IJH) | -0.87% | -6.20% | -2.72% | 12.34% | 13.64% |
| Mid Growth (IJK) | -1.30% | -7.54% | -4.13% | 13.86% | 14.87% |
| Small Value (IJS) | -0.40% | -4.66% | -0.58% | 18.63% | 23.25% |
| Small Cap (IJR) | -0.65% | -6.10% | -1.38% | 18.08% | 20.81% |
| Small Growth (IJT) | -0.92% | -7.60% | -2.28% | 17.19% | 18.08% |
U.S. Sectors & Industries
Sector performance diverged sharply, consistent with reported rotation out of AI-linked technology and into defensive and communication names. Communication Services (XLC) led with a 2.19% gain and an RSI of 62, followed by Health Care (XLV) up 1.45% and Consumer Staples (XLP) up 1.25%. Technology (XLK) was the day’s weakest sector, falling 1.81% as semiconductor and data-center exposures came under pressure following commentary from AI industry leaders on slowing capability development. Industrials (XLI) also lagged, down 1.42% with only 18% of constituents above their 50-day moving average, while Energy (XLE) dipped 0.94% despite the crude spike, leaving it up 46.30% year-to-date and the sector’s RSI at 61. Utilities (XLU) declined 1.34% with breadth deeply weak at just 6% above the 50-day average.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.45% | -1.99% | 2.84% | 12.17% | 17.02% |
| Communication Services (XLC) | 2.19% | 1.88% | 3.34% | -1.68% | -0.71% |
| Health Care (XLV) | 1.45% | 0.23% | 9.54% | 9.29% | 23.57% |
| Consumer Staples (XLP) | 1.25% | -1.94% | -0.94% | 10.05% | 8.03% |
| Consumer Discretionary (XLY) | -0.10% | -4.53% | -3.02% | -5.12% | -4.69% |
| Financials (XLF) | -0.38% | -1.94% | 7.29% | 5.02% | 7.64% |
| Real Estate (XLRE) | -0.69% | -4.75% | -4.12% | 8.51% | 5.30% |
| Materials (XLB) | -0.90% | -3.90% | -2.88% | 12.24% | 12.14% |
| Energy (XLE) | -0.94% | 4.23% | 12.93% | 46.30% | 50.17% |
| Utilities (XLU) | -1.34% | -5.62% | -5.49% | -0.73% | 0.53% |
| Industrials (XLI) | -1.42% | -8.89% | -3.31% | 10.12% | 13.54% |
| Technology (XLK) | -1.81% | -3.02% | -0.16% | 28.31% | 36.77% |
Global Thematic
Thematic flows on Monday reflected the sector rotation narrative, with cybersecurity funds surging as investors favored software and security names over chip and infrastructure plays. Global X Cybersecurity (BUG) gained 10.66%, WisdomTree Cybersecurity (WCBR) rose 10.54%, and Amplify Cybersecurity (HACK) added 7.88%, consistent with reported strength in enterprise software and cybersecurity names. On the opposite end, photonics- and semiconductor-linked thematic funds bore the brunt of the AI slowdown warnings, with Tuttle Capital Pure Play Photonics (FOTO) falling 8.41% and the Corgi Lithography & Semiconductor Photonics fund (EUV) down 8.06%. The VistaShares Artificial Intelligence Supercycle ETF (AIS) also declined 7.41%, highlighting the concentrated impact of the day’s AI-related news on niche technology exposures.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Global X Cybersecurity ETF (BUG) | 10.66% |
| WisdomTree Cybersecurity Fund (WCBR) | 10.54% |
| Amplify Cybersecurity ETF (HACK) | 7.88% |
| iShares Cybersecurity & Tech ETF (IHAK) | 7.78% |
| WisdomTree Cloud Computing Fund (WCLD) | 6.37% |
| Laggards | |
| Tuttle Capital Pure Play Photonics ETF (FOTO) | -8.41% |
| Corgi Lithography & Semiconductor Photonics ETF (EUV) | -8.06% |
| Spear Alpha ETF (SPRX) | -7.52% |
| Tema Memory ETF (DISK) | -7.51% |
| VistaShares Artificial Intelligence Supercycle ETF (AIS) | -7.41% |
Developed ex-U.S. & Emerging Markets
Developed markets were broadly weaker, led lower by the Netherlands (EWN), which fell 1.93%, and Japan (EWJ), down 0.99% despite still holding a 21.50% year-to-date gain. Hong Kong (EWH) was a rare gainer, adding 0.89%, while Switzerland (EWL) also edged higher by 0.32%. Emerging markets saw far more pronounced dispersion, with South Korea (EWY) tumbling 6.62% and Taiwan (EWT) down 3.34%, both likely reflecting semiconductor supply-chain exposure amid the AI-related selloff. China (MCHI) bucked the trend, rising 0.68%, while Indonesia (EIDO) gained 1.33% even as it remains down nearly 30% year-to-date, illustrating the wide performance gap across the emerging market complex.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.80% | -2.57% | 2.38% | 11.96% | 17.72% |
| Australia (EWA) | -0.72% | -1.99% | 0.86% | 12.53% | 10.05% |
| Canada (EWC) | -0.13% | -2.78% | 3.44% | 12.71% | 23.64% |
| France (EWQ) | -0.93% | -6.24% | -2.26% | 1.28% | 5.31% |
| Germany (EWG) | -0.37% | -3.28% | 2.95% | 2.49% | 5.44% |
| Hong Kong (EWH) | 0.89% | 1.47% | 4.93% | 8.63% | 8.72% |
| Japan (EWJ) | -0.99% | -0.64% | 5.81% | 21.50% | 26.07% |
| Netherlands (EWN) | -1.93% | -7.09% | -3.67% | 17.78% | 27.60% |
| South Korea (EWY) | -6.62% | -1.96% | -10.75% | 81.26% | 129.13% |
| Switzerland (EWL) | 0.32% | -4.39% | -1.85% | 2.67% | 10.62% |
| U.K. (EWU) | -0.06% | -0.73% | 3.06% | 10.51% | 18.13% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -2.73% | -0.93% | -2.30% | 21.22% | 28.74% |
| Brazil (EWZ) | -1.23% | 11.17% | 8.49% | 19.86% | 31.36% |
| China (MCHI) | 0.68% | -2.40% | -2.11% | -10.65% | -15.04% |
| India (INDA) | -0.29% | -2.71% | 0.21% | -10.40% | -8.88% |
| Indonesia (EIDO) | 1.33% | 2.54% | 6.58% | -29.67% | -25.52% |
| Malaysia (EWM) | 0.29% | -0.57% | 0.94% | 3.85% | 13.33% |
| Mexico (EWW) | -0.74% | -0.25% | -3.26% | 9.50% | 17.05% |
| South Africa (EZA) | -2.30% | 1.42% | 4.59% | 1.66% | 21.82% |
| Taiwan (EWT) | -3.34% | 0.13% | 4.47% | 68.75% | 78.50% |
| Thailand (THD) | -0.94% | 0.81% | 0.80% | 25.91% | 24.71% |
Fixed Income
Fixed income markets were mostly softer as Treasury yields climbed toward three-year highs following the oil-driven inflation concerns. The Core Aggregate (AGG) slipped 0.09%, while Convertibles (CWB) were the weakest major category, down 1.37% given their equity sensitivity. Preferred Stock (PFF) also declined 0.70%. Long-duration Treasuries were a modest bright spot, with the Long-Term benchmark (BLV) edging up 0.05%, while Bank Loans (BKLN) rose 0.10%, reflecting continued demand for floating-rate exposure ahead of this week’s FOMC meeting. Municipal and emerging-market debt segments were broadly flat to slightly negative, with little differentiation across credit quality tiers.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.05% | -1.13% | -4.29% | -3.63% | -4.59% |
| Short-Term (BSV) | -0.03% | -0.83% | -0.42% | 0.00% | 1.14% |
| Core (AGG) | -0.09% | -1.29% | -1.90% | -1.39% | -0.75% |
| Core Enhanced (IUSB) | -0.09% | -1.24% | -1.75% | -1.09% | -0.30% |
| Government | |||||
| Long-Term (SPTL) | 0.08% | -1.07% | -3.99% | -3.99% | -4.94% |
| Short-Term (SPTS) | 0.03% | -0.51% | 0.08% | 0.63% | 1.87% |
| Ultrashort (BIL) | 0.00% | 0.27% | 0.89% | 2.50% | 3.67% |
| Inflation Protected (TIP) | -0.02% | -1.09% | -1.80% | -0.43% | -0.91% |
| Intermediate (SPTI) | -0.11% | -1.59% | -1.57% | -1.87% | -1.18% |
| Specialty | |||||
| Bank Loans (BKLN) | 0.10% | 0.75% | 2.49% | 2.30% | 4.71% |
| Corporate (SPIB) | -0.03% | -1.15% | -1.20% | -0.60% | 0.51% |
| High Yield (HYG) | -0.09% | -0.94% | -0.29% | 1.36% | 2.90% |
| Mortgage Backed (MBB) | -0.18% | -1.77% | -2.29% | -1.44% | -0.23% |
| Preferred Stock (PFF) | -0.70% | -2.44% | -2.26% | 0.08% | -1.29% |
| Convertible (CWB) | -1.37% | -4.88% | -4.86% | 14.71% | 16.36% |
| International & EM | |||||
| International USD (BNDX) | -0.13% | -1.40% | -2.04% | -1.04% | -0.65% |
| Emerging USD (EMB) | -0.13% | -1.49% | -2.00% | 0.24% | 2.99% |
| International Local (IGOV) | -0.49% | -1.17% | -1.87% | -2.26% | -3.19% |
| Emerging Local (EMLC) | -0.79% | -1.06% | 0.49% | 1.89% | 5.30% |
| Municipals | |||||
| Short-Term (SUB) | -0.04% | -0.55% | -0.27% | 0.55% | 0.92% |
| Intermediate (MUB) | -0.06% | -2.33% | -2.89% | -1.65% | 0.04% |
| High Yield (HYD) | -0.20% | -2.63% | -3.61% | -1.39% | 0.77% |
| Long-Term (MLN) | -0.27% | -4.12% | -4.29% | -2.31% | -0.29% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities were the day’s standout asset class, with Broad Commodities (DJP) rising 0.51% as energy prices spiked following drone attacks that forced Saudi Arabia to shut a key pipeline. WTI Crude (USO) advanced 1.14% and Brent Crude (BNO) gained 1.29%, extending year-to-date advances of 126.52% and 119.49%, respectively. Natural Gas (UNG) also rose 1.57% on the day despite remaining down 15.74% year-to-date. Precious and industrial metals moved in the opposite direction, with Gold (GLD) falling 1.49% and Copper (CPER) down 2.35%, suggesting the geopolitical premium was concentrated in energy rather than broader risk-off metal buying.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.51% | 8.70% | 14.89% | 40.49% | 51.49% |
| Agriculture | |||||
| Soybeans (SOYB) | 0.69% | 9.14% | 14.75% | 26.67% | 24.06% |
| Corn (CORN) | 0.50% | 9.64% | 19.17% | 12.92% | 11.84% |
| Broad (DBA) | 0.10% | 4.29% | 10.37% | 13.48% | 9.09% |
| Wheat (WEAT) | -0.30% | 4.81% | 17.14% | 31.05% | 24.62% |
| Sugar (CANE) | -0.61% | 6.41% | 21.94% | 17.38% | 8.07% |
| Energy | |||||
| Natural Gas (UNG) | 1.57% | 4.13% | -8.99% | -15.74% | -17.43% |
| Broad (DBE) | 1.30% | 19.91% | 28.32% | 115.65% | 106.92% |
| Brent Crude (BNO) | 1.29% | 22.75% | 29.99% | 119.49% | 106.72% |
| WTI Crude (USO) | 1.14% | 23.74% | 24.90% | 126.52% | 113.70% |
| Industrial Metals | |||||
| Broad (DBB) | -1.38% | -1.42% | -2.60% | 9.24% | 26.24% |
| Copper (CPER) | -2.35% | -4.37% | -3.26% | 9.44% | 33.78% |
| Precious Metals | |||||
| Gold (GLD) | -1.49% | -2.15% | 1.63% | -0.88% | 17.12% |
| Palladium (PALL) | -1.65% | -2.93% | 0.00% | -20.11% | 4.96% |
| Broad (DBP) | -1.67% | -2.26% | -0.31% | -4.12% | 20.70% |
| Silver (SLV) | -2.20% | -2.80% | -7.26% | -11.77% | 48.25% |
| Platinum (PPLT) | -2.21% | 0.19% | 2.32% | -14.71% | 24.68% |
Cryptocurrency
Digital assets were broadly higher on the day, decoupling from the equity selloff. XRP led gains with a 7.56% advance and is up 46.68% over the trailing month, while Multi-Coin exposure (NCIQ) rose 2.29% and Bitcoin (IBIT) gained 2.22%. Solana exposure (SOLZ) added 1.21%, while Ethereum (ETHA) was roughly flat at 0.05%. Despite the day’s strength, most crypto exposures remain in negative territory year-to-date, with Bitcoin down 9.89% and Ethereum down 14.53%, reflecting the sector’s ongoing recovery from a steeper 2026 drawdown.
What to Watch Today
Tuesday, September 15 marks the start of the two-day FOMC meeting, though no rate decision or Fed commentary is expected given the pre-meeting blackout. Investors will monitor China’s overnight release of August industrial production, retail sales, and fixed asset investment data. Domestically, the ADP Employment Change report and the NY Empire State Manufacturing Index are scheduled, alongside the API Weekly Crude Oil Stock report. A 20-Year Treasury Bond Auction is also on tap, which may offer signals on debt demand amid elevated yields.
U.S. equities pulled back on Monday as the S&P 500 (IVV) declined 0.45%, weighed down by a sharp drop in semiconductor and AI-adjacent names even as the index remains up 12.20% year-to-date. Developed ex-U.S. markets underperformed, with the Developed ex-U.S. benchmark (EFA) falling 0.80%, while Emerging Markets (EEM) were the session’s clear laggard, sliding 2.73% on steep declines in South Korea and Taiwan. Fixed income offered little cushion as the Core Aggregate (AGG) slipped 0.09% with 10-year yields pressing toward 5.0%, their highest in nearly three years. Broad Commodities (DJP) bucked the risk-off tone, adding 0.51% and extending a 40.49% year-to-date advance as crude oil spiked on a Middle East supply disruption. The standout outlier was South Korea, where the (EWY) plunged 6.62% on the day despite still holding an 81.26% year-to-date gain, underscoring how quickly sentiment can reverse in high-beta markets.