Macro Overview
U.S. Size & Style
Style and size performance was uniformly negative on the day, with large-cap value (IVE) down 0.46% and showing an oversold RSI of 33, while large-cap growth (IVW) held up relatively better, slipping just 0.06%. Mid- and small-cap segments bore the brunt of selling pressure, with mid-cap value (IJJ) down 0.88% and small-cap value (IJS) and small-cap core (IJR) each falling more than 0.6%. RSI readings across mid- and small-cap value and core strategies have dropped into oversold territory, with IJJ, IJS, and IJR all registering readings of 25 or below, alongside breadth metrics showing only 13-19% of constituents trading above their 50-day moving average. Large-cap growth’s relative resilience, supported by a 15.73% year-to-date gain, continues to widen the performance gap versus smaller-cap value cohorts, which remain negative over the trailing month.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.46% | -3.10% | 0.94% | 8.90% | 12.36% |
| Large Cap (IVV) | -0.22% | -0.35% | 2.56% | 12.73% | 15.78% |
| Large Growth (IVW) | -0.06% | 2.00% | 3.54% | 15.73% | 18.29% |
| Mid Value (IJJ) | -0.88% | -5.64% | -6.41% | 5.79% | 7.98% |
| Mid Cap (IJH) | -0.58% | -4.22% | -6.40% | 9.88% | 11.68% |
| Mid Growth (IJK) | -0.29% | -2.96% | -6.55% | 13.58% | 15.00% |
| Small Value (IJS) | -0.66% | -5.84% | -5.88% | 13.77% | 17.55% |
| Small Cap (IJR) | -0.64% | -5.53% | -7.94% | 14.13% | 15.97% |
| Small Growth (IJT) | -0.63% | -5.29% | -10.03% | 14.18% | 14.23% |
U.S. Sectors & Industries
Sector performance skewed negative, with only Technology (XLK) posting a gain, up 0.64% and carrying an RSI of 63 alongside 64% of constituents above their 50-day moving average, underscoring continued leadership. Energy (XLE) was essentially flat, down 0.06%, but remains the year’s standout performer with a 40.28% year-to-date advance tied to the ongoing rally in crude oil. Health Care (XLV) was the weakest sector of the session, falling 1.35%, while Industrials (XLI) and Consumer Staples (XLP) declined 1.27% and 1.53%, respectively. Real Estate (XLRE) and Financials (XLF) both show deeply oversold RSI readings of 19 and 24, respectively, with virtually no constituents trading above their 50-day moving average, highlighting broad technical weakness outside of technology-oriented names.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.21% | -0.33% | 2.38% | 12.71% | 15.71% |
| Technology (XLK) | 0.64% | 5.08% | 2.86% | 36.45% | 39.60% |
| Energy (XLE) | -0.06% | -3.26% | 16.50% | 40.28% | 41.59% |
| Consumer Discretionary (XLY) | -0.28% | -6.44% | -6.99% | -8.29% | -8.42% |
| Communication Services (XLC) | -0.45% | -0.12% | 3.91% | -4.88% | -5.10% |
| Utilities (XLU) | -0.68% | -5.92% | -12.37% | -5.69% | -6.98% |
| Materials (XLB) | -0.81% | -7.15% | -3.75% | 8.76% | 10.63% |
| Real Estate (XLRE) | -1.04% | -6.48% | -6.31% | 3.81% | 0.50% |
| Financials (XLF) | -1.13% | -7.14% | -0.04% | -1.32% | 0.68% |
| Industrials (XLI) | -1.27% | -4.40% | -9.61% | 8.50% | 9.49% |
| Health Care (XLV) | -1.35% | -0.87% | 6.55% | 10.14% | 23.03% |
| Consumer Staples (XLP) | -1.53% | -4.53% | -2.33% | 5.76% | 5.68% |
Global Thematic
Thematic flows favored cloud computing and cybersecurity exposures, with the WisdomTree Cloud Computing Fund (WCLD) leading gainers at 1.73%, followed by the Global X Cybersecurity ETF (BUG) at 1.63% and the WisdomTree Cybersecurity Fund (WCBR) at 1.46%, consistent with the day’s technology-sector strength. On the downside, cannabis-related funds suffered sharp declines, with the AdvisorShares Pure US Cannabis ETF (MSOS) falling 11.20% and the Amplify Seymour Cannabis ETF (CNBS) down 10.65%. The Amplify Alternative Harvest ETF (MJ) also declined 7.90%, extending the sector’s steep underperformance. Uranium-related exposure softened as well, with the Sprott Junior Uranium Miners ETF (URNJ) down 3.54%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| WisdomTree Cloud Computing Fund (WCLD) | 1.73% |
| Global X Cybersecurity ETF (BUG) | 1.63% |
| WisdomTree Cybersecurity Fund (WCBR) | 1.46% |
| iShares Cybersecurity & Tech ETF (IHAK) | 1.42% |
| Global X Cloud Computing ETF (CLOU) | 1.28% |
| Laggards | |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -11.20% |
| Amplify Seymour Cannabis ETF (CNBS) | -10.65% |
| Amplify Alternative Harvest ETF (MJ) | -7.90% |
| Sprott Junior Uranium Miners ETF (URNJ) | -3.54% |
| VanEck Digital Transformation ETF (DAPP) | -2.62% |
Developed ex-U.S. & Emerging Markets
Developed ex-U.S. markets (EFA) declined 0.62%, with notable weakness in France (EWQ), down 1.55%, and Switzerland (EWL), off 1.37%. Japan (EWJ) was the lone bright spot, rising 0.98% and extending a 21.35% year-to-date gain, consistent with the Nikkei 225’s 1.94% advance overnight. Within emerging markets (EEM), South Korea (EWY) led declines, falling 2.31% despite an 88.01% year-to-date surge, while Thailand (THD) dropped 2.52%. Brazil (EWZ) was a standout gainer among emerging markets, rising 2.14% and extending its year-to-date advance to 18.37%, while China (MCHI) edged up 0.17% even as it remains down 12.55% for the year.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.62% | -3.31% | 0.01% | 9.89% | 15.07% |
| Australia (EWA) | -0.21% | -5.70% | 0.53% | 9.62% | 8.16% |
| Canada (EWC) | -0.93% | -4.96% | 1.28% | 8.76% | 17.07% |
| France (EWQ) | -1.55% | -7.11% | -6.23% | -3.06% | -0.22% |
| Germany (EWG) | -1.41% | -6.60% | -0.15% | -0.87% | 1.25% |
| Hong Kong (EWH) | -0.50% | -3.49% | 5.69% | 5.71% | 7.62% |
| Japan (EWJ) | 0.98% | 1.65% | 4.49% | 21.35% | 26.78% |
| Netherlands (EWN) | -1.20% | -0.83% | -3.68% | 19.94% | 22.43% |
| South Korea (EWY) | -2.31% | 1.06% | -9.47% | 88.01% | 133.38% |
| Switzerland (EWL) | -1.37% | -5.81% | -5.89% | 0.39% | 8.97% |
| U.K. (EWU) | -0.68% | -3.80% | 0.85% | 7.32% | 14.65% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -0.91% | -0.34% | -2.37% | 22.69% | 27.52% |
| Brazil (EWZ) | 2.14% | 3.39% | 7.97% | 18.37% | 25.67% |
| China (MCHI) | 0.17% | -4.62% | 2.28% | -12.55% | -19.24% |
| India (INDA) | -0.55% | -6.08% | -5.49% | -13.64% | -10.33% |
| Indonesia (EIDO) | -0.85% | -7.86% | 3.71% | -36.15% | -31.30% |
| Malaysia (EWM) | 0.48% | -3.56% | 1.60% | 2.13% | 9.52% |
| Mexico (EWW) | -1.33% | -7.34% | -5.55% | 4.04% | 7.80% |
| South Africa (EZA) | -1.34% | -9.25% | 1.25% | -5.04% | 7.53% |
| Taiwan (EWT) | -1.06% | 4.51% | 3.95% | 77.71% | 85.64% |
| Thailand (THD) | -2.52% | -2.57% | -2.49% | 20.93% | 24.20% |
Fixed Income
Fixed income was broadly stable amid the persistently elevated-yield environment, with the U.S. Aggregate Bond index (AGG) down only 0.06% and Short-Term Treasuries (BSV) essentially flat, up 0.04%. Longer-duration exposure continued to underperform, with Long-Term Treasuries (BLV) down 0.46% on the day and 6.81% year-to-date, reflecting the ongoing pressure from the higher-rate backdrop. Municipal bonds diverged notably, with Long-Term Munis (MLN) gaining 1.08% and Intermediate Munis (MUB) up 0.82%, outperforming taxable counterparts. High Yield (HYG) slipped 0.19%, while Bank Loans (BKLN) declined a more modest 0.15%, maintaining a positive year-to-date return of 1.97%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | 0.04% | -1.08% | -0.93% | -0.42% | 0.77% |
| Core (AGG) | -0.06% | -2.61% | -3.50% | -2.78% | -1.86% |
| Core Enhanced (IUSB) | -0.11% | -2.63% | -3.41% | -2.55% | -1.54% |
| Long-Term (BLV) | -0.46% | -4.86% | -7.85% | -6.81% | -7.14% |
| Government | |||||
| Inflation Protected (TIP) | 0.03% | -2.60% | -3.29% | -2.10% | -2.18% |
| Short-Term (SPTS) | 0.00% | -0.58% | -0.23% | 0.42% | 1.59% |
| Ultrashort (BIL) | -0.01% | 0.28% | 0.90% | 2.66% | 3.66% |
| Intermediate (SPTI) | -0.07% | -2.28% | -2.95% | -2.94% | -1.92% |
| Long-Term (SPTL) | -0.46% | -4.97% | -8.08% | -7.33% | -7.74% |
| Specialty | |||||
| Mortgage Backed (MBB) | 0.11% | -3.38% | -4.14% | -3.17% | -1.71% |
| Preferred Stock (PFF) | -0.03% | -2.61% | -1.87% | -1.39% | -1.63% |
| Corporate (SPIB) | -0.06% | -2.04% | -2.41% | -1.63% | -0.42% |
| Bank Loans (BKLN) | -0.15% | -0.13% | 1.95% | 1.97% | 4.00% |
| Convertible (CWB) | -0.17% | -0.84% | -5.74% | 14.64% | 13.63% |
| High Yield (HYG) | -0.19% | -2.73% | -2.00% | -0.34% | 0.89% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.28% | -2.55% | -1.30% | 0.24% | 3.54% |
| International USD (BNDX) | 0.02% | -1.18% | -2.51% | -1.17% | -0.88% |
| International Local (IGOV) | -0.23% | -3.49% | -3.07% | -4.54% | -5.32% |
| Emerging USD (EMB) | -0.48% | -3.73% | -4.58% | -2.32% | 0.42% |
| Municipals | |||||
| Long-Term (MLN) | 1.08% | -5.05% | -7.20% | -4.42% | -2.94% |
| Intermediate (MUB) | 0.82% | -3.54% | -5.29% | -3.57% | -1.97% |
| High Yield (HYD) | 0.73% | -3.54% | -5.66% | -3.24% | -1.45% |
| Short-Term (SUB) | 0.37% | -1.43% | -1.17% | -0.34% | 0.44% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Broad Commodities (DJP) rose 0.55%, driven primarily by continued strength in energy markets, with Brent Crude (BNO) climbing 2.28% and WTI Crude (USO) adding 1.61%, extending their respective year-to-date gains to 112.18% and 110.61%. The broad energy fund (DBE) advanced 2.69%, reinforcing energy’s position as the standout commodity complex this year. Precious metals moved lower, with Silver (SLV) down 1.75% and Gold (GLD) off 0.54%, while Palladium (PALL) declined 1.49%. Agricultural commodities were mixed to lower, with Corn (CORN) falling 2.36% and Wheat (WEAT) down 1.92%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.55% | 0.33% | 17.87% | 36.98% | 45.37% |
| Agriculture | |||||
| Soybeans (SOYB) | -0.29% | 0.99% | 12.75% | 25.85% | 28.19% |
| Broad (DBA) | -0.39% | -4.02% | 5.51% | 10.27% | 8.93% |
| Sugar (CANE) | -0.88% | -0.53% | 15.02% | 15.43% | 6.23% |
| Wheat (WEAT) | -1.92% | -11.65% | 11.53% | 23.03% | 19.56% |
| Corn (CORN) | -2.36% | -5.08% | 13.67% | 7.39% | 9.11% |
| Energy | |||||
| Broad (DBE) | 2.69% | 11.24% | 40.01% | 110.19% | 100.42% |
| Brent Crude (BNO) | 2.28% | 13.72% | 47.68% | 112.18% | 99.97% |
| WTI Crude (USO) | 1.61% | 8.95% | 36.85% | 110.61% | 97.51% |
| Natural Gas (UNG) | 0.19% | -1.61% | -11.52% | -15.42% | -20.66% |
| Industrial Metals | |||||
| Copper (CPER) | -0.38% | -0.55% | 5.43% | 13.79% | 32.60% |
| Broad (DBB) | -1.02% | -1.21% | 4.98% | 10.29% | 26.51% |
| Precious Metals | |||||
| Platinum (PPLT) | -0.39% | -5.17% | 9.06% | -17.34% | 7.85% |
| Gold (GLD) | -0.54% | -6.75% | 3.38% | -3.90% | 7.14% |
| Broad (DBP) | -0.55% | -6.86% | 3.31% | -7.08% | 9.99% |
| Palladium (PALL) | -1.49% | -11.99% | -1.22% | -24.99% | -4.48% |
| Silver (SLV) | -1.75% | -9.35% | 1.94% | -15.38% | 28.65% |
Cryptocurrency
Cryptocurrency-linked products traded with modest losses across the board, with Solana exposure (SOLZ) declining 1.27% and Ethereum exposure (ETHA) down 0.79%. Bitcoin exposure (IBIT) was essentially unchanged, up 0.02%, while the multi-coin product (NCIQ) was flat on the day. Despite the muted daily moves, three-month returns remain strong across the asset class, with Ethereum exposure up 69.22% and Solana exposure up 58.67% over that period, even as year-to-date figures remain negative for most major tokens.
What to Watch Today
Thursday brings a dense slate of U.S. economic data, including Initial Jobless Claims at 8:30 AM ET, the ISM Manufacturing PMI and Construction Spending report for August at 10:00 AM ET, and the final S&P Global U.S. Manufacturing PMI reading at 9:45 AM ET. Motor vehicle sales data for September will also be released throughout the day. Fed officials Barkin, Collins, and Schmid are scheduled to speak around 1:05 PM ET, followed by Governor Waller at 2:00 PM ET, with additional remarks from Bowman, Williams, and Logan later in the evening. On the earnings front, Accenture, Nike, McCormick & Company, and Acuity are all scheduled to report, ahead of Friday’s closely watched Employment Situation report for September.
U.S. equities slipped modestly on month- and quarter-end trading, with the S&P 500 (IVV) down 0.22% as stronger-than-expected revisions to prior economic activity kept Treasury yields elevated and pressured risk sentiment into the close. Developed ex-U.S. markets (EFA) underperformed with a 0.62% decline, while Emerging Markets (EEM) lagged further, falling 0.91% on the day despite a 22.69% year-to-date gain. Fixed income was comparatively steady, with the U.S. Aggregate Bond index (AGG) off just 0.06%, reflecting the limited incremental move in yields despite their multiyear-high backdrop. Broad Commodities (DJP) stood out as the session’s bright spot, rising 0.55% and extending a 36.98% year-to-date advance, driven largely by continued strength in energy-linked components.