Macro Overview
U.S. Size & Style
Large-cap growth led domestic style performance, with Large Growth (IVW) rising 0.67% as technology earnings from Microsoft drew a positive market reaction. Large Value (IVE) was flat on the day but carries an RSI of 67, approaching overbought territory, with 62% of constituents trading above their 50-day moving average. Mid and small-cap segments were mixed and modest, with Mid Value (IJJ) down 0.22% and Small Value (IJS) off 0.17%, even as both maintain strong YTD gains of 10.57% and 17.36%, respectively. Small Cap (IJR) ticked up just 0.06%, reflecting the narrow, large-cap-driven nature of Wednesday’s advance. Breadth remains uneven across the smaller-cap complex, with less than half of mid- and small-cap constituents holding above their 50-day averages.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.00% | 3.81% | 2.46% | 14.12% | 15.42% |
| Large Cap (IVV) | 0.31% | 0.87% | 4.53% | 14.17% | 13.68% |
| Large Growth (IVW) | 0.67% | -1.43% | 6.43% | 14.03% | 12.06% |
| Mid Value (IJJ) | -0.22% | 3.16% | -3.41% | 10.57% | 12.86% |
| Mid Cap (IJH) | 0.18% | 1.26% | -3.23% | 12.02% | 13.19% |
| Mid Growth (IJK) | 0.46% | -0.64% | -3.10% | 13.01% | 13.16% |
| Small Value (IJS) | -0.17% | 2.06% | -3.32% | 17.36% | 19.28% |
| Small Cap (IJR) | 0.06% | 1.74% | -4.13% | 17.25% | 17.54% |
| Small Growth (IJT) | 0.31% | 1.37% | -5.06% | 16.78% | 15.41% |
U.S. Sectors & Industries
Technology (XLK) topped the sector tally with a 0.80% gain, extending its 33.14% YTD advance ahead of after-hours results from Microsoft and Alphabet, which saw sharply divergent investor reactions. Financials (XLF) and Energy (XLE) rounded out the leaders, up 0.45% and 0.35% respectively, with Energy’s RSI of 62 and 81% of constituents above their 50-day average underscoring persistent sector strength tied to crude oil’s triple-digit YTD gains. On the downside, Utilities (XLU) fell 0.84% and Real Estate (XLRE) declined 0.73%, likely pressured by the rise in long-term Treasury yields. Communication Services (XLC) slipped 0.42% and remains the weakest sector on a trailing basis, down 11.59% YTD with an oversold RSI of 28 and only 9% of members above their 50-day moving average.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.34% | 0.88% | 4.50% | 14.14% | 13.62% |
| Technology (XLK) | 0.80% | -1.81% | 11.76% | 33.14% | 27.15% |
| Financials (XLF) | 0.45% | 3.58% | -2.21% | 3.73% | 7.58% |
| Energy (XLE) | 0.35% | 10.23% | 19.62% | 56.13% | 61.16% |
| Industrials (XLI) | 0.34% | -0.17% | -7.42% | 9.48% | 10.16% |
| Health Care (XLV) | 0.30% | 4.94% | 7.86% | 17.53% | 25.61% |
| Materials (XLB) | 0.15% | 4.83% | -0.46% | 15.82% | 18.51% |
| Consumer Discretionary (XLY) | -0.10% | 5.81% | 2.76% | -2.82% | -3.57% |
| Consumer Staples (XLP) | -0.36% | 5.54% | 0.41% | 13.95% | 13.77% |
| Communication Services (XLC) | -0.42% | -7.23% | -5.66% | -11.59% | -10.44% |
| Real Estate (XLRE) | -0.73% | 1.89% | -7.67% | 6.90% | 4.34% |
| Utilities (XLU) | -0.84% | 8.25% | -5.97% | 1.60% | -3.03% |
Global Thematic
Thematic flows favored semiconductor and memory-related exposure, with the Tema Memory ETF (DISK) climbing 7.85% and the Roundhill Memory ETF (DRAM) adding 7.13%, consistent with the broader strength seen in Technology sector performance. The Roundhill Neocloud ETF (NCLD) gained 6.63% and the ARK Genomic Revolution ETF (ARKG) rose 6.14%, reflecting continued appetite for growth-oriented thematic baskets. On the laggard side, the Global X Video Games & Esports ETF (HERO) declined 2.61% and the Invesco Solar ETF (TAN) fell 2.48%. Cybersecurity names also softened, with the Amplify Cybersecurity ETF (HACK) down 1.69%, suggesting rotation away from defensive technology themes toward hardware-linked plays.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Tema Memory ETF (DISK) | 7.85% |
| Roundhill Memory ETF (DRAM) | 7.13% |
| Roundhill Neocloud ETF (NCLD) | 6.63% |
| ARK Genomic Revolution ETF (ARKG) | 6.14% |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | 4.90% |
| Laggards | |
| Global X Video Games & Esports ETF (HERO) | -2.61% |
| Invesco Solar ETF (TAN) | -2.48% |
| VanEck Video Gaming and eSports ETF (ESPO) | -2.05% |
| Amplify Cybersecurity ETF (HACK) | -1.69% |
| First Trust NASDAQ Cybersecurity ETF (CIBR) | -1.58% |
Developed ex-U.S. & Emerging Markets
South Korea (EWY) was the standout performer globally, jumping 5.37% on the day and now up 70.65% YTD and 79.66% over one year. Taiwan (EWT) also advanced, gaining 1.58% and extending its YTD return to 71.48%, reinforcing continued strength across Asian technology-linked markets. In developed markets, Canada (EWC) and the Netherlands (EWN) posted modest gains of 0.75% and 0.78%, while Hong Kong (EWH) fell 1.31%. Within emerging markets, Brazil (EWZ) declined 1.98%, while China (MCHI) was roughly flat on the day but remains down 17.82% YTD, continuing to lag its regional peers by a wide margin.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.09% | -1.29% | -0.20% | 9.66% | 12.09% |
| Australia (EWA) | 0.37% | 3.82% | 0.92% | 14.58% | 10.92% |
| Canada (EWC) | 0.75% | 4.13% | 2.79% | 14.59% | 21.28% |
| France (EWQ) | 0.26% | -4.41% | -8.38% | -4.77% | -4.60% |
| Germany (EWG) | 0.67% | -0.78% | -0.29% | 0.31% | 2.18% |
| Hong Kong (EWH) | -1.31% | -2.59% | -4.88% | 4.37% | 4.66% |
| Japan (EWJ) | -0.27% | -1.90% | 5.74% | 18.28% | 18.09% |
| Netherlands (EWN) | 0.78% | -3.69% | 0.74% | 16.12% | 16.52% |
| South Korea (EWY) | 5.37% | -9.63% | 9.55% | 70.65% | 79.66% |
| Switzerland (EWL) | -0.28% | 4.63% | -0.02% | 7.30% | 14.54% |
| U.K. (EWU) | 0.21% | 0.04% | -1.11% | 9.08% | 13.94% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 1.60% | -5.48% | 1.86% | 16.69% | 16.29% |
| Brazil (EWZ) | -1.98% | -7.15% | -6.74% | 6.83% | 13.71% |
| China (MCHI) | -0.08% | -6.66% | -9.87% | -17.82% | -23.26% |
| India (INDA) | 0.11% | -0.64% | -5.24% | -13.43% | -14.21% |
| Indonesia (EIDO) | 1.06% | -11.96% | -13.21% | -43.12% | -40.50% |
| Malaysia (EWM) | 0.49% | -3.14% | -4.29% | -0.03% | 6.83% |
| Mexico (EWW) | -0.49% | 3.12% | -2.80% | 9.22% | 15.04% |
| South Africa (EZA) | 0.53% | -0.17% | 3.84% | -4.47% | 6.29% |
| Taiwan (EWT) | 1.58% | -4.58% | 15.96% | 71.48% | 69.86% |
| Thailand (THD) | -0.27% | -1.79% | -1.15% | 22.15% | 20.34% |
Fixed Income
Fixed income broadly softened following the Fed’s rate decision, as long-dated Treasury yields climbed while the short end eased, with the 2-year yield falling to 4.67% and the 10-year rising to 5.05%. Long-Term Treasuries (BLV) declined 0.60% on the day and remain down 3.30% YTD, while the Core Aggregate (AGG) slipped 0.21%. Convertible Bonds (CWB) bucked the trend, rising 0.94% in sympathy with equity market gains. Credit-sensitive segments were steadier, with High Yield (HYG) nearly flat and Bank Loans (BKLN) adding 0.29%, reflecting resilience in shorter-duration and floating-rate exposures amid the steepening yield curve.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.01% | 0.92% | -0.01% | 0.41% | 0.95% |
| Core (AGG) | -0.21% | 1.67% | -1.04% | -1.04% | -1.43% |
| Core Enhanced (IUSB) | -0.22% | 1.53% | -1.03% | -0.88% | -1.16% |
| Long-Term (BLV) | -0.60% | 2.98% | -2.15% | -3.30% | -6.28% |
| Government | |||||
| Short-Term (SPTS) | 0.07% | 0.79% | 0.35% | 1.10% | 1.74% |
| Ultrashort (BIL) | 0.00% | 0.32% | 0.93% | 2.97% | 3.67% |
| Inflation Protected (TIP) | -0.05% | 2.08% | -0.58% | -0.02% | -0.99% |
| Intermediate (SPTI) | -0.14% | 1.36% | -1.14% | -1.54% | -1.49% |
| Long-Term (SPTL) | -0.72% | 3.18% | -2.42% | -3.54% | -6.75% |
| Specialty | |||||
| Convertible (CWB) | 0.94% | -3.77% | -2.64% | 10.27% | 6.05% |
| Bank Loans (BKLN) | 0.29% | 0.43% | 1.89% | 2.61% | 4.15% |
| High Yield (HYG) | -0.01% | 0.51% | -0.85% | 0.59% | 1.34% |
| Corporate (SPIB) | -0.06% | 1.21% | -0.68% | -0.38% | -0.08% |
| Mortgage Backed (MBB) | -0.15% | 2.37% | -1.29% | -0.83% | -0.81% |
| Preferred Stock (PFF) | -0.21% | -2.18% | -3.85% | -3.35% | -4.22% |
| International & EM | |||||
| International USD (BNDX) | -0.02% | 1.19% | -0.74% | -0.06% | -0.86% |
| Emerging Local (EMLC) | -0.04% | -0.05% | -1.37% | -0.05% | 2.18% |
| International Local (IGOV) | -0.05% | 0.50% | -1.43% | -3.79% | -4.71% |
| Emerging USD (EMB) | -0.14% | 0.99% | -2.25% | -0.81% | -0.37% |
| Municipals | |||||
| High Yield (HYD) | 0.08% | 3.97% | -0.80% | 0.08% | 1.01% |
| Long-Term (MLN) | 0.06% | 4.10% | -2.57% | -0.96% | -1.14% |
| Short-Term (SUB) | 0.01% | 1.90% | 0.60% | 1.26% | 2.12% |
| Intermediate (MUB) | -0.11% | 3.42% | -1.30% | -0.76% | -0.38% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Energy markets extended their advance, with WTI Crude (USO) rising 1.64% and now up 140.85% YTD, while Brent Crude (BNO) gained 0.67%, both benefiting from an elevated geopolitical risk premium tied to Middle East tensions. Broad Energy (DBE) climbed 1.56%, reinforcing energy’s dominant role in the 38.02% YTD gain for Broad Commodities (DJP). Precious metals were mixed, with Gold (GLD) up 0.33% but still down 5.75% YTD, while Palladium (PALL) fell 1.12% and remains down 36.27% for the year. Agricultural commodities softened broadly, with Wheat (WEAT) down 1.03% and the Broad Agriculture index (DBA) declining 1.06% on the day.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.52% | 0.33% | 11.51% | 38.02% | 44.39% |
| Agriculture | |||||
| Sugar (CANE) | 1.04% | 3.74% | 21.73% | 19.43% | 25.27% |
| Corn (CORN) | -0.11% | -10.80% | -3.65% | -1.75% | -2.74% |
| Soybeans (SOYB) | -0.76% | -4.68% | 1.40% | 19.26% | 14.09% |
| Wheat (WEAT) | -1.03% | -11.41% | -10.15% | 10.77% | 4.09% |
| Broad (DBA) | -1.06% | -4.04% | -2.62% | 6.23% | 7.35% |
| Energy | |||||
| WTI Crude (USO) | 1.64% | 11.04% | 38.24% | 140.85% | 133.32% |
| Broad (DBE) | 1.56% | 10.36% | 38.02% | 132.35% | 124.68% |
| Brent Crude (BNO) | 0.67% | 16.26% | 50.06% | 147.67% | 141.20% |
| Natural Gas (UNG) | -1.45% | -11.96% | -3.06% | -22.51% | -23.01% |
| Industrial Metals | |||||
| Copper (CPER) | 0.70% | 1.64% | 5.22% | 15.36% | 26.07% |
| Broad (DBB) | 0.00% | -0.75% | 2.93% | 10.33% | 19.19% |
| Precious Metals | |||||
| Platinum (PPLT) | 0.36% | -10.15% | -3.78% | -24.96% | -3.30% |
| Gold (GLD) | 0.33% | -1.16% | 1.12% | -5.75% | 2.51% |
| Broad (DBP) | 0.01% | -3.80% | -0.74% | -11.01% | 3.09% |
| Silver (SLV) | -0.20% | -10.72% | -5.11% | -23.84% | 14.89% |
| Palladium (PALL) | -1.12% | -15.81% | -19.12% | -36.27% | -27.55% |
Cryptocurrency
Digital assets posted modest gains across the board, with Solana (SOLZ) leading at 1.72% and Ethereum (ETHA) up 1.07% on the day. Bitcoin (IBIT) rose 0.96%, though it remains down 7.07% YTD and 28.45% over the trailing year, reflecting a difficult longer-term stretch despite a 27.67% three-month rebound. XRP (XRP) gained 0.95% but continues to lag peers on a YTD basis, down 27.29%. The broadly positive but muted daily moves across the crypto complex suggest limited direct reaction to the Fed’s rate decision relative to equities.
What to Watch Today
Thursday brings a dense macro calendar, led by the Advance Estimate of Q3 GDP and the September Personal Income and Outlays report (PCE inflation), both due at 8:30 AM ET from the Bureau of Economic Analysis. Weekly initial jobless claims are also due at 8:30 AM ET, with consensus looking for 200K versus a prior reading of 194K. The ECB will announce its monetary policy decision at 9:15 AM ET, followed by a press conference, while the Treasury will auction $44 billion in 7-year notes with competitive bids closing at 1:00 PM ET. On the earnings front, Eli Lilly, Mastercard, Merck, Caterpillar, and Shell report before the open, while Amazon and Intel headline after-the-close results alongside Starbucks and Gilead Sciences.
U.S. equities edged higher on Wednesday as the S&P 500 (IVV) added 0.31% after the Federal Reserve held its benchmark rate at 3.75%-4% in a 10-2 vote, with Chairman Warsh citing an economy ‘expanding at a strong pace.’ Developed ex-U.S. markets were comparatively muted, with the broad index (EFA) up just 0.09%, while Emerging Markets (EEM) outperformed with a 1.60% advance, pushing its YTD gain to 16.69%. Fixed income lagged as the 10-year yield rose 6 basis points to 5.05%, with the U.S. Aggregate Bond index (AGG) slipping 0.21%. Broad Commodities (DJP) gained 0.52%, extending a 38.02% YTD advance driven largely by crude oil strength. The standout of the session was South Korea, which surged 5.37% on the day and now sits up 70.65% year-to-date, far outpacing every other major regional benchmark.