Macro Overview
U.S. equities experienced their most significant decline in three weeks as resurgent inflation concerns, fueled by rising oil prices, pushed Treasury yields higher. The S&P 500 (IVV) fell 0.83%, and the U.S. Aggregate Bond market (AGG) declined 0.34%. In contrast, Broad Commodities (DJP) gained 0.84%, while Emerging Markets (EEM) proved to be a notable outlier, advancing 0.77% against the broader risk-off sentiment. Developed ex-U.S. markets (EFA) also ended the day in negative territory, down 0.29%.
U.S. Size & Style
The equity downturn was broad-based across all U.S. size and style segments, with small-caps bearing the brunt of the sell-off. Small-Cap Growth (IJT) was the weakest performer, dropping 1.30%, followed closely by the broader Small Cap index (IJR) with a 1.05% loss. Large-cap stocks also retreated, though growth-oriented names (IVW) at -0.69% held up slightly better than their value counterparts (IVE), which fell 0.99%. No segment registered an oversold or overbought RSI reading, indicating a widespread but not extreme move lower.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.99% | 2.77% | 5.00% | 12.18% | 19.03% |
| Large Cap (IVV) | -0.83% | 2.81% | 3.16% | 12.48% | 20.93% |
| Large Growth (IVW) | -0.69% | 2.73% | 1.59% | 12.46% | 22.28% |
| Mid Value (IJJ) | -0.62% | 0.97% | 6.34% | 13.25% | 18.67% |
| Mid Cap (IJH) | -0.87% | 1.92% | 5.18% | 16.27% | 21.75% |
| Mid Growth (IJK) | -1.03% | 2.81% | 4.12% | 18.98% | 24.48% |
| Small Value (IJS) | -0.84% | 1.13% | 8.14% | 21.62% | 32.33% |
| Small Cap (IJR) | -1.05% | 0.88% | 8.06% | 22.35% | 29.84% |
| Small Growth (IJT) | -1.30% | 0.62% | 7.94% | 22.82% | 27.22% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Sector performance diverged significantly, driven by macroeconomic crosscurrents. The Energy sector (XLE) was the top performer, gaining 0.27% as crude oil prices climbed amid geopolitical tensions; the sector now shows an overbought RSI of 73. On the other end of the spectrum, consumer-focused sectors lagged, with Consumer Discretionary (XLY) falling 1.61% and Consumer Staples (XLP) declining 1.41%, pressured by a negative market reaction to key retail earnings. Health Care (XLV) was the day’s biggest laggard, shedding 1.87%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.84% | 2.76% | 3.14% | 12.43% | 20.83% |
| Energy (XLE) | 0.27% | 10.03% | 7.36% | 44.53% | 53.21% |
| Real Estate (XLRE) | 0.20% | -0.33% | 2.34% | 13.44% | 11.46% |
| Materials (XLB) | -0.19% | 4.78% | 5.83% | 16.53% | 18.44% |
| Technology (XLK) | -0.29% | 4.21% | 3.49% | 27.49% | 41.66% |
| Communication Services (XLC) | -0.57% | -0.11% | -4.42% | -5.43% | 2.03% |
| Utilities (XLU) | -0.57% | -2.60% | -1.04% | 3.90% | 4.40% |
| Financials (XLF) | -0.92% | 1.62% | 10.62% | 4.88% | 9.38% |
| Industrials (XLI) | -1.20% | 0.93% | 5.55% | 16.50% | 20.40% |
| Consumer Staples (XLP) | -1.41% | 0.54% | 0.46% | 11.22% | 5.38% |
| Consumer Discretionary (XLY) | -1.61% | 1.81% | -0.87% | -1.90% | 3.33% |
| Health Care (XLV) | -1.87% | 8.25% | 17.68% | 12.31% | 27.56% |
Explore the U.S. Sectors & Industries Explorer →
Global Thematic
Thematic performance was dominated by a surge in digital asset strategies, which stood in stark contrast to the weakness in traditional equities. Crypto-focused funds were the day’s clear leaders, with the First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) rallying 8.53% and the Global X Blockchain ETF (BKCH) climbing 5.93%. Conversely, themes related to defense and specialized healthcare faced headwinds. The Defiance Drone and Modern Warfare ETF (JEDI) fell 3.95%, while the Virtus Biotech Clinical Trials ETF (BBC) declined 3.85%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | 8.53% |
| Global X Blockchain ETF (BKCH) | 5.93% |
| Bitwise Crypto Industry Innovators ETF (BITQ) | 5.76% |
| Schwab Crypto Thematic Natural Language Processing ETF (STCE) | 5.26% |
| VanEck Digital Transformation ETF (DAPP) | 4.96% |
| Laggards | |
| Defiance Drone and Modern Warfare ETF (JEDI) | -3.95% |
| Virtus Biotech Clinical Trials ETF (BBC) | -3.85% |
| REX Drone ETF (DRNZ) | -3.59% |
| iShares Genomics Immunology and Healthcare ETF (IDNA) | -3.58% |
| Roundhill Space & Technology ETF (MARS) | -3.43% |
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Developed ex-U.S. & Emerging Markets
International equity performance was mixed, with emerging markets outperforming their developed counterparts. The broad Emerging Markets index (EEM) rose 0.77%, buoyed by a standout 2.14% gain in South Korea (EWY). In contrast, the Developed ex-U.S. index (EFA) slipped 0.29%, with most major European and Asian markets posting modest losses. Switzerland (EWL) was among the weaker performers, down 1.12%, while the U.K. (EWU) was nearly flat with a 0.06% decline.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.29% | 4.66% | 5.23% | 13.55% | 20.12% |
| Australia (EWA) | -0.73% | 4.31% | 4.40% | 15.20% | 14.94% |
| Canada (EWC) | -0.10% | 5.37% | 6.48% | 15.07% | 32.91% |
| France (EWQ) | -0.57% | 4.81% | 5.53% | 6.70% | 9.73% |
| Germany (EWG) | -0.27% | 7.46% | 4.46% | 5.40% | 5.67% |
| Hong Kong (EWH) | 0.22% | 3.66% | -2.36% | 9.73% | 13.82% |
| Japan (EWJ) | -0.54% | 4.25% | 3.91% | 17.38% | 23.51% |
| Netherlands (EWN) | -0.48% | 3.67% | 6.59% | 22.12% | 34.96% |
| South Korea (EWY) | 2.14% | 9.39% | -1.08% | 83.25% | 155.35% |
| Switzerland (EWL) | -1.12% | 2.26% | 4.12% | 8.18% | 16.84% |
| U.K. (EWU) | -0.06% | 4.63% | 4.63% | 11.96% | 20.31% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.77% | 4.81% | 2.28% | 22.38% | 36.52% |
| Brazil (EWZ) | -0.35% | -3.78% | -6.22% | 8.49% | 28.94% |
| China (MCHI) | 0.22% | 2.64% | -1.32% | -6.98% | -5.60% |
| India (INDA) | 0.02% | 2.06% | 3.19% | -8.33% | -7.90% |
| Indonesia (EIDO) | -0.64% | -0.24% | -5.68% | -31.96% | -30.93% |
| Malaysia (EWM) | -0.18% | 1.86% | -1.68% | 6.05% | 17.02% |
| Mexico (EWW) | 0.48% | 0.55% | -2.35% | 10.49% | 27.67% |
| South Africa (EZA) | 0.26% | 14.34% | 5.02% | 4.60% | 32.93% |
| Taiwan (EWT) | -0.60% | 8.47% | 13.22% | 63.81% | 85.21% |
| Thailand (THD) | -0.34% | 0.74% | 4.08% | 26.16% | 32.77% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Fixed income markets weakened as rising oil prices renewed inflation fears and pushed Treasury yields higher across the curve. The core U.S. Aggregate Bond ETF (AGG) fell 0.34%, with longer-duration assets seeing the largest price declines, evidenced by a 0.72% drop in the Long-Term Bond ETF (BLV). Bucking the trend, floating-rate Bank Loans (BKLN) managed a 0.10% gain, benefiting from the rising rate environment. Inflation Protected Treasuries (TIP) finished the session nearly unchanged.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.08% | 0.33% | 0.70% | 0.82% | 2.68% |
| Core Enhanced (IUSB) | -0.31% | -0.02% | 0.44% | 0.19% | 2.72% |
| Core (AGG) | -0.34% | -0.12% | 0.27% | -0.09% | 2.38% |
| Long-Term (BLV) | -0.72% | -1.18% | -0.79% | -2.32% | 0.21% |
| Government | |||||
| Inflation Protected (TIP) | 0.01% | 0.24% | 0.24% | 1.17% | 2.46% |
| Ultrashort (BIL) | 0.00% | 0.31% | 0.89% | 2.27% | 3.73% |
| Short-Term (SPTS) | -0.03% | 0.35% | 0.74% | 1.11% | 2.91% |
| Intermediate (SPTI) | -0.25% | 0.05% | 0.45% | -0.32% | 1.61% |
| Long-Term (SPTL) | -0.71% | -1.12% | -0.27% | -2.53% | -0.01% |
| Specialty | |||||
| Bank Loans (BKLN) | 0.10% | 0.98% | 1.48% | 1.64% | 4.68% |
| Convertible (CWB) | -0.15% | 1.93% | 0.88% | 17.17% | 24.23% |
| High Yield (HYG) | -0.19% | 0.33% | 1.09% | 2.13% | 4.97% |
| Corporate (SPIB) | -0.21% | 0.02% | 0.47% | 0.50% | 2.85% |
| Mortgage Backed (MBB) | -0.29% | 0.08% | 0.59% | 0.44% | 3.96% |
| Preferred Stock (PFF) | -0.46% | 0.90% | -0.77% | 1.29% | 2.08% |
| International & EM | |||||
| International Local (IGOV) | -0.17% | 1.92% | 0.10% | -0.48% | -0.29% |
| International USD (BNDX) | -0.19% | -0.11% | 0.15% | 0.22% | 1.07% |
| Emerging Local (EMLC) | -0.35% | 1.90% | 3.40% | 3.30% | 8.34% |
| Emerging USD (EMB) | -0.46% | -0.30% | 1.02% | 1.35% | 6.16% |
| Municipals | |||||
| Short-Term (SUB) | 0.03% | 0.35% | 0.77% | 1.14% | 1.99% |
| High Yield (HYD) | -0.06% | -1.00% | 0.48% | 0.81% | 6.45% |
| Intermediate (MUB) | -0.20% | -0.60% | 0.37% | 0.32% | 4.66% |
| Long-Term (MLN) | -0.32% | -0.85% | 1.33% | 1.27% | 7.51% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities posted broad gains, driven by strength in energy and precious metals amid a weaker U.S. dollar and heightened geopolitical risk. The Broad Commodities index (DJP) advanced 0.84%. WTI Crude Oil (USO) jumped 2.77% following escalating tensions in the Middle East. Precious metals also rallied, with Silver (SLV) surging 2.75% and Gold (GLD) adding 0.34%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.84% | 6.63% | 0.16% | 33.85% | 50.22% |
| Agriculture | |||||
| Corn (CORN) | 0.37% | 5.14% | 2.23% | 6.20% | 10.31% |
| Broad (DBA) | 0.32% | 1.28% | 1.47% | 11.21% | 8.08% |
| Wheat (WEAT) | 0.16% | 1.56% | 1.93% | 27.09% | 20.00% |
| Soybeans (SOYB) | 0.04% | 1.12% | 4.30% | 19.72% | 18.85% |
| Sugar (CANE) | -0.44% | 14.53% | 12.12% | 14.71% | 0.83% |
| Energy | |||||
| WTI Crude (USO) | 2.77% | 7.19% | -6.74% | 94.53% | 83.00% |
| Brent Crude (BNO) | 2.24% | 8.46% | -3.86% | 88.88% | 79.26% |
| Broad (DBE) | 2.08% | 8.83% | 2.33% | 90.49% | 84.64% |
| Natural Gas (UNG) | 0.00% | -2.72% | -12.88% | -18.35% | -17.48% |
| Industrial Metals | |||||
| Copper (CPER) | -0.10% | 2.42% | 2.02% | 12.56% | 42.26% |
| Broad (DBB) | -0.44% | 2.61% | -2.52% | 9.68% | 32.95% |
| Precious Metals | |||||
| Silver (SLV) | 2.75% | 20.95% | -10.29% | -4.28% | 79.09% |
| Platinum (PPLT) | 1.34% | 15.27% | -5.82% | -10.53% | 36.50% |
| Broad (DBP) | 0.76% | 14.48% | -2.79% | 1.92% | 40.38% |
| Gold (GLD) | 0.34% | 12.97% | -0.51% | 4.78% | 34.67% |
| Palladium (PALL) | -0.12% | 6.14% | -3.24% | -16.77% | 19.00% |
Explore the Commodities Explorer →
Cryptocurrency
Cryptocurrencies staged a powerful rally, decoupling from the negative sentiment seen in traditional risk assets. The entire complex moved sharply higher, led by a remarkable 15.69% surge in XRP (XRP). The two largest digital assets also posted strong gains, with Ethereum (ETHA) climbing 10.52% and Bitcoin (IBIT) advancing 6.24%. This broad-based strength propelled the Multi-Coin index (NCIQ) up by 7.15% for the session.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Solana (SOLZ) | 5.97% | 12.47% | 1.34% | -30.53% | -56.36% |
| Bitcoin (IBIT) | 6.24% | 11.68% | -6.34% | -17.02% | -36.52% |
| Multi-Coin (NCIQ) | 7.15% | 12.70% | -4.94% | -19.58% | -41.45% |
| Ethereum (ETHA) | 10.52% | 22.47% | 8.74% | -21.76% | -46.67% |
| XRP (XRP) | 15.69% | 10.50% | -10.10% | -32.80% | — |
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What to Watch Today
Looking ahead to Friday, market participants will be monitoring the monthly State Employment and Unemployment data for July, scheduled for release at 10:00 AM ET. In the afternoon, the Federal Reserve will issue its H.8 statistical release on the assets and liabilities of U.S. commercial banks. The earnings calendar includes reports from BJ’s Wholesale Club (BJ) and The Buckle (BKE) before the market opens.
