Macro Overview
U.S. Size & Style
Style performance was uneven, with Large Value (IVE) gaining 0.38% while Large Growth (IVW) slipped 0.43%, reflecting the semiconductor-driven pressure on growth-heavy technology names. Mid-cap and small-cap segments broadly underperformed large caps on the day, with Mid Growth (IJK) down 0.83% and Small Cap (IJR) off a modest 0.06%. On a trailing basis, smaller-cap value names continue to carry depressed RSI readings in the high-30s to low-40s, with Small Value (IJS) at an RSI of 38, suggesting limited near-term momentum despite a 14.78% YTD advance. Large Cap (IVV) and Large Growth (IVW) both carry RSI readings of 59, within neutral territory but approaching overbought levels. Breadth remains narrow across size segments, with only 37% of Large Cap constituents trading above their 50-day moving average.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.38% | -0.21% | 1.88% | 11.58% | 17.39% |
| Large Cap (IVV) | -0.07% | 2.06% | 3.38% | 15.03% | 20.49% |
| Large Growth (IVW) | -0.43% | 3.91% | 4.45% | 17.65% | 22.72% |
| Mid Value (IJJ) | 0.05% | -2.89% | -3.73% | 7.89% | 13.87% |
| Mid Cap (IJH) | -0.37% | -1.42% | -3.02% | 11.72% | 17.16% |
| Mid Growth (IJK) | -0.83% | -0.20% | -2.47% | 15.13% | 20.05% |
| Small Value (IJS) | 0.08% | -3.63% | -3.86% | 14.78% | 23.82% |
| Small Cap (IJR) | -0.06% | -2.97% | -5.21% | 15.33% | 21.86% |
| Small Growth (IJT) | -0.18% | -2.28% | -6.67% | 15.58% | 19.84% |
U.S. Sectors & Industries
Energy (XLE) led all sectors with a 1.43% gain, pushing its RSI to 66 and its one-year return to 50.56% as crude prices climbed above $94 a barrel on the Houthi attacks and resulting airport closures in Riyadh. Consumer Staples (XLP) and Communication Services (XLC) also advanced over 0.9%, the latter aided by Meta’s Muse Wonder AI launch. Nine of eleven sectors finished in positive territory, but Technology (XLK) was the clear laggard, falling 1.22% as semiconductor stocks sold off sharply, even as the sector retains a commanding 36.87% YTD gain. Consumer Discretionary (XLY) also declined 0.51%, extending its negative YTD return of -5.40%, the weakest among all S&P sectors.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.06% | 2.06% | 3.32% | 15.00% | 20.44% |
| Energy (XLE) | 1.43% | 1.95% | 20.57% | 50.56% | 59.32% |
| Consumer Staples (XLP) | 1.17% | 1.90% | 1.01% | 10.76% | 11.05% |
| Communication Services (XLC) | 0.97% | -0.71% | 0.15% | -4.47% | 0.02% |
| Real Estate (XLRE) | 0.75% | -2.65% | -4.91% | 6.37% | 6.65% |
| Health Care (XLV) | 0.69% | 4.40% | 7.34% | 12.47% | 23.04% |
| Financials (XLF) | 0.58% | -3.50% | -0.84% | 1.73% | 7.19% |
| Utilities (XLU) | 0.53% | -1.07% | -7.65% | -0.45% | -5.07% |
| Materials (XLB) | 0.02% | -2.52% | -2.40% | 10.41% | 15.89% |
| Industrials (XLI) | -0.06% | -1.61% | -6.77% | 9.91% | 14.12% |
| Consumer Discretionary (XLY) | -0.51% | -0.39% | -4.03% | -5.40% | -1.04% |
| Technology (XLK) | -1.22% | 4.75% | 5.81% | 36.87% | 41.78% |
Global Thematic
Energy infrastructure and agriculture-linked thematic funds topped the leaderboard, with the iShares MSCI Agriculture Producers ETF (VEGI) up 1.09% and the Neuberger Energy Transition & Infrastructure ETF (NBET) up 1.08%, consistent with the day’s broader strength in energy-related assets. Pipeline and MLP-focused vehicles including Global X MLP & Energy Infrastructure ETF (MLPX) and Tortoise North American Pipeline ETF (TPYP) also gained close to 1%, benefiting from firmer crude pricing. On the opposite end, photonics and optics-themed funds suffered steep losses, with the Roundhill Photonics & Optics ETF (LYTE) down 7.74% and the Tuttle Capital Pure Play Photonics ETF (FOTO) down 6.50%, mirroring the semiconductor sell-off that pressured broader technology benchmarks. Memory-chip exposure via the Tema Memory ETF (DISK) also declined 5.30%, underscoring the concentrated nature of Monday’s technology-sector weakness.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| iShares MSCI Agriculture Producers ETF (VEGI) | 1.09% |
| Neuberger Energy Transition & Infrastructure ETF (NBET) | 1.08% |
| Global X MLP & Energy Infrastructure ETF (MLPX) | 0.94% |
| Tortoise North American Pipeline ETF (TPYP) | 0.92% |
| VanEck Energy Income ETF (EINC) | 0.89% |
| Laggards | |
| Roundhill Photonics & Optics ETF (LYTE) | -7.74% |
| Tuttle Capital Pure Play Photonics ETF (FOTO) | -6.50% |
| Tema Photonics & Optical ETF (LAZR) | -6.02% |
| Spear Alpha ETF (SPRX) | -5.49% |
| Tema Memory ETF (DISK) | -5.30% |
Developed ex-U.S. & Emerging Markets
Developed markets outside the U.S. were broadly lower, with South Korea (EWY) falling 4.02% on the day, a sharp pullback after a 74.97% YTD advance that leaves it as the top-performing developed market this year. Canada (EWC) and Australia (' target='_blank'>EWA) bucked the trend, each gaining on the day, likely aided by energy and commodity exposure amid rising oil prices. Within emerging markets, Mexico (EWW) advanced 1.79% while Indonesia (EIDO) dropped 1.85%, extending its deeply negative 36.48% YTD return, the weakest among tracked EM markets. China (MCHI) slipped 0.76%, consistent with its -12.61% YTD performance, while Brazil (EWZ) was flat Monday after last week’s roughly 15% surge tied to a market-friendly election outcome.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.34% | -3.42% | -1.23% | 9.00% | 15.54% |
| Australia (EWA) | 0.17% | -2.05% | 0.77% | 11.02% | 11.86% |
| Canada (EWC) | 0.71% | -1.87% | 1.36% | 10.75% | 20.87% |
| France (EWQ) | -0.67% | -8.21% | -8.44% | -6.16% | -1.98% |
| Germany (EWG) | 0.00% | -4.46% | -1.28% | -1.71% | 0.61% |
| Hong Kong (EWH) | -0.45% | -2.49% | 2.14% | 5.00% | 11.50% |
| Japan (EWJ) | -0.55% | -1.26% | 2.93% | 21.18% | 29.59% |
| Netherlands (EWN) | -0.87% | -2.62% | -3.01% | 16.95% | 22.27% |
| South Korea (EWY) | -4.02% | -9.86% | -7.31% | 74.97% | 115.54% |
| Switzerland (EWL) | -0.42% | -1.33% | -5.45% | 0.99% | 7.94% |
| U.K. (EWU) | 0.39% | -2.59% | 0.21% | 7.72% | 15.73% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -0.97% | -2.49% | -1.12% | 21.52% | 29.84% |
| Brazil (EWZ) | 0.00% | 14.01% | 21.18% | 38.36% | 58.16% |
| China (MCHI) | -0.76% | -1.53% | -1.84% | -12.61% | -13.44% |
| India (INDA) | 0.72% | -4.55% | -5.96% | -14.23% | -12.15% |
| Indonesia (EIDO) | -1.85% | -8.47% | -1.52% | -36.48% | -30.71% |
| Malaysia (EWM) | 0.49% | -3.49% | -2.33% | -0.07% | 9.66% |
| Mexico (EWW) | 1.79% | -2.84% | -2.16% | 7.19% | 17.65% |
| South Africa (EZA) | -0.05% | -9.03% | -0.08% | -5.35% | 8.50% |
| Taiwan (EWT) | -0.03% | 3.03% | 7.61% | 79.87% | 93.99% |
| Thailand (THD) | -0.35% | -3.71% | -1.59% | 22.39% | 27.16% |
Fixed Income
The U.S. bond market was closed Monday for the Columbus Day holiday, leaving most fixed-income ETFs with negligible price changes on light volume. Long-Term Treasuries (BLV) ticked up 0.14% while remaining down 6.06% year-to-date, reflecting the broader pressure on duration-sensitive instruments this year amid an elevated yield environment near 5.24% on the 10-year. High Yield (HYG) and Bank Loans (BKLN) posted modest gains of 0.08% and 0.05%, respectively, continuing to outperform core bond categories on a YTD basis. Preferred Stock (PFF) and Convertibles (CWB) were the notable decliners, falling 0.65% and 1.24% respectively, likely tied to their equity-sensitivity amid the technology-sector pullback. With the bond market set to reopen Tuesday, trading activity should normalize ahead of this week’s inflation data.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.14% | -2.48% | -5.49% | -6.06% | -7.34% |
| Core (AGG) | 0.07% | -1.03% | -2.47% | -2.31% | -1.88% |
| Core Enhanced (IUSB) | 0.02% | -1.08% | -2.42% | -2.07% | -1.47% |
| Short-Term (BSV) | 0.01% | -0.11% | -0.53% | -0.08% | 0.81% |
| Government | |||||
| Long-Term (SPTL) | 0.08% | -2.83% | -5.92% | -6.78% | -8.62% |
| Inflation Protected (TIP) | 0.08% | -1.27% | -2.65% | -1.67% | -2.18% |
| Intermediate (SPTI) | 0.00% | -0.83% | -2.21% | -2.58% | -2.09% |
| Ultrashort (BIL) | -0.01% | 0.29% | 0.90% | 2.80% | 3.65% |
| Short-Term (SPTS) | -0.07% | 0.09% | 0.03% | 0.68% | 1.52% |
| Specialty | |||||
| High Yield (HYG) | 0.08% | -1.23% | -1.60% | 0.20% | 2.53% |
| Corporate (SPIB) | 0.06% | -0.49% | -1.50% | -1.05% | -0.02% |
| Bank Loans (BKLN) | 0.05% | 0.02% | 1.85% | 2.22% | 4.96% |
| Mortgage Backed (MBB) | 0.04% | -1.29% | -3.05% | -2.55% | -1.56% |
| Preferred Stock (PFF) | -0.65% | -2.66% | -2.98% | -1.90% | -1.13% |
| Convertible (CWB) | -1.24% | -2.82% | -4.88% | 13.02% | 11.43% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.08% | -1.73% | -1.15% | 0.92% | 4.77% |
| International USD (BNDX) | -0.02% | 0.20% | -1.58% | -0.72% | -0.94% |
| Emerging USD (EMB) | -0.10% | -1.94% | -3.81% | -1.58% | 1.36% |
| International Local (IGOV) | -0.40% | -3.27% | -3.09% | -4.99% | -5.01% |
| Municipals | |||||
| High Yield (HYD) | 0.09% | -1.70% | -5.24% | -2.87% | -1.15% |
| Intermediate (MUB) | 0.08% | -1.68% | -4.68% | -3.24% | -2.24% |
| Short-Term (SUB) | 0.06% | -0.40% | -0.74% | 0.18% | 0.85% |
| Long-Term (MLN) | -0.06% | -2.73% | -7.33% | -4.72% | -3.94% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities broadly advanced, led by energy, as the Broad Energy fund (DBE) jumped 1.96% and WTI Crude (USO) rose 1.91% to push its YTD gain to 118.38%. Brent Crude (BNO) climbed 1.77% as Houthi attacks on Saudi Arabia disrupted Riyadh airport operations and raised geopolitical risk premiums, with oil prices also weighing against President Trump’s announced deal to import Russian diesel. Sugar (CANE) gained 2.07%, extending a strong three-month run of 25.38%. Precious metals diverged from the broader commodity complex, with Gold (GLD) down 0.63% and Silver (SLV) off 0.78%, as a stronger dollar against all seven major currencies pressured bullion prices.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.38% | -0.11% | 16.43% | 39.62% | 48.88% |
| Agriculture | |||||
| Sugar (CANE) | 2.07% | 6.77% | 25.38% | 26.09% | 19.71% |
| Broad (DBA) | 0.39% | -1.69% | 2.41% | 11.44% | 11.93% |
| Corn (CORN) | 0.22% | -7.33% | 5.61% | 4.12% | 6.71% |
| Wheat (WEAT) | 0.20% | -6.82% | 3.12% | 22.48% | 21.09% |
| Soybeans (SOYB) | -0.22% | -0.11% | 9.14% | 25.66% | 27.44% |
| Energy | |||||
| Broad (DBE) | 1.96% | 3.58% | 41.89% | 120.50% | 120.21% |
| WTI Crude (USO) | 1.91% | -2.50% | 38.94% | 118.38% | 117.65% |
| Brent Crude (BNO) | 1.77% | 6.11% | 54.50% | 129.94% | 128.57% |
| Natural Gas (UNG) | -0.82% | 7.37% | 3.02% | -10.93% | -11.44% |
| Industrial Metals | |||||
| Copper (CPER) | 0.79% | 3.70% | 6.95% | 16.22% | 34.23% |
| Broad (DBB) | -0.04% | -1.02% | 2.86% | 9.63% | 24.07% |
| Precious Metals | |||||
| Platinum (PPLT) | 0.13% | -6.09% | 3.39% | -18.09% | 4.74% |
| Gold (GLD) | -0.63% | -4.17% | 1.36% | -3.57% | 3.53% |
| Broad (DBP) | -0.67% | -4.74% | 1.09% | -7.11% | 6.25% |
| Palladium (PALL) | -0.77% | -12.74% | -10.66% | -29.12% | -20.44% |
| Silver (SLV) | -0.78% | -6.49% | 0.74% | -15.63% | 19.63% |
Cryptocurrency
Digital assets were mixed Monday, with Ethereum (ETHA) the standout gainer at 1.71%, extending a strong three-month advance of 40.31% despite remaining down 15.37% YTD. Bitcoin (IBIT) added 0.67%, trimming its YTD loss to 5.62% and continuing a one-month recovery of 7.06%. XRP (XRP) was the weakest performer, falling 1.62% and remaining down 25.88% for the year, the steepest YTD decline among the tracked crypto products. Solana (SOLZ) also slipped modestly, though its three-month gain of 38.45% reflects a broader rebound in the sector over recent weeks.
What to Watch Today
Tuesday brings the start of Q3 bank earnings season, with JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo all scheduled to report. On the data front, investors will watch the NFIB Business Optimism Index for September at 10:00 AM ET, the ADP Employment Change report at 12:15 PM ET, and Existing Home Sales data for September at 2:00 PM ET. Fed Governor Christopher Waller is set to speak at 7:45 AM ET, with additional remarks expected from Fed officials Barkin and Collins later in the day. The bond market reopens Tuesday following the Columbus Day closure, and attention will increasingly turn toward Wednesday’s Consumer Price Index release, followed by Producer Price Index and Retail Sales data on Thursday.
U.S. equities finished mixed on Monday as the S&P 500 (IVV) edged down 0.07%, with broad-market weakness concentrated in semiconductors rather than the index as a whole, which remains up 15.03% year-to-date. Developed ex-U.S. equities (EFA) declined 0.34%, extending a rougher one-month stretch of -3.42%, while Emerging Markets (EEM) fell 0.97% on the day despite a robust 21.52% YTD gain. Fixed income was effectively closed for trading as the Columbus Day holiday kept banks and the bond market shuttered, with the Aggregate Bond proxy (AGG) showing a negligible 0.07% move. The clear outlier was Broad Commodities (DJP), up 0.38% on the day and 39.62% YTD, as crude oil surged on Middle East supply concerns following Houthi strikes near Riyadh.