Macro Overview
U.S. Size & Style
Style leadership tilted toward growth on Tuesday, with Large Growth (IVW) essentially flat at 0.09% while Large Value (IVE) declined 0.49%, an RSI of 36 for value versus 58 for growth underscoring the diverging momentum. Small caps broadly lagged, with Small Value (IJS) and Small Cap (IJR) each down roughly 0.3-0.4% and carrying oversold RSI readings of 27, alongside breadth showing only about a fifth of constituents above their 50-day moving averages. Mid Value (IJJ) posted an RSI of 28, also in oversold territory, reflecting the pressure smaller and value-tilted segments have faced over the trailing month, with 1-month declines exceeding 5% across several small- and mid-cap sleeves. Large Cap (IVV) held up better on a relative basis with a neutral RSI of 49, reinforcing the size premium evident in year-to-date returns, where large caps outpaced smaller counterparts.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.49% | -2.96% | 1.36% | 9.40% | 13.27% |
| Large Cap (IVV) | -0.18% | -0.42% | 3.43% | 12.98% | 16.47% |
| Large Growth (IVW) | 0.09% | 1.75% | 5.07% | 15.79% | 18.91% |
| Mid Value (IJJ) | -0.42% | -5.34% | -5.29% | 6.73% | 9.20% |
| Mid Cap (IJH) | -0.10% | -4.18% | -5.14% | 10.52% | 12.45% |
| Mid Growth (IJK) | 0.15% | -3.15% | -5.02% | 13.92% | 15.35% |
| Small Value (IJS) | -0.40% | -5.84% | -5.02% | 14.53% | 18.53% |
| Small Cap (IJR) | -0.33% | -5.61% | -6.75% | 14.86% | 16.95% |
| Small Growth (IJT) | -0.27% | -5.47% | -8.50% | 14.89% | 15.11% |
U.S. Sectors & Industries
Utilities (XLU) led all sectors with a 1.17% gain, notable given the sector’s oversold RSI of 30 and its position with only 3% of constituents above their 50-day moving average. Communication Services (XLC) and Industrials (XLI) also advanced modestly, up 0.26% and 0.21% respectively. Energy (XLE) was the weakest sector, falling 0.90% as crude prices dropped sharply, though the sector retains a commanding 40.37% year-to-date gain. Materials (XLB) and Consumer Staples (XLP) rounded out the laggards, declining 0.75% and 0.52%, while Technology (XLK) was roughly flat but continues to carry an overbought RSI of 61 alongside a 35.58% year-to-date gain, the strongest of any sector.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.18% | -0.42% | 3.39% | 12.94% | 16.39% |
| Utilities (XLU) | 1.17% | -6.38% | -13.07% | -5.04% | -6.18% |
| Communication Services (XLC) | 0.26% | -1.03% | 3.66% | -4.45% | -4.82% |
| Industrials (XLI) | 0.21% | -4.27% | -7.21% | 9.90% | 11.76% |
| Consumer Discretionary (XLY) | 0.14% | -6.67% | -6.60% | -8.03% | -8.59% |
| Real Estate (XLRE) | -0.02% | -6.29% | -7.20% | 4.90% | 1.97% |
| Technology (XLK) | -0.02% | 4.86% | 5.02% | 35.58% | 39.47% |
| Health Care (XLV) | -0.31% | 0.13% | 6.62% | 11.65% | 27.72% |
| Financials (XLF) | -0.33% | -6.71% | 0.89% | -0.19% | 1.34% |
| Consumer Staples (XLP) | -0.52% | -3.58% | -2.35% | 7.40% | 7.67% |
| Materials (XLB) | -0.75% | -7.25% | -2.63% | 9.65% | 12.09% |
| Energy (XLE) | -0.90% | -1.22% | 15.56% | 40.37% | 40.17% |
Global Thematic
Photonics and optics-related thematic funds dominated Tuesday’s leaderboard, with the Roundhill Photonics & Optics ETF (LYTE) up 3.44%, followed closely by the Tema Photonics & Optical ETF (LAZR) at 3.28% and the Corgi Lithography & Semiconductor Photonics ETF (EUV) at 2.85%. Memory-focused exposure also participated, with the Roundhill Memory ETF (DRAM) rising 2.66%. On the downside, energy infrastructure and MLP-linked products bore the brunt of the crude oil decline, led by the Alerian MLP Index ETNs (AMJB) down 2.90% and the Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) down 1.78%. The Defiance Drone and Modern Warfare ETF (JEDI) also declined 1.75%, following reported weakness after a Starship launch.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Roundhill Photonics & Optics ETF (LYTE) | 3.44% |
| Tema Photonics & Optical ETF (LAZR) | 3.28% |
| Corgi Lithography & Semiconductor Photonics ETF (EUV) | 2.85% |
| Tuttle Capital Pure Play Photonics ETF (FOTO) | 2.71% |
| Roundhill Memory ETF (DRAM) | 2.66% |
| Laggards | |
| ALERIAN MLP INDEX ETNS DUE JANUARY 28, 2044 (AMJB) | -2.90% |
| Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) | -1.78% |
| Defiance Drone and Modern Warfare ETF (JEDI) | -1.75% |
| ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) | -1.56% |
| KraneShares Electric Vehicles & Future Mobility Index ETF (KARS) | -1.52% |
Developed ex-U.S. & Emerging Markets
Developed markets were broadly weaker, with France (EWQ) declining 1.16% and the U.K. (EWU) down 0.89%, tracking a broader Asia-Europe pullback that included a 0.6% decline in Japan’s Nikkei 225. South Korea (EWY) was the standout outlier, gaining 1.92% on the day and extending an extraordinary 92.45% year-to-date advance and 138.48% one-year return. Within emerging markets, Brazil (EWZ) added 0.72% and South Africa (EZA) rose 0.59%, while Malaysia (EWM) lagged with a 1.52% decline. China (MCHI) fell 0.84%, remaining down 12.70% year-to-date and one of the weakest major emerging markets alongside Indonesia (EIDO), which sits 35.60% lower year-to-date.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.48% | -2.95% | 1.05% | 10.57% | 16.27% |
| Australia (EWA) | -0.46% | -5.43% | 0.92% | 9.86% | 8.47% |
| Canada (EWC) | -0.24% | -4.54% | 2.50% | 9.78% | 18.38% |
| France (EWQ) | -1.16% | -6.34% | -4.21% | -1.54% | 1.70% |
| Germany (EWG) | -0.55% | -6.03% | 2.37% | 0.55% | 3.44% |
| Hong Kong (EWH) | -0.85% | -3.14% | 5.46% | 6.24% | 8.41% |
| Japan (EWJ) | -0.33% | 0.67% | 3.54% | 20.17% | 25.07% |
| Netherlands (EWN) | 0.69% | 0.09% | -0.74% | 21.40% | 24.65% |
| South Korea (EWY) | 1.92% | 3.83% | -5.27% | 92.45% | 138.48% |
| Switzerland (EWL) | -0.74% | -5.28% | -5.19% | 1.78% | 11.84% |
| U.K. (EWU) | -0.89% | -3.50% | 1.52% | 8.06% | 16.38% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.30% | 0.39% | -0.04% | 23.81% | 29.19% |
| Brazil (EWZ) | 0.72% | 2.59% | 5.56% | 15.89% | 23.07% |
| China (MCHI) | -0.84% | -5.67% | 2.58% | -12.70% | -18.99% |
| India (INDA) | -0.32% | -5.29% | -4.55% | -13.15% | -10.01% |
| Indonesia (EIDO) | -0.34% | -6.56% | 1.55% | -35.60% | -31.27% |
| Malaysia (EWM) | -1.52% | -3.91% | 0.81% | 1.65% | 9.59% |
| Mexico (EWW) | -0.44% | -5.79% | -5.35% | 5.44% | 10.47% |
| South Africa (EZA) | 0.59% | -8.30% | 2.25% | -3.75% | 10.16% |
| Taiwan (EWT) | -0.05% | 5.76% | 7.86% | 79.62% | 89.23% |
| Thailand (THD) | -0.26% | 0.06% | 2.15% | 24.05% | 25.49% |
Fixed Income
Fixed income was mostly steady on the day as long-duration Treasuries reflected the move higher in yields, with Long-Term Treasuries (SPTL) declining 0.42% and Long-Term Bonds (BLV) down 0.30%. Short-duration instruments held up better, with Short-Term Treasuries (SPTS) up 0.10% and Ultrashort bonds (BIL) edging up 0.02%, consistent with a flattening curve reaction to elevated long-end yields. Convertible bonds (CWB) rose 0.22%, maintaining a 14.84% year-to-date gain that stands out relative to the broader fixed-income complex. High Yield (HYG) slipped 0.23%, tracking softer risk sentiment, while municipal bonds across the curve, including Long-Term Munis (MLN) down 0.62%, remained among the weaker performers on the day.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | 0.04% | -1.10% | -1.10% | -0.46% | 0.75% |
| Core (AGG) | -0.05% | -2.63% | -3.82% | -2.72% | -1.81% |
| Core Enhanced (IUSB) | -0.07% | -2.61% | -3.65% | -2.44% | -1.43% |
| Long-Term (BLV) | -0.30% | -4.70% | -8.32% | -6.38% | -6.92% |
| Government | |||||
| Short-Term (SPTS) | 0.10% | -0.58% | -0.30% | 0.42% | 1.62% |
| Ultrashort (BIL) | 0.02% | 0.31% | 0.91% | 2.67% | 3.67% |
| Intermediate (SPTI) | 0.00% | -2.31% | -3.16% | -2.87% | -1.81% |
| Inflation Protected (TIP) | -0.08% | -2.74% | -3.73% | -2.13% | -2.24% |
| Long-Term (SPTL) | -0.42% | -4.90% | -8.66% | -6.90% | -7.49% |
| Specialty | |||||
| Convertible (CWB) | 0.22% | -0.93% | -4.98% | 14.84% | 13.86% |
| Corporate (SPIB) | 0.00% | -2.00% | -2.61% | -1.57% | -0.33% |
| Bank Loans (BKLN) | -0.05% | 0.26% | 2.45% | 2.12% | 4.26% |
| Mortgage Backed (MBB) | -0.16% | -3.57% | -4.70% | -3.28% | -1.86% |
| Preferred Stock (PFF) | -0.17% | -2.90% | -2.22% | -1.36% | -2.11% |
| High Yield (HYG) | -0.23% | -2.45% | -1.86% | -0.15% | 1.04% |
| International & EM | |||||
| International USD (BNDX) | 0.04% | -1.30% | -2.71% | -1.19% | -0.88% |
| Emerging Local (EMLC) | -0.04% | -2.67% | -1.70% | -0.04% | 3.25% |
| International Local (IGOV) | -0.05% | -3.26% | -3.15% | -4.32% | -5.02% |
| Emerging USD (EMB) | -0.07% | -3.38% | -4.50% | -1.85% | 0.70% |
| Municipals | |||||
| Short-Term (SUB) | -0.09% | -1.81% | -1.56% | -0.71% | 0.09% |
| High Yield (HYD) | -0.21% | -4.42% | -6.60% | -3.95% | -2.15% |
| Intermediate (MUB) | -0.33% | -4.43% | -6.13% | -4.35% | -2.70% |
| Long-Term (MLN) | -0.62% | -6.33% | -8.34% | -5.45% | -3.98% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Energy commodities drove the day’s commodity weakness, with WTI Crude (USO) falling 4.44% and Natural Gas (UNG) down 4.08%, while Brent Crude (BNO) declined 2.62%. Despite Tuesday’s pullback, crude benchmarks retain triple-digit year-to-date gains, with USO up 107.27% and BNO up 107.45%, reflecting the persistent energy cost pressures cited alongside consumer inflation expectations. Precious metals moved in the opposite direction, with Gold (GLD) gaining 1.32% and Silver (SLV) adding 0.96%, likely reflecting a flight to safety amid weaker consumer confidence data. Agricultural commodities were mixed, with Sugar (CANE) up 1.16% and Soybeans (SOYB) rising 0.88%, while Corn (CORN) slipped 0.15%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.97% | 1.14% | 18.34% | 36.24% | 44.57% |
| Agriculture | |||||
| Sugar (CANE) | 1.16% | 1.34% | 16.04% | 16.45% | 8.50% |
| Soybeans (SOYB) | 0.88% | 1.43% | 13.91% | 26.21% | 27.26% |
| Wheat (WEAT) | 0.32% | -10.54% | 14.86% | 25.44% | 19.57% |
| Broad (DBA) | 0.00% | -3.22% | 6.56% | 10.70% | 8.74% |
| Corn (CORN) | -0.15% | -2.26% | 18.40% | 9.98% | 10.61% |
| Energy | |||||
| Brent Crude (BNO) | -2.62% | 14.12% | 43.82% | 107.45% | 93.64% |
| Broad (DBE) | -2.77% | 10.89% | 36.49% | 104.70% | 93.90% |
| Natural Gas (UNG) | -4.08% | 0.19% | -9.45% | -15.58% | -19.27% |
| WTI Crude (USO) | -4.44% | 10.52% | 33.87% | 107.27% | 92.18% |
| Industrial Metals | |||||
| Copper (CPER) | 0.63% | 0.66% | 7.25% | 14.22% | 31.83% |
| Broad (DBB) | 0.24% | 0.31% | 6.59% | 11.42% | 27.63% |
| Precious Metals | |||||
| Gold (GLD) | 1.32% | -6.36% | 3.88% | -3.39% | 8.63% |
| Broad (DBP) | 1.00% | -6.71% | 4.12% | -6.56% | 11.13% |
| Silver (SLV) | 0.96% | -7.56% | 5.32% | -13.88% | 30.54% |
| Palladium (PALL) | 0.59% | -14.15% | 0.00% | -23.85% | -4.03% |
| Platinum (PPLT) | -0.64% | -6.19% | 7.96% | -17.02% | 6.13% |
Cryptocurrency
Digital asset products posted modest gains across the board, with XRP (XRP) leading at 0.79% and Ethereum (ETHA) up 0.65%. Bitcoin (IBIT) and Solana (SOLZ) each rose 0.25%, while the Multi-Coin product (NCIQ) added 0.19%. Despite the modest daily gains, all crypto-linked ETFs remain negative on a year-to-date basis, with Ethereum exposure down 9.59% and XRP down 18.66%. Three-month performance tells a different story, however, with Ethereum up 65.69% and Solana up 56.06%, indicating a sharp rebound from earlier-year lows even as full-year totals remain in negative territory.
What to Watch Today
Wednesday brings a heavy slate of macro data, headlined by the 8:30 a.m. ET release of Personal Income and Outlays for August, which includes the PCE and Core PCE price indexes closely watched by the Federal Reserve. The Third Estimate of Q2 GDP, along with corporate profits and state-level GDP and personal income figures, is also due at 8:30 a.m., alongside the Advance Goods Trade Balance for August. The ADP National Employment Report arrives earlier at 7:15 a.m., providing a private-sector read ahead of the broader labor market picture. Fed Governors Lisa Cook, Christopher Waller, and Michael Barr are all scheduled to speak, and Micron Technology reports fiscal fourth-quarter earnings after the close, with Jabil and FactSet Research Systems also on the earnings calendar. Wednesday marks the final day of federal fiscal year 2026.
U.S. equities drifted lower for a second straight session, with the S&P 500 (IVV) slipping 0.18% as investors digested a sharply weaker Conference Board Consumer Confidence reading and a soft JOLTS print. Developed ex-U.S. markets (EFA) underperformed domestic large caps, falling 0.48% on broad-based weakness across Europe, while Emerging Markets (EEM) bucked the trend, adding 0.30% and extending a 23.81% year-to-date advance. Fixed income was little changed on the day, with the U.S. Aggregate Bond benchmark (AGG) off 0.05% as Treasury 30-year yields pushed to their highest level since 2002. The clearest outlier was Broad Commodities (DJP), which dropped 0.97% as a steep decline in crude oil offset gains in precious metals. Despite the daily pullback, DJP remains up 36.24% year-to-date, still the standout performer across major asset classes.