Macro Overview
U.S. Size & Style
U.S. equity styles declined uniformly, with small-cap growth (IJT) leading losses at -0.81%, extending a rough month that has seen it fall 8.35%. Large-cap value (IVE) held up relatively better at -0.33%, continuing the pattern of value outperforming growth across the cap spectrum on the day. Breadth remains weak across the board, with only 25-34% of constituents trading above their 50-day moving averages in most size/style baskets, and small-cap indices showing oversold RSI readings in the high-20s to low-30s. Mid-cap growth (IJK) has been particularly pressured over the trailing month, down 8.01%, reflecting broader risk-off positioning ahead of the Fed decision.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.33% | -1.64% | 2.37% | 11.27% | 16.76% |
| Large Cap (IVV) | -0.44% | -2.43% | 0.63% | 11.71% | 15.96% |
| Large Growth (IVW) | -0.54% | -3.11% | -0.84% | 11.81% | 14.96% |
| Mid Value (IJJ) | -0.28% | -5.07% | -1.50% | 10.17% | 12.01% |
| Mid Cap (IJH) | -0.45% | -6.63% | -3.55% | 11.83% | 13.11% |
| Mid Growth (IJK) | -0.52% | -8.01% | -5.51% | 13.27% | 14.03% |
| Small Value (IJS) | -0.29% | -4.93% | -0.40% | 18.29% | 22.72% |
| Small Cap (IJR) | -0.50% | -6.57% | -1.97% | 17.49% | 20.10% |
| Small Growth (IJT) | -0.81% | -8.35% | -3.83% | 16.25% | 17.08% |
U.S. Sectors & Industries
Energy (XLE) was the standout sector, gaining 2.17% and pushing its RSI to 68, near overbought territory, as crude prices climbed on Middle East supply concerns; the sector is now up 49.47% year-to-date. Materials (XLB) also advanced modestly at 0.48%, while the remaining nine sectors closed lower. Consumer Discretionary (XLY) led decliners, falling 1.75% and extending its year-to-date loss to 6.77%, with weakness tied to consumer-facing names under pressure. Utilities (XLU) dropped 1.20% and shows an oversold RSI of 29, with only 6% of constituents above their 50-day moving average, reflecting sustained pressure from the rate backdrop.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.46% | -2.44% | 0.59% | 11.66% | 15.86% |
| Energy (XLE) | 2.17% | 6.49% | 19.53% | 49.47% | 53.95% |
| Materials (XLB) | 0.48% | -3.44% | -3.01% | 12.77% | 13.59% |
| Health Care (XLV) | -0.05% | 0.17% | 10.14% | 9.23% | 24.57% |
| Real Estate (XLRE) | -0.12% | -4.86% | -3.44% | 8.38% | 5.30% |
| Technology (XLK) | -0.29% | -3.30% | -4.08% | 27.93% | 35.15% |
| Financials (XLF) | -0.32% | -2.25% | 6.51% | 4.69% | 7.54% |
| Industrials (XLI) | -0.64% | -9.47% | -5.27% | 9.42% | 12.30% |
| Consumer Staples (XLP) | -0.82% | -2.74% | -1.36% | 9.15% | 8.39% |
| Communication Services (XLC) | -0.90% | 0.96% | 1.91% | -2.57% | -2.97% |
| Utilities (XLU) | -1.20% | -6.75% | -7.06% | -1.92% | -0.90% |
| Consumer Discretionary (XLY) | -1.75% | -6.19% | -6.30% | -6.77% | -7.15% |
Global Thematic
Thematic performance showed a sharp divergence between cybersecurity and digital-asset exposures on Tuesday. The Global X Cybersecurity ETF (BUG) gained 2.23%, joined by the WisdomTree Cybersecurity Fund (WCBR) up 2.00% and the ARK Genomic Revolution ETF (ARKG) up 1.94%. At the other end, blockchain and crypto-adjacent equity funds were sharply lower, led by the Global X Blockchain ETF (BKCH) down 6.70% and the VanEck Digital Transformation ETF (DAPP) down 5.81%. This split reflects direct spillover from Bitcoin’s slide below $77,000 ahead of a Senate vote on digital-asset legislation, contrasting with resilient demand for cybersecurity and biotech themes.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Global X Cybersecurity ETF (BUG) | 2.23% |
| WisdomTree Cybersecurity Fund (WCBR) | 2.00% |
| ARK Genomic Revolution ETF (ARKG) | 1.94% |
| Cohen & Steers Future of Energy Active ETF (CSEN) | 1.75% |
| Amplify Cybersecurity ETF (HACK) | 1.71% |
| Laggards | |
| Global X Blockchain ETF (BKCH) | -6.70% |
| VanEck Digital Transformation ETF (DAPP) | -5.81% |
| Bitwise Crypto Industry Innovators ETF (BITQ) | -5.56% |
| iShares Blockchain and Tech ETF (IBLC) | -5.21% |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | -4.67% |
Developed ex-U.S. & Emerging Markets
Developed markets were broadly softer, with Hong Kong (EWH) the weakest at -1.10% and Japan (EWJ) down 0.68% despite a 20.68% year-to-date gain. The U.K. (EWU) was the most resilient developed market, slipping just 0.23%. Within emerging markets, India (INDA) led declines at -1.73%, extending its year-to-date loss to 11.95%, while Thailand (THD) fell 1.39%. South Africa (EZA) bucked the trend, rising 0.63%, and South Korea (EWY) edged up 0.15%, maintaining its standout 81.54% year-to-date advance.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.43% | -2.98% | 1.27% | 11.48% | 16.45% |
| Australia (EWA) | -0.58% | -2.56% | 1.01% | 11.87% | 8.10% |
| Canada (EWC) | -0.35% | -3.12% | 2.31% | 12.32% | 21.91% |
| France (EWQ) | -0.49% | -6.70% | -3.19% | 0.78% | 3.83% |
| Germany (EWG) | -0.42% | -3.69% | 1.65% | 2.06% | 4.72% |
| Hong Kong (EWH) | -1.10% | 0.36% | 2.74% | 7.43% | 7.23% |
| Japan (EWJ) | -0.68% | -1.31% | 3.04% | 20.68% | 24.31% |
| Netherlands (EWN) | -0.35% | -7.42% | -5.37% | 17.38% | 24.67% |
| South Korea (EWY) | 0.15% | -1.81% | -16.53% | 81.54% | 127.94% |
| Switzerland (EWL) | -0.40% | -4.77% | -2.32% | 2.26% | 10.36% |
| U.K. (EWU) | -0.23% | -0.95% | 3.44% | 10.25% | 17.44% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -0.35% | -1.28% | -5.72% | 20.80% | 27.36% |
| Brazil (EWZ) | 0.16% | 11.35% | 9.06% | 20.05% | 29.50% |
| China (MCHI) | -0.77% | -3.15% | -3.68% | -11.34% | -16.32% |
| India (INDA) | -1.73% | -4.40% | -3.39% | -11.95% | -10.93% |
| Indonesia (EIDO) | -1.01% | 1.51% | 0.63% | -30.38% | -26.81% |
| Malaysia (EWM) | -1.04% | -1.61% | -0.76% | 2.77% | 11.80% |
| Mexico (EWW) | -1.06% | -1.31% | -4.80% | 8.34% | 14.68% |
| South Africa (EZA) | 0.63% | 2.06% | 1.73% | 2.30% | 21.86% |
| Taiwan (EWT) | -0.50% | -0.37% | 0.28% | 67.90% | 77.06% |
| Thailand (THD) | -1.39% | -0.59% | -1.17% | 24.16% | 22.56% |
Fixed Income
Fixed income was broadly weaker but with modest single-day moves as the 10-year Treasury yield surged toward 5.02%, its highest level since 2007. Long-duration exposures bore the brunt, with Long-Term Treasuries (BLV) down 0.12% on the day and off 3.75% year-to-date, while Convertibles (CWB) fell 0.91%, reflecting sensitivity to both rates and equity volatility. Preferred Stock (PFF) declined 0.37%, while shorter-duration and floating-rate instruments held up better, with Bank Loans (BKLN) actually gaining 0.19%. The pattern underscores continued duration risk as yields climb ahead of the Fed’s policy announcement.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.03% | -0.85% | -0.51% | -0.03% | 1.01% |
| Core (AGG) | -0.04% | -1.33% | -2.03% | -1.43% | -0.96% |
| Core Enhanced (IUSB) | -0.04% | -1.28% | -1.90% | -1.14% | -0.56% |
| Long-Term (BLV) | -0.12% | -1.25% | -4.39% | -3.75% | -4.96% |
| Government | |||||
| Ultrashort (BIL) | 0.01% | 0.28% | 0.90% | 2.51% | 3.67% |
| Short-Term (SPTS) | -0.03% | -0.54% | -0.06% | 0.60% | 1.73% |
| Inflation Protected (TIP) | -0.03% | -1.12% | -1.96% | -0.46% | -1.04% |
| Intermediate (SPTI) | -0.11% | -1.70% | -1.79% | -1.98% | -1.36% |
| Long-Term (SPTL) | -0.24% | -1.31% | -4.26% | -4.22% | -5.42% |
| Specialty | |||||
| Bank Loans (BKLN) | 0.19% | 0.94% | 2.54% | 2.50% | 4.81% |
| Mortgage Backed (MBB) | 0.02% | -1.74% | -2.41% | -1.42% | -0.54% |
| Corporate (SPIB) | -0.03% | -1.18% | -1.32% | -0.63% | 0.27% |
| High Yield (HYG) | -0.19% | -1.13% | -0.60% | 1.17% | 2.41% |
| Preferred Stock (PFF) | -0.37% | -2.80% | -3.34% | -0.29% | -2.02% |
| Convertible (CWB) | -0.91% | -5.75% | -8.20% | 13.67% | 14.48% |
| International & EM | |||||
| International USD (BNDX) | -0.13% | -1.53% | -2.19% | -1.17% | -0.88% |
| Emerging Local (EMLC) | -0.20% | -1.25% | -0.61% | 1.69% | 4.68% |
| Emerging USD (EMB) | -0.25% | -1.74% | -2.60% | -0.01% | 2.37% |
| International Local (IGOV) | -0.28% | -1.44% | -2.34% | -2.53% | -3.91% |
| Municipals | |||||
| Short-Term (SUB) | -0.02% | -0.57% | -0.34% | 0.53% | 0.95% |
| Intermediate (MUB) | -0.23% | -2.55% | -3.22% | -1.88% | -0.38% |
| Long-Term (MLN) | -0.33% | -4.43% | -4.82% | -2.64% | -0.90% |
| High Yield (HYD) | -0.39% | -3.01% | -3.94% | -1.77% | 0.11% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities were the strongest asset class on the day, led by energy exposures as oil prices climbed on Middle East supply concerns, with Brent trading above $108 per barrel. WTI Crude (USO) jumped 3.32%, extending its year-to-date gain to 134.04%, while Brent Crude (BNO) rose 2.25%. Natural Gas (UNG) also advanced 2.03% despite remaining down 14.03% year-to-date. Precious metals participated as well, with Palladium (PALL) up 1.55% and Silver (SLV) gaining 1.21%, while Gold (GLD) added 0.33%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 1.40% | 10.22% | 17.24% | 42.46% | 51.70% |
| Agriculture | |||||
| Soybeans (SOYB) | 0.94% | 10.17% | 15.78% | 27.86% | 25.62% |
| Wheat (WEAT) | 0.57% | 5.41% | 16.77% | 31.80% | 24.74% |
| Corn (CORN) | 0.10% | 9.75% | 18.86% | 13.03% | 12.71% |
| Broad (DBA) | -0.28% | 4.00% | 9.48% | 13.17% | 7.19% |
| Sugar (CANE) | -0.61% | 5.76% | 22.10% | 16.66% | 6.31% |
| Energy | |||||
| Broad (DBE) | 3.52% | 24.13% | 36.42% | 123.25% | 111.82% |
| WTI Crude (USO) | 3.32% | 27.85% | 33.54% | 134.04% | 118.05% |
| Brent Crude (BNO) | 2.25% | 25.51% | 38.02% | 124.44% | 109.35% |
| Natural Gas (UNG) | 2.03% | 6.25% | -7.79% | -14.03% | -18.36% |
| Industrial Metals | |||||
| Copper (CPER) | 1.07% | -3.35% | -2.47% | 10.61% | 33.21% |
| Broad (DBB) | 0.32% | -1.10% | -1.14% | 9.59% | 25.59% |
| Precious Metals | |||||
| Palladium (PALL) | 1.55% | -1.42% | -3.32% | -18.87% | 7.85% |
| Silver (SLV) | 1.21% | -1.62% | -9.36% | -10.70% | 48.43% |
| Platinum (PPLT) | 1.07% | 1.26% | 0.06% | -13.80% | 25.40% |
| Broad (DBP) | 0.41% | -1.86% | -2.57% | -3.73% | 20.02% |
| Gold (GLD) | 0.33% | -1.83% | -0.61% | -0.55% | 16.30% |
Cryptocurrency
Digital assets sold off sharply across the board, with XRP (XRP) tumbling 11.61%, the steepest single-day decline among major crypto exposures. Solana (SOLZ) fell 5.28% and Ethereum (ETHA) declined 5.06%, while Bitcoin (IBIT) dropped 3.64% as the underlying token fell below $77,000. The selloff coincided with a pending Senate vote on digital-asset legislation, adding regulatory uncertainty to an already rate-sensitive risk environment. Despite the daily declines, most crypto exposures remain up double digits over the trailing month, highlighting continued volatility rather than a trend reversal.
What to Watch Today
Wednesday brings a dense macro calendar headlined by August Retail Sales at 8:30 AM ET, which precedes the Federal Reserve’s rate decision at 2:00 PM ET and Chair press conference at 2:30 PM ET. The September FOMC meeting includes updated economic projections via the Summary of Economic Projections, or dot plot, which markets will scrutinize closely following the two-day policy meeting. Industrial Production and Capacity Utilization data for August are also on the docket, alongside the standard weekly MBA Mortgage Applications and EIA Petroleum Status Report releases. Investors should also watch for Housing Starts and Permits data for August, expected sometime this week per the broader calendar.
U.S. equities retreated broadly on Tuesday as investors positioned ahead of the Federal Reserve’s rate decision, with the S&P 500 (IVV) declining 0.44%. Developed ex-U.S. markets moved in lockstep, with the MSCI EAFE proxy (EFA) falling 0.43%, while Emerging Markets (EEM) slipped a more modest 0.35% despite remaining up 20.80% year-to-date. Fixed income was largely flat but soft, with the U.S. Aggregate Bond index (AGG) off 0.04% as Treasury yields pushed to multi-decade highs. The clear outlier was Broad Commodities (DJP), which surged 1.40% on the day and is now up 42.46% year-to-date, driven by continued strength in energy prices amid Middle East supply concerns.