Macro Overview
U.S. equities took a slight pause after recent highs, with the S&P 500 (IVV) declining 0.18%. International markets were mixed, as Developed ex-U.S. (EFA) posted a small 0.10% gain while Emerging Markets (EEM) fell 0.42%. The standout performer was the commodities complex, where the Broad Commodities index (DJP) advanced 1.00%, in stark contrast to the quiet fixed income market where the U.S. Aggregate Bond (AGG) was nearly flat.
U.S. Size & Style
A risk-off sentiment was evident across the U.S. size and style spectrum, with smaller capitalization stocks bearing the brunt of the selling pressure. Small-Cap Value (IJS) was the weakest performer, dropping 1.10%, followed closely by the broader Small Cap index (IJR) which fell 0.98%. In contrast, large-cap segments showed more resilience, with declines of only around 0.20%. This daily underperformance from smaller stocks occurred despite their significant year-to-date leadership, with small caps still up over 24%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.21% | 2.16% | 5.49% | 11.74% | 21.94% |
| Large Cap (IVV) | -0.18% | 3.33% | 6.66% | 13.51% | 24.00% |
| Large Growth (IVW) | -0.20% | 4.31% | 7.55% | 14.79% | 25.44% |
| Mid Value (IJJ) | -0.73% | 2.39% | 6.36% | 14.98% | 23.03% |
| Mid Cap (IJH) | -0.62% | 1.20% | 5.35% | 17.23% | 24.10% |
| Mid Growth (IJK) | -0.57% | 0.08% | 4.34% | 19.19% | 24.81% |
| Small Value (IJS) | -1.10% | 2.42% | 7.73% | 22.70% | 39.10% |
| Small Cap (IJR) | -0.98% | 1.68% | 8.17% | 24.50% | 36.16% |
| Small Growth (IJT) | -0.86% | 0.93% | 8.59% | 26.15% | 33.21% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Sector performance was highly divergent, led by a sharp 2.07% decline in the Energy sector (XLE) following reports of diplomatic progress that could reopen the Strait of Hormuz. On the positive side, defensive Health Care (XLV) and cyclical Materials (XLB) were the day’s leaders, gaining 1.27% and 1.23% respectively. Consumer Discretionary (XLY) rose 0.30%, supported by strong earnings from Disney, while Communication Services (XLC) and Technology (XLK) both finished in negative territory.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.20% | 3.36% | 6.63% | 13.49% | 23.94% |
| Health Care (XLV) | 1.27% | 0.26% | 13.47% | 6.95% | 26.05% |
| Materials (XLB) | 1.23% | 1.21% | 2.54% | 17.02% | 21.13% |
| Consumer Discretionary (XLY) | 0.30% | 1.30% | 0.69% | -0.25% | 9.23% |
| Financials (XLF) | 0.21% | 4.28% | 12.82% | 6.81% | 13.92% |
| Real Estate (XLRE) | 0.07% | 1.16% | 3.22% | 13.74% | 11.89% |
| Industrials (XLI) | -0.03% | 1.33% | 8.35% | 20.76% | 25.15% |
| Consumer Staples (XLP) | -0.05% | 0.40% | 2.22% | 11.24% | 8.99% |
| Technology (XLK) | -0.53% | 2.95% | 12.38% | 29.44% | 43.68% |
| Utilities (XLU) | -1.02% | -4.59% | -5.25% | 3.64% | 3.88% |
| Communication Services (XLC) | -1.04% | 1.16% | -3.86% | -5.27% | 4.61% |
| Energy (XLE) | -2.07% | 7.69% | -2.91% | 29.93% | 38.19% |
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Global Thematic
Thematic ETFs saw a clear divide between precious metals and risk-on growth themes. Gold and silver miners dominated the leaderboard, with funds like the Global X Gold Explorers ETF (GOEX) and the iShares MSCI Global Gold Miners ETF (RING) surging 8.31% and 7.91%, respectively. Conversely, cannabis-focused ETFs experienced significant declines, as the AdvisorShares Pure US Cannabis ETF (MSOS) fell 7.13%. Other notable laggards included bitcoin mining and solar energy funds.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Global X Gold Explorers ETF (GOEX) | 8.31% |
| iShares MSCI Global Gold Miners ETF (RING) | 7.91% |
| VanEck Junior Gold Miners ETF (GDXJ) | 7.42% |
| VanEck Gold Miners ETF (GDX) | 7.39% |
| iShares MSCI Global Silver Miners ETF (SLVP) | 7.28% |
| Laggards | |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -7.13% |
| Amplify Seymour Cannabis ETF (CNBS) | -6.51% |
| CoinShares Bitcoin Mining ETF (WGMI) | -4.78% |
| Amplify Alternative Harvest ETF (MJ) | -4.17% |
| Invesco Solar ETF (TAN) | -3.93% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
Developed international markets delivered a mixed performance, with Canada (EWC) standing out with a 1.30% gain, while Germany (EWG) slipped 0.46%. Asian markets were generally weaker, evidenced by declines of 1.27% in Hong Kong (EWH) and 1.17% in South Korea (EWY). Emerging markets also saw pockets of strength and weakness, with South Africa (EZA) rising 1.35% against the broader index’s decline.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.10% | 2.93% | 6.94% | 13.63% | 25.63% |
| Australia (EWA) | 0.07% | 7.30% | 4.72% | 16.71% | 17.73% |
| Canada (EWC) | 1.30% | 5.21% | 5.83% | 13.23% | 31.28% |
| France (EWQ) | 0.02% | 3.53% | 7.87% | 8.18% | 16.94% |
| Germany (EWG) | -0.46% | 3.14% | 4.99% | 4.72% | 7.27% |
| Hong Kong (EWH) | -1.27% | 8.12% | -3.03% | 8.20% | 13.96% |
| Japan (EWJ) | 0.58% | 2.17% | 7.18% | 18.49% | 32.33% |
| Netherlands (EWN) | -0.39% | 1.84% | 9.50% | 21.80% | 40.51% |
| South Korea (EWY) | -1.17% | -6.11% | -2.50% | 73.98% | 137.33% |
| Switzerland (EWL) | 0.67% | 0.31% | 6.88% | 8.93% | 22.13% |
| U.K. (EWU) | 0.06% | 2.57% | 5.63% | 11.57% | 24.33% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -0.42% | 0.03% | 0.99% | 20.73% | 37.19% |
| Brazil (EWZ) | 0.06% | 4.88% | -8.20% | 14.75% | 39.76% |
| China (MCHI) | -0.14% | 10.02% | -1.47% | -6.15% | -1.36% |
| India (INDA) | -0.44% | 1.51% | 2.34% | -6.92% | -4.01% |
| Indonesia (EIDO) | -0.16% | 10.92% | -13.53% | -30.87% | -25.92% |
| Malaysia (EWM) | 0.11% | 5.41% | -2.86% | 6.05% | 21.60% |
| Mexico (EWW) | -0.48% | 1.58% | 0.33% | 12.23% | 31.79% |
| South Africa (EZA) | 1.35% | 4.45% | 0.75% | -0.78% | 30.00% |
| Taiwan (EWT) | -0.50% | -3.01% | 9.63% | 60.08% | 80.56% |
| Thailand (THD) | -0.91% | 1.54% | 5.65% | 24.72% | 30.57% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Fixed income markets were broadly stable as the 10-year Treasury yield held around 4.61%. The core U.S. Aggregate Bond index (AGG) edged up just 0.05%, with most segments across the duration and credit spectrum posting minimal changes. One notable exception was the Convertible bond space (CWB), which declined 0.96%, reflecting its equity-like sensitivity during a down day for stocks. Bank Loans (BKLN) showed relative strength, gaining 0.15%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.08% | -2.33% | -1.30% | -1.57% | 0.00% |
| Core (AGG) | 0.05% | -0.57% | -0.06% | 0.13% | 2.43% |
| Core Enhanced (IUSB) | 0.03% | -0.48% | 0.05% | 0.35% | 2.74% |
| Short-Term (BSV) | 0.01% | 0.09% | 0.44% | 0.73% | 2.68% |
| Government | |||||
| Long-Term (SPTL) | 0.16% | -2.18% | -1.34% | -1.95% | -0.85% |
| Short-Term (SPTS) | 0.10% | 0.25% | 0.57% | 1.01% | 2.87% |
| Intermediate (SPTI) | 0.02% | -0.22% | -0.03% | -0.23% | 1.67% |
| Ultrashort (BIL) | 0.01% | 0.29% | 0.89% | 2.11% | 3.78% |
| Inflation Protected (TIP) | -0.05% | -0.50% | -0.87% | 0.68% | 1.74% |
| Specialty | |||||
| Bank Loans (BKLN) | 0.15% | 1.18% | 0.79% | 1.10% | 4.39% |
| Mortgage Backed (MBB) | 0.05% | -0.47% | 0.04% | 0.48% | 3.81% |
| Preferred Stock (PFF) | 0.03% | 1.32% | -0.91% | 2.25% | 3.88% |
| Corporate (SPIB) | 0.00% | -0.19% | 0.41% | 0.68% | 3.16% |
| High Yield (HYG) | -0.04% | 0.25% | 0.96% | 2.08% | 5.10% |
| Convertible (CWB) | -0.96% | 0.17% | 0.86% | 18.04% | 25.68% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.27% | 1.02% | 2.55% | 2.78% | 8.74% |
| International Local (IGOV) | 0.19% | 1.02% | -0.77% | -0.48% | -0.29% |
| International USD (BNDX) | 0.04% | -0.27% | 0.93% | 0.94% | 1.44% |
| Emerging USD (EMB) | -0.05% | -0.64% | 0.91% | 1.89% | 7.47% |
| Municipals | |||||
| Short-Term (SUB) | 0.11% | 0.11% | 0.55% | 1.02% | 2.01% |
| Intermediate (MUB) | 0.06% | -1.30% | -0.09% | 0.65% | 4.87% |
| Long-Term (MLN) | 0.06% | -1.52% | 0.09% | 1.71% | 7.43% |
| High Yield (HYD) | 0.04% | -2.16% | -0.19% | 0.91% | 6.34% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities experienced significant divergence, driven by a powerful rally in precious metals. Gold (GLD) and Silver (SLV) both jumped 4.14%, leading the Broad Precious Metals index (DBP) to a 3.84% gain. In contrast, the energy complex weakened on news of potential diplomatic progress in the Middle East, which could ease supply concerns. As a result, WTI Crude (USO) fell 0.78%, pulling back from its strong one-month performance.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 1.00% | 6.35% | -8.27% | 23.27% | 38.64% |
| Agriculture | |||||
| Wheat (WEAT) | 0.84% | 7.36% | 1.31% | 20.48% | 13.22% |
| Sugar (CANE) | 0.61% | 2.05% | -3.02% | 2.20% | -7.69% |
| Soybeans (SOYB) | 0.00% | 2.50% | 0.00% | 14.59% | 18.10% |
| Broad (DBA) | -0.11% | 3.33% | -2.61% | 8.27% | 10.42% |
| Corn (CORN) | -0.73% | 4.51% | -6.87% | -0.62% | 4.26% |
| Energy | |||||
| Brent Crude (BNO) | 0.20% | 14.47% | -21.95% | 60.35% | 50.86% |
| Broad (DBE) | -0.24% | 10.74% | -14.16% | 63.53% | 57.50% |
| Natural Gas (UNG) | -0.31% | -15.89% | -8.46% | -20.55% | -26.16% |
| WTI Crude (USO) | -0.78% | 10.48% | -20.32% | 66.11% | 53.13% |
| Industrial Metals | |||||
| Copper (CPER) | 1.77% | 9.55% | 12.44% | 16.85% | 50.13% |
| Broad (DBB) | 1.15% | 6.76% | 2.12% | 11.51% | 36.84% |
| Precious Metals | |||||
| Gold (GLD) | 4.14% | 3.04% | -6.84% | -1.68% | 25.22% |
| Silver (SLV) | 4.14% | 1.91% | -14.93% | -12.96% | 63.23% |
| Broad (DBP) | 3.84% | 2.97% | -8.73% | -4.80% | 30.07% |
| Palladium (PALL) | 1.31% | 8.34% | -8.26% | -14.64% | 15.56% |
| Platinum (PPLT) | -0.06% | 6.86% | -10.95% | -15.63% | 31.16% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets posted gains in a relatively quiet session, outperforming the broader equity market. Ethereum (ETHA) was the leader among major crypto assets, rising 2.33% and extending its one-month gain to over 12%. Bitcoin (IBIT) also advanced, climbing 0.96% on the day. Despite these positive daily moves, both assets remain down significantly on a year-to-date basis.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | -1.16% | -1.49% | -24.57% | -41.81% | — |
| Solana (SOLZ) | 0.47% | -7.91% | -14.25% | -40.78% | -57.14% |
| Multi-Coin (NCIQ) | 0.93% | 5.62% | -20.31% | -28.87% | -46.26% |
| Bitcoin (IBIT) | 0.96% | 5.36% | -20.61% | -26.00% | -43.08% |
| Ethereum (ETHA) | 2.33% | 12.60% | -19.11% | -35.44% | -46.41% |
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What to Watch Today
Looking ahead to Thursday, market participants will be closely watching a series of labor market data releases before the opening bell. Key reports include the weekly Initial Jobless Claims at 7:30 AM ET, along with preliminary Q2 Nonfarm Productivity and Unit Labor Costs. The corporate earnings season also continues, with notable pre-market reports from companies like ConocoPhillips and Warner Bros. Discovery, followed by after-market results from Airbnb and DraftKings.
