Macro Overview
U.S. equities rallied on Thursday, propelled by comments from a Federal Reserve official that eased concerns about an imminent interest rate hike and sent Treasury yields lower. The S&P 500 (IVV) gained 1.08%, a move that was closely matched by Developed ex-U.S. markets (EFA) which rose 1.07%. Emerging Markets (EEM) saw a more modest advance of 0.48%, while U.S. Aggregate Bonds (AGG) ticked up 0.11%. Broad commodities (DJP) were nearly flat, masking significant divergence between surging precious metals and falling agricultural products.
U.S. Size & Style
Large-cap stocks led the day’s advance, with growth-oriented names showing particular strength. The S&P 500 Large Cap Growth (IVW) climbed 1.31%, outpacing its value counterpart. Performance moderated down the capitalization spectrum, with mid-caps posting solid but smaller gains. Small caps lagged considerably, as the S&P Small Cap 600 (IJR) rose just 0.34%, suggesting investors favored larger, more established companies during the session.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.68% | 2.27% | 5.39% | 13.26% | 19.62% |
| Large Cap (IVV) | 1.08% | 2.08% | 2.90% | 14.06% | 21.57% |
| Large Growth (IVW) | 1.31% | 1.81% | 0.62% | 14.38% | 22.82% |
| Mid Value (IJJ) | 0.61% | -1.04% | 3.77% | 13.06% | 15.99% |
| Mid Cap (IJH) | 0.85% | -0.47% | 1.08% | 15.32% | 18.43% |
| Mid Growth (IJK) | 1.08% | 0.06% | -1.45% | 17.28% | 20.47% |
| Small Value (IJS) | 0.07% | -1.09% | 5.00% | 20.88% | 27.76% |
| Small Cap (IJR) | 0.34% | -2.07% | 4.90% | 21.04% | 25.37% |
| Small Growth (IJT) | 0.54% | -3.26% | 4.75% | 20.84% | 22.64% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Financials (XLF) topped the sector leaderboard with a 1.56% gain as falling Treasury yields provided a tailwind for the group. Technology (XLK) and Consumer Discretionary (XLY) were also strong performers, rising 1.29% and 1.39% respectively. In a notable divergence, the Energy sector (XLE) fell 0.74% despite reports of rising crude oil prices due to geopolitical tensions. Materials (XLB) and Consumer Staples (XLP) were the only other sectors to finish with losses.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 1.05% | 2.05% | 2.77% | 13.99% | 21.43% |
| Financials (XLF) | 1.56% | 2.06% | 15.52% | 7.84% | 11.15% |
| Consumer Discretionary (XLY) | 1.39% | -1.48% | -0.03% | -2.08% | 1.64% |
| Technology (XLK) | 1.29% | 4.45% | -5.12% | 29.48% | 43.05% |
| Real Estate (XLRE) | 1.19% | -2.06% | 2.58% | 11.35% | 10.33% |
| Industrials (XLI) | 1.03% | -4.70% | 0.54% | 13.12% | 18.02% |
| Communication Services (XLC) | 0.85% | 1.83% | 1.43% | -3.13% | 1.55% |
| Utilities (XLU) | 0.84% | -3.00% | -0.93% | 2.14% | 5.50% |
| Health Care (XLV) | 0.18% | 6.79% | 17.94% | 12.88% | 28.75% |
| Consumer Staples (XLP) | -0.32% | 0.47% | 4.50% | 11.14% | 8.74% |
| Materials (XLB) | -0.62% | 3.16% | 2.30% | 16.98% | 17.78% |
| Energy (XLE) | -0.74% | 9.92% | 10.85% | 46.50% | 50.56% |
Explore the U.S. Sectors & Industries Explorer →
Global Thematic
Thematic performance was overwhelmingly dominated by a powerful rally in digital assets and blockchain-related strategies. Crypto-focused funds crowded the top of the leaderboard, with the Global X Blockchain ETF (BKCH) and the First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) both surging more than 10%. This concentrated strength highlighted a significant risk-on move within the crypto ecosystem. Laggards for the day were found in niche technology and materials themes, such as the Roundhill Photonics & Optics ETF (LYTE), which declined 2.17%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Global X Blockchain ETF (BKCH) | 10.51% |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | 10.24% |
| Bitwise Crypto Industry Innovators ETF (BITQ) | 9.80% |
| VanEck Digital Transformation ETF (DAPP) | 9.67% |
| Schwab Crypto Thematic Natural Language Processing ETF (STCE) | 9.17% |
| Laggards | |
| Roundhill Photonics & Optics ETF (LYTE) | -2.17% |
| Tema Photonics & Optical ETF (LAZR) | -1.30% |
| Sprott Rare Earths Ex-China ETF (REXC) | -1.30% |
| Global X Genomics & Biotechnology ETF (GNOM) | -1.08% |
| Amplify Seymour Cannabis ETF (CNBS) | -0.95% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
International developed markets participated in the global equity rally, with the MSCI EAFE Index (EFA) gaining 1.07%. Standouts included Canada (EWC) and Japan (EWJ), which both advanced nearly 2%. Emerging markets displayed a more mixed picture; South Africa (EZA) was a clear outperformer with a 2.61% rally. Conversely, weakness in China (MCHI), which fell 0.31%, acted as a drag on the broader MSCI Emerging Markets Index (EEM).
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 1.07% | 2.07% | 5.56% | 14.46% | 23.36% |
| Australia (EWA) | 1.13% | 3.30% | 5.70% | 17.60% | 17.78% |
| Canada (EWC) | 1.96% | 4.73% | 7.03% | 16.38% | 29.58% |
| France (EWQ) | 0.33% | -2.70% | 2.85% | 4.08% | 10.64% |
| Germany (EWG) | 0.92% | 1.24% | 4.73% | 5.40% | 9.12% |
| Hong Kong (EWH) | 0.48% | 0.26% | 2.36% | 9.87% | 14.03% |
| Japan (EWJ) | 1.94% | 5.37% | 4.77% | 21.90% | 31.08% |
| Netherlands (EWN) | 0.15% | 0.87% | 2.10% | 20.56% | 36.71% |
| South Korea (EWY) | 0.95% | 12.68% | -15.21% | 85.72% | 153.28% |
| Switzerland (EWL) | 0.95% | 0.51% | 6.10% | 7.76% | 17.31% |
| U.K. (EWU) | 0.95% | 0.93% | 6.38% | 12.28% | 22.24% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.48% | 4.90% | -3.02% | 23.94% | 37.55% |
| Brazil (EWZ) | 0.11% | 4.70% | 11.13% | 21.16% | 37.55% |
| China (MCHI) | -0.31% | -2.74% | -2.24% | -8.89% | -9.67% |
| India (INDA) | -0.10% | -0.48% | 5.41% | -7.64% | -5.13% |
| Indonesia (EIDO) | 1.69% | 6.01% | 10.48% | -28.04% | -23.71% |
| Malaysia (EWM) | 0.71% | 0.64% | 3.01% | 5.53% | 17.94% |
| Mexico (EWW) | 0.98% | 0.55% | 0.02% | 12.64% | 26.77% |
| South Africa (EZA) | 2.61% | 11.64% | 9.40% | 6.60% | 34.09% |
| Taiwan (EWT) | 0.64% | 12.40% | 3.02% | 73.35% | 96.16% |
| Thailand (THD) | 1.44% | 0.26% | 1.03% | 25.44% | 29.29% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
The fixed income market saw modest gains across most categories as Treasury yields pulled back from recent highs. The U.S. Aggregate Bond index (AGG) rose 0.11%, with similar performance across the Treasury curve. Convertible bonds were a notable bright spot, with the SPDR Bloomberg Convertible Securities ETF (CWB) climbing 1.14% as it benefited from the strong performance in equities. International bonds also firmed, while parts of the high-yield municipal market, such as the SPDR Nuveen Bloomberg High Yield Municipal Bond ETF (HYD), experienced slight declines.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.15% | 0.08% | -2.58% | -2.31% | 0.07% |
| Core (AGG) | 0.11% | 0.03% | -0.56% | -0.30% | 1.68% |
| Core Enhanced (IUSB) | 0.11% | 0.07% | -0.46% | -0.03% | 2.01% |
| Short-Term (BSV) | 0.08% | 0.13% | 0.36% | 0.65% | 2.08% |
| Government | |||||
| Long-Term (SPTL) | 0.16% | 0.33% | -2.22% | -2.59% | -0.28% |
| Intermediate (SPTI) | 0.14% | -0.09% | -0.29% | -0.70% | 0.59% |
| Inflation Protected (TIP) | 0.13% | 0.13% | -0.85% | 0.68% | 0.98% |
| Short-Term (SPTS) | 0.07% | 0.18% | 0.57% | 1.02% | 2.47% |
| Ultrashort (BIL) | 0.02% | 0.31% | 0.91% | 2.41% | 3.72% |
| Specialty | |||||
| Convertible (CWB) | 1.14% | -0.66% | -5.98% | 16.09% | 21.34% |
| Preferred Stock (PFF) | 0.53% | -0.36% | -1.40% | 1.48% | 2.01% |
| Mortgage Backed (MBB) | 0.16% | 0.30% | -0.46% | 0.12% | 2.93% |
| Bank Loans (BKLN) | 0.15% | 1.34% | 1.99% | 2.20% | 4.91% |
| High Yield (HYG) | 0.13% | 0.42% | 0.91% | 2.24% | 4.24% |
| Corporate (SPIB) | 0.09% | -0.06% | -0.18% | 0.29% | 2.22% |
| International & EM | |||||
| International Local (IGOV) | 0.63% | 0.27% | -0.24% | -0.74% | -0.39% |
| Emerging Local (EMLC) | 0.47% | 1.50% | 2.52% | 3.47% | 8.32% |
| International USD (BNDX) | 0.32% | -0.67% | -0.59% | -0.05% | 0.90% |
| Emerging USD (EMB) | 0.32% | 0.12% | -0.23% | 1.56% | 6.01% |
| Municipals | |||||
| Short-Term (SUB) | -0.02% | 0.14% | 0.16% | 0.95% | 1.71% |
| Long-Term (MLN) | -0.18% | -1.52% | -2.34% | -0.47% | 5.10% |
| Intermediate (MUB) | -0.21% | -1.10% | -2.02% | -0.80% | 3.03% |
| High Yield (HYD) | -0.22% | -0.89% | -2.45% | -0.40% | 4.37% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
The commodities complex was split between strength in precious metals and weakness in agricultural products. Escalating geopolitical tensions in the Middle East fueled a flight to safety, sending Palladium (PALL) soaring 4.92% and Gold (GLD) up 1.85%. Crude oil also firmed, with the United States Oil Fund (USO) gaining 0.67%. However, these gains were offset by sharp drops in agriculture, highlighted by a 2.66% decline in the Teucrium Wheat Fund (WEAT).
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.13% | 11.36% | 5.78% | 38.18% | 49.73% |
| Agriculture | |||||
| Soybeans (SOYB) | 0.62% | 10.10% | 12.60% | 27.13% | 26.26% |
| Corn (CORN) | -0.25% | 12.49% | 15.46% | 13.76% | 14.86% |
| Broad (DBA) | -0.61% | 4.68% | 8.30% | 13.99% | 10.30% |
| Sugar (CANE) | -2.32% | 15.75% | 17.67% | 16.76% | 5.78% |
| Wheat (WEAT) | -2.66% | 11.79% | 19.63% | 35.80% | 30.07% |
| Energy | |||||
| WTI Crude (USO) | 0.67% | 16.35% | 0.87% | 105.45% | 89.88% |
| Brent Crude (BNO) | 0.29% | 16.87% | 3.63% | 97.39% | 84.00% |
| Broad (DBE) | -0.26% | 15.51% | 7.70% | 97.82% | 87.04% |
| Natural Gas (UNG) | -2.42% | 3.76% | -10.42% | -14.44% | -19.68% |
| Industrial Metals | |||||
| Copper (CPER) | 0.96% | 0.68% | 1.24% | 14.16% | 40.73% |
| Broad (DBB) | 0.70% | 2.38% | -1.60% | 12.42% | 33.11% |
| Precious Metals | |||||
| Palladium (PALL) | 4.92% | 12.97% | 8.68% | -11.30% | 23.23% |
| Platinum (PPLT) | 3.19% | 11.72% | -2.31% | -11.55% | 27.21% |
| Silver (SLV) | 2.51% | 15.42% | -8.55% | -6.01% | 62.16% |
| Broad (DBP) | 2.24% | 11.22% | -1.55% | 0.55% | 29.02% |
| Gold (GLD) | 1.85% | 10.36% | 0.58% | 3.51% | 25.01% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets experienced a significant rally, with broad-based gains across the major tokens reflecting renewed risk appetite. XRP (XRP) led the charge, surging an impressive 9.67%. The two largest cryptocurrencies, Bitcoin (IBIT) and Ethereum (ETHA), also posted strong advances of 5.85% and 5.37%, respectively. This synchronized move higher lifted the entire digital asset ecosystem and fueled outperformance in crypto-related thematic ETFs.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Ethereum (ETHA) | 5.37% | 34.80% | 40.06% | -15.20% | -43.84% |
| Bitcoin (IBIT) | 5.85% | 28.18% | 25.27% | -6.65% | -27.32% |
| Multi-Coin (NCIQ) | 6.08% | 29.20% | 26.30% | -9.38% | -33.31% |
| Solana (SOLZ) | 6.17% | 42.30% | 46.49% | -16.35% | -52.63% |
| XRP (XRP) | 9.67% | 36.29% | 22.40% | -19.83% | — |
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What to Watch Today
Looking ahead to Friday, market participants will be keenly focused on the August Employment Situation report from the Bureau of Labor Statistics. This pivotal data will offer a fresh assessment of the U.S. labor market’s health and could significantly influence the Federal Reserve’s policy outlook. Additionally, investors will be reacting to details from Tesla’s ‘Cybercab’ autonomous vehicle event, which was held after Thursday’s market close.
