Macro Overview
U.S. Size & Style
Growth styles outperformed value across the cap spectrum on Tuesday, with Large Growth (IVW) adding 0.94% versus a more modest 0.16% for Large Value (IVE), consistent with the day’s technology-led advance. Small Growth (IJT) gained 0.71% and Small Cap (IJR) rose 0.54%, both trailing the Russell 2000’s 1.16% move but still participating in the broad risk-on tone. Value continues to lead on a year-to-date basis, however, with Small Value (IJS) up 17.56% and Large Value up 14.12%, both ahead of their growth counterparts over the longer window. Large Value’s RSI of 67 approaches overbought territory, while growth-oriented segments like Large Growth and Mid Growth (IJK) sit in the mid-40s, reflecting the recent underperformance that preceded Tuesday’s bounce.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.16% | 3.10% | 3.35% | 14.12% | 15.02% |
| Large Cap (IVV) | 0.59% | -0.20% | 4.44% | 13.82% | 13.62% |
| Large Growth (IVW) | 0.94% | -2.81% | 5.33% | 13.28% | 12.18% |
| Mid Value (IJJ) | 0.20% | 2.68% | -2.49% | 10.82% | 12.01% |
| Mid Cap (IJH) | 0.43% | 0.32% | -3.36% | 11.82% | 11.97% |
| Mid Growth (IJK) | 0.68% | -1.82% | -4.28% | 12.50% | 11.56% |
| Small Value (IJS) | 0.40% | 1.44% | -2.41% | 17.56% | 18.80% |
| Small Cap (IJR) | 0.54% | 1.01% | -3.66% | 17.18% | 16.79% |
| Small Growth (IJT) | 0.71% | 0.50% | -5.08% | 16.42% | 14.40% |
U.S. Sectors & Industries
Technology (XLK) led all sectors with a 1.70% gain, extending its year-to-date advance to 32.08% as chip-related names and Data Center/Neocloud stocks rebounded following commentary out of the EMS space. Consumer Discretionary (XLY) and Materials (XLB) followed with gains of 1.04% and 0.78%, respectively, while Industrials (XLI) rose 0.57% despite reported weakness in Boeing. On the downside, Energy (XLE) fell 2.05% alongside the slide in oil prices, while defensive sectors including Real Estate (XLRE) and Consumer Staples (XLP) lagged with declines of 0.84% and 0.92%. Communication Services (XLC) also slipped 0.26%, and its RSI of 29 signals oversold conditions with only 9% of constituents above their 50-day moving average.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.56% | -0.22% | 4.39% | 13.75% | 13.53% |
| Technology (XLK) | 1.70% | -3.45% | 8.84% | 32.08% | 27.39% |
| Consumer Discretionary (XLY) | 1.04% | 4.42% | 4.39% | -2.72% | -3.44% |
| Materials (XLB) | 0.78% | 3.98% | 1.22% | 15.64% | 18.49% |
| Utilities (XLU) | 0.71% | 8.45% | -5.50% | 2.46% | -3.82% |
| Industrials (XLI) | 0.57% | -1.47% | -8.10% | 9.11% | 9.01% |
| Health Care (XLV) | -0.06% | 4.97% | 10.07% | 17.18% | 24.45% |
| Financials (XLF) | -0.25% | 1.90% | -1.41% | 3.27% | 6.42% |
| Communication Services (XLC) | -0.26% | -8.30% | -3.48% | -11.22% | -10.51% |
| Real Estate (XLRE) | -0.84% | 2.12% | -6.48% | 7.69% | 2.77% |
| Consumer Staples (XLP) | -0.92% | 6.20% | 2.77% | 14.36% | 13.04% |
| Energy (XLE) | -2.05% | 9.95% | 17.59% | 55.58% | 58.92% |
Global Thematic
Thematic strategies tied to digital infrastructure and resource scarcity dominated Tuesday’s leaderboard, with the Roundhill Neocloud ETF (NCLD) climbing 8.84% and the CoinShares Bitcoin Mining and Digital Power ETF (WGMI) advancing 7.94%, both benefiting from the broader rebound in data center and chip-adjacent sentiment. Mining-focused funds also featured prominently, as the Sprott Rare Earths Ex-China ETF (REXC) rose 7.76% and the Sprott Junior Uranium Miners ETF (URNJ) added 7.43%. Conversely, software- and media-adjacent themes lagged, with the VanEck Environmental Services ETF (EVX) down 1.26% and the Global X Social Media ETF (SOCL) off 1.21%. Cloud computing funds including WisdomTree Cloud Computing (WCLD) and Global X Cloud Computing (CLOU) also declined, highlighting a rotation within technology-adjacent themes rather than a broad-based advance.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Roundhill Neocloud ETF (NCLD) | 8.84% |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | 7.94% |
| Sprott Rare Earths Ex-China ETF (REXC) | 7.76% |
| Sprott Junior Uranium Miners ETF (URNJ) | 7.43% |
| ARK Genomic Revolution ETF (ARKG) | 6.01% |
| Laggards | |
| VanEck Environmental Services ETF (EVX) | -1.26% |
| Global X Social Media ETF (SOCL) | -1.21% |
| WisdomTree Cloud Computing Fund (WCLD) | -1.03% |
| Global X Cloud Computing ETF (CLOU) | -0.85% |
| iShares North American Natural Resources ETF (IGE) | -0.83% |
Developed ex-U.S. & Emerging Markets
South Korea (EWY) was the standout performer across both developed and emerging markets, surging 3.10% on the day and extending its year-to-date gain to 61.96%, the strongest among all country funds tracked. Taiwan (EWT) and the Netherlands (EWN) also posted notable gains of 1.55% and 1.83%, respectively, consistent with the broader technology-led tone and an Asian equity rally that saw Japan’s Nikkei climb roughly 1.95% overnight. Japan (EWJ) added 1.03%, pushing its year-to-date return to 18.60%. On the downside, Indonesia (EIDO) fell 1.71% and remains down 43.71% year-to-date, while the U.K. (EWU) declined 0.88% amid a broader pullback in European indices including the FTSE 100’s 0.93% drop.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.66% | -1.87% | -0.31% | 9.57% | 11.95% |
| Australia (EWA) | 1.06% | 3.69% | 2.08% | 14.16% | 11.11% |
| Canada (EWC) | 0.31% | 2.45% | 2.80% | 13.73% | 21.85% |
| France (EWQ) | 0.55% | -4.81% | -7.86% | -5.02% | -5.25% |
| Germany (EWG) | 0.68% | -1.75% | -0.62% | -0.36% | 1.35% |
| Hong Kong (EWH) | 0.77% | -0.63% | -2.90% | 5.76% | 7.32% |
| Japan (EWJ) | 1.03% | -2.74% | 4.09% | 18.60% | 18.98% |
| Netherlands (EWN) | 1.83% | -4.31% | -1.20% | 15.22% | 14.54% |
| South Korea (EWY) | 3.10% | -15.88% | -2.32% | 61.96% | 70.76% |
| Switzerland (EWL) | 0.76% | 4.52% | 1.54% | 7.61% | 13.31% |
| U.K. (EWU) | -0.88% | -0.27% | -0.38% | 8.85% | 13.54% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 1.13% | -8.03% | -1.73% | 14.85% | 14.41% |
| Brazil (EWZ) | 0.44% | -6.84% | -4.38% | 8.99% | 16.58% |
| China (MCHI) | -0.08% | -6.73% | -9.55% | -17.76% | -23.75% |
| India (INDA) | 0.32% | -2.34% | -4.40% | -13.52% | -14.58% |
| Indonesia (EIDO) | -1.71% | -13.83% | -14.83% | -43.71% | -41.25% |
| Malaysia (EWM) | 0.30% | -4.17% | -4.34% | -0.51% | 6.52% |
| Mexico (EWW) | -0.40% | 2.26% | -2.01% | 9.76% | 16.96% |
| South Africa (EZA) | 0.83% | -3.70% | 3.36% | -4.98% | 7.43% |
| Taiwan (EWT) | 1.55% | -6.56% | 9.65% | 68.82% | 67.50% |
| Thailand (THD) | -0.42% | -2.88% | -0.72% | 22.48% | 21.02% |
Fixed Income
Fixed income trading was subdued on Tuesday as investors positioned ahead of the Fed’s two-day policy meeting and digested a 5-Year Note auction that priced at 4.845% with bid-to-cover of 2.33, a result graded in line though indirect demand at 60.0% trailed its recent average. Core (AGG) and Core Enhanced (IUSB) bonds each ticked up 0.04%, while Long-Term Treasuries (BLV) edged higher by 0.14% even as the segment remains down 2.72% year-to-date. Credit-sensitive segments outperformed, with Convertible bonds (CWB) rising 1.23% and High Yield (HYG) adding 0.52%, reflecting the day’s broader risk-on equity tone. International Local bonds (IGOV) lagged, slipping 0.27%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.14% | 2.67% | -1.06% | -2.72% | -5.57% |
| Core (AGG) | 0.04% | 1.38% | -0.60% | -0.84% | -1.17% |
| Core Enhanced (IUSB) | 0.04% | 1.23% | -0.61% | -0.66% | -0.85% |
| Short-Term (BSV) | 0.03% | 0.72% | 0.11% | 0.43% | 1.00% |
| Government | |||||
| Ultrashort (BIL) | 0.02% | 0.33% | 0.94% | 2.97% | 3.69% |
| Inflation Protected (TIP) | 0.00% | 1.69% | -0.28% | 0.03% | -0.87% |
| Short-Term (SPTS) | -0.03% | 0.58% | 0.38% | 1.03% | 1.70% |
| Intermediate (SPTI) | -0.04% | 1.14% | -0.75% | -1.40% | -1.28% |
| Long-Term (SPTL) | -0.04% | 3.07% | -1.17% | -2.84% | -5.86% |
| Specialty | |||||
| Convertible (CWB) | 1.23% | -5.73% | -4.53% | 9.24% | 4.80% |
| High Yield (HYG) | 0.52% | 0.11% | -0.65% | 0.61% | 1.26% |
| Bank Loans (BKLN) | 0.39% | -0.16% | 1.64% | 2.31% | 3.94% |
| Preferred Stock (PFF) | 0.35% | -2.83% | -3.39% | -3.14% | -4.23% |
| Corporate (SPIB) | 0.12% | 0.87% | -0.47% | -0.32% | 0.01% |
| Mortgage Backed (MBB) | 0.03% | 1.75% | -0.82% | -0.68% | -0.56% |
| International & EM | |||||
| Emerging USD (EMB) | 0.46% | 0.21% | -1.87% | -0.67% | -0.23% |
| Emerging Local (EMLC) | 0.20% | -0.77% | -1.06% | -0.01% | 2.50% |
| International USD (BNDX) | 0.11% | 0.99% | -0.58% | -0.04% | -0.78% |
| International Local (IGOV) | -0.27% | -0.03% | -1.11% | -3.74% | -4.53% |
| Municipals | |||||
| Long-Term (MLN) | 0.30% | 3.30% | -2.40% | -1.02% | -1.34% |
| Intermediate (MUB) | 0.05% | 2.95% | -1.01% | -0.65% | -0.33% |
| Short-Term (SUB) | 0.03% | 1.73% | 0.51% | 1.25% | 2.10% |
| High Yield (HYD) | -0.06% | 3.26% | -0.78% | 0.00% | 0.89% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Broad Commodities (DJP) declined 0.63% as crude oil prices fell, with WTI Crude (USO) down 1.41% and Brent Crude (BNO) off 0.57%, though both remain up more than 130% year-to-date. Precious metals moved higher in contrast, with Gold (GLD) gaining 1.21% and Silver (SLV) up 1.03%, while industrial metals also advanced as Copper (CPER) rose 1.68%. Agricultural commodities broadly softened, with Corn (CORN) falling 1.08% and Wheat (WEAT) down 0.84%. Palladium (PALL) was the weakest performer, declining 1.06% and extending its year-to-date loss to 35.55%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.63% | -2.16% | 9.80% | 37.30% | 42.53% |
| Agriculture | |||||
| Sugar (CANE) | 0.52% | 2.85% | 19.98% | 18.20% | 23.85% |
| Broad (DBA) | -0.72% | -3.99% | -0.80% | 7.37% | 7.96% |
| Soybeans (SOYB) | -0.72% | -5.24% | 2.65% | 20.17% | 16.03% |
| Wheat (WEAT) | -0.84% | -12.35% | -8.85% | 11.92% | 6.18% |
| Corn (CORN) | -1.08% | -11.61% | -2.62% | -1.64% | -2.41% |
| Energy | |||||
| Natural Gas (UNG) | 0.84% | -13.39% | -4.65% | -21.37% | -25.21% |
| Brent Crude (BNO) | -0.57% | 16.80% | 43.00% | 146.01% | 134.58% |
| Broad (DBE) | -1.38% | 9.38% | 31.91% | 128.77% | 117.45% |
| WTI Crude (USO) | -1.41% | 10.48% | 31.36% | 136.96% | 124.12% |
| Industrial Metals | |||||
| Copper (CPER) | 1.68% | -1.38% | 3.30% | 14.56% | 25.55% |
| Broad (DBB) | 1.52% | -2.39% | 1.85% | 10.33% | 19.19% |
| Precious Metals | |||||
| Gold (GLD) | 1.21% | -5.37% | -0.63% | -6.06% | 1.44% |
| Broad (DBP) | 1.05% | -7.82% | -2.40% | -11.01% | 2.70% |
| Silver (SLV) | 1.03% | -15.45% | -7.12% | -23.69% | 15.94% |
| Platinum (PPLT) | 0.80% | -13.36% | -5.36% | -25.23% | -3.38% |
| Palladium (PALL) | -1.06% | -18.45% | -19.98% | -35.55% | -26.46% |
Cryptocurrency
Digital assets advanced broadly on Tuesday, with XRP (XRP) leading gains at 2.64% and Ethereum-linked (ETHA) products up 1.32%. Bitcoin exposure via (IBIT) rose 1.06%, though it remains down 7.96% year-to-date and 29.99% over the trailing year. Multi-Coin exposure (NCIQ) added 1.21%, while Solana-linked (SOLZ) products posted the smallest gain at 0.76%. Despite Tuesday’s uniform advance, all five crypto products tracked remain in negative territory for the year, underscoring the sustained pressure the asset class has faced in 2026.
What to Watch Today
Wednesday brings the conclusion of the Federal Reserve’s two-day policy meeting, with the rate decision due at 2:00 PM ET followed by Chair Kevin Warsh’s press conference at 2:30 PM ET; the central bank is widely expected to hold rates steady after September’s increase. Ahead of that, investors will parse Trade Balance and Wholesale Inventories data at 8:30 AM ET along with weekly MBA Mortgage Applications at 7:00 AM ET. A 2-Year Note auction closes at 11:30 AM ET, alongside 17-week bill and 2-year FRN offerings, while the Bank of Canada delivers its own rate decision around 9:45 AM ET. Earnings from Alphabet, Microsoft, ServiceNow, T-Mobile, FedEx, and several other large-cap names are also scheduled, adding to the day’s catalysts.
U.S. equities advanced on Tuesday as chipmaker enthusiasm lifted the broader tape, with the S&P 500 (IVV) rising 0.59% even as it remains roughly flat over the trailing month. Developed ex-U.S. markets (EFA) outpaced domestic large caps with a 0.66% gain, while Emerging Markets (EEM) led all three regions at 1.13%, though the group remains down 8.03% over the past month. Fixed income was muted, with the U.S. Aggregate Bond (AGG) index essentially flat at 0.04% as the Treasury market digested a 5-Year Note auction graded in line but with softer indirect demand. Broad Commodities (DJP) slipped 0.63% as crude oil prices declined. The standout was South Korea, which surged over 3% intraday within the EM complex, underscoring the dispersion beneath the broader market’s modest gains.