Macro Overview
U.S. Size & Style
Growth styles outperformed value across the market-cap spectrum on the day, led by Large Growth (IVW), which rose 1.08% as technology-heavy allocations benefited from the AI trade’s bounce. Mid Growth (IJK) added 0.97% and Small Growth (IJT) gained 0.71%, outpacing their value counterparts in each size tier. Despite the daily strength, growth factors remain under pressure on a one-month basis, with Large Growth down 3.72% and Mid Growth off 2.48%, reflecting the prior stretch of weakness tied to debt and rate concerns. Large Value (IVE) carries the highest RSI reading among size/style factors at 66, with 63% of constituents trading above their 50-day moving average, signaling more stable near-term positioning relative to growth peers whose RSIs sit in the 40s.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.31% | 2.93% | 3.65% | 13.94% | 15.68% |
| Large Cap (IVV) | 0.71% | -0.79% | 3.85% | 13.15% | 14.29% |
| Large Growth (IVW) | 1.08% | -3.72% | 3.95% | 12.22% | 12.88% |
| Mid Value (IJJ) | 0.53% | 2.47% | -2.47% | 10.60% | 11.95% |
| Mid Cap (IJH) | 0.75% | -0.11% | -3.48% | 11.34% | 11.91% |
| Mid Growth (IJK) | 0.97% | -2.48% | -4.56% | 11.74% | 11.50% |
| Small Value (IJS) | 0.30% | 1.03% | -2.57% | 17.09% | 18.20% |
| Small Cap (IJR) | 0.51% | 0.46% | -3.74% | 16.55% | 16.17% |
| Small Growth (IJT) | 0.71% | -0.21% | -5.12% | 15.59% | 13.89% |
U.S. Sectors & Industries
Technology (XLK) led all sectors with a 1.69% gain, followed by Industrials (XLI) at 1.42% and Consumer Discretionary (XLY) at 1.03%, consistent with the broader rally in AI-linked and cyclical names. Communication Services (XLC) was the lone sector under notable pressure, falling 1.57% and carrying an RSI of 29, an oversold reading with only 14% of constituents above their 50-day moving average. Consumer Staples (XLP) also pulled back modestly, down 0.34%, consistent with profit-taking in defensive names after recent 52-week highs. Energy (XLE) continues to show the strongest longer-term trend, up 58.84% year-to-date with an RSI of 70, an overbought signal following its extended run, while Health Care (XLV) and Utilities (XLU) both sit with 85% and 81% of constituents above their 50-day moving averages, respectively, reflecting their recent defensive leadership.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.71% | -0.78% | 3.83% | 13.12% | 14.23% |
| Technology (XLK) | 1.69% | -5.07% | 6.06% | 29.87% | 27.57% |
| Industrials (XLI) | 1.42% | -2.04% | -8.35% | 8.49% | 9.00% |
| Consumer Discretionary (XLY) | 1.03% | 3.35% | 4.66% | -3.72% | -3.06% |
| Real Estate (XLRE) | 0.54% | 2.98% | -6.08% | 8.60% | 3.86% |
| Energy (XLE) | 0.45% | 12.25% | 17.52% | 58.84% | 62.64% |
| Financials (XLF) | 0.21% | 2.15% | -0.17% | 3.53% | 7.13% |
| Materials (XLB) | 0.14% | 3.17% | 0.70% | 14.74% | 17.52% |
| Health Care (XLV) | 0.00% | 5.03% | 10.70% | 17.24% | 24.81% |
| Utilities (XLU) | -0.02% | 7.69% | -7.40% | 1.75% | -4.23% |
| Consumer Staples (XLP) | -0.34% | 7.19% | 5.24% | 15.42% | 14.28% |
| Communication Services (XLC) | -1.57% | -8.06% | -1.99% | -10.99% | -9.02% |
Global Thematic
Thematic flows favored photonics and optics exposures, with the Tuttle Capital Pure Play Photonics ETF (FOTO) up 4.27%, the Tema Photonics & Optical ETF (LAZR) up 3.89%, and the Roundhill Photonics & Optics ETF (LYTE) up 3.74%, aligned with the broader tech rally. The WisdomTree Cybersecurity Fund (WCBR) also advanced 3.77%. On the downside, clean energy and crypto-adjacent themes lagged, with the Invesco Global Water ETF (PIO) down 3.16% and the iShares Global Clean Energy ETF (ICLN) off 2.93%. Crypto-linked thematic products, including the Fidelity Crypto Industry and Digital Payments ETF (FDIG) and First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT), fell 2.76% and 2.74% respectively, tracking weakness in the underlying digital asset complex.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Tuttle Capital Pure Play Photonics ETF (FOTO) | 4.27% |
| Tema Photonics & Optical ETF (LAZR) | 3.89% |
| WisdomTree Cybersecurity Fund (WCBR) | 3.77% |
| Roundhill Photonics & Optics ETF (LYTE) | 3.74% |
| Spear Alpha ETF (SPRX) | 3.60% |
| Laggards | |
| Invesco Global Water ETF (PIO) | -3.16% |
| iShares Global Clean Energy ETF (ICLN) | -2.93% |
| EMQQ The Emerging Markets Internet ETF (EMQQ) | -2.86% |
| Fidelity Crypto Industry and Digital Payments ETF (FDIG) | -2.76% |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | -2.74% |
Developed ex-U.S. & Emerging Markets
Developed international markets posted broadly positive but modest gains, led by Hong Kong (EWH) up 1.01% and Germany (EWG) up 0.73%, while Switzerland (EWL) was the lone decliner, off 0.21%. South Korea (EWY) remains the standout longer-term performer at 57.09% year-to-date despite an 18.41% one-month pullback, illustrating elevated volatility within the region. Emerging markets were dominated by Brazil’s (EWZ) 19.82% single-day decline, triggered by Lula’s runoff victory and the resulting selloff across oil major PBR and banks ITUB and BBD, which overturned prior expectations of a shift toward more conservative economic policy. Taiwan (EWT) continues to lead emerging markets on a trailing basis, up 66.24% year-to-date, while Indonesia (EIDO) remains the weakest, down 42.74% year-to-date. China (MCHI) edged up 0.24% on the day even as the broader Chinese blue-chip market fell as the Communist Party’s fifth plenum began in Beijing.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.27% | -2.51% | -0.48% | 8.85% | 11.99% |
| Australia (EWA) | 0.17% | 2.60% | 1.57% | 12.95% | 10.71% |
| Canada (EWC) | 0.28% | 2.13% | 3.03% | 13.38% | 21.35% |
| France (EWQ) | 0.34% | -5.34% | -7.65% | -5.54% | -5.32% |
| Germany (EWG) | 0.73% | -2.41% | 0.29% | -1.04% | 1.13% |
| Hong Kong (EWH) | 1.01% | -1.39% | -2.66% | 4.95% | 7.54% |
| Japan (EWJ) | 0.19% | -3.73% | 3.37% | 17.39% | 19.24% |
| Netherlands (EWN) | 0.22% | -6.03% | -3.87% | 13.15% | 13.73% |
| South Korea (EWY) | 0.97% | -18.41% | -6.28% | 57.09% | 69.69% |
| Switzerland (EWL) | -0.21% | 3.73% | 1.34% | 6.79% | 12.10% |
| U.K. (EWU) | 0.19% | 0.61% | 0.80% | 9.81% | 15.09% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -0.31% | -9.06% | -2.38% | 13.56% | 14.38% |
| Brazil (EWZ) | -19.82% | -7.25% | -4.42% | 8.52% | 17.17% |
| China (MCHI) | 0.24% | -6.65% | -7.89% | -17.69% | -22.41% |
| India (INDA) | 0.28% | -2.65% | -2.98% | -13.80% | -14.53% |
| Indonesia (EIDO) | -0.75% | -12.33% | -14.19% | -42.74% | -40.92% |
| Malaysia (EWM) | -0.34% | -4.46% | -3.76% | -0.81% | 7.31% |
| Mexico (EWW) | 0.05% | 2.67% | -0.20% | 10.20% | 19.15% |
| South Africa (EZA) | 0.55% | -4.50% | 3.96% | -5.76% | 4.94% |
| Taiwan (EWT) | 0.68% | -7.99% | 7.75% | 66.24% | 66.18% |
| Thailand (THD) | 1.19% | -2.48% | -1.54% | 22.99% | 21.88% |
Fixed Income
Fixed income trading was muted, with longer-duration exposures outperforming shorter maturities as Long-Term Treasuries (BLV) rose 0.37% and SPDR Long-Term Treasury (SPTL) gained 0.44%. Core Aggregate exposure (AGG) added 0.09% even as Treasury yields firmed alongside the equity rally and scheduled auctions, including a 2-year note at a 4.708% yield. Short-duration instruments lagged modestly, with Short-Term Treasuries (SPTS) down 0.07% and Short-Term Bond (BSV) off 0.04%. Emerging market debt softened slightly, with Emerging Local Currency Bonds (EMLC) down 0.89%, likely reflecting spillover from the Brazil-driven volatility in local currencies. Municipal bonds held up reasonably well, with Intermediate Municipal (MUB) up 0.38%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.37% | 2.53% | -0.73% | -2.85% | -5.41% |
| Core Enhanced (IUSB) | 0.16% | 1.19% | -0.43% | -0.70% | -0.81% |
| Core (AGG) | 0.09% | 1.34% | -0.41% | -0.88% | -1.14% |
| Short-Term (BSV) | -0.04% | 0.69% | 0.12% | 0.40% | 0.94% |
| Government | |||||
| Long-Term (SPTL) | 0.44% | 3.11% | -0.62% | -2.80% | -5.52% |
| Inflation Protected (TIP) | 0.07% | 1.69% | -0.38% | 0.03% | -0.89% |
| Ultrashort (BIL) | 0.01% | 0.31% | 0.93% | 2.95% | 3.66% |
| Intermediate (SPTI) | 0.00% | 1.18% | -0.54% | -1.37% | -1.28% |
| Short-Term (SPTS) | -0.07% | 0.61% | 0.45% | 1.07% | 1.70% |
| Specialty | |||||
| Mortgage Backed (MBB) | 0.25% | 1.72% | -0.58% | -0.71% | -0.50% |
| Bank Loans (BKLN) | 0.20% | -0.55% | 1.24% | 1.90% | 3.73% |
| High Yield (HYG) | 0.19% | -0.41% | -1.11% | 0.09% | 0.98% |
| Corporate (SPIB) | 0.00% | 0.74% | -0.50% | -0.44% | -0.05% |
| Convertible (CWB) | 0.00% | -6.88% | -5.82% | 7.91% | 4.18% |
| Preferred Stock (PFF) | -0.17% | -3.17% | -3.34% | -3.48% | -4.29% |
| International & EM | |||||
| International Local (IGOV) | 0.05% | 0.24% | -0.57% | -3.48% | -4.07% |
| International USD (BNDX) | 0.02% | 0.88% | -0.43% | -0.15% | -0.71% |
| Emerging USD (EMB) | -0.16% | -0.25% | -1.99% | -1.13% | 0.08% |
| Emerging Local (EMLC) | -0.89% | -0.97% | -0.94% | -0.21% | 2.49% |
| Municipals | |||||
| Long-Term (MLN) | 0.54% | 3.00% | -2.38% | -1.32% | -1.60% |
| High Yield (HYD) | 0.51% | 3.32% | -0.53% | 0.06% | 1.03% |
| Intermediate (MUB) | 0.38% | 2.90% | -0.83% | -0.70% | -0.37% |
| Short-Term (SUB) | 0.12% | 1.70% | 0.68% | 1.22% | 2.08% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Broad commodities pulled back, with Broad Commodities (DJP) down 0.84% as crude oil retreated from its recent highs. WTI Crude (USO) fell 1.95% and Brent Crude (BNO) declined 1.30%, tracking reports that Qatari mediators were working with the U.S. in Tehran to ease regional tensions, a reversal from the prior week’s sharp 6.2% Brent rally on Houthi attack concerns. Agricultural commodities were broadly weaker, led by Sugar (CANE), which dropped 5.60%, alongside declines in Wheat (WEAT) and Soybeans (' target='_blank'>SOYB). Precious metals were mixed, with Gold (GLD) up 0.33% while Platinum (PPLT) fell 1.57%, extending a steep year-to-date decline of 25.82%. Industrial metals held firmer, with Copper (CPER) gaining 0.84%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.84% | -1.53% | 7.18% | 38.18% | 42.70% |
| Agriculture | |||||
| Corn (CORN) | -0.28% | -10.64% | -3.66% | -0.56% | 0.09% |
| Broad (DBA) | -0.97% | -3.29% | -2.27% | 8.15% | 7.52% |
| Soybeans (SOYB) | -1.23% | -4.55% | 0.68% | 21.04% | 18.90% |
| Wheat (WEAT) | -1.27% | -11.61% | -10.63% | 12.87% | 9.68% |
| Sugar (CANE) | -5.60% | 2.32% | 18.19% | 17.58% | 20.36% |
| Energy | |||||
| Natural Gas (UNG) | -0.21% | -14.11% | -9.38% | -22.02% | -26.29% |
| Broad (DBE) | -1.23% | 10.91% | 25.78% | 131.97% | 120.61% |
| Brent Crude (BNO) | -1.30% | 17.47% | 33.26% | 147.42% | 135.21% |
| WTI Crude (USO) | -1.95% | 12.07% | 21.61% | 140.36% | 127.15% |
| Industrial Metals | |||||
| Copper (CPER) | 0.84% | -3.00% | 2.71% | 12.67% | 24.69% |
| Broad (DBB) | 0.20% | -3.86% | 0.97% | 8.67% | 18.55% |
| Precious Metals | |||||
| Gold (GLD) | 0.33% | -6.50% | -1.10% | -7.19% | -2.57% |
| Broad (DBP) | 0.18% | -8.78% | -2.52% | -11.93% | -1.37% |
| Palladium (PALL) | 0.00% | -17.58% | -16.05% | -34.86% | -27.31% |
| Silver (SLV) | -0.12% | -16.31% | -7.47% | -24.46% | 10.62% |
| Platinum (PPLT) | -1.57% | -14.05% | -4.16% | -25.82% | -5.44% |
Cryptocurrency
Digital assets traded lower across the board, with Ethereum (ETHA) down 3.22% and Solana (SOLZ) off 2.94%, leading declines on the day. Bitcoin (IBIT) slipped 1.61%, extending a one-month decline of 4.94% and leaving it down 8.92% year-to-date. XRP (XRP) fell 1.03% on the day and remains down 29.82% year-to-date, the weakest trailing performer in the group. Despite the daily softness, most major cryptocurrencies continue to show positive three-month returns, with Solana up 35.11% and Bitcoin up 24.40% over that window, suggesting the pullback is occurring within a longer-term uptrend rather than a reversal.
What to Watch Today
Tuesday brings the start of the FOMC’s two-day policy meeting, with markets awaiting Wednesday’s 2:00 p.m. ET statement, alongside a slate of economic data including preliminary Durable Goods Orders and Richmond Fed Manufacturing at the 8:30 a.m. and 10:00 a.m. ET windows, S&P/Case-Shiller Home Price Indices and New Residential Sales at 9:00 a.m., and Consumer Confidence for October at 10:00 a.m. ET. Earnings before the open include Coca-Cola, UPS, and Boeing, with SoFi, PayPal, Corning, and Freeport-McMoRan also reporting. After the close, Robinhood and Visa headline results alongside Seagate Technology, Enphase Energy, Waste Management, WellTower, NXP Semiconductors, and Teradyne. Investors should note that Alphabet and Microsoft earnings are scheduled for Wednesday, October 28, not Tuesday.
U.S. equities rebounded to open the week, with the S&P 500 (IVV) adding 0.71% as the AI trade regained footing following several weeks of pressure tied to debt concerns and higher rates. Developed ex-U.S. markets (EFA) posted a more modest 0.27% gain, while Emerging Markets (EEM) slipped 0.31%, weighed down heavily by a single-country shock. Fixed income was largely flat, with the U.S. Aggregate Bond (AGG) up just 0.09% as Treasury yields firmed on the risk-on tone. Broad Commodities (DJP) declined 0.84% as crude oil retreated from recent highs on reports of easing regional tensions. The clear outlier of the session was Brazil (EWZ), which plunged 19.82% after President Lula secured a fourth term, upending expectations for a shift toward more market-friendly economic policy.