Macro Overview
U.S. equities finished a mixed session nearly flat, with the S&P 500 (IVV) adding just 0.10% as data pointed to a slight cooling in economic activity. Developed international markets outperformed, with the MSCI EAFE Index (EFA) gaining 0.50%. The most significant move occurred in emerging markets, where the MSCI Emerging Markets Index (EEM) fell sharply by -1.97%. Meanwhile, fixed income markets saw modest gains as the U.S. Aggregate Bond (AGG) rose 0.12%, while broad commodities (DJP) edged lower.
U.S. Size & Style
A distinct rotation from growth to value characterized the U.S. equity market on Friday. The S&P 500 Value (IVE) advanced 0.90%, starkly contrasting with the -0.57% decline in its growth counterpart (IVW). This dynamic was even more pronounced in the mid-cap space, where the S&P MidCap 400 Value (IJJ) climbed 0.99%. Small-cap indexes were comparatively subdued, ending the day nearly unchanged.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.90% | 2.24% | 5.28% | 9.93% | 17.66% |
| Large Cap (IVV) | 0.10% | 0.77% | 3.77% | 8.96% | 17.82% |
| Large Growth (IVW) | -0.57% | -0.40% | 2.46% | 7.95% | 17.72% |
| Mid Value (IJJ) | 0.99% | 1.70% | 5.25% | 13.39% | 18.63% |
| Mid Cap (IJH) | 0.42% | 0.01% | 4.35% | 15.35% | 20.32% |
| Mid Growth (IJK) | -0.08% | -1.51% | 3.40% | 17.08% | 21.93% |
| Small Value (IJS) | 0.18% | 1.37% | 6.08% | 20.18% | 33.39% |
| Small Cap (IJR) | -0.01% | 0.30% | 6.60% | 21.09% | 30.66% |
| Small Growth (IJT) | -0.16% | -0.74% | 7.02% | 21.83% | 27.98% |
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U.S. Sectors & Industries
Sector performance showed significant divergence, driven by reactions to corporate earnings. Technology (XLK) was the clear laggard, falling -1.44% after mixed results from bellwether companies. In contrast, Real Estate (XLRE) led all sectors with a 2.22% surge, followed by a strong 1.93% gain in Materials (XLB). The Energy sector (XLE) posted a 0.40% gain and remains in overbought territory with an RSI above 71.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.10% | 0.78% | 3.76% | 8.94% | 17.76% |
| Real Estate (XLRE) | 2.22% | 3.24% | 5.74% | 15.63% | 11.06% |
| Materials (XLB) | 1.93% | 0.20% | -0.90% | 13.95% | 14.33% |
| Consumer Staples (XLP) | 1.11% | -0.37% | 1.79% | 9.67% | 6.29% |
| Communication Services (XLC) | 0.87% | -0.23% | -7.75% | -9.17% | -0.91% |
| Financials (XLF) | 0.86% | 4.82% | 9.89% | 3.70% | 7.74% |
| Health Care (XLV) | 0.70% | 6.01% | 13.25% | 5.91% | 21.83% |
| Consumer Discretionary (XLY) | 0.60% | -4.92% | -7.63% | -8.01% | -1.03% |
| Energy (XLE) | 0.40% | 11.29% | 5.58% | 35.17% | 40.60% |
| Industrials (XLI) | 0.40% | 1.36% | 6.17% | 18.37% | 20.54% |
| Utilities (XLU) | 0.22% | 1.65% | 0.88% | 9.88% | 12.86% |
| Technology (XLK) | -1.44% | -3.92% | 9.90% | 22.46% | 35.27% |
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Global Thematic
Thematic ETFs displayed a wide performance gap, particularly within the technology sphere. Cloud computing funds were a bright spot, with the WisdomTree Cloud Computing Fund (WCLD) rising 3.05%. On the other end of the spectrum, semiconductor-related strategies faced intense selling pressure, as seen in the -9.86% plunge for the Tema Memory ETF (DISK). Outside of tech, home construction was strong, with the iShares U.S. Home Construction ETF (ITB) climbing 2.70%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| WisdomTree Cloud Computing Fund (WCLD) | 3.05% |
| iShares U.S. Home Construction ETF (ITB) | 2.70% |
| Global X Cloud Computing ETF (CLOU) | 2.44% |
| VanEck Alternative Asset Manager ETF (GPZ) | 2.43% |
| Pacer Data & Infrastructure Real Estate ETF (SRVR) | 2.15% |
| Laggards | |
| Tema Memory ETF (DISK) | -9.86% |
| Roundhill Memory ETF (DRAM) | -8.75% |
| CoinShares Bitcoin Mining ETF (WGMI) | -8.03% |
| Tuttle Capital Pure Play Photonics ETF (FOTO) | -6.57% |
| Spear Alpha ETF (SPRX) | -6.35% |
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Developed ex-U.S. & Emerging Markets
Developed international markets posted solid gains, with the MSCI EAFE Index (EFA) up 0.50%, supported by advances in Germany (EWG) and the U.K. (EWU). Conversely, emerging markets experienced a broad sell-off, with the MSCI Emerging Markets Index (EEM) dropping -1.97%. The decline was heavily influenced by a substantial -6.27% loss in South Korea (EWY), which significantly weighed on the broader index.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.50% | 1.12% | 3.21% | 9.38% | 17.71% |
| Australia (EWA) | 0.81% | 2.90% | -0.15% | 11.21% | 11.46% |
| Canada (EWC) | 0.43% | 3.11% | 2.43% | 10.04% | 27.48% |
| France (EWQ) | 0.58% | 0.25% | 1.41% | 2.29% | 6.57% |
| Germany (EWG) | 1.31% | 1.41% | -0.97% | -1.32% | -1.79% |
| Hong Kong (EWH) | 0.49% | 6.62% | -1.92% | 7.82% | 13.28% |
| Japan (EWJ) | 0.12% | -1.51% | 5.01% | 13.57% | 24.32% |
| Netherlands (EWN) | -0.92% | -1.69% | 6.17% | 17.70% | 29.23% |
| South Korea (EWY) | -6.27% | -17.39% | 5.43% | 67.62% | 127.35% |
| Switzerland (EWL) | 0.36% | -0.16% | 2.64% | 5.38% | 14.64% |
| U.K. (EWU) | 1.13% | 3.92% | 1.96% | 8.94% | 19.80% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -1.97% | -5.83% | -0.14% | 16.34% | 30.02% |
| Brazil (EWZ) | -1.22% | 5.55% | -9.69% | 13.54% | 37.73% |
| China (MCHI) | -0.04% | 3.69% | -7.14% | -10.64% | -8.18% |
| India (INDA) | 0.82% | -3.24% | -3.15% | -11.16% | -11.17% |
| Indonesia (EIDO) | -1.13% | 4.43% | -18.75% | -33.26% | -29.25% |
| Malaysia (EWM) | -0.65% | 2.45% | -4.05% | 3.07% | 17.89% |
| Mexico (EWW) | 0.60% | 2.25% | -2.44% | 10.42% | 28.25% |
| South Africa (EZA) | 1.06% | -1.79% | -11.05% | -9.36% | 18.67% |
| Taiwan (EWT) | -1.83% | -6.41% | 11.26% | 54.27% | 72.63% |
| Thailand (THD) | 0.58% | 5.23% | 7.77% | 24.91% | 34.50% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
The bond market saw a quiet day of modest gains across most categories. The U.S. Aggregate Bond (AGG) rose 0.12%, with similar slight upticks in both short-term and long-term Treasury funds. A notable outlier was the convertible bond market, where the SPDR Bloomberg Convertible Securities ETF (CWB) fell -1.64%, reflecting its equity sensitivity amid weakness in the technology sector. High Yield (HYG) finished the session flat.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Core (AGG) | 0.12% | -1.41% | -1.15% | -0.47% | 3.16% |
| Short-Term (BSV) | 0.09% | -0.18% | -0.28% | 0.28% | 2.88% |
| Core Enhanced (IUSB) | 0.08% | -1.33% | -1.02% | -0.28% | 3.38% |
| Long-Term (BLV) | 0.06% | -4.01% | -2.74% | -2.13% | 2.09% |
| Government | |||||
| Long-Term (SPTL) | 0.20% | -3.86% | -2.63% | -2.19% | 1.88% |
| Intermediate (SPTI) | 0.14% | -0.85% | -1.18% | -0.83% | 2.27% |
| Short-Term (SPTS) | 0.10% | 0.03% | 0.05% | 0.61% | 2.96% |
| Ultrashort (BIL) | 0.03% | 0.31% | 0.89% | 2.01% | 3.80% |
| Inflation Protected (TIP) | 0.01% | -0.70% | -1.28% | 0.41% | 2.33% |
| Specialty | |||||
| Mortgage Backed (MBB) | 0.25% | -1.38% | -1.18% | -0.13% | 4.55% |
| Corporate (SPIB) | 0.12% | -0.73% | -0.61% | 0.06% | 3.45% |
| Bank Loans (BKLN) | 0.10% | 0.88% | 0.89% | 0.65% | 3.88% |
| Preferred Stock (PFF) | 0.07% | -1.24% | -3.01% | -0.14% | 2.24% |
| High Yield (HYG) | 0.00% | -0.32% | -0.07% | 1.21% | 4.44% |
| Convertible (CWB) | -1.64% | -5.19% | 1.05% | 14.57% | 20.88% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.24% | -0.07% | -0.43% | 0.74% | 5.93% |
| International Local (IGOV) | 0.22% | -1.29% | -3.32% | -2.93% | -3.68% |
| International USD (BNDX) | 0.19% | -1.22% | -0.07% | 0.29% | 1.68% |
| Emerging USD (EMB) | 0.12% | -1.59% | -0.37% | 0.88% | 7.76% |
| Municipals | |||||
| Long-Term (MLN) | 0.32% | -1.51% | -0.94% | 1.09% | 9.11% |
| Intermediate (MUB) | 0.28% | -1.51% | -0.91% | 0.13% | 5.30% |
| High Yield (HYD) | 0.20% | -1.96% | -0.70% | 0.59% | 7.35% |
| Short-Term (SUB) | 0.16% | -0.24% | -0.07% | 0.53% | 1.92% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Broad-based commodity indexes retreated, with the Bloomberg Commodity Index (DJP) down -0.64%. The energy complex led the decline as WTI Crude Oil (USO) fell -2.01% amid fluctuating demand forecasts and inventory data. Precious metals delivered a mixed performance, as Silver (SLV) gained 1.02% while Gold (GLD) was little changed. Agricultural commodities were also mixed, with Soybeans (SOYB) up 0.73% while Wheat (WEAT) declined -1.60%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.64% | 12.35% | -0.16% | 28.93% | 38.62% |
| Agriculture | |||||
| Soybeans (SOYB) | 0.73% | 9.11% | 7.40% | 20.22% | 20.27% |
| Sugar (CANE) | 0.47% | 4.35% | 2.59% | -0.51% | -11.53% |
| Broad (DBA) | 0.00% | 6.33% | 3.10% | 10.66% | 11.65% |
| Corn (CORN) | -0.05% | 10.11% | 0.16% | 3.21% | 4.15% |
| Wheat (WEAT) | -1.60% | 12.79% | 8.75% | 26.29% | 12.59% |
| Energy | |||||
| Natural Gas (UNG) | -0.57% | -10.06% | 2.33% | -13.95% | -23.88% |
| Brent Crude (BNO) | -1.63% | 29.06% | -0.02% | 85.66% | 72.56% |
| Broad (DBE) | -1.77% | 23.88% | 5.23% | 84.43% | 72.93% |
| WTI Crude (USO) | -2.01% | 28.60% | 3.24% | 97.64% | 79.64% |
| Industrial Metals | |||||
| Copper (CPER) | 0.29% | 5.62% | 3.82% | 9.70% | 6.03% |
| Broad (DBB) | -0.04% | 3.78% | -1.98% | 7.63% | 28.34% |
| Precious Metals | |||||
| Silver (SLV) | 1.02% | 1.56% | -23.55% | -18.36% | 48.18% |
| Broad (DBP) | 0.30% | 1.55% | -16.25% | -9.65% | 22.74% |
| Gold (GLD) | 0.10% | 1.63% | -14.16% | -6.16% | 19.86% |
| Platinum (PPLT) | -0.21% | 1.41% | -20.96% | -22.60% | 12.49% |
| Palladium (PALL) | -0.97% | 6.82% | -17.33% | -22.41% | -0.06% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets ended the week with a broad but mild downturn. The largest cryptocurrencies registered modest losses, with Bitcoin (IBIT) declining -0.82% and Ethereum (ETHA) slipping -0.50%. The negative sentiment was slightly more pronounced among altcoins, as illustrated by the -2.41% drop in Solana (SOLZ).
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Solana (SOLZ) | -2.41% | 11.93% | -14.70% | -41.29% | -63.90% |
| XRP (XRP) | -1.46% | 3.05% | -24.57% | -40.74% | — |
| Multi-Coin (NCIQ) | -0.87% | 8.33% | -17.90% | -29.61% | -49.16% |
| Bitcoin (IBIT) | -0.82% | 7.32% | -17.42% | -26.79% | -46.28% |
| Ethereum (ETHA) | -0.50% | 17.79% | -19.86% | -37.41% | -50.53% |
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What to Watch Today
Looking ahead to Monday, market participants will be focused on a series of economic data releases and the continuation of earnings season. Key reports scheduled for the morning include Durable Goods Orders and Pending Home Sales for June. Additionally, the U.S. Treasury will conduct auctions for 3-month, 6-month, and 2-year notes, providing insight into demand for government debt. Investors will also parse a fresh wave of quarterly results from major companies in the industrial, financial, and technology sectors.
