Macro Overview
U.S. Size & Style
Growth styles led decisively across the cap spectrum, with Large Growth (IVW) advancing 2.31% versus a more modest 0.67% gain for Large Value (IVE), reflecting the tech-driven nature of the session. Large Cap (IVV) carries an RSI of 58, comfortably in neutral territory, while Large Growth’s RSI of 64 signals building momentum without yet reaching overbought levels. Mid and small caps lagged notably, with Mid Value (IJJ) flat at -0.01% and both Small Value (IJS) and Small Cap (IJR) showing RSI readings of 30, at the threshold of oversold. Breadth remains thin down the cap spectrum, with only 17-28% of mid- and small-cap constituents trading above their 50-day moving averages, underscoring the narrow, mega-cap-led character of this rally.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.67% | -1.20% | 3.53% | 11.36% | 15.98% |
| Large Cap (IVV) | 1.56% | 1.27% | 3.87% | 14.35% | 17.87% |
| Large Growth (IVW) | 2.31% | 3.37% | 4.02% | 16.63% | 19.15% |
| Mid Value (IJJ) | -0.01% | -4.67% | -1.89% | 8.71% | 10.77% |
| Mid Cap (IJH) | 0.37% | -4.29% | -3.04% | 11.86% | 13.09% |
| Mid Growth (IJK) | 0.83% | -3.93% | -4.10% | 14.73% | 15.24% |
| Small Value (IJS) | -0.04% | -4.75% | -1.10% | 16.62% | 20.08% |
| Small Cap (IJR) | 0.24% | -5.13% | -2.42% | 16.81% | 18.27% |
| Small Growth (IJT) | 0.58% | -5.51% | -3.75% | 16.75% | 16.30% |
U.S. Sectors & Industries
Technology-adjacent sectors dominated the session, with Communication Services (XLC) leading all sectors at 3.88% and Technology (XLK) close behind at 2.89%, pushing its year-to-date return to 35.82% and its RSI to 66. Consumer Discretionary (XLY) also participated with a 1.30% gain, though it remains down 5.43% year-to-date. Energy (XLE) was the clear laggard, falling 2.29% as crude prices retreated sharply, even as the sector retains a commanding 42.47% year-to-date advance. Utilities (XLU) posted an RSI of 28, the lowest reading among sectors and firmly in oversold territory, with just 3% of constituents above their 50-day moving average.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 1.55% | 1.27% | 3.84% | 14.32% | 17.80% |
| Communication Services (XLC) | 3.88% | 3.33% | 5.45% | -1.64% | -2.38% |
| Technology (XLK) | 2.89% | 6.42% | 2.02% | 35.82% | 40.60% |
| Consumer Discretionary (XLY) | 1.30% | -4.70% | -3.80% | -5.43% | -6.09% |
| Real Estate (XLRE) | 0.98% | -4.74% | -1.24% | 8.07% | 6.13% |
| Health Care (XLV) | 0.75% | -2.84% | 14.05% | 10.53% | 25.72% |
| Financials (XLF) | 0.42% | -2.41% | 5.08% | 3.30% | 5.00% |
| Industrials (XLI) | 0.40% | -5.45% | -5.56% | 10.45% | 12.73% |
| Materials (XLB) | -0.10% | -6.73% | -3.25% | 11.01% | 11.95% |
| Utilities (XLU) | -0.34% | -4.23% | -7.91% | -2.77% | -0.89% |
| Consumer Staples (XLP) | -0.41% | -4.10% | -0.32% | 7.49% | 6.78% |
| Energy (XLE) | -2.29% | -1.26% | 17.70% | 42.47% | 46.37% |
Global Thematic
AI and technology-adjacent thematic funds captured the day’s enthusiasm, led by the Spear Alpha ETF (SPRX) up 5.77% and the Invesco AI and Next Gen Software ETF (IGPT) gaining 5.26%. The Global X AI Semiconductor & Quantum ETF (CHPX) added 4.60% and the WisdomTree Cybersecurity Fund (WCBR) rose 4.47%, consistent with the session’s chip and AI-agent-driven enthusiasm. On the other end, natural resources and precious metals miners underperformed, with the iShares North American Natural Resources ETF (IGE) down 1.66% and the Global X Silver Miners ETF (SIL) off 1.51%, tracking the broader retreat in energy and commodity prices.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Spear Alpha ETF (SPRX) | 5.77% |
| Invesco AI and Next Gen Software ETF (IGPT) | 5.26% |
| Global X AI Semiconductor & Quantum ETF (CHPX) | 4.60% |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | 4.56% |
| WisdomTree Cybersecurity Fund (WCBR) | 4.47% |
| Laggards | |
| iShares North American Natural Resources ETF (IGE) | -1.66% |
| State Street SPDR S&P North American Natural Resources ETF (NANR) | -1.64% |
| Global X Silver Miners ETF (SIL) | -1.51% |
| iShares MSCI Global Silver Miners ETF (SLVP) | -1.48% |
| VanEck Junior Gold Miners ETF (GDXJ) | -1.41% |
Developed ex-U.S. & Emerging Markets
Developed markets advanced broadly, with France (EWQ) up 1.17%, Switzerland (EWL) gaining 1.28%, and Hong Kong (EWH) rising 1.38%, though these markets show more muted or mixed year-to-date results relative to the U.S. Emerging markets showed stronger dispersion, led by South Korea (EWY) at 4.33% and Taiwan (EWT) at 3.58%, both extending exceptional multi-year runs with 94.57% and 82.02% year-to-date gains, respectively, reflecting continued strength in semiconductor-linked exposures. China (MCHI) rose 1.75% on the day but remains down 9.51% year-to-date, while Indonesia (EIDO) declined 0.88% and continues to trail with a 32.72% year-to-date loss. India (INDA) gained a modest 1.00% but remains one of the weaker year-to-date performers among major emerging markets at -10.27%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 1.11% | -1.95% | 1.65% | 12.26% | 18.02% |
| Australia (EWA) | 1.01% | -3.65% | 1.68% | 12.45% | 11.41% |
| Canada (EWC) | 0.35% | -3.09% | 4.42% | 12.58% | 20.75% |
| France (EWQ) | 1.17% | -5.91% | -3.47% | 0.62% | 4.17% |
| Germany (EWG) | 1.07% | -3.62% | 2.60% | 2.23% | 5.40% |
| Hong Kong (EWH) | 1.38% | -2.53% | 6.95% | 8.82% | 11.20% |
| Japan (EWJ) | 0.99% | 2.92% | 1.77% | 21.97% | 26.51% |
| Netherlands (EWN) | 1.25% | -2.32% | -4.22% | 20.12% | 25.14% |
| South Korea (EWY) | 4.33% | 6.07% | -13.70% | 94.57% | 141.68% |
| Switzerland (EWL) | 1.28% | -5.52% | -0.85% | 3.21% | 11.99% |
| U.K. (EWU) | 0.89% | -2.55% | 4.91% | 10.00% | 19.24% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 2.69% | 2.55% | -2.77% | 26.44% | 32.38% |
| Brazil (EWZ) | 1.47% | 8.59% | 12.87% | 20.97% | 28.72% |
| China (MCHI) | 1.75% | -2.98% | 2.33% | -9.51% | -14.61% |
| India (INDA) | 1.00% | -2.30% | -2.18% | -10.27% | -10.09% |
| Indonesia (EIDO) | -0.88% | -3.21% | -0.56% | -32.72% | -28.59% |
| Malaysia (EWM) | 1.32% | -3.49% | 0.51% | 3.18% | 12.07% |
| Mexico (EWW) | 0.49% | -4.76% | -4.69% | 7.86% | 15.33% |
| South Africa (EZA) | -0.38% | -5.90% | 2.23% | 1.27% | 17.53% |
| Taiwan (EWT) | 3.58% | 10.87% | 5.14% | 82.02% | 90.86% |
| Thailand (THD) | 1.70% | -1.70% | 1.63% | 26.04% | 25.07% |
Fixed Income
Fixed income posted broad-based, modest gains as Treasury yields eased, with longer-duration exposures outperforming shorter ones. Long-Term Treasuries (BLV) rose 0.64% and the SPDR Long-Term Treasury fund (SPTL) added 0.69%, while shorter-duration Short-Term Treasuries (BSV) gained just 0.07%. Credit-sensitive segments also participated, with Convertible Securities (CWB) up 1.21% and Preferred Stock (PFF) rising 0.70%, both benefiting from the risk-on tone. High Yield Municipal (HYD) was among the few fixed income laggards, slipping 0.16% on the day.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.64% | 0.03% | -3.89% | -2.57% | -2.87% |
| Core Enhanced (IUSB) | 0.27% | -0.82% | -1.59% | -0.78% | 0.23% |
| Core (AGG) | 0.26% | -0.83% | -1.71% | -1.06% | -0.17% |
| Short-Term (BSV) | 0.07% | -0.78% | -0.36% | -0.03% | 1.09% |
| Government | |||||
| Long-Term (SPTL) | 0.69% | -0.23% | -4.13% | -3.10% | -3.24% |
| Inflation Protected (TIP) | 0.39% | -1.35% | -1.73% | -0.56% | -0.84% |
| Intermediate (SPTI) | 0.22% | -1.38% | -1.57% | -1.84% | -0.91% |
| Short-Term (SPTS) | 0.07% | -0.54% | 0.04% | 0.56% | 1.73% |
| Ultrashort (BIL) | 0.02% | 0.27% | 0.90% | 2.58% | 3.66% |
| Specialty | |||||
| Convertible (CWB) | 1.21% | -0.59% | -6.51% | 16.61% | 15.70% |
| Preferred Stock (PFF) | 0.70% | -0.34% | -1.89% | 0.98% | -0.86% |
| Mortgage Backed (MBB) | 0.33% | -1.28% | -1.99% | -1.04% | 0.41% |
| High Yield (HYG) | 0.19% | -0.62% | -0.18% | 1.55% | 2.72% |
| Corporate (SPIB) | 0.18% | -0.82% | -0.96% | -0.38% | 0.67% |
| Bank Loans (BKLN) | 0.07% | 0.92% | 2.66% | 2.62% | 4.79% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.44% | -1.63% | 0.49% | 2.14% | 5.09% |
| Emerging USD (EMB) | 0.43% | -0.56% | -1.79% | 0.84% | 3.90% |
| International USD (BNDX) | 0.34% | -0.67% | -1.64% | -0.45% | -0.02% |
| International Local (IGOV) | 0.17% | -2.15% | -1.46% | -2.54% | -3.23% |
| Municipals | |||||
| Long-Term (MLN) | 0.18% | -3.14% | -4.28% | -2.08% | -0.48% |
| Short-Term (SUB) | 0.01% | -0.75% | -0.56% | 0.37% | 0.85% |
| Intermediate (MUB) | -0.02% | -2.08% | -3.38% | -1.89% | -0.24% |
| High Yield (HYD) | -0.16% | -2.25% | -3.91% | -1.49% | 0.32% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities were mixed, with Broad Commodities (DJP) falling 0.49% as energy weighed heavily on the complex. WTI Crude (USO) dropped 3.68% and Brent Crude (BNO) fell 2.81% as diplomatic hopes around Iran reduced the geopolitical risk premium embedded in oil prices, despite both benchmarks retaining triple-digit year-to-date gains near 108-114%. Agricultural commodities moved higher, with Corn (CORN) up 2.89% and Wheat (WEAT) gaining 1.74%. Precious metals softened modestly, with Gold (GLD) down 0.70% and Silver (SLV) off 0.50%, though Silver retains a substantial 52.74% one-year gain.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.49% | 3.60% | 16.51% | 39.43% | 51.21% |
| Agriculture | |||||
| Corn (CORN) | 2.89% | 6.63% | 19.59% | 14.33% | 14.26% |
| Broad (DBA) | 1.88% | 1.27% | 7.70% | 12.38% | 10.15% |
| Wheat (WEAT) | 1.74% | 3.54% | 14.69% | 31.75% | 24.99% |
| Soybeans (SOYB) | 1.59% | 7.16% | 15.86% | 28.64% | 28.05% |
| Sugar (CANE) | 0.72% | -0.71% | 19.04% | 14.10% | 7.38% |
| Energy | |||||
| Natural Gas (UNG) | -1.44% | 2.70% | -12.61% | -16.31% | -18.38% |
| Broad (DBE) | -2.18% | 9.02% | 32.17% | 107.90% | 99.71% |
| Brent Crude (BNO) | -2.81% | 9.42% | 34.16% | 107.87% | 96.50% |
| WTI Crude (USO) | -3.68% | 10.04% | 28.98% | 114.23% | 101.52% |
| Industrial Metals | |||||
| Copper (CPER) | 1.09% | 1.70% | 4.66% | 16.33% | 42.30% |
| Broad (DBB) | -0.23% | 1.29% | 2.29% | 12.82% | 31.59% |
| Precious Metals | |||||
| Palladium (PALL) | 0.17% | -2.94% | 2.15% | -18.39% | 13.16% |
| Platinum (PPLT) | 0.06% | -4.11% | 6.18% | -12.46% | 27.04% |
| Silver (SLV) | -0.50% | -4.93% | 0.20% | -7.44% | 52.74% |
| Broad (DBP) | -0.56% | -5.73% | 2.48% | -1.98% | 22.10% |
| Gold (GLD) | -0.70% | -5.90% | 2.91% | 0.52% | 17.45% |
Cryptocurrency
Digital assets rallied sharply across the board, with XRP (XRP) leading at 6.71% and Bitcoin (IBIT) advancing 6.50%, coinciding with reported price action above $86,000. Ethereum (ETHA) gained 4.67% and the Multi-Coin fund (NCIQ) rose 5.60%, extending a strong one-month trend that has lifted most crypto exposures by double digits over the trailing month. Despite the one-day strength, year-to-date figures remain negative across the group, with Ethereum down 7.04% and XRP off 17.84% year-to-date, reflecting the depth of the earlier drawdown these assets are recovering from. Solana (SOLZ) rose a more modest 3.51% on the day but has gained 70.61% over three months.
What to Watch Today
Tuesday brings a full economic calendar including the Richmond Fed Manufacturing Index for September at 10:00 AM ET and weekly data points from ICSC Retail Sales, ADP Weekly Employment, and Johnson/Redbook Sales earlier in the morning. Fed speakers are in focus, with New York Fed President John Williams, Fed Governor Philip Jefferson, and Richmond Fed President Thomas Barkin all scheduled to appear, the latter delivering remarks at 1:00 PM ET. The Treasury will auction $78 billion in 2-year notes at 1:00 PM ET, alongside the release of M2 Money Supply data. Earnings are due before the open from AutoZone, MillerKnoll, and Thor Industries, with KB Home and Worthington reporting after the close.
U.S. equities staged a broad advance as the S&P 500 (IVV) climbed 1.56%, its strongest single-day move in weeks, lifting the year-to-date gain to 14.35%. Developed ex-U.S. markets (EFA) added 1.11%, while Emerging Markets (EEM) outpaced both developed benchmarks with a 2.69% gain, pushing its year-to-date return to 26.44%. Fixed income was firm but modest, with the U.S. Aggregate Bond (AGG) up 0.26% as Treasury yields eased. Broad Commodities (DJP) slipped 0.49%, dragged lower by a sharp retreat in crude oil prices tied to hopes for diplomatic progress on Iran. South Korea (EWY) stood out among country-level exposures, surging 4.33% and extending its year-to-date gain to a remarkable 94.57%.