Macro Overview
U.S. equities finished a mixed session as strong corporate earnings from blue-chip names contrasted with a sharp downturn in technology, leaving the S&P 500 (IVV) with a modest 0.22% gain. Developed international markets (EFA) ended flat, while Emerging Markets (EEM) were the clear outlier, falling 1.98% due to a significant sell-off in Asian semiconductor and AI-related stocks. Meanwhile, U.S. bonds (AGG) edged higher by 0.24% as Treasury yields declined, and broad commodities (DJP) dropped 1.02% on lower oil prices.
U.S. Size & Style
A distinct rotation from growth to value characterized the U.S. market, driven by earnings reports and a tech sector pullback. Large-cap Value (IVE) advanced 0.87%, while its Large-cap Growth (IVW) counterpart declined by 0.38%. This trend was consistent across the capitalization spectrum, with Small-cap Value (IJS) gaining 0.77% and Mid-cap Growth (IJK) posting the day’s largest style-box loss at 0.77%. Value-oriented funds now show stronger momentum, with over 72% of constituents trading above their 50-day moving averages across all cap sizes.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.87% | 3.49% | 6.88% | 11.38% | 19.36% |
| Large Cap (IVV) | 0.22% | 1.92% | 4.37% | 9.23% | 17.68% |
| Large Growth (IVW) | -0.38% | -0.57% | 2.15% | 7.14% | 15.87% |
| Mid Value (IJJ) | 0.73% | 1.39% | 6.43% | 14.48% | 19.40% |
| Mid Cap (IJH) | 0.04% | -0.25% | 5.70% | 15.75% | 19.92% |
| Mid Growth (IJK) | -0.77% | -2.25% | 4.87% | 16.63% | 20.15% |
| Small Value (IJS) | 0.77% | 0.23% | 7.07% | 21.39% | 34.32% |
| Small Cap (IJR) | 0.55% | -0.75% | 8.07% | 22.30% | 31.41% |
| Small Growth (IJT) | 0.29% | -1.82% | 9.00% | 23.00% | 28.48% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Sector performance diverged widely, reflecting the day’s broader market theme of a flight from technology towards more defensive and value-oriented industries. The Technology sector (XLK) was the session’s worst performer, dropping 1.84% amid a global sell-off in semiconductor stocks. In contrast, Health Care (XLV) and Consumer Staples (XLP) led the advance, rising 2.36% and 1.99% respectively. Financials (XLF) also showed strength with a 1.27% gain, pushing its RSI into overbought territory at 72.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.24% | 1.63% | 4.36% | 9.22% | 17.60% |
| Health Care (XLV) | 2.36% | 4.32% | 16.79% | 8.97% | 25.78% |
| Consumer Staples (XLP) | 1.99% | 2.77% | 5.52% | 13.49% | 10.94% |
| Communication Services (XLC) | 1.87% | 3.29% | -5.00% | -6.29% | 3.75% |
| Materials (XLB) | 1.85% | 1.43% | 2.21% | 16.35% | 17.08% |
| Consumer Discretionary (XLY) | 1.48% | -1.65% | -3.68% | -5.43% | 0.23% |
| Financials (XLF) | 1.27% | 7.52% | 11.48% | 6.07% | 10.21% |
| Real Estate (XLRE) | 0.55% | 1.70% | 5.69% | 15.78% | 13.16% |
| Utilities (XLU) | -0.35% | -1.47% | -0.95% | 8.05% | 11.89% |
| Industrials (XLI) | -0.39% | 0.71% | 6.99% | 18.26% | 19.62% |
| Energy (XLE) | -1.35% | 6.93% | 0.47% | 30.52% | 34.75% |
| Technology (XLK) | -1.84% | -5.53% | 8.52% | 19.12% | 30.25% |
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Global Thematic
Thematic ETFs displayed a stark divide between technology-focused funds and other segments of the market. The global sell-off in AI and semiconductor stocks led to steep losses, with the Roundhill Memory ETF (DRAM) falling 8.89% and the VistaShares Artificial Intelligence Supercycle ETF (AIS) declining 6.72%. Conversely, themes tied to infrastructure and domestic consumption outperformed significantly. The Invesco Water Resources ETF (PHO) was a top performer, gaining 3.28% on the day.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Invesco Water Resources ETF (PHO) | 3.28% |
| First Trust Water ETF (FIW) | 2.95% |
| Global X Millennial Consumer ETF (MILN) | 2.67% |
| WisdomTree Cloud Computing Fund (WCLD) | 2.60% |
| iShares U.S. Home Construction ETF (ITB) | 2.40% |
| Laggards | |
| Roundhill Memory ETF (DRAM) | -8.89% |
| Tema Memory ETF (DISK) | -8.17% |
| Tuttle Capital Pure Play Photonics ETF (FOTO) | -6.79% |
| VistaShares Artificial Intelligence Supercycle ETF (AIS) | -6.72% |
| Global X Hydrogen ETF (HYDR) | -6.55% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
Global markets were heavily impacted by a technology-led downturn centered in Asia, causing significant divergence in country-level performance. South Korea (EWY) experienced a severe decline of 6.05%, while Taiwan (EWT) and Japan (EWJ) fell 3.95% and 1.84%, respectively. This weakness dragged the broader Emerging Markets index (EEM) down 1.98%. In contrast, several developed markets outside of Asia, such as Australia (EWA) and the U.K. (EWU), posted solid gains.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.02% | 1.32% | 4.52% | 9.89% | 20.33% |
| Australia (EWA) | 1.52% | 4.83% | 2.29% | 13.54% | 15.35% |
| Canada (EWC) | 0.76% | 3.53% | 4.63% | 11.48% | 29.83% |
| France (EWQ) | 0.84% | 1.92% | 4.18% | 3.95% | 9.82% |
| Germany (EWG) | 0.34% | 3.18% | 2.06% | 0.60% | 2.60% |
| Hong Kong (EWH) | 0.75% | 8.82% | 0.20% | 9.73% | 14.25% |
| Japan (EWJ) | -1.84% | -3.20% | 3.14% | 11.85% | 26.20% |
| Netherlands (EWN) | -1.15% | -3.17% | 6.58% | 15.27% | 29.01% |
| South Korea (EWY) | -6.05% | -23.23% | -1.89% | 55.78% | 113.03% |
| Switzerland (EWL) | 1.27% | 1.33% | 5.92% | 7.32% | 18.81% |
| U.K. (EWU) | 0.95% | 4.50% | 4.21% | 10.30% | 23.26% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -1.98% | -7.19% | -0.50% | 14.56% | 29.27% |
| Brazil (EWZ) | 0.50% | 3.98% | -8.30% | 14.56% | 42.16% |
| China (MCHI) | 0.28% | 7.79% | -3.51% | -8.83% | -5.55% |
| India (INDA) | 1.00% | -0.36% | 0.30% | -8.64% | -7.23% |
| Indonesia (EIDO) | -0.82% | 1.52% | -18.78% | -34.46% | -30.28% |
| Malaysia (EWM) | 0.43% | 4.05% | -3.13% | 4.45% | 20.71% |
| Mexico (EWW) | 0.31% | 1.87% | 2.13% | 12.37% | 32.23% |
| South Africa (EZA) | 0.06% | -1.63% | -7.56% | -8.01% | 23.15% |
| Taiwan (EWT) | -3.95% | -8.62% | 7.69% | 47.88% | 66.40% |
| Thailand (THD) | 0.17% | 4.25% | 6.51% | 23.57% | 32.89% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Fixed income markets posted modest gains as investors awaited the conclusion of the Federal Reserve’s policy meeting and Treasury yields eased. The U.S. Aggregate Bond index (AGG) rose 0.24%, with longer-duration government bonds like the Long-Term Treasury ETF (SPTL) climbing 0.55%. Most credit-focused funds also ended in positive territory. The notable exception was Convertible bonds (CWB), which fell 1.02%, reflecting the weakness in the growth-oriented equities to which they are linked.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.51% | -3.06% | -1.40% | -1.18% | 3.11% |
| Core (AGG) | 0.24% | -1.10% | -0.50% | 0.00% | 3.61% |
| Core Enhanced (IUSB) | 0.20% | -1.05% | -0.44% | 0.15% | 3.76% |
| Short-Term (BSV) | 0.10% | -0.24% | 0.01% | 0.42% | 2.98% |
| Government | |||||
| Long-Term (SPTL) | 0.55% | -2.91% | -1.22% | -1.15% | 2.93% |
| Intermediate (SPTI) | 0.25% | -0.74% | -0.51% | -0.41% | 2.60% |
| Inflation Protected (TIP) | 0.25% | -0.90% | -1.07% | 0.56% | 2.51% |
| Short-Term (SPTS) | 0.10% | 0.03% | 0.26% | 0.75% | 3.14% |
| Ultrashort (BIL) | 0.01% | 0.29% | 0.89% | 2.03% | 3.78% |
| Specialty | |||||
| Mortgage Backed (MBB) | 0.32% | -0.97% | -0.43% | 0.47% | 5.18% |
| Preferred Stock (PFF) | 0.26% | 0.47% | -1.65% | 0.52% | 2.91% |
| High Yield (HYG) | 0.19% | -0.05% | 0.27% | 1.46% | 4.67% |
| Corporate (SPIB) | 0.15% | -0.70% | -0.17% | 0.30% | 3.61% |
| Bank Loans (BKLN) | 0.05% | 1.03% | 0.84% | 0.70% | 3.98% |
| Convertible (CWB) | -1.02% | -4.84% | 1.50% | 13.25% | 19.75% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.28% | -0.10% | 0.55% | 1.34% | 7.70% |
| International Local (IGOV) | 0.27% | -0.92% | -2.26% | -2.40% | -1.94% |
| Emerging USD (EMB) | 0.24% | -0.99% | 0.47% | 1.47% | 8.10% |
| International USD (BNDX) | 0.15% | -0.84% | 0.68% | 0.69% | 1.74% |
| Municipals | |||||
| Long-Term (MLN) | 0.23% | -1.14% | 0.05% | 1.65% | 9.81% |
| Intermediate (MUB) | 0.19% | -1.22% | -0.42% | 0.55% | 5.60% |
| High Yield (HYD) | 0.10% | -1.56% | -0.25% | 0.89% | 7.58% |
| Short-Term (SUB) | -0.08% | -0.13% | 0.11% | 0.66% | 2.00% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
The commodities complex traded lower, primarily driven by a significant drop in energy prices. WTI Crude oil (USO) fell 3.42% and Brent Crude (BNO) declined 4.06% amid signs of diplomatic progress between the U.S. and Iran. Precious metals also faced selling pressure, with Gold (GLD) losing 1.40% and Silver (SLV) dropping 2.32%. In contrast, agricultural commodities were a bright spot, as the broad-based agriculture fund (DBA) gained 0.80%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -1.02% | 6.64% | -5.65% | 23.77% | 34.54% |
| Agriculture | |||||
| Corn (CORN) | 0.95% | 7.24% | -3.68% | 1.97% | 4.31% |
| Broad (DBA) | 0.80% | 3.88% | -0.43% | 9.09% | 9.94% |
| Soybeans (SOYB) | 0.47% | 4.94% | 4.17% | 17.61% | 18.64% |
| Wheat (WEAT) | 0.41% | 11.05% | -0.40% | 23.28% | 10.65% |
| Sugar (CANE) | -0.42% | -0.52% | 0.10% | -1.90% | -12.42% |
| Energy | |||||
| Broad (DBE) | -2.94% | 13.69% | -7.43% | 68.34% | 56.73% |
| Natural Gas (UNG) | -3.07% | -17.44% | -5.13% | -20.07% | -28.31% |
| WTI Crude (USO) | -3.42% | 14.23% | -13.69% | 74.22% | 56.14% |
| Brent Crude (BNO) | -4.06% | 15.95% | -15.08% | 65.04% | 50.87% |
| Industrial Metals | |||||
| Broad (DBB) | -1.05% | 1.32% | -1.13% | 7.19% | 29.19% |
| Copper (CPER) | -1.13% | 2.68% | 5.77% | 9.64% | 10.18% |
| Precious Metals | |||||
| Platinum (PPLT) | -1.29% | -1.56% | -17.34% | -22.01% | 15.60% |
| Gold (GLD) | -1.40% | -1.14% | -12.45% | -6.80% | 20.94% |
| Broad (DBP) | -1.67% | -1.42% | -14.66% | -10.35% | 24.10% |
| Palladium (PALL) | -2.18% | 3.95% | -13.59% | -21.21% | 1.85% |
| Silver (SLV) | -2.32% | -2.97% | -21.90% | -19.75% | 49.25% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets retreated on Tuesday amid broader risk-off sentiment in technology-related sectors and ahead of the Federal Reserve’s upcoming policy announcement. The major cryptocurrencies saw widespread losses, with Bitcoin (IBIT) declining 1.71% and Ethereum (ETHA) falling 1.50%. The broader Multi-Coin index (NCIQ) shed 2.21% for the session, indicating weakness across the asset class.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | -3.03% | 1.02% | -23.53% | -42.35% | — |
| Solana (SOLZ) | -2.38% | 1.56% | -11.62% | -41.06% | -62.96% |
| Multi-Coin (NCIQ) | -2.21% | 7.85% | -16.85% | -29.88% | -49.16% |
| Bitcoin (IBIT) | -1.71% | 6.77% | -16.48% | -27.21% | -46.14% |
| Ethereum (ETHA) | -1.50% | 21.87% | -16.58% | -35.40% | -49.67% |
Explore the Digital Assets Explorer →
What to Watch Today
Looking ahead to Wednesday, all eyes will be on the Federal Reserve, with the FOMC Interest Rate Decision scheduled for 2:00 PM ET, followed by Chair Kevin Warsh’s press conference at 2:30 PM ET. Earlier in the day, markets will receive the weekly MBA Mortgage Applications and EIA Crude Oil Inventories reports. After the market close, investors will parse key earnings results from technology giants Meta Platforms (META) and Microsoft (MSFT).
