Macro Overview
Global equity markets rallied after a surprisingly weak U.S. jobs report fueled investor speculation that the Federal Reserve may pause its interest rate hiking cycle. The S&P 500 (IVV) gained 0.60%, while Developed ex-U.S. equities (EFA) advanced 1.11% and Emerging Markets (EEM) rose 0.95%. The prospect of lower rates also lifted fixed income, with the U.S. Aggregate Bond index (AGG) ticking up 0.17%, and sent commodities (DJP) higher by 0.58%, led by a surge in precious metals.
U.S. Size & Style
U.S. equities saw widespread gains across all market capitalizations, with a distinct preference for growth and smaller companies. Mid-caps were the day’s leaders, as evidenced by the 1.94% advance in Mid-Cap Growth (IJK) and a 1.36% rise in the broader Mid-Cap index (IJH). In the large-cap space, growth stocks outpaced their value counterparts, with Large Growth (IVW) up 0.70% compared to a 0.49% gain for Large Value (IVE). Small-caps also participated in the rally, though their gains were more moderate compared to the mid-cap segment.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.49% | 2.17% | 5.87% | 12.03% | 21.49% |
| Large Cap (IVV) | 0.60% | 3.42% | 5.96% | 14.00% | 23.69% |
| Large Growth (IVW) | 0.70% | 4.44% | 6.07% | 15.49% | 25.27% |
| Mid Value (IJJ) | 0.78% | 3.03% | 6.80% | 15.09% | 23.79% |
| Mid Cap (IJH) | 1.36% | 3.07% | 5.87% | 18.43% | 26.01% |
| Mid Growth (IJK) | 1.94% | 3.10% | 4.93% | 21.42% | 27.94% |
| Small Value (IJS) | 0.96% | 3.62% | 8.17% | 23.10% | 39.48% |
| Small Cap (IJR) | 0.75% | 2.43% | 8.53% | 24.49% | 36.43% |
| Small Growth (IJT) | 0.58% | 1.17% | 8.89% | 25.75% | 33.42% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Sector performance was largely dictated by sensitivity to interest rates, with growth-oriented sectors leading the market higher. Consumer Discretionary (XLY) and Technology (XLK) were the top performers, gaining 1.49% and 1.42% respectively, as investors favored their prospects in a potentially lower-rate environment. In contrast, Energy (XLE) was the day’s biggest laggard with a 1.13% decline. Financials (XLF) also finished in the red, shedding 0.36% as the outlook for yields softened.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.61% | 3.42% | 5.97% | 14.00% | 23.65% |
| Consumer Discretionary (XLY) | 1.49% | 2.10% | 0.19% | 0.78% | 8.14% |
| Technology (XLK) | 1.42% | 4.91% | 10.90% | 30.88% | 43.53% |
| Materials (XLB) | 1.32% | 2.62% | 3.23% | 17.51% | 22.43% |
| Health Care (XLV) | 0.75% | 0.75% | 14.98% | 7.94% | 30.66% |
| Utilities (XLU) | 0.53% | -4.57% | -2.73% | 3.52% | 3.57% |
| Real Estate (XLRE) | 0.38% | 0.20% | 2.18% | 13.19% | 11.85% |
| Industrials (XLI) | 0.23% | 1.54% | 6.69% | 20.00% | 24.44% |
| Communication Services (XLC) | 0.06% | 0.21% | -4.97% | -4.94% | 5.02% |
| Consumer Staples (XLP) | 0.01% | 0.31% | 2.07% | 10.96% | 6.39% |
| Financials (XLF) | -0.36% | 2.77% | 12.13% | 6.07% | 13.86% |
| Energy (XLE) | -1.13% | 5.23% | 3.50% | 30.36% | 40.48% |
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Global Thematic
Gold and silver miners overwhelmingly dominated the thematic landscape, propelled by a sharp rise in precious metals prices. The Sprott Junior Gold Miners ETF (SGDJ) and the iShares MSCI Global Gold Miners ETF (RING) surged 7.73% and 7.79%, respectively, leading a cohort of mining funds that posted gains well over 7%. This powerful move was a direct reaction to the weak U.S. jobs data, which drove down Treasury yields and increased the appeal of non-yielding assets like gold. On the other end of the spectrum, memory chip and digital payment ETFs were among the notable laggards.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| iShares MSCI Global Gold Miners ETF (RING) | 7.79% |
| Sprott Junior Gold Miners ETF (SGDJ) | 7.73% |
| VanEck Junior Gold Miners ETF (GDXJ) | 7.51% |
| Sprott Gold Miners ETF (SGDM) | 7.47% |
| Sprott Active Gold & Silver Miners ETF (GBUG) | 7.29% |
| Laggards | |
| Tema Memory ETF (DISK) | -3.25% |
| Roundhill Memory ETF (DRAM) | -1.63% |
| Amplify Digital Payments ETF (IPAY) | -1.58% |
| Global X MLP & Energy Infrastructure ETF (MLPX) | -1.49% |
| Alerian Energy Infrastructure ETF (ENFR) | -1.47% |
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Developed ex-U.S. & Emerging Markets
International stocks posted strong gains, with developed markets broadly outperforming the U.S. Japan (EWJ) was a standout performer, climbing 1.84%, while major European markets like Germany (EWG) and Switzerland (EWL) also posted gains exceeding 1%. In the emerging markets, South Africa (EZA) delivered a remarkable 4.14% return, and Indonesia (EIDO) advanced 2.38%. Brazil (EWZ) was a notable exception, declining 1.31% against the positive global backdrop.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 1.11% | 4.21% | 7.16% | 14.81% | 24.99% |
| Australia (EWA) | 0.83% | 8.11% | 4.61% | 17.76% | 17.93% |
| Canada (EWC) | 0.99% | 5.04% | 6.51% | 14.20% | 31.26% |
| France (EWQ) | 0.63% | 5.27% | 7.68% | 9.00% | 16.00% |
| Germany (EWG) | 1.15% | 4.68% | 5.64% | 5.64% | 6.06% |
| Hong Kong (EWH) | 0.98% | 7.78% | -5.20% | 8.58% | 13.11% |
| Japan (EWJ) | 1.84% | 4.12% | 7.06% | 20.65% | 31.96% |
| Netherlands (EWN) | 0.99% | 3.01% | 8.49% | 22.53% | 38.99% |
| South Korea (EWY) | 1.20% | -8.38% | -6.03% | 70.84% | 131.30% |
| Switzerland (EWL) | 1.22% | 1.72% | 7.43% | 9.47% | 22.28% |
| U.K. (EWU) | 0.70% | 3.20% | 6.64% | 12.19% | 24.22% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.95% | -0.12% | -0.93% | 20.58% | 35.25% |
| Brazil (EWZ) | -1.31% | 2.02% | -8.05% | 12.30% | 31.76% |
| China (MCHI) | 1.19% | 9.25% | -2.38% | -5.21% | -0.96% |
| India (INDA) | 0.49% | 2.10% | 1.09% | -6.82% | -4.12% |
| Indonesia (EIDO) | 2.38% | 7.40% | -13.03% | -29.73% | -25.12% |
| Malaysia (EWM) | 0.28% | 3.76% | -5.46% | 5.12% | 19.84% |
| Mexico (EWW) | 1.16% | 3.30% | -1.11% | 13.45% | 30.06% |
| South Africa (EZA) | 4.14% | 9.53% | 0.18% | 3.38% | 32.43% |
| Taiwan (EWT) | 1.09% | 1.19% | 9.31% | 62.27% | 78.66% |
| Thailand (THD) | 1.03% | 2.41% | 5.83% | 26.28% | 30.85% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
The fixed income market saw broad-based gains as the unexpected contraction in the U.S. labor market sent Treasury yields lower. The core U.S. Aggregate Bond index (AGG) rose 0.17%, with prices increasing across the duration spectrum. Riskier credit segments also performed well, reflecting a risk-on sentiment; High Yield (HYG) added 0.19% and Convertible bonds (CWB) jumped 0.95%. The move suggests investors are pricing in a lower probability of further Fed rate hikes in the near term.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.21% | -1.49% | -1.79% | -1.85% | 0.17% |
| Core Enhanced (IUSB) | 0.20% | -0.20% | -0.21% | 0.28% | 2.78% |
| Core (AGG) | 0.17% | -0.28% | -0.36% | 0.02% | 2.44% |
| Short-Term (BSV) | 0.13% | 0.25% | 0.37% | 0.74% | 2.70% |
| Government | |||||
| Long-Term (SPTL) | 0.28% | -1.46% | -1.95% | -2.26% | -0.53% |
| Intermediate (SPTI) | 0.21% | 0.05% | -0.25% | -0.29% | 1.68% |
| Inflation Protected (TIP) | 0.20% | -0.28% | -0.76% | 0.76% | 1.79% |
| Short-Term (SPTS) | 0.07% | 0.35% | 0.50% | 0.97% | 2.87% |
| Ultrashort (BIL) | 0.03% | 0.33% | 0.93% | 2.16% | 3.80% |
| Specialty | |||||
| Convertible (CWB) | 0.95% | 0.21% | 0.03% | 17.50% | 24.68% |
| Preferred Stock (PFF) | 0.39% | 0.89% | -1.45% | 1.92% | 4.11% |
| Mortgage Backed (MBB) | 0.28% | -0.24% | -0.32% | 0.41% | 3.86% |
| High Yield (HYG) | 0.19% | 0.30% | 1.15% | 2.19% | 5.22% |
| Corporate (SPIB) | 0.15% | 0.05% | 0.26% | 0.65% | 3.16% |
| Bank Loans (BKLN) | 0.00% | 0.93% | 0.75% | 1.20% | 4.29% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.67% | 1.46% | 1.99% | 3.30% | 8.73% |
| International Local (IGOV) | 0.44% | 1.72% | -1.45% | -0.50% | -0.92% |
| Emerging USD (EMB) | 0.31% | -0.30% | 0.59% | 1.96% | 7.32% |
| International USD (BNDX) | 0.13% | 0.10% | 0.44% | 0.85% | 1.41% |
| Municipals | |||||
| Long-Term (MLN) | 0.60% | -0.81% | 0.23% | 2.14% | 8.28% |
| High Yield (HYD) | 0.40% | -1.53% | -0.11% | 1.31% | 7.14% |
| Intermediate (MUB) | 0.27% | -0.94% | -0.19% | 0.77% | 5.09% |
| Short-Term (SUB) | 0.04% | 0.20% | 0.56% | 1.08% | 2.04% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Precious metals were the clear leaders in the commodities complex, reacting strongly to falling U.S. interest rate expectations and a weaker dollar narrative. Gold (GLD) climbed 2.26% while Silver (SLV) jumped 2.95%, marking one of their strongest sessions in recent weeks. Elsewhere, soft commodities also saw significant buying pressure, with Sugar (CANE) surging 4.41%. In contrast, industrial metals were weak, as Copper (CPER) fell 2.11%, and crude oil ETFs posted modest losses.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.58% | 4.54% | -4.61% | 25.02% | 39.77% |
| Agriculture | |||||
| Sugar (CANE) | 4.41% | 7.14% | 8.67% | 9.17% | -1.16% |
| Wheat (WEAT) | 0.80% | 3.55% | 3.37% | 19.73% | 10.44% |
| Broad (DBA) | 0.69% | 0.25% | -0.65% | 8.23% | 8.99% |
| Corn (CORN) | 0.17% | 0.06% | -4.34% | -0.51% | 3.28% |
| Soybeans (SOYB) | 0.06% | -1.16% | 1.40% | 14.57% | 17.86% |
| Energy | |||||
| Natural Gas (UNG) | 1.14% | -17.18% | -8.80% | -20.55% | -28.01% |
| Broad (DBE) | -0.37% | 9.36% | -5.76% | 68.51% | 63.40% |
| WTI Crude (USO) | -0.75% | 8.32% | -12.59% | 70.59% | 60.69% |
| Brent Crude (BNO) | -0.93% | 11.92% | -12.56% | 65.71% | 59.08% |
| Industrial Metals | |||||
| Broad (DBB) | -0.67% | 5.31% | 1.16% | 10.59% | 33.22% |
| Copper (CPER) | -2.11% | 6.71% | 6.83% | 14.13% | 45.20% |
| Precious Metals | |||||
| Silver (SLV) | 2.95% | 5.58% | -19.69% | -10.74% | 65.42% |
| Broad (DBP) | 2.40% | 5.41% | -10.70% | -2.74% | 31.41% |
| Gold (GLD) | 2.26% | 5.56% | -7.69% | 0.55% | 27.26% |
| Platinum (PPLT) | 1.15% | 6.81% | -13.97% | -14.98% | 30.04% |
| Palladium (PALL) | 0.64% | 8.87% | -7.21% | -13.85% | 18.54% |
Explore the Commodities Explorer →
Cryptocurrency
The cryptocurrency space saw a muted positive reaction to the favorable macroeconomic data, with gains that significantly lagged the rallies in equities and precious metals. Bitcoin (IBIT) posted a modest gain of 0.85%, while Ethereum (ETHA) rose by a smaller 0.49%. The price action suggests digital assets were less sensitive to the shift in Fed rate hike expectations compared to traditional markets. Among major assets, XRP (XRP) was an outlier, declining 1.30% on the day.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | -1.30% | -8.86% | -26.28% | -44.35% | — |
| Ethereum (ETHA) | 0.49% | 7.11% | -16.36% | -35.49% | -50.63% |
| Bitcoin (IBIT) | 0.85% | 1.80% | -18.94% | -25.88% | -44.93% |
| Multi-Coin (NCIQ) | 0.90% | 1.49% | -19.28% | -28.98% | -48.50% |
| Solana (SOLZ) | 1.60% | -9.15% | -16.70% | -41.22% | -59.81% |
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What to Watch Today
Looking ahead to Monday, market participants will monitor the release of the Conference Board’s Employment Trends Index for July for further insights into the labor market’s health. The U.S. Treasury is scheduled to hold auctions for its 3-month and 6-month bills. The corporate earnings calendar will also be active, with reports due from Ferguson (FERG) and monday.com (MNDY) before the opening bell, and Simon Property Group (SPG) and Plug Power (PLUG) after the close.
