Macro Overview
Market activity remained relatively flat on the final session before a highly anticipated week of Federal Reserve policy decisions and mega-cap earnings. While the S&P 500 (IVV) stayed near neutral, internal breadth remained healthy with 65.8% of constituents trading above their 50-day moving average. International markets showed more vigor, as Developed ex-U.S. (EFA) and Emerging Markets (EEM) gained 0.55% and 0.63%, respectively, driven by outsized moves in South Korea and Brazil. Meanwhile, Commodities (DJP) surged 2.03% on the day, fueled by a significant technical breakout in precious metals and silver miners.
U.S. Size & Style
Large-cap growth names (IVW) led the style boxes with a 0.42% gain, despite technically remaining 2.19% off their 52-week highs. Small-cap value (IJS) faced the most significant headwind, dropping 1.82% as interest-rate sensitivity weighed on the segment ahead of the FOMC meeting. Mid-cap blend (IJH) continues to exhibit strong intermediate momentum, maintaining a position 3.89% above its 50-day moving average despite the day’s 1.01% decline. Breadth across mid-caps remains high, with 70.18% of the segment trading above its 200-day trendline.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Growth (IVW) | 0.42% | -0.92% | 1.81% | 0.21% | 16.34% |
| Large Cap (IVV) | 0.04% | 0.18% | 2.92% | 1.07% | 14.43% |
| Large Value (IVE) | -0.38% | 1.44% | 4.12% | 2.02% | 11.99% |
| Mid Value (IJJ) | -0.98% | 3.48% | 6.60% | 4.94% | 8.13% |
| Mid Growth (IJK) | -0.99% | 3.71% | 6.57% | 6.00% | 7.38% |
| Mid Cap (IJH) | -1.01% | 3.60% | 6.65% | 5.52% | 7.85% |
| Small Growth (IJT) | -1.77% | 3.14% | 5.31% | 6.13% | 6.97% |
| Small Cap (IJR) | -1.79% | 4.36% | 7.16% | 6.58% | 8.99% |
| Small Value (IJS) | -1.82% | 5.68% | 8.85% | 6.93% | 10.96% |
U.S. Sectors & Industries
Defensive and cyclical sectors showed leadership today, with Materials (XLB) and Consumer Staples (XLP) both reaching overbought territory with RSIs of 74.84 and 73.58, respectively. Materials achieved perfect 100% breadth relative to the 50-day SMA, while Energy (XLE) hit a new 52-week high with a 7.70% premium over its 50-day average. Conversely, the Financial sector (XLF) lagged heavily, dropping 1.38% and dragging breadth for the group down to 47.37%.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Materials (XLB) | 0.91% | 9.22% | 12.38% | 10.19% | 14.21% |
| Consumer Staples (XLP) | 0.78% | 6.97% | 5.33% | 6.73% | 9.90% |
| Communication Services (XLC) | 0.61% | -0.37% | 1.81% | -0.65% | 18.96% |
| Energy (XLE) | 0.57% | 10.54% | 11.51% | 10.02% | 10.27% |
| Consumer Discretionary (XLY) | 0.42% | 0.79% | 3.51% | 3.12% | 7.32% |
| Real Estate (XLRE) | 0.27% | 2.66% | -1.89% | 2.23% | 2.96% |
| Technology (XLK) | 0.14% | -0.59% | 0.53% | 0.78% | 20.74% |
| S&P 500 (SPY) | 0.04% | 0.18% | 2.90% | 1.07% | 14.36% |
| Utilities (XLU) | -0.35% | -0.14% | -5.06% | -0.30% | 11.24% |
| Health Care (XLV) | -0.51% | 1.61% | 8.29% | 1.73% | 11.22% |
| Industrials (XLI) | -0.77% | 4.61% | 6.46% | 5.87% | 17.49% |
| Financial (XLF) | -1.38% | -4.26% | 1.36% | -3.10% | 6.12% |
Global Thematic
Crypto-related themes dominated the leaderboard as the Bitcoin Miners ETF (WGMI) surged 4.71%, though Bitcoin itself traded near neutral. Copper miners also saw broad strength, highlighted by a 4.60% rise in the Copper Miners ETF (COPX). On the downside, genomic innovation faced a significant technical correction, with the ARK Genomic Revolution ETF (ARKG) plunging 4.70% on the day, bringing its 1-year performance deeper into the red.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Daily Leaders | |
| Bitcoin Mining (WGMI) | 4.71% |
| Silver Miners (SIL) | 2.67% |
| Solar (TAN) | 2.24% |
| Cannabis & Vice (CNBS) | 2.01% |
| Tech & Battery Metals (LIT) | 1.87% |
| Daily Laggards | |
| Innovation (ARKK) | -1.86% |
| Drone Tech (DRNZ) | -2.10% |
| 3D Printing (PRNT) | -2.09% |
| Clinical-Stage Biotech (SBIO) | -3.01% |
| Genomics & Immunology (ARKG) | -4.70% |
Developed ex-U.S. & Emerging Markets
International equity momentum was spearheaded by South Korea (EWY), which jumped 1.71% to reach a massive 141.15% premium over its 52-week low. Brazil (EWZ) also outperformed with a 1.78% gain, pushing its RSI to an overbought 78.81. While most countries reached new 52-week highs, India (INDA) continues to struggle technically, trading at an oversold RSI of 28.13 and remaining 8.27% below its 50-day SMA.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets | |||||
| South Korea (EWY) | 1.71% | 27.26% | 33.96% | 21.34% | 116.73% |
| Australia (EWA) | 1.15% | 2.89% | 2.43% | 4.54% | 14.24% |
| U.K. (EWU) | 1.11% | 3.62% | 9.05% | 3.62% | 34.83% |
| Canada (EWC) | 1.03% | 2.26% | 11.25% | 3.41% | 36.66% |
| Germany (EWG) | 0.88% | 2.45% | 4.65% | 2.31% | 28.22% |
| France (EWQ) | 0.78% | 1.36% | 1.04% | 1.16% | 20.68% |
| Dev ex-U.S. (EFA) | 0.55% | 3.82% | 7.27% | 4.10% | 31.42% |
| Switzerland (EWL) | 0.46% | 0.78% | 6.47% | 1.52% | 27.13% |
| Netherlands (EWN) | 0.31% | 9.66% | 9.93% | 9.29% | 41.48% |
| Hong Kong (EWH) | -0.04% | 4.24% | 10.10% | 6.49% | 46.40% |
| Japan (EWJ) | -0.35% | 4.21% | 6.74% | 4.73% | 30.45% |
| Emerging Markets | |||||
| Taiwan (EWT) | 2.14% | 11.54% | 10.98% | 9.73% | 36.07% |
| Brazil (EWZ) | 1.78% | 15.99% | 24.40% | 15.17% | 59.41% |
| Malaysia (EWM) | 1.23% | 4.54% | 13.98% | 5.19% | 25.24% |
| South Africa (EZA) | 1.03% | 9.78% | 24.04% | 10.96% | 88.89% |
| Emerging (EEM) | 0.63% | 8.76% | 9.46% | 7.97% | 41.77% |
| Thailand (THD) | 0.50% | 4.81% | 8.13% | 7.02% | 12.71% |
| Mexico (EWW) | 0.44% | 7.09% | 17.48% | 9.74% | 59.20% |
| China (MCHI) | -0.06% | 3.41% | -0.93% | 4.44% | 38.66% |
| Indonesia (EIDO) | -0.21% | 2.53% | 4.89% | 1.66% | 4.57% |
| India (INDA) | -1.07% | -5.93% | -6.43% | -5.20% | 0.29% |
Fixed Income
Fixed income markets saw modest duration gains as the 10-year Treasury yield flattened, lifting long-term government bonds (SPTL) by 0.23%. International and Emerging Local debt (IGOV, EMLC) outperformed as the dollar softened, gaining 0.67% and 0.38% respectively. Conversely, risk-sensitive credit like convertibles (CWB) and high yield (HYG) faced pressure, reflecting a cautious tone in the corporate landscape.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Core Enhanced (IUSB) | 0.11% | 0.37% | 0.27% | 0.28% | 7.68% |
| Taxable Multisector (PYLD) | 0.11% | 0.83% | 1.61% | 0.64% | 9.76% |
| Taxable Long Term (BLV) | 0.11% | 0.66% | -1.80% | 0.79% | 7.62% |
| Taxable Core (AGG) | 0.09% | 0.31% | 0.06% | 0.23% | 7.50% |
| Taxable Short-Term (BSV) | 0.06% | 0.17% | 0.59% | -0.03% | 5.86% |
| Government | |||||
| Government Long (SPTL) | 0.23% | 0.41% | -2.21% | 0.57% | 6.57% |
| Inflation Protected (TIP) | 0.20% | 0.36% | -0.65% | 0.29% | 6.39% |
| Government Intermediate (SPTI) | 0.07% | -0.07% | -0.06% | -0.24% | 7.24% |
| Government Short (SPTS) | 0.03% | 0.21% | 0.66% | 0.00% | 5.01% |
| Taxable Ultrashort (BIL) | 0.03% | 0.32% | 0.95% | 0.23% | 4.14% |
| Specialty | |||||
| Mortgage Backed (MBS) | 0.20% | 0.44% | 0.76% | 0.35% | 8.94% |
| Corporate (SPIB) | 0.03% | 0.36% | 0.69% | 0.15% | 7.94% |
| Taxable High Yield (HYG) | -0.05% | 0.81% | 1.81% | 0.63% | 7.90% |
| Preferred Stock (PFF) | -0.09% | 2.77% | 2.63% | 3.07% | 6.23% |
| Bank Loans (BKLN) | -0.10% | 0.13% | 1.93% | -0.06% | 6.24% |
| Convertible (CWB) | -0.35% | 3.63% | 2.93% | 5.26% | 18.80% |
| International & EM | |||||
| International Local (IGOV) | 0.67% | 0.79% | 0.54% | 1.15% | 11.12% |
| Emerging Local (EMLC) | 0.38% | 2.05% | 4.74% | 1.86% | 18.35% |
| Emerging USD (EMB) | 0.25% | 0.48% | 1.97% | 0.46% | 12.92% |
| International USD (BNDX) | -0.04% | 0.25% | -0.43% | 0.27% | 3.44% |
| Municipals | |||||
| Municipal Intermediate (MUB) | 0.11% | 0.77% | 0.87% | 0.47% | 4.78% |
| Municipal Long (MLN) | 0.06% | -0.58% | -0.16% | -0.06% | 3.26% |
| Municipal High Yield (HYD) | 0.04% | 0.18% | 1.05% | 0.08% | 3.39% |
| Municipal Short (SUB) | 0.03% | 0.53% | 1.24% | 0.40% | 3.97% |
Commodities
Precious metals exploded higher today, with Silver (SLV) surging 6.63% and reaching an incredible 234.57% 1-year performance mark. Gold (GLD) gained 1.37%, contributing to the Broad Precious Metals basket (DBP) rising 2.83% on the day. Energy markets also stayed robust as WTI Crude (USO) climbed nearly 3% and Natural Gas (UNG) rose over 4% amid winter supply concerns.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 2.03% | 8.67% | 13.74% | 10.69% | 22.77% |
| Agriculture | |||||
| Wheat (WEAT) | 2.17% | 2.37% | 0.97% | 3.91% | -15.31% |
| Corn (CORN) | 1.34% | -2.84% | -1.41% | -1.75% | -12.51% |
| Broad-based (DBA) | 0.55% | 1.02% | -0.95% | 0.86% | -2.19% |
| Soybeans (SOYB) | 0.50% | 0.59% | 0.04% | 1.88% | -0.58% |
| Sugar (CANE) | -1.09% | -2.73% | -1.40% | -2.15% | -14.51% |
| Energy | |||||
| Natural Gas (UNG) | 4.02% | 8.29% | 8.04% | 13.95% | -23.45% |
| WTI Crude Oil (USO) | 2.97% | 5.19% | 0.90% | 6.93% | -6.64% |
| Brent Crude Oil (BNO) | 2.78% | 6.64% | 3.23% | 8.37% | -2.82% |
| Broad-based (DBE) | 2.51% | 5.58% | 2.39% | 7.70% | -0.19% |
| Industrial Metals | |||||
| Copper (CPER) | 2.41% | 6.94% | 16.27% | 4.46% | 34.61% |
| Broad-based (DBB) | 1.72% | 8.64% | 15.94% | 5.84% | 30.57% |
| Precious Metals | |||||
| Silver (SLV) | 6.63% | 43.29% | 110.30% | 44.23% | 234.57% |
| Palladium (PALL) | 5.02% | 9.18% | 40.23% | 27.07% | 102.90% |
| Platinum (PPLT) | 4.89% | 21.25% | 70.32% | 35.31% | 190.51% |
| Broad-based (DBP) | 2.83% | 17.27% | 36.43% | 22.46% | 103.04% |
| Gold (GLD) | 1.37% | 10.72% | 20.91% | 15.57% | 80.27% |
Cryptocurrency
Digital assets showed high volatility today, with Solana-linked products (SOLZ) leading the laggards with a 1.30% decline. While Ripple (XRP) managed a 0.51% gain, the broader crypto market remains in a consolidation phase following recent quarterly volatility. Ethereum (ETHA) and Bitcoin (IBIT) tracked narrowly above flat on the day as traders brace for the Fed’s stance on future liquidity.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Solana (SOLZ) | -1.30% | 1.55% | -34.94% | 1.87% | N/A |
| Bitcoin (IBIT) | 0.06% | 2.11% | -18.96% | 2.11% | -13.76% |
| Ethereum (ETHA) | 0.14% | -0.98% | -23.95% | -1.03% | -9.72% |
| Multi-Coin (NCIQ) | 0.17% | 1.65% | -20.41% | 2.21% | N/A |
| Ripple (XRP) | 0.51% | 2.66% | N/A | 5.46% | N/A |
What to Watch Today
The global economic calendar focuses heavily on the U.S. Federal Reserve’s first interest rate decision of 2026, set for release this Wednesday. Market participants are searching for clarity on the path of policy easing following a period of persistent, albeit moderating, inflation. Additionally, a massive wave of fourth-quarter earnings reports from tech heavyweights including Microsoft, Meta, and Apple will likely drive volatility in broad market benchmarks. Economic resilience remains a key theme as durable goods orders and consumer sentiment surveys provide real-time updates on the health of the domestic consumer.
