Macro Overview
Global markets displayed a constructive tone to start the week, with the S&P 500 (IVV) climbing 0.48% as technology sentiment began to stabilize following recent AI-driven volatility. While domestic equities were buoyed by a bounce in growth-oriented sectors, international markets outperformed significantly, with Developed ex-U.S. (EFA) jumping 1.34% and Emerging Markets (EEM) gaining 0.73%. A notable outlier was the silver market, where the iShares Silver Trust (SLV) surged 8.33% amidst a broader rally in precious metals and a softer U.S. dollar. In fixed income, a modest bid for duration was evident as the iShares International Treasury Bond ETF (IGOV) rose 0.80% ahead of a heavy week of U.S. inflation and labor data.
U.S. Size & Style
Growth led the rebound in the large-cap space, as Large Growth (IVW) climbed 1.10%, contrasting with a 0.22% decline in Large Value (IVE). Despite the daily bounce, Large Growth remains under technical pressure with an RSI of 48.57 and trading below its 50-day SMA, whereas mid and small-cap segments show greater breadth. Mid Cap Blend (IJH) maintains a robust technical profile with 71.93% of constituents above their 50-day moving average and 70.68% above the 200-day line, indicating broad-based participation in the middle-market rally.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Growth (IVW) | 1.10% | -1.69% | 0.94% | -0.58% | 17.52% |
| Mid Growth (IJK) | 0.66% | 4.00% | 10.06% | 8.79% | 12.87% |
| Large Cap (IVV) | 0.48% | 0.00% | 3.74% | 1.77% | 16.94% |
| Small Growth (IJT) | 0.26% | 3.97% | 9.97% | 8.61% | 10.46% |
| Mid Cap (IJH) | 0.08% | 3.88% | 11.12% | 8.77% | 13.67% |
| Small Cap (IJR) | 0.02% | 4.41% | 12.43% | 9.83% | 14.38% |
| Large Value (IVE) | -0.22% | 1.93% | 7.09% | 4.49% | 15.82% |
| Small Value (IJS) | -0.36% | 4.69% | 14.76% | 10.87% | 18.18% |
| Mid Value (IJJ) | -0.46% | 3.77% | 12.16% | 8.72% | 14.16% |
U.S. Sectors & Industries
Cyclical sectors dominated the daily leaderboard, with Technology (XLK) rising 1.57% and Materials (XLB) up 1.30%. The Materials sector is currently in overbought territory with an RSI of 70.24, supported by extremely strong breadth as 100% of its constituents trade above their 50-day SMA. Conversely, defensive sectors lagged significantly, as Health Care (XLV) fell 0.88% and Consumer Staples (XLP) dropped 0.58%, though Staples remains technically stretched with a very high RSI of 77.46.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Technology (XLK) | 1.57% | -1.92% | -0.36% | -0.43% | 23.90% |
| Materials (XLB) | 1.30% | 8.12% | 22.22% | 15.06% | 20.53% |
| Communication Services (XLC) | 0.97% | -0.87% | 4.59% | -0.71% | 15.14% |
| Energy (XLE) | 0.73% | 14.93% | 20.82% | 19.97% | 25.19% |
| Real Estate (XLRE) | 0.62% | 4.32% | 3.49% | 4.71% | 4.10% |
| Industrials (XLI) | 0.30% | 7.27% | 13.67% | 11.98% | 28.20% |
| Utilities (XLU) | 0.30% | 2.28% | -2.32% | 1.85% | 14.45% |
| Consumer Discretionary (XLY) | -0.37% | -5.51% | -0.13% | -1.56% | 5.11% |
| Consumer Staples (XLP) | -0.58% | 10.32% | 14.89% | 12.55% | 13.19% |
| Financials (XLF) | -0.59% | -3.21% | 2.55% | -1.52% | 5.52% |
| Health Care (XLV) | -0.88% | -0.63% | 7.42% | 0.98% | 8.62% |
Global Thematic
Crypto-linked themes and mining segments saw explosive daily moves, led by a massive 8.41% jump in the CoinShares Bitcoin Mining ETF (WGMI). High-beta materials themes also trended higher, with the Sprott Silver Miners & Physical Silver ETF (SLVR) gaining 7.53%. On the downside, themes related to water resources faced selling pressure, as the Invesco Water Resources ETF (PHO) fell 1.29%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Leaders | |
| CoinShares Bitcoin Mining ETF (WGMI) | 8.41% |
| Sprott Silver Miners & Physical Silver ETF (SLVR) | 7.53% |
| Global X Blockchain ETF (BKCH) | 7.16% |
| Global X Gold Explorers ETF (GOEX) | 6.79% |
| Sprott Junior Uranium Miners ETF (URNJ) | 6.60% |
| Laggards | |
| Amplify Online Retail ETF (IBUY) | -0.38% |
| Tema Heart & Health ETF (HRTS) | -0.41% |
| ROBO Global Healthcare Technology and Innovation ETF (HTEC) | -0.45% |
| iShares U.S. Home Construction ETF (ITB) | -0.75% |
| Invesco Water Resources ETF (PHO) | -1.29% |
Developed ex-U.S. & Emerging Markets
International markets showed widespread strength, with Thailand (THD) surging 4.41% to hit an overbought RSI of 75.39. In Developed Markets, Japan (EWJ) and Canada (EWC) were notable winners, rising 2.11% and 2.29% respectively. South Korea (EWY) continues to exhibit extreme technical momentum, currently trading more than 157% above its 52-week low with an RSI of 70.27.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed ex-U.S. | |||||
| Canada (EWC) | 2.29% | 3.00% | 13.32% | 4.34% | 37.22% |
| Australia (EWA) | 2.13% | 9.79% | 10.91% | 10.08% | 19.42% |
| Japan (EWJ) | 2.11% | 7.90% | 13.76% | 13.07% | 39.47% |
| Germany (EWG) | 1.81% | 2.10% | 9.49% | 4.28% | 30.06% |
| Netherlands (EWN) | 1.55% | 4.29% | 13.27% | 10.45% | 43.61% |
| Developed ex-U.S. (EFA) | 1.34% | 5.24% | 12.28% | 8.29% | 35.30% |
| France (EWQ) | 1.27% | 2.42% | 7.88% | 4.45% | 25.02% |
| South Korea (EWY) | 1.07% | 15.76% | 40.43% | 29.65% | 138.12% |
| Switzerland (EWL) | 0.57% | 4.74% | 13.83% | 5.82% | 30.38% |
| Hong Kong (EWH) | 0.47% | 6.36% | 10.01% | 11.72% | 54.43% |
| U.K. (EWU) | 0.26% | 4.98% | 11.81% | 6.91% | 36.29% |
| Emerging Markets | |||||
| Thailand (THD) | 4.41% | 14.74% | 15.45% | 15.05% | 26.86% |
| Brazil (EWZ) | 2.29% | 16.21% | 23.22% | 20.93% | 60.68% |
| South Africa (EZA) | 1.27% | 7.12% | 24.35% | 10.06% | 77.91% |
| Taiwan (EWT) | 1.01% | 7.34% | 14.56% | 11.38% | 42.32% |
| Mexico (EWW) | 1.00% | 13.52% | 21.26% | 16.36% | 65.21% |
| Malaysia (EWM) | 0.88% | 8.12% | 15.53% | 9.03% | 29.11% |
| Emerging (EEM) | 0.73% | 5.90% | 12.52% | 10.60% | 43.45% |
| China (MCHI) | 0.49% | -0.40% | -1.38% | 3.16% | 27.38% |
| India (INDA) | 0.30% | 0.50% | -0.58% | -1.13% | 5.82% |
| Indonesia (EIDO) | 0.00% | -7.42% | -4.10% | -5.88% | 3.63% |
Fixed Income
The fixed income complex caught a bid in international local currency debt, with Emerging Local Currency (EMLC) climbing 0.53% and International Treasury (IGOV) up 0.80% as global yields moderated. In the U.S., Convertible Bond (CWB) performance was a standout, gaining 1.14% in sympathy with the equity market’s growth rally. Short-duration government funds remained flat as markets braced for potential volatility from upcoming macroeconomic releases.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Core Enhanced (IUSB) | 0.00% | 0.36% | 0.92% | 0.64% | 7.11% |
| Taxable Core (AGG) | 0.03% | 0.33% | 0.95% | 0.61% | 6.87% |
| Taxable Short-Term (BSV) | 0.05% | 0.41% | 1.04% | 0.39% | 5.98% |
| Taxable Long Term (BLV) | 0.01% | 0.10% | -0.03% | 0.78% | 5.17% |
| Government | |||||
| Government Intermediate (SPTI) | 0.10% | 0.36% | 0.68% | 0.36% | 6.98% |
| Inflation Protected (TIP) | 0.08% | 0.53% | 0.48% | 0.77% | 5.72% |
| Government Short (SPTS) | 0.03% | 0.38% | 0.99% | 0.35% | 5.11% |
| Taxable Ultrashort (BIL) | 0.00% | 0.27% | 0.91% | 0.37% | 4.08% |
| Government Long (SPTL) | 0.00% | -0.02% | -0.68% | 0.62% | 3.55% |
| Specialty | |||||
| Convertible (CWB) | 1.14% | 3.04% | 3.92% | 6.62% | 20.22% |
| Taxable High Yield (HYG) | 0.14% | 0.39% | 2.18% | 0.86% | 8.07% |
| Preferred Stock (PFF) | 0.13% | 0.37% | 2.99% | 2.35% | 6.37% |
| Corporate (SPIB) | 0.03% | 0.45% | 1.36% | 0.57% | 7.77% |
| Mortgage Backed (MBS) | 0.02% | 0.09% | 1.23% | 0.70% | 8.15% |
| Bank Loans (BKLN) | 0.00% | -1.30% | 0.37% | -1.02% | 5.42% |
| International & EM | |||||
| International Local (IGOV) | 0.80% | 2.77% | 2.79% | 2.50% | 11.73% |
| Emerging Local (EMLC) | 0.53% | 2.83% | 5.49% | 2.99% | 19.25% |
| International USD (BNDX) | 0.04% | 0.29% | 0.29% | 0.75% | 2.88% |
| Emerging USD (EMB) | 0.03% | 0.81% | 1.96% | 0.89% | 12.28% |
| Municipals | |||||
| Municipal Long (MLN) | 0.11% | 0.07% | 0.68% | 0.55% | 2.33% |
| Municipal High Yield (HYD) | 0.10% | -0.13% | 1.52% | 0.23% | 2.50% |
| Municipal Intermediate (MUB) | 0.09% | 0.38% | 1.33% | 0.90% | 4.29% |
| Municipal Short (SUB) | 0.04% | 0.46% | 1.41% | 0.71% | 3.85% |
Commodities
Precious metals were the primary driver of commodity performance, with Silver (SLV) jumping 8.33% and Gold (GLD) gaining 2.54%. The energy complex was dragged lower by a significant 8.29% collapse in Natural Gas (UNG), despite gains in crude oil and gasoline. Agriculture remains the weakest broad category over the last year, down 3.25%, with daily weakness continuing in Corn (CORN) and Wheat (WEAT).
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.59% | 6.76% | 12.74% | 9.65% | 20.23% |
| Agriculture | |||||
| Sugar (CANE) | 1.31% | -3.97% | 1.64% | -4.77% | -18.67% |
| Broad-based Agriculture (DBA) | -0.08% | -0.12% | 1.81% | 0.90% | -3.25% |
| Soybeans (SOYB) | -0.22% | 3.75% | -0.82% | 5.03% | 3.05% |
| Wheat (WEAT) | -0.24% | 1.52% | -1.43% | 3.41% | -19.34% |
| Corn (CORN) | -0.46% | -2.63% | -1.94% | -1.75% | -12.77% |
| Energy | |||||
| Gasoline (UGA) | 1.74% | 10.41% | 4.76% | 14.43% | 8.41% |
| Brent Crude Oil (BNO) | 1.56% | 10.91% | 11.68% | 14.83% | 6.34% |
| WTI Crude Oil (USO) | 1.34% | 10.23% | 9.49% | 12.81% | 2.85% |
| Broad-based Energy (DBE) | 0.44% | 10.65% | 5.19% | 11.51% | 6.44% |
| Industrial Metals | |||||
| Copper (CPER) | 1.46% | 1.72% | 19.89% | 5.18% | 27.23% |
| Broad-based Industrial Metals (DBB) | 1.26% | 1.00% | 14.79% | 5.23% | 28.80% |
| Precious Metals | |||||
| Silver (SLV) | 8.33% | 5.06% | 73.13% | 18.04% | 161.94% |
| Broad-based Precious Metals (DBP) | 3.58% | 9.75% | 33.58% | 16.68% | 86.06% |
| Gold (GLD) | 2.54% | 12.68% | 26.80% | 17.84% | 76.97% |
| Palladium (PALL) | 2.04% | -4.92% | 24.95% | 8.72% | 77.88% |
| Platinum (PPLT) | 1.73% | -5.89% | 38.35% | 4.39% | 118.74% |
Cryptocurrency
Digital assets attempted to stabilize after a highly volatile stretch, with Ethereum (ETHA) rising 3.35% to lead the group. Bitcoin (IBIT) saw a more modest gain of 1.08%, though it remains significantly underwater over the last month, down 21.60%. Despite the daily uptick, both major assets trade well below their respective 50-day and 200-day moving averages as technical momentum remains negative.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | 0.74% | -29.95% | — | -20.32% | — |
| Bitcoin (IBIT) | 1.08% | -21.60% | -31.88% | -19.21% | -26.36% |
| Multi-Coin (NCIQ) | 1.37% | -24.19% | -34.24% | -21.02% | — |
| Solana (SOLZ) | 1.59% | -35.42% | -47.02% | -29.59% | — |
| Ethereum (ETHA) | 3.35% | -30.88% | -38.79% | -28.53% | -18.17% |
What to Watch Today
Investor attention is shifting toward “real economy” data after the bulk of major corporate earnings. The primary focus for the week will be the delayed U.S. labor market report (NFP) and consumer inflation (CPI) readings, which will likely dictate the Federal Reserve’s rate path for the remainder of 1H26. Additionally, watch for continued rotation as markets digest the impact of fiscal stimulus expectations against the backdrop of potential tariff pass-through costs. Global headlines regarding diplomatic negotiations and energy production levels will also remain key catalysts for broad market sentiment.
