Macro Overview
Global markets faced widespread selling pressure on February 12, 2026, with the S&P 500 (IVV) declining -1.54% as technical weakness emerged in growth-oriented segments. The sell-off was similarly felt in international markets, as Developed Markets ex-U.S. (EFA) fell -0.75% and Emerging Markets (EEM) dropped -1.14%. A significant outlier was the Precious Metals sector (DBP), which cratered -5.14% in a sharp reversal of recent trends, while Fixed Income (AGG) provided a modest hedge, rising 0.45% as yields softened across the curve.
U.S. Size & Style
Value significantly outperformed Growth on a relative basis during the daily session, though all major style boxes finished in the red. Large Growth (IVW) was the primary laggard, falling -1.76% as its 14-day RSI drifted toward oversold territory at 39.48. Meanwhile, Small Value (IJS) showed the steepest daily decline among the value segments at -2.04%, despite maintaining the strongest one-year performance at 16.78% and high breadth with 64.49% of constituents above their 50-day SMA.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -1.36% | 0.81% | 3.75% | 3.26% | 13.90% |
| Mid Value (IJJ) | -1.39% | 2.60% | 9.46% | 7.19% | 13.30% |
| Mid Cap (IJH) | -1.47% | 1.91% | 8.13% | 6.88% | 12.93% |
| Large Cap (IVV) | -1.54% | -1.99% | 0.02% | -0.09% | 14.34% |
| Mid Growth (IJK) | -1.59% | 1.34% | 6.85% | 6.53% | 12.26% |
| Small Growth (IJT) | -1.63% | 1.62% | 7.28% | 6.67% | 10.48% |
| Large Growth (IVW) | -1.76% | -4.48% | -3.23% | -3.06% | 14.26% |
| Small Cap (IJR) | -1.84% | 2.26% | 8.79% | 7.67% | 13.64% |
| Small Value (IJS) | -2.04% | 2.93% | 10.25% | 8.57% | 16.78% |
U.S. Sectors & Industries
Defensive sectors provided a rare bright spot as Utilities (XLU) and Consumer Staples (XLP) were the only GICS sectors to finish in positive territory, rising 1.48% and 0.92% respectively. Technical indicators for Staples (XLP) suggest caution as the sector has reached highly overbought levels with an RSI of 80.30. Conversely, Technology (XLK) was the primary laggard, falling -2.63% and breaking below its 50-day SMA as breadth in the sector collapsed to just 39.44%.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Utilities (XLU) | 1.48% | 6.27% | 1.40% | 6.00% | 17.44% |
| Consumer Staples (XLP) | 0.92% | 11.26% | 16.31% | 14.84% | 13.78% |
| Real Estate (XLRE) | 0.16% | 5.54% | 4.75% | 6.25% | 5.80% |
| Health Care (XLV) | -0.16% | -0.88% | 2.51% | 0.78% | 8.86% |
| Industrials (XLI) | -1.20% | 5.87% | 12.27% | 11.37% | 27.11% |
| Consumer Discretionary (XLY) | -1.38% | -6.74% | -2.20% | -2.75% | 4.69% |
| Materials (XLB) | -1.47% | 8.88% | 20.48% | 16.49% | 21.58% |
| S&P 500 (SPY) | -1.54% | -2.00% | -0.02% | -0.10% | 14.23% |
| Communication Services (XLC) | -1.80% | -2.48% | 1.29% | -2.62% | 12.12% |
| Energy (XLE) | -1.82% | 16.49% | 20.63% | 20.73% | 25.31% |
| Financial (XLF) | -1.99% | -6.51% | -3.36% | -5.62% | 2.03% |
| Technology (XLK) | -2.63% | -5.16% | -5.13% | -3.31% | 18.79% |
Global Thematic
Digital infrastructure and cloud-focused themes demonstrated resilience, with the Digital Infrastructure and Real Estate ETF (IDGT) leading the thematic space with a 3.58% gain. This strength was countered by a violent correction in mining themes, specifically silver and gold miners. The Silver Miners ETF (SLVR) was the day’s worst performer, plunging -10.92% as the underlying commodity price weakness triggered aggressive deleveraging in junior miners.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Daily Leaders | |
| iShares U.S. Digital Infrastructure and Real Estate ETF (IDGT) | 3.58% |
| Pacer Data & Infrastructure Real Estate ETF (SRVR) | 3.07% |
| WisdomTree Cybersecurity Fund (WCBR) | 1.86% |
| Global X Data Center And Digital Infrastructure ETF (DTCR) | 1.84% |
| Global X Cloud Computing ETF (CLOU) | 0.95% |
| Daily Laggards | |
| Sprott Silver Miners & Physical Silver ETF (SLVR) | -10.92% |
| Amplify Junior Silver Miners ETF (SILJ) | -9.01% |
| VanEck Junior Gold Miners ETF (GDXJ) | -8.73% |
| iShares MSCI Global Silver Miners ETF (SLVP) | -8.52% |
| Sprott Junior Gold Miners ETF (SGDJ) | -8.14% |
Developed ex-U.S. & Emerging Markets
International markets showed high Dispersion, with South Korea (EWY) remaining a standout performer despite the broader macro gloom, ending the day up 0.15% with a staggering 142.52% one-year return. Emerging Markets were weighed down by China (MCHI), which fell -2.18% as it remains -9.57% below its 52-week high. Thailand (THD) also showed significant strength, rising 0.97% to reach a fresh 52-week high with an RSI now deeply overbought at 77.42.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Switzerland (EWL) | 0.35% | 4.67% | 9.30% | 5.84% | 28.77% |
| South Korea (EWY) | 0.15% | 20.08% | 39.47% | 34.54% | 142.52% |
| Germany (EWG) | -0.20% | 0.30% | 5.47% | 3.44% | 25.00% |
| Japan (EWJ) | -0.64% | 9.47% | 14.90% | 15.64% | 43.62% |
| Australia (EWA) | -0.68% | 10.02% | 11.36% | 11.11% | 18.97% |
| Dev ex-U.S. (EFA) | -0.75% | 4.77% | 9.82% | 8.46% | 33.46% |
| France (EWQ) | -0.85% | 1.26% | 3.94% | 3.76% | 21.13% |
| U.K. (EWU) | -0.89% | 4.26% | 10.14% | 6.89% | 33.72% |
| Hong Kong (EWH) | -1.97% | 3.55% | 4.09% | 9.79% | 47.66% |
| Canada (EWC) | -2.33% | 0.31% | 7.74% | 2.47% | 33.77% |
| Netherlands (EWN) | -2.43% | 0.80% | 8.23% | 7.89% | 35.15% |
| Emerging Markets | |||||
| Thailand (THD) | 0.97% | 17.14% | 19.16% | 17.31% | 28.37% |
| India (INDA) | -0.78% | -0.54% | -2.66% | -1.74% | 6.65% |
| Malaysia (EWM) | -0.90% | 6.22% | 13.76% | 8.59% | 28.05% |
| Mexico (EWW) | -0.97% | 10.91% | 19.53% | 15.27% | 59.79% |
| Taiwan (EWT) | -1.08% | 8.92% | 16.04% | 14.21% | 44.99% |
| Indonesia (EIDO) | -1.11% | -5.79% | -2.04% | -4.33% | 6.18% |
| Emerging (EEM) | -1.14% | 5.04% | 11.08% | 11.24% | 42.33% |
| Brazil (EWZ) | -1.71% | 16.88% | 20.03% | 21.15% | 60.21% |
| China (MCHI) | -2.18% | -5.73% | -5.04% | 0.85% | 19.38% |
| South Africa (EZA) | -3.11% | 1.88% | 14.90% | 7.78% | 72.51% |
Fixed Income
Bonds experienced a “flight to safety” as equity volatility spiked, with long-duration Treasuries leading the way. The Government Long fund (SPTL) surged 1.20% as the 10-year yield retreated, while core aggregates (AGG) rose 0.45%. Credit-sensitive areas lagged the risk-free curve, with Preferred Stock (PFF) and Convertibles (CWB) declining -0.32% and -0.62% respectively, reflecting the broader souring of sentiment in equity markets.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Long Term (BLV) | 0.97% | 1.72% | 0.82% | 2.19% | 8.45% |
| Taxable Core (AGG) | 0.45% | 0.89% | 1.24% | 1.12% | 8.19% |
| Taxable Core Enhanced (IUSB) | 0.39% | 0.89% | 1.26% | 1.11% | 8.28% |
| Taxable Short-Term (BSV) | 0.16% | 0.58% | 1.14% | 0.55% | 6.35% |
| Government | |||||
| Government Long (SPTL) | 1.20% | 1.98% | 0.44% | 2.40% | 7.68% |
| Government Intermediate (SPTI) | 0.45% | 0.85% | 1.03% | 0.81% | 8.16% |
| Inflation Protected (TIP) | 0.40% | 0.97% | 0.71% | 1.22% | 6.81% |
| Government Short (SPTS) | 0.14% | 0.49% | 1.09% | 0.45% | 5.40% |
| Taxable Ultrashort (BIL) | 0.00% | 0.29% | 0.92% | 0.40% | 4.08% |
| Specialty | |||||
| Mortgage Backed (MBS) | 0.47% | 0.87% | 1.74% | 1.32% | 9.69% |
| Corporate (SPIB) | 0.27% | 0.77% | 1.48% | 0.83% | 8.35% |
| Taxable High Yield (HYG) | -0.05% | 0.18% | 1.77% | 0.69% | 7.95% |
| Bank Loans (BKLN) | -0.29% | -1.58% | -0.06% | -1.30% | 5.11% |
| Preferred Stock (PFF) | -0.32% | 0.12% | 2.49% | 2.25% | 6.40% |
| Convertible (CWB) | -0.62% | 0.93% | 3.17% | 5.38% | 18.63% |
| International & EM | |||||
| Emerging USD (EMB) | 0.28% | 1.44% | 2.01% | 1.44% | 13.75% |
| International USD (BNDX) | 0.23% | 0.69% | 0.58% | 1.23% | 3.87% |
| International (IGOV) | 0.05% | 2.85% | 2.79% | 2.93% | 12.46% |
| Emerging (EMLC) | 0.04% | 2.55% | 5.08% | 3.11% | 19.69% |
| Municipals | |||||
| Municipal Long (MLN) | 0.34% | 0.79% | 0.76% | 0.90% | 3.72% |
| Municipal High Yield (HYD) | 0.33% | 0.15% | 1.59% | 0.52% | 3.69% |
| Municipal Intermediate (MUB) | 0.24% | 0.76% | 1.47% | 1.18% | 5.15% |
| Municipal Short (SUB) | 0.07% | 0.61% | 1.44% | 0.82% | 3.99% |
Commodities
Commodities were broadly decimated by a sharp sell-off in metals, with Broad Commodities (DJP) falling -1.98%. The carnage was most severe in Precious Metals (DBP), which cratered -5.14% as Silver (SLV) suffered a double-digit daily loss of -11.53%. Agriculture offered a small pocket of green, led by Wheat (WEAT) which gained 2.20% on the day, diverging from the heavy industrial and energy complexes.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -1.98% | 3.62% | 8.17% | 8.11% | 17.21% |
| Agriculture | |||||
| Wheat (WEAT) | 2.20% | 5.70% | -0.51% | 6.86% | -15.82% |
| Corn (CORN) | 0.97% | 2.74% | -2.26% | -0.62% | -12.77% |
| Soybeans (SOYB) | 0.90% | 6.78% | 0.04% | 7.32% | 6.93% |
| Broad-based Agriculture (DBA) | 0.27% | 1.01% | 1.59% | 1.45% | -4.12% |
| Sugar (CANE) | 0.11% | -6.47% | -3.36% | -7.33% | -23.06% |
| Energy | |||||
| Natural Gas (UNG) | 0.89% | 11.18% | -15.15% | 1.39% | -33.85% |
| Broad-based Energy (DBE) | -2.44% | 7.13% | 3.95% | 9.71% | 3.17% |
| Brent Crude Oil (BNO) | -3.10% | 7.20% | 11.20% | 12.57% | 3.57% |
| WTI Crude Oil (USO) | -3.18% | 6.60% | 9.44% | 10.44% | 0.08% |
| Gasoline (UGA) | -3.66% | 5.19% | 0.65% | 10.34% | 5.70% |
| Industrial Metals | |||||
| Broad-based Industrial Metals (DBB) | -2.36% | -2.56% | 11.14% | 2.83% | 25.48% |
| Copper (CPER) | -3.51% | -3.71% | 12.73% | 1.57% | 20.05% |
| Precious Metals | |||||
| Gold (GLD) | -3.47% | 6.91% | 16.94% | 13.90% | 68.64% |
| Broad-based Precious Metals (DBP) | -5.14% | 1.24% | 20.28% | 11.05% | 74.47% |
| Palladium (PALL) | -5.76% | -13.24% | 9.47% | 1.11% | 64.67% |
| Platinum (PPLT) | -6.62% | -14.43% | 23.10% | -2.63% | 99.81% |
| Silver (SLV) | -11.53% | -12.30% | 40.17% | 5.14% | 130.85% |
Cryptocurrency
Digital assets suffered alongside other risk assets, as Bitcoin (IBIT) fell -3.24% and Ethereum (ETHA) dropped -1.97%. The technical outlook has deteriorated significantly over the last month, with Bitcoin down -28.57% and Solana (SOLZ) plunging -45.35% during the 30-day lookback period. Solana was the day’s laggard among high-beta tokens, falling -3.45% as it continues to lead the landscape to the downside in recent months.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Solana (SOLZ) | -3.45% | -45.35% | -50.56% | -38.40% | — |
| Bitcoin (IBIT) | -3.24% | -28.57% | -35.67% | -25.38% | -32.83% |
| Multi-Coin (NCIQ) | -2.89% | -30.90% | -37.79% | -27.07% | — |
| XRP | -2.20% | -34.62% | — | -26.27% | — |
| Ethereum (ETHA) | -1.97% | -38.31% | -43.93% | -35.53% | -28.73% |
What to Watch Today
Market participants are bracing for upcoming U.S. consumer sentiment data and inflation expectations, which will likely dictate the next move for Treasury yields and interest-rate-sensitive growth stocks. The broad-based rejection of risk across equities and crypto, coupled with the flight to long-duration bonds, suggests a shift in the macro narrative toward recessionary hedging. Investors will also be monitoring geopolitical updates and any stabilizing commentary from central bank officials to see if this “de-risking” event finds a floor or intensifies into a deeper correction.
