Macro Overview
Domestic and international equities experienced modest pressure during the latest session, with the U.S. Large Cap (IVV) slipping -0.24% while Developed Markets ex-U.S. (EFA) and Emerging Markets (EEM) declined -0.28% and -0.25%, respectively. The broader Fixed Income complex displayed measured strength, supported by stabilization at the long end of the duration curve. Broad Commodities (DJP) served as a definitive outlier on the day, advancing 0.97% amid sustained bids across the energy and agriculture spectrums.
U.S. Size & Style
Momentum in domestic size and style segments favored growth, with Mid Growth (IJK) acting as the sole positive performer on the day at +0.38%. This relative strength is supported by robust technical breadth, as 66.67% of IJK constituents remain above their 50-day moving averages. Conversely, Mid Value (IJJ) lagged the broader complex, dropping -0.42%. Most broad equity segments remain in technically neutral territory, with Large Cap (IVV) registering an RSI of 47.01.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Mid Growth (IJK) | 0.38% | 2.26% | 13.76% | 9.18% | 13.81% |
| Mid Cap (IJH) | -0.01% | 13.77% | 2.28% | 8.58% | 13.31% |
| Large Growth (IVW) | -0.16% | 0.20% | -3.21% | -2.69% | 12.93% |
| Small Value (IJS) | -0.18% | 17.40% | 2.67% | 10.07% | 16.72% |
| Small Cap (IJR) | -0.19% | 15.31% | 1.80% | 8.94% | 13.25% |
| Small Growth (IJT) | -0.20% | 13.34% | 0.93% | 7.79% | 9.82% |
| Large Cap (IVV) | -0.24% | 3.63% | -1.00% | 0.40% | 13.10% |
| Large Value (IVE) | -0.33% | 1.39% | 7.53% | 3.87% | 12.84% |
| Mid Value (IJJ) | -0.42% | 13.85% | 2.33% | 7.93% | 12.49% |
U.S. Sectors & Industries
Defensive and cyclical value sectors exhibited notable strength, led by Utilities (XLU) and Industrials (XLI), which advanced 1.10% and 0.74% respectively. Energy (XLE) and Industrials are currently flashing technically overbought signals, maintaining RSI levels of 72.07 and 73.04. Alternatively, Financials (XLF) lagged the broader market with a -0.84% decline, weighed down by weak technical breadth where only 35.53% of constituents sit above their 50-day moving average.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Utilities (XLU) | 1.10% | 6.27% | 5.02% | 8.01% | 18.16% |
| Industrials (XLI) | 0.74% | 5.66% | 17.68% | 13.68% | 28.80% |
| Energy (XLE) | 0.73% | 15.71% | 23.82% | 23.42% | 23.94% |
| Communication Services (XLC) | 0.48% | -0.03% | 3.89% | -2.19% | 11.05% |
| Health Care (XLV) | -0.26% | 0.98% | 3.67% | 1.59% | 9.30% |
| Real Estate (XLRE) | -0.35% | 2.35% | 7.80% | 7.06% | 5.64% |
| Materials (XLB) | -0.36% | 8.53% | 23.86% | 16.49% | 19.82% |
| Consumer Staples (XLP) | -0.42% | 6.77% | 15.51% | 12.86% | 10.44% |
| Technology (XLK) | -0.50% | -3.72% | -0.05% | -2.61% | 16.50% |
| Consumer Discretionary (XLY) | -0.67% | -4.96% | 3.75% | -2.65% | 3.63% |
| Financial (XLF) | -0.84% | -4.21% | 1.49% | -4.78% | 1.30% |
Global Thematic
Cannabis and alternative harvest themes demonstrated material outperformance, taking the top spots for the day with AdvisorShares Pure US Cannabis (MSOS) advancing 9.69%. Junior silver miners also experienced increased bidding activity. On the downside, clean energy verticals faced distribution, with Sprott Lithium Miners (LITP) dropping -4.59% and Invesco Solar (TAN) shedding -3.16%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Top 5 Leaders | |
| AdvisorShares Pure US Cannabis ETF (MSOS) | 9.69% |
| Amplify Seymour Cannabis ETF (CNBS) | 9.20% |
| Amplify Alternative Harvest ETF (MJ) | 6.06% |
| Sprott Silver Miners & Physical Silver ETF (SLVR) | 4.09% |
| Amplify Junior Silver Miners ETF (SILJ) | 3.44% |
| Bottom 5 Laggards | |
| Putnam BDC Income ETF (PBDC) | -2.05% |
| Invesco Global Listed Private Equity ETF (PSP) | -2.45% |
| Invesco Solar ETF (TAN) | -3.16% |
| VanEck Alternative Asset Manager ETF (GPZ) | -4.05% |
| Sprott Lithium Miners ETF (LITP) | -4.59% |
Developed ex-U.S. & Emerging Markets
International performance was bifurcated. In Developed Markets, South Korea (EWY) stood out with a 1.72% daily advance, pushing its technical posture into overbought conditions (RSI 72.09). Within Emerging Markets, Thailand (THD) logged a strong 2.05% gain, exhibiting heavily overbought momentum with an RSI reading of 82.96. Conversely, India (INDA) suffered a pronounced daily setback, retreating -1.91%.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets | |||||
| South Korea (EWY) | 1.72% | 20.49% | 52.70% | 39.08% | 137.28% |
| Canada (EWC) | 0.51% | 2.94% | 13.11% | 5.23% | 36.49% |
| Australia (EWA) | 0.20% | 9.84% | 18.08% | 12.14% | 21.12% |
| Hong Kong (EWH) | 0.08% | 4.61% | 11.21% | 10.96% | 47.04% |
| Switzerland (EWL) | -0.16% | 6.03% | 13.84% | 7.00% | 28.55% |
| Japan (EWJ) | -0.20% | 6.69% | 17.32% | 12.96% | 37.06% |
| France (EWQ) | -0.26% | 3.58% | 8.54% | 4.27% | 21.38% |
| Dev ex-U.S. (EFA) | -0.28% | 4.54% | 14.51% | 8.35% | 31.96% |
| U.K. (EWU) | -0.42% | 5.53% | 16.48% | 8.41% | 35.37% |
| Netherlands (EWN) | -0.44% | 1.21% | 14.04% | 9.87% | 36.27% |
| Germany (EWG) | -0.54% | 1.25% | 11.06% | 3.25% | 23.70% |
| Emerging Markets | |||||
| Thailand (THD) | 2.05% | 19.62% | 25.91% | 21.87% | 33.79% |
| Brazil (EWZ) | 1.53% | 16.40% | 23.11% | 21.53% | 56.09% |
| Malaysia (EWM) | 0.51% | 5.86% | 15.05% | 8.99% | 28.26% |
| Indonesia (EIDO) | -0.22% | -6.84% | -2.58% | -4.65% | 3.92% |
| Emerging (EEM) | -0.25% | 5.48% | 14.98% | 11.57% | 40.10% |
| Mexico (EWW) | -0.26% | 8.03% | 22.05% | 15.30% | 58.79% |
| China (MCHI) | -0.38% | -2.88% | -0.71% | 1.08% | 15.51% |
| Taiwan (EWT) | -0.42% | 7.92% | 21.63% | 14.39% | 43.13% |
| South Africa (EZA) | -0.74% | 3.06% | 18.87% | 9.03% | 73.23% |
| India (INDA) | -1.91% | -1.04% | -4.61% | -3.24% | 5.10% |
Fixed Income
The yield curve saw constructive price action, particularly at the longer end, as duration-sensitive assets outperformed. Government Long (SPTL) led sovereign exposure with a 0.11% advance. Risk appetite in credit was mixed; while Municipal High Yield (HYD) gained 0.23%, floating-rate Bank Loans (BKLN) and Preferred Stock (PFF) experienced weakness, declining -0.15% and -0.22% respectively.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Long Term (BLV) | 0.08% | 2.02% | 2.41% | 2.67% | 7.85% |
| Taxable Core Enhanced (IUSB) | 0.04% | 1.13% | 1.85% | 1.33% | 7.84% |
| Taxable Short-Term (BSV) | 0.03% | 0.73% | 1.27% | 0.64% | 6.03% |
| Taxable Core (AGG) | 0.02% | 1.16% | 1.80% | 1.33% | 7.65% |
| Government | |||||
| Government Long (SPTL) | 0.11% | 2.35% | 2.09% | 2.86% | 6.89% |
| Inflation Protected (TIP) | 0.08% | 1.12% | 1.09% | 1.22% | 6.15% |
| Government Intermediate (SPTI) | 0.03% | 1.20% | 1.31% | 0.95% | 7.61% |
| Government Short (SPTS) | 0.03% | 0.52% | 1.09% | 0.49% | 5.19% |
| Taxable Ultrashort (BIL) | 0.00% | 0.29% | 0.91% | 0.46% | 4.06% |
| Specialty | |||||
| Convertible (CWB) | 0.07% | 1.25% | 8.09% | 6.58% | 19.01% |
| Corporate (SPIB) | 0.06% | 0.98% | 1.87% | 1.04% | 8.02% |
| Taxable High Yield (HYG) | 0.04% | 0.31% | 2.44% | 0.88% | 7.55% |
| Mortgage Backed (MBS) | 0.04% | 1.12% | 2.37% | 1.49% | 9.05% |
| Bank Loans (BKLN) | -0.15% | -1.49% | 0.23% | -1.21% | 4.92% |
| Preferred Stock (PFF) | -0.22% | 0.34% | 5.41% | 3.00% | 6.48% |
| International & EM | |||||
| International USD (BNDX) | 0.06% | 1.04% | 1.38% | 1.50% | 4.32% |
| International (IGOV) | 0.00% | 2.79% | 3.88% | 2.42% | 11.65% |
| Emerging USD (EMB) | -0.11% | 1.83% | 2.73% | 1.76% | 13.28% |
| Emerging (EMLC) | -0.23% | 2.20% | 4.80% | 2.64% | 18.05% |
| Municipals | |||||
| Municipal High Yield (HYD) | 0.23% | 0.46% | 2.04% | 0.99% | 3.56% |
| Municipal Long (MLN) | 0.20% | 1.02% | 1.23% | 1.10% | 3.43% |
| Municipal Intermediate (MUB) | 0.14% | 1.05% | 2.13% | 1.52% | 4.93% |
| Municipal Short (SUB) | -0.07% | 0.38% | 1.36% | 0.80% | 3.86% |
Commodities
Raw materials posted decisive relative strength, supported heavily by the energy and agriculture complexes. WTI Crude Oil (USO) and Brent Crude Oil (BNO) both rallied over 2.2%, continuing their recent run. In agriculture, Wheat (WEAT) led daily performance with a 3.22% surge. Precious metals diverged significantly, with Silver (SLV) advancing 1.31% while Palladium (PALL) tumbled -2.37%.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.97% | 5.80% | 11.58% | 10.18% | 16.05% |
| Agriculture | |||||
| Wheat (WEAT) | 3.22% | 7.17% | 2.44% | 9.26% | -16.72% |
| Soybeans (SOYB) | 0.56% | 7.14% | 0.34% | 7.73% | 6.95% |
| Corn (CORN) | 0.29% | 1.83% | -1.44% | -1.35% | -14.57% |
| Agriculture (DBA) | 0.23% | 1.17% | 2.83% | 1.49% | -4.93% |
| Sugar (CANE) | -0.55% | -5.79% | -3.41% | -6.51% | -26.39% |
| Energy | |||||
| Energy (DBE) | 2.01% | 12.62% | 8.65% | 15.88% | 5.47% |
| WTI Crude Oil (USO) | 2.25% | 13.31% | 14.55% | 17.39% | 4.83% |
| Brent Crude Oil (BNO) | 2.22% | 13.97% | 16.99% | 20.09% | 8.94% |
| Gasoline (UGA) | 1.88% | 11.21% | 6.63% | 15.88% | 10.15% |
| Industrial Metals | |||||
| Copper (CPER) | -0.11% | -1.11% | 14.17% | 1.66% | 23.36% |
| Industrial Metals (DBB) | -0.38% | -0.93% | 12.82% | 2.62% | 24.05% |
| Precious Metals | |||||
| Silver (SLV) | 1.31% | -12.36% | 52.87% | 10.23% | 138.21% |
| Precious Metals (DBP) | 0.51% | 3.08% | 27.18% | 13.68% | 77.24% |
| Gold (GLD) | 0.28% | 9.08% | 22.56% | 15.96% | 69.67% |
| Platinum (PPLT) | -0.43% | -9.95% | 34.09% | 1.08% | 110.79% |
| Palladium (PALL) | -2.37% | -6.24% | 21.12% | 5.19% | 71.59% |
Cryptocurrency
Digital assets managed to string together a slight positive session amidst intense medium-term pressure. Bitcoin (IBIT) generated a 1.41% daily bounce, though it remains down -23.32% year-to-date. Solana (SOLZ) added 1.18%, acting as a leader for alternative coins. XRP was the notable laggard across the complex, continuing its downward trend with a -0.63% decline for the day.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP | -0.63% | -32.20% | – | -22.95% | – |
| Ethereum (ETHA) | 0.62% | -40.84% | -33.81% | -34.37% | -28.58% |
| Multi-Coin (NCIQ) | 1.05% | -31.80% | -27.15% | -25.04% | -32.12% |
| Solana (SOLZ) | 1.18% | -43.56% | -38.96% | -34.16% | – |
| Bitcoin (IBIT) | 1.41% | -29.81% | -24.96% | -23.32% | -30.34% |
What to Watch Today
With major equity indices showing near-term consolidation and momentum indicators cooling, market participants will closely monitor upcoming economic data releases for directional cues. Stabilization in long-duration fixed income alongside defensive sector leadership—such as Utilities—suggests a more cautious posture among investors. Traders should watch whether the recent strength in the energy complex and hard commodities persists, potentially acting as a leading indicator for broader inflation expectations or shifting growth narratives.
