Macro Overview
U.S. and international equities posted broad gains, with emerging markets demonstrating noticeable relative strength. Emerging Markets (EEM) advanced 1.10% for the session, heavily propelled by sharp single-day moves in South Korea and Taiwan. Developed ex-U.S. (EFA) and U.S. Large Cap (IVV) followed closely with gains of 0.96% and 0.83%, respectively. Fixed Income (AGG) traded marginally lower, dipping 0.05% as duration faced mild headwinds, while Broad Commodities (DJP) edged up 0.12%. The robust performance across international equities highlights a confident risk-on posture in global equity trading.
U.S. Size & Style
Large Growth (IVW) paced the U.S. equity complex, adding 1.42% for the day and demonstrating sustained momentum with its 14-day relative strength index hovering comfortably at 53.03. Value segments lagged their growth counterparts across all market capitalizations, punctuated by Mid Value (IJJ), which closed lower by 0.13%. From a breadth perspective, Mid Growth (IJK) displayed solid underlying participation, tracking a 0.87% daily advance with 65.00% of its constituents trading above their 50-day moving average.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Growth (IVW) | 1.42% | -1.04% | 0.05% | -0.83% | 21.24% |
| Mid Growth (IJK) | 0.87% | 4.30% | 11.63% | 10.56% | 21.04% |
| Large Cap (IVV) | 0.83% | 0.58% | 3.00% | 1.65% | 18.11% |
| Small Growth (IJT) | 0.56% | 2.27% | 8.05% | 8.54% | 16.25% |
| Mid Cap (IJH) | 0.38% | 3.07% | 9.97% | 8.76% | 17.61% |
| Small Cap (IJR) | 0.37% | 2.01% | 9.29% | 8.72% | 17.75% |
| Large Value (IVE) | 0.23% | 2.42% | 6.37% | 4.48% | 14.48% |
| Small Value (IJS) | 0.09% | 1.73% | 10.47% | 8.78% | 19.02% |
| Mid Value (IJJ) | -0.13% | 1.81% | 8.19% | 6.84% | 13.91% |
U.S. Sectors & Industries
Technology (XLK) and Financials (XLF) led sector performance, climbing 1.92% and 1.75%, respectively. Despite Financials’ strong daily move, its underlying breadth remains technically muted with only 34.21% of constituents above their 50-day moving average. Utilities (XLU) registered a modest 0.34% gain but remains highly overbought with a 14-day RSI of 75.34 and perfect breadth, as 100% of its components trade above the 50-day average. Consumer Staples (XLP) and Industrials (XLI) anchored the bottom of the board, sliding 0.81% and 0.78%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Technology (XLK) | 1.92% | -1.43% | 2.14% | -0.67% | 25.94% |
| Financial (XLF) | 1.75% | -2.26% | -0.93% | -5.29% | 3.19% |
| Utilities (XLU) | 0.34% | 11.28% | 7.45% | 10.94% | 22.57% |
| Consumer Discretionary (XLY) | 0.30% | -4.91% | 0.53% | -1.94% | 9.12% |
| Communication Services (XLC) | 0.29% | -0.39% | 2.25% | -1.04% | 15.95% |
| Health Care (XLV) | -0.03% | 0.22% | -0.17% | 1.96% | 7.86% |
| Energy (XLE) | -0.42% | 11.55% | 24.89% | 22.72% | 26.52% |
| Materials (XLB) | -0.56% | 6.18% | 21.47% | 17.00% | 22.07% |
| Real Estate (XLRE) | -0.66% | 5.31% | 6.35% | 7.66% | 4.79% |
| Industrials (XLI) | -0.78% | 6.93% | 15.98% | 13.20% | 31.92% |
| Consumer Staples (XLP) | -0.81% | 7.36% | 14.95% | 14.59% | 9.38% |
Global Thematic
Digital assets and next-generation internet themes dominated the thematic landscape today, with the First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) surging 7.32%. ARK Blockchain & Fintech Innovation ETF (ARKF) followed with a 5.01% gain, reflecting a sharp technical rotation into disruptive tech sub-sectors. On the downside, home construction themes faced notable headwinds, pushing the iShares U.S. Home Construction ETF (ITB) and the SPDR S&P Homebuilders ETF (XHB) lower by 3.38% and 2.65%, respectively.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | 7.32% |
| ARK Blockchain & Fintech Innovation ETF (ARKF) | 5.01% |
| Bitwise Crypto Industry Innovators ETF (BITQ) | 4.49% |
| iShares Blockchain and Tech ETF (IBLC) | 4.42% |
| ARK Next Generation Internet ETF (ARKW) | 4.04% |
| Laggards | |
| iShares U.S. Home Construction ETF (ITB) | -3.38% |
| State Street SPDR S&P Homebuilders ETF (XHB) | -2.65% |
| Invesco Solar ETF (TAN) | -2.02% |
| iShares MSCI Agriculture Producers ETF (VEGI) | -1.64% |
| State Street SPDR S&P Kensho Final Frontiers ETF (ROKT) | -1.39% |
Developed ex-U.S. & Emerging Markets
International equities demonstrated broad strength, with Asian markets driving much of the upside momentum. South Korea (EWY) paced developed markets with a 3.00% surge, pushing its 14-day RSI to an overbought reading of 78.35 alongside robust breadth where 93.90% of constituents hold above their 50-day moving average. Within emerging markets, Thailand (THD) and Taiwan (EWT) climbed 2.12% and 1.76%, respectively, both entering technically overbought territory. Hong Kong (EWH) proved to be the lone developed market laggard, slipping 0.38%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets | |||||
| South Korea (EWY) | 3.00% | 26.21% | 69.59% | 53.15% | 164.60% |
| Australia (EWA) | 1.96% | 10.15% | 19.74% | 15.16% | 26.92% |
| U.K. (EWU) | 1.42% | 6.78% | 16.66% | 10.64% | 37.85% |
| Japan (EWJ) | 1.33% | 9.32% | 17.11% | 14.49% | 39.22% |
| Netherlands (EWN) | 1.22% | 2.31% | 16.42% | 11.82% | 38.12% |
| Germany (EWG) | 0.91% | 2.00% | 10.35% | 4.35% | 23.24% |
| France (EWQ) | 0.84% | 5.52% | 9.54% | 6.73% | 23.73% |
| Canada (EWC) | 0.77% | 3.26% | 12.70% | 6.79% | 41.46% |
| Switzerland (EWL) | 0.05% | 6.54% | 13.26% | 8.16% | 27.16% |
| Hong Kong (EWH) | -0.38% | 5.44% | 11.21% | 12.28% | 44.76% |
| Emerging Markets | |||||
| Thailand (THD) | 2.12% | 16.85% | 27.91% | 25.05% | 44.06% |
| Taiwan (EWT) | 1.76% | 10.54% | 28.36% | 21.30% | 53.93% |
| Indonesia (EIDO) | 1.50% | -4.16% | -1.78% | -2.57% | 10.16% |
| South Africa (EZA) | 1.29% | 5.15% | 27.73% | 16.67% | 85.74% |
| China (MCHI) | 0.40% | -3.30% | -1.26% | 1.00% | 14.71% |
| Brazil (EWZ) | 0.30% | 8.20% | 26.00% | 24.61% | 65.18% |
| India (INDA) | 0.13% | 2.93% | -2.84% | -2.42% | 7.09% |
| Mexico (EWW) | 0.10% | 5.74% | 21.05% | 16.04% | 63.56% |
| Malaysia (EWM) | -0.03% | 4.27% | 15.09% | 9.69% | 29.94% |
Fixed Income
Fixed income markets exhibited a mild bias toward credit risk over duration today, as government and core investment-grade bonds faced marginal headwinds. Longer-duration government paper like the Government Long ETF (SPTL) edged lower by 0.04%, while lower credit quality and hybrid segments found bids. The Convertible ETF (CWB) surged 0.75%, and Bank Loans (BKLN) advanced 0.25%, reflecting continued appetite for floating-rate and equity-linked exposure. Emerging market local currency debt (EMLC) also performed well, adding 0.38% against a backdrop of broad international strength.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Long-Term (BLV) | -0.01% | 1.95% | 1.00% | 2.75% | 4.98% |
| Taxable Core Enhanced (IUSB) | -0.02% | 1.19% | 1.24% | 1.48% | 6.62% |
| Taxable Short-Term (BSV) | -0.03% | 0.75% | 0.93% | 0.72% | 5.53% |
| Taxable Core (AGG) | -0.05% | 1.26% | 1.23% | 1.49% | 6.35% |
| Government | |||||
| Inflation Protected (TIP) | 0.09% | 1.07% | 0.73% | 1.36% | 5.20% |
| Taxable Ultrashort (BIL) | 0.01% | 0.30% | 0.91% | 0.53% | 4.06% |
| Government Short (SPTS) | 0.00% | 0.52% | 0.85% | 0.52% | 4.82% |
| Government Intermediate (SPTI) | -0.03% | 1.41% | 0.80% | 1.16% | 6.58% |
| Government Long (SPTL) | -0.04% | 2.54% | 0.93% | 3.12% | 3.83% |
| Specialty | |||||
| Convertible (CWB) | 0.75% | 1.94% | 8.10% | 7.30% | 23.59% |
| Bank Loans (BKLN) | 0.25% | -1.72% | -0.73% | -1.78% | 4.55% |
| Taxable High Yield (HYG) | 0.14% | 0.22% | 1.50% | 0.86% | 7.26% |
| Preferred Stock (PFF) | 0.06% | -0.07% | 4.45% | 3.00% | 6.08% |
| Corporate (SPIB) | 0.00% | 0.98% | 1.30% | 1.13% | 7.23% |
| Mortgage Backed (MBS) | -0.03% | 1.37% | 1.70% | 1.72% | 7.66% |
| International & EM | |||||
| Emerging (EMLC) | 0.38% | 1.57% | 5.31% | 3.46% | 18.19% |
| International (IGOV) | 0.16% | 1.59% | 3.35% | 2.76% | 10.59% |
| Emerging USD (EMB) | 0.09% | 1.49% | 2.42% | 1.95% | 12.43% |
| International USD (BNDX) | -0.12% | 1.43% | 1.18% | 1.70% | 3.91% |
| Municipals | |||||
| Municipal Long (MLN) | 0.06% | 1.59% | 1.91% | 1.53% | 2.94% |
| Municipal High Yield (HYD) | 0.06% | 0.89% | 1.39% | 0.97% | 2.82% |
| Municipal Intermediate (MUB) | 0.04% | 1.32% | 2.21% | 1.79% | 4.48% |
| Municipal Short (SUB) | -0.03% | 0.43% | 1.29% | 0.84% | 3.81% |
Commodities
Commodity markets recorded mixed intra-day performance, with industrial and certain precious metals noticeably outpacing broader energy complexes. Broad Commodities (DJP) posted a slight 0.12% gain, technically supported by a sharp 4.87% advance in Platinum (PPLT) and solid 1.32% gains in Copper (CPER). Conversely, energy components dragged on broad indexes as WTI Crude Oil (USO) and Brent Crude Oil (BNO) declined 1.28% and 0.77%, respectively, marginally offsetting a 1.22% technical rebound in Natural Gas (UNG).
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.12% | 0.96% | 14.87% | 11.75% | 20.98% |
| Agriculture | |||||
| Soybeans (SOYB) | 0.72% | 6.60% | 1.67% | 8.60% | 7.64% |
| Corn (CORN) | 0.63% | 1.61% | 0.33% | -0.17% | -11.23% |
| Agriculture (DBA) | 0.42% | 1.48% | 4.67% | 2.35% | -0.01% |
| Sugar (CANE) | 0.05% | -2.25% | -2.76% | -4.36% | -26.74% |
| Wheat (WEAT) | -0.55% | 4.82% | 4.12% | 8.91% | -14.71% |
| Energy | |||||
| Natural Gas (UNG) | 1.22% | -16.96% | -16.12% | -5.38% | -46.67% |
| Energy (DBE) | -0.77% | 6.33% | 11.18% | 14.51% | 8.45% |
| Brent Crude Oil (BNO) | -0.77% | 9.64% | 17.99% | 18.82% | 12.39% |
| WTI Crude Oil (USO) | -1.28% | 7.82% | 15.13% | 15.28% | 7.55% |
| Industrial Metals | |||||
| Copper (CPER) | 1.32% | 0.71% | 17.96% | 5.21% | 29.69% |
| Industrial Metals (DBB) | 1.25% | 0.25% | 16.50% | 6.10% | 29.94% |
| Precious Metals | |||||
| Platinum (PPLT) | 4.87% | -17.84% | 46.63% | 11.17% | 134.38% |
| Silver (SLV) | 1.21% | -13.85% | 71.50% | 24.25% | 177.63% |
| Precious Metals (DBP) | 0.24% | -2.29% | 32.43% | 19.66% | 88.83% |
| Palladium (PALL) | -0.13% | -12.04% | 28.16% | 11.77% | 90.99% |
| Gold (GLD) | -0.25% | 3.37% | 24.56% | 19.46% | 76.24% |
Cryptocurrency
Digital assets experienced robust upward volatility, sharply reversing some of the recent medium-term drawdowns. Solana (SOLZ) led the major tokens with a powerful 13.50% daily advance, closely followed by Ethereum (ETHA), which rallied 11.76%. Bitcoin (IBIT) anchored the group but still posted a substantial 7.39% gain for the session, signaling a broad-based revival in risk appetite across the cryptocurrency ecosystem.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Bitcoin (IBIT) | 7.39% | -22.62% | -20.84% | -20.99% | -21.59% |
| XRP (XRP) | 8.09% | -24.03% | -33.20% | -19.88% | – |
| Multi-Coin (NCIQ) | 8.14% | -23.88% | -23.48% | -22.19% | -23.01% |
| Ethereum (ETHA) | 11.76% | -29.37% | -29.15% | -30.09% | -16.73% |
| Solana (SOLZ) | 13.50% | -29.73% | -35.74% | -28.41% | – |
What to Watch Today
Market participants are shifting their focus toward upcoming personal consumption expenditures (PCE) inflation data and revised gross domestic product (GDP) estimates later this week. The broad risk-on tone—evidenced by the surge in digital assets, emerging market equities, and growth themes—suggests investors are currently pricing in a stable macroeconomic environment with a goldilocks growth narrative. However, any unexpected hawkish tones from central bank officials or stickier-than-expected inflation metrics could rapidly alter the prevailing sentiment and test the resilience of this latest rally.
