Macro Overview
The global investment landscape experienced significant volatility on March 18, 2026, as investors navigated a broad-based retreat from risk assets. The S&P 500 (IVV) declined 1.36%, while international equities saw deeper corrections with Developed ex-U.S. (EFA) falling 1.71% and Emerging Markets (EEM) dropping 2.03%. A sharp divergence occurred in the commodities space as the Broad Commodities (DJP) index surged 1.48% on the back of a significant rally in energy prices. Fixed income provided limited ballast to portfolios, as the U.S. Aggregate Bond (AGG) slipped 0.42% amidst shifting yield expectations.
U.S. Size & Style
Domestic style box performance was characterized by a relative outperformance of growth over value in a negative tape. The S&P 400 Mid Cap Growth (IJK) led the group on a relative basis, limiting its daily decline to 0.75%, while the S&P 500 Value (IVE) fell 1.54%. Technical indicators suggest the selling in large-cap value has become overextended, as the S&P 500 Value (IVE) recorded an RSI of 28.62, signaling oversold conditions. Despite the daily drawdown, the S&P 500 Growth (IVW) maintains its position as the one-year leader with a gain of 25.70%.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 400 Mid Cap Growth (IJK) | -0.75% | -4.02% | 4.22% | 4.39% | 21.28% |
| S&P 400 Mid Cap (IJH) | -0.93% | -6.03% | 1.56% | 2.04% | 15.78% |
| S&P 400 Mid Value (IJJ) | -1.17% | -8.20% | -1.24% | -0.50% | 10.15% |
| S&P 600 Small Value (IJS) | -1.16% | -7.58% | 0.41% | 1.91% | 18.98% |
| S&P 500 Growth (IVW) | -1.26% | -2.65% | -3.51% | -5.11% | 25.70% |
| S&P 600 Small Cap (IJR) | -1.29% | -6.68% | 0.24% | 1.86% | 17.85% |
| S&P 600 Small Growth (IJT) | -1.29% | -5.81% | 0.09% | 1.72% | 16.78% |
| S&P 500 (IVV) | -1.36% | -3.59% | -1.90% | -2.97% | 19.42% |
| S&P 500 Value (IVE) | -1.54% | -4.66% | -0.25% | -0.65% | 12.70% |
U.S. Sectors & Industries
Energy (XLE) was the clear defensive champion of the day, declining only 0.14% as a strong bid for crude oil insulated the sector from broader equity weakness. Conversely, the Consumer Staples (XLP) sector was the session laggard, falling 2.43% as defensive rotations failed to materialize. Materials (XLB) also underperformed with a 2.10% loss, likely reacting to global growth concerns. Technical readings for Energy (XLE) remain firmly in overbought territory with an RSI of 72.69, having gained 30.69% year-to-date.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Energy (XLE) | -0.14% | 6.66% | 33.52% | 30.69% | 32.22% |
| Industrials (XLI) | -0.79% | -5.63% | 7.25% | 6.49% | 26.95% |
| Utilities (XLU) | -0.85% | 2.46% | 9.03% | 9.46% | 22.20% |
| Technology (XLK) | -1.13% | -2.09% | -2.38% | -4.17% | 30.86% |
| Financials (XLF) | -1.19% | -6.88% | -9.90% | -10.59% | 1.25% |
| Communication Services (XLC) | -1.48% | -0.81% | -2.10% | -3.45% | 19.94% |
| Real Estate (XLRE) | -1.64% | -3.07% | 4.93% | 4.14% | 3.66% |
| Health Care (XLV) | -1.67% | -6.68% | -3.99% | -4.95% | 1.96% |
| Materials (XLB) | -2.10% | -8.56% | 7.88% | 6.90% | 13.76% |
| Consumer Discretionary (XLY) | -2.31% | -5.51% | -9.44% | -7.40% | 15.26% |
| Consumer Staples (XLP) | -2.43% | -6.13% | 5.20% | 6.39% | 6.45% |
Global Thematic
Thematic strategies provided a few isolated pockets of strength as cybersecurity and artificial intelligence names showed significant resilience. The WisdomTree Cybersecurity (WCBR) and Roundhill Generative AI (CHAT) rose 1.30% and 1.09% respectively, outperforming the broad market. Conversely, precious metals miners were severely punished as underlying metal prices retreated. The Amplify Junior Silver Miners (SILJ) was the day’s laggard, plummeting 7.20% amidst broad selling across the gold and silver ecosystem.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Daily Leaders | |
| WisdomTree Cybersecurity (WCBR) | 1.30% |
| Roundhill Generative AI (CHAT) | 1.09% |
| Amplify Cybersecurity (HACK) | 0.75% |
| Global X Cloud Computing (CLOU) | 0.55% |
| iShares Cybersecurity & Tech (IHAK) | 0.51% |
| Daily Laggards | |
| Amplify Junior Silver Miners (SILJ) | -7.20% |
| Sprott Active Gold & Silver Miners (GBUG) | -7.05% |
| VanEck Junior Gold Miners (GDXJ) | -7.00% |
| Sprott Junior Gold Miners (SGDJ) | -6.87% |
| Global X Silver Miners (SIL) | -6.73% |
Developed ex-U.S. & Emerging Markets
International indices were notably weak, with South Africa (EZA) experiencing a heavy 4.80% decline to lead laggards. In the developed space, Switzerland (EWL) retreated 2.82%, with its RSI dropping to an oversold 26.92. South Korea (EWY) fell 1.90% but continues to showcase exceptional trailing performance with a one-year return of 136.76%. India (INDA) remains in a technical downtrend, falling 1.65% for the day and extending its year-to-date loss to 11.71%.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets | |||||
| Japan (EWJ) | -1.09% | -7.91% | 5.23% | 4.22% | 24.20% |
| France (EWQ) | -1.24% | -8.34% | -3.77% | -4.18% | 5.98% |
| Hong Kong (EWH) | -1.48% | -3.86% | 5.64% | 6.59% | 31.08% |
| Canada (EWC) | -1.95% | -2.92% | 2.99% | 1.63% | 37.39% |
| U.K. (EWU) | -1.99% | -5.22% | 5.22% | 3.18% | 24.39% |
| Netherlands (EWN) | -2.11% | -7.31% | 4.14% | 2.30% | 24.56% |
| Germany (EWG) | -2.41% | -9.88% | -5.20% | -6.45% | 2.82% |
| Australia (EWA) | -2.44% | -4.47% | 8.49% | 6.91% | 23.41% |
| Switzerland (EWL) | -2.82% | -9.96% | -2.71% | -3.50% | 10.35% |
| Emerging Markets | |||||
| Malaysia (EWM) | -0.10% | -1.11% | 9.15% | 7.24% | 30.14% |
| Brazil (EWZ) | -1.23% | -4.65% | 16.72% | 14.13% | 43.94% |
| Mexico (EWW) | -1.36% | -9.69% | 5.28% | 4.40% | 43.34% |
| India (INDA) | -1.65% | -10.50% | -10.44% | -11.71% | -4.33% |
| South Korea (EWY) | -1.90% | -0.79% | 46.42% | 35.65% | 136.76% |
| China (MCHI) | -2.07% | -6.10% | -4.60% | -4.73% | 0.24% |
| Taiwan (EWT) | -2.27% | -2.25% | 17.20% | 12.29% | 48.66% |
| Thailand (THD) | -3.65% | -8.13% | 10.35% | 9.72% | 27.39% |
| South Africa (EZA) | -4.80% | -12.85% | -2.44% | -4.27% | 47.41% |
Fixed Income
The fixed income landscape was dominated by a shift toward cash-like instruments as duration and credit risk were broadly de-risked. The Taxable Ultrashort (BIL) was a rare outlier, posting a modest 0.02% gain as investors sought safety. Conversely, long-duration government bonds faced headwinds, with the Government Long (SPTL) falling 0.64%. In credit-sensitive categories, Emerging Markets Local Currency (EMLC) declined 0.98%, reflecting the broader pressure on developing market assets during the session.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Short-Term (BSV) | -0.25% | -0.53% | 0.15% | 0.08% | 4.56% |
| Taxable Core Enhanced (IUSB) | -0.37% | -1.16% | 0.01% | 0.11% | 5.19% |
| Taxable Core (AGG) | -0.42% | -1.16% | 0.03% | 0.14% | 4.92% |
| Taxable Long Term (BLV) | -0.56% | -2.73% | -0.60% | -0.21% | 2.55% |
| Government | |||||
| Taxable Ultrashort (BIL) | 0.02% | 0.28% | 0.86% | 0.74% | 4.03% |
| Inflation Protected (TIP) | -0.19% | 0.07% | 0.98% | 1.21% | 5.08% |
| Government Short (SPTS) | -0.21% | -0.26% | 0.29% | 0.19% | 4.08% |
| Government Intermediate (SPTI) | -0.35% | -0.75% | 0.02% | 0.16% | 5.07% |
| Government Long (SPTL) | -0.64% | -2.43% | -0.24% | 0.25% | 1.11% |
| Specialty | |||||
| Bank Loans (BKLN) | -0.05% | -0.19% | -0.77% | -1.25% | 5.77% |
| Convertible (CWB) | -0.30% | -1.20% | 5.78% | 5.23% | 23.20% |
| Corporate (SPIB) | -0.36% | -1.20% | -0.17% | -0.23% | 5.85% |
| Taxable High Yield (HYG) | -0.51% | -1.38% | -0.27% | -0.55% | 6.62% |
| Mortgage Backed (MBS) | -0.55% | -0.99% | 0.42% | 0.44% | 6.22% |
| Preferred Stock (PFF) | -0.74% | -3.40% | -0.68% | -0.28% | 4.22% |
| International & EM | |||||
| International USD (BNDX) | -0.39% | -1.41% | -0.04% | 0.00% | 3.47% |
| Emerging USD (EMB) | -0.78% | -2.98% | -1.20% | -1.16% | 9.20% |
| International Local (IGOV) | -0.97% | -3.82% | -1.32% | -1.49% | 4.61% |
| Emerging Local (EMLC) | -0.98% | -4.48% | -0.94% | -1.74% | 10.74% |
| Municipals | |||||
| Municipal Short (SUB) | -0.07% | -0.25% | 0.81% | 0.62% | 3.74% |
| Municipal Intermediate (MUB) | -0.23% | -0.97% | 0.75% | 0.40% | 4.24% |
| Municipal Long (MLN) | -0.26% | -0.17% | 0.63% | 0.73% | 4.24% |
| Municipal High Yield (HYD) | -0.29% | -0.93% | 0.18% | -0.18% | 2.21% |
Commodities
The commodities market experienced a powerful rally led by energy prices, providing a massive tailwind for broader benchmarks. Brent Crude (BNO) surged 5.59%, while the Invesco DB Energy Fund (DBE) climbed 4.56%. This strength stood in stark contrast to the precious metals sector, where Palladium (PALL) plummeted 7.21% and Silver (SLV) dropped 4.13%. Agriculture also showed resilience, with Wheat (WEAT) gaining 2.65% as the asset class absorbed significant inflows from de-risking equity investors.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 1.48% | 17.11% | 30.03% | 27.79% | 37.79% |
| Agriculture | |||||
| Wheat (WEAT) | 2.65% | 9.79% | 16.40% | 16.22% | -6.22% |
| Sugar (CANE) | 2.04% | 8.83% | 5.94% | 2.31% | -21.69% |
| Corn (CORN) | 1.64% | 6.82% | 4.43% | 5.08% | -1.38% |
| Broad Agriculture (DBA) | 1.09% | 4.14% | 6.60% | 5.45% | 3.78% |
| Soybeans (SOYB) | 0.46% | 3.25% | 9.51% | 10.61% | 13.31% |
| Energy | |||||
| Brent Crude Oil (BNO) | 5.59% | 56.78% | 89.12% | 84.18% | 78.75% |
| Broad Energy (DBE) | 4.56% | 51.51% | 75.51% | 72.12% | 67.16% |
| WTI Crude Oil (USO) | 2.38% | 53.24% | 81.08% | 75.93% | 68.49% |
| Gasoline (UGA) | 1.86% | 44.35% | 65.20% | 64.18% | 66.67% |
| Industrial Metals | |||||
| Broad Industrial Metals (DBB) | -2.31% | -1.48% | 6.79% | 1.48% | 20.28% |
| Copper (CPER) | -4.43% | -5.42% | 1.17% | -3.75% | 7.44% |
| Precious Metals | |||||
| Gold (GLD) | -3.16% | -2.95% | 11.58% | 12.22% | 58.86% |
| Broad Precious Metals (DBP) | -3.27% | -2.43% | 12.03% | 10.35% | 66.27% |
| Silver (SLV) | -4.13% | -1.98% | 15.81% | 6.64% | 122.69% |
| Platinum (PPLT) | -4.55% | -2.87% | 4.84% | -1.39% | 100.58% |
| Palladium (PALL) | -7.21% | -13.60% | -12.09% | -6.91% | 52.72% |
Cryptocurrency
Digital assets were not immune to the risk-off atmosphere, with major tokens experiencing significant daily drawdowns. Ethereum (ETHA) led the laggards with a 5.93% drop, extending its 3-month correction to over 21%. Bitcoin (IBIT) retreated 4.76%, while the multi-coin Nasdaq CME Crypto Index (NCIQ) fell 4.73%. This volatility reflects a broader deleveraging event as speculative liquidity tightened across all financial markets on Wednesday.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Ethereum (ETHA) | -5.93% | 12.78% | -21.43% | -26.44% | 14.66% |
| XRP (XRPC) | -5.42% | 2.07% | -19.68% | -20.86% | — |
| Solana (SOLZ) | -5.37% | 10.31% | -23.80% | -28.22% | — |
| Bitcoin (IBIT) | -4.76% | 7.25% | -16.06% | -18.91% | -13.99% |
| Multi-Coin Index (NCIQ) | -4.73% | 7.57% | -17.20% | -20.20% | -13.34% |
What to Watch Today
Investors are shifting their focus to tomorrow’s heavy release of industrial and consumer sentiment data. On Thursday, March 19, 2026, the Philadelphia Fed Manufacturing Index and initial jobless claims will provide critical updates on the health of the labor market and regional business conditions. Market participants will also closely monitor the February existing home sales report for signs of stabilization in the property market. These data points are expected to determine if the current volatility is a localized event or indicative of a broader macroeconomic shift.
