Macro Overview
U.S. equities experienced a notable divergence as a sell-off in technology shares pulled the S&P 500 (IVV) down 0.49%. This weakness extended to international markets, with Developed ex-U.S. equities (EFA) falling 1.23% and Emerging Markets (EEM) seeing a steeper decline of 2.74%. In contrast, the Broad Commodities index (DJP) acted as a counterweight, gaining 0.65% on the back of a sharp rise in energy prices. Fixed income markets did not provide a haven, as the U.S. Aggregate Bond index (AGG) also retreated by 0.46%.
U.S. Size & Style
A clear rotation from growth to value was evident across all U.S. market capitalizations. Large Value (IVE) significantly outperformed, finishing nearly flat with a minor 0.06% loss, while Large Growth (IVW) fell 0.77%. This trend was even more pronounced further down the cap scale, with Mid-Cap Growth (IJK) posting the day’s largest style-box loss of 1.81%. Small caps also saw value outperform growth, though all segments ended the day in negative territory.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.06% | 2.27% | 9.26% | 9.65% | 18.98% |
| Large Cap (IVV) | -0.49% | 1.64% | 13.69% | 10.24% | 21.83% |
| Large Growth (IVW) | -0.77% | 1.18% | 17.67% | 10.58% | 24.02% |
| Mid Value (IJJ) | -0.69% | 3.22% | 9.15% | 11.71% | 17.51% |
| Mid Cap (IJH) | -1.24% | 2.31% | 10.37% | 14.90% | 21.07% |
| Mid Growth (IJK) | -1.81% | 1.35% | 11.39% | 17.77% | 24.21% |
| Small Value (IJS) | -0.77% | 3.61% | 12.60% | 18.81% | 33.65% |
| Small Cap (IJR) | -0.97% | 5.92% | 15.26% | 21.53% | 32.51% |
| Small Growth (IJT) | -1.13% | 8.40% | 18.03% | 24.29% | 31.50% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Sector performance was sharply divided, driven by a rally in energy and a retreat in technology. The Energy sector (XLE) was the standout leader, surging 2.84% as geopolitical tensions pushed crude oil prices higher. Conversely, the Technology sector (XLK) was the primary laggard, dropping 2.39% following a disappointing earnings report from a major chipmaker. Defensive sectors also found favor, with Health Care (XLV) gaining 1.53% and entering overbought territory with an RSI of 71, while Financials (XLF) also showed an overbought RSI of 75 despite a small daily loss.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.48% | 1.64% | 13.71% | 10.23% | 21.80% |
| Energy (XLE) | 2.84% | -4.58% | -8.53% | 23.87% | 30.71% |
| Health Care (XLV) | 1.53% | 7.94% | 12.68% | 7.13% | 24.52% |
| Real Estate (XLRE) | 1.35% | 1.29% | 8.53% | 12.96% | 11.92% |
| Consumer Staples (XLP) | 0.90% | 2.41% | 5.16% | 10.62% | 6.23% |
| Utilities (XLU) | 0.88% | 3.70% | -0.60% | 8.48% | 14.54% |
| Communication Services (XLC) | 0.73% | -0.32% | -0.45% | -5.14% | 5.06% |
| Financials (XLF) | -0.16% | 7.54% | 12.76% | 3.22% | 8.04% |
| Consumer Discretionary (XLY) | -0.53% | 2.41% | 9.15% | -1.30% | 8.33% |
| Materials (XLB) | -0.90% | 2.12% | 3.24% | 14.51% | 15.91% |
| Industrials (XLI) | -1.71% | 4.96% | 11.29% | 18.19% | 24.05% |
| Technology (XLK) | -2.39% | -0.50% | 30.53% | 24.76% | 41.31% |
Explore the U.S. Sectors & Industries Explorer →
Global Thematic
The day’s thematic performance mirrored the broader sector rotation, with energy-focused funds dominating the leaderboard. MLP and energy infrastructure ETFs like Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) and Global X MLP & Energy Infrastructure ETF (MLPX) both gained 3.17%. On the other end of the spectrum, high-growth and technology-related themes suffered significant losses. The Defiance Drone and Modern Warfare ETF (JEDI) and CoinShares Bitcoin Mining ETF (WGMI) were among the worst performers, declining 7.03% and 6.82% respectively.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| ALPS Medical Breakthroughs ETF (SBIO) | 4.63% |
| Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) | 3.17% |
| Global X MLP & Energy Infrastructure ETF (MLPX) | 3.17% |
| VanEck Energy Income ETF (EINC) | 3.04% |
| Tortoise North American Pipeline ETF (TPYP) | 3.00% |
| Laggards | |
| Defiance Drone and Modern Warfare ETF (JEDI) | -7.03% |
| CoinShares Bitcoin Mining ETF (WGMI) | -6.82% |
| Roundhill Space & Technology ETF (MARS) | -6.72% |
| Sprott Junior Uranium Miners ETF (URNJ) | -6.67% |
| Tuttle Capital Pure Play Photonics ETF (FOTO) | -6.62% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
International equity markets broadly declined, with Asian technology hubs bearing the brunt of the semiconductor-led sell-off. South Korea (EWY) and Taiwan (EWT) posted the most significant losses, falling 4.51% and 5.02%, respectively. This weakness dragged the broader Emerging Markets index (EEM) down 2.74%. A notable exception to the negative trend was commodity-rich Canada (EWC), which managed a 0.52% gain, benefiting from the rally in energy prices.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -1.23% | 3.46% | 7.57% | 10.17% | 21.65% |
| Australia (EWA) | -0.71% | 1.67% | -0.04% | 8.93% | 11.69% |
| Canada (EWC) | 0.52% | 1.04% | 5.23% | 8.72% | 28.10% |
| France (EWQ) | -1.24% | 2.69% | 5.82% | 3.54% | 9.69% |
| Germany (EWG) | -1.43% | 1.84% | 6.92% | 0.91% | 1.55% |
| Hong Kong (EWH) | -0.75% | -1.89% | -7.93% | 0.74% | 11.51% |
| Japan (EWJ) | -2.31% | 3.14% | 9.42% | 15.89% | 33.35% |
| Netherlands (EWN) | -2.37% | 3.41% | 15.79% | 18.95% | 30.49% |
| South Korea (EWY) | -4.51% | 3.48% | 42.53% | 86.47% | 164.61% |
| Switzerland (EWL) | -0.46% | 5.77% | 9.50% | 7.62% | 18.34% |
| U.K. (EWU) | -0.19% | 3.08% | 3.22% | 8.71% | 23.64% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -2.74% | 2.26% | 15.25% | 20.73% | 39.38% |
| Brazil (EWZ) | -0.80% | 2.82% | -9.07% | 10.07% | 26.67% |
| China (MCHI) | -0.46% | -4.26% | -6.27% | -13.23% | -3.40% |
| India (INDA) | -1.10% | 4.20% | 4.16% | -8.73% | -10.89% |
| Indonesia (EIDO) | 1.78% | 8.95% | -19.72% | -34.57% | -28.75% |
| Malaysia (EWM) | -0.29% | -0.68% | -1.04% | 1.31% | 17.68% |
| Mexico (EWW) | -1.82% | 1.38% | 0.26% | 9.82% | 27.01% |
| South Africa (EZA) | -1.61% | 0.88% | -5.08% | -5.62% | 27.24% |
| Taiwan (EWT) | -5.02% | 3.87% | 41.85% | 60.37% | 84.93% |
| Thailand (THD) | -1.39% | 1.45% | 7.89% | 23.32% | 44.57% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Fixed income markets saw broad-based declines, with duration being a key factor in performance. Longer-term bond funds experienced the largest drops, as seen in the 1.04% fall for Long-Term Corporate & Government bonds (BLV). The core U.S. Aggregate Bond index (AGG) was down 0.46%. Credit-focused funds were more resilient, with High Yield (HYG) slipping just 0.14%. Floating-rate Bank Loans (BKLN) bucked the trend entirely, posting a modest 0.15% gain.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.18% | 0.38% | 0.27% | 0.49% | 3.29% |
| Core Enhanced (IUSB) | -0.43% | 0.36% | 0.21% | 0.48% | 4.37% |
| Core (AGG) | -0.46% | 0.38% | 0.03% | 0.30% | 4.13% |
| Long-Term (BLV) | -1.04% | -0.21% | -0.56% | -0.37% | 3.95% |
| Government | |||||
| Ultrashort (BIL) | 0.02% | 0.29% | 0.89% | 1.83% | 3.82% |
| Short-Term (SPTS) | -0.14% | 0.24% | 0.32% | 0.61% | 3.17% |
| Inflation Protected (TIP) | -0.29% | -0.02% | 0.15% | 1.04% | 3.44% |
| Intermediate (SPTI) | -0.39% | 0.39% | -0.37% | -0.34% | 2.86% |
| Long-Term (SPTL) | -1.00% | -0.08% | -1.02% | -0.81% | 3.17% |
| Specialty | |||||
| Bank Loans (BKLN) | 0.15% | 0.30% | 1.11% | 0.27% | 3.97% |
| High Yield (HYG) | -0.14% | 0.88% | 1.56% | 1.89% | 5.58% |
| Corporate (SPIB) | -0.33% | 0.47% | 0.43% | 0.60% | 4.30% |
| Mortgage Backed (MBB) | -0.47% | 0.47% | -0.02% | 0.65% | 5.53% |
| Preferred Stock (PFF) | -0.75% | -0.83% | 1.49% | 1.02% | 4.16% |
| Convertible (CWB) | -1.41% | -1.23% | 11.06% | 17.25% | 27.30% |
| International & EM | |||||
| International USD (BNDX) | -0.41% | 0.25% | 0.94% | 0.75% | 1.80% |
| Emerging USD (EMB) | -0.43% | 0.98% | 3.38% | 2.27% | 9.71% |
| Emerging Local (EMLC) | -0.43% | 1.89% | 2.96% | 1.82% | 7.87% |
| International Local (IGOV) | -0.54% | -1.02% | -0.85% | -2.18% | -3.37% |
| Municipals | |||||
| Short-Term (SUB) | -0.08% | 0.10% | 0.55% | 0.88% | 2.52% |
| High Yield (HYD) | -0.17% | 0.84% | 2.51% | 2.88% | 7.60% |
| Intermediate (MUB) | -0.31% | 0.52% | 1.44% | 1.73% | 6.16% |
| Long-Term (MLN) | -0.39% | 1.16% | 2.30% | 2.98% | 9.27% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
The commodities complex was defined by a powerful rally in energy markets, driven by heightened geopolitical risks in the Middle East. WTI Crude (USO) jumped 4.38% while Brent Crude (BNO) climbed 4.98%. This strength lifted the broader Broad Commodities index (DJP) by 0.65%. In contrast, precious metals faced selling pressure, with Gold (GLD) falling 1.21% and Silver (SLV) declining by a more substantial 2.94%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.65% | -4.60% | -7.98% | 19.60% | 31.28% |
| Agriculture | |||||
| Corn (CORN) | 1.03% | 3.34% | -2.33% | -0.56% | 0.51% |
| Wheat (WEAT) | 0.70% | 3.64% | 1.05% | 15.62% | 1.72% |
| Soybeans (SOYB) | 0.40% | 4.80% | 4.38% | 15.92% | 17.04% |
| Broad (DBA) | 0.04% | 4.36% | 2.00% | 7.95% | 11.00% |
| Sugar (CANE) | 0.00% | 3.11% | 0.71% | 1.90% | -9.18% |
| Energy | |||||
| Brent Crude (BNO) | 4.98% | -18.11% | -21.66% | 48.06% | 37.39% |
| WTI Crude (USO) | 4.38% | -18.12% | -21.12% | 57.49% | 42.42% |
| Broad (DBE) | 3.11% | -12.20% | -11.65% | 54.08% | 44.45% |
| Natural Gas (UNG) | 0.43% | 0.77% | 1.82% | -4.08% | -22.17% |
| Industrial Metals | |||||
| Broad (DBB) | -0.70% | -5.71% | 2.55% | 5.01% | 29.68% |
| Copper (CPER) | -1.19% | -1.81% | 9.71% | 6.95% | 20.03% |
| Precious Metals | |||||
| Platinum (PPLT) | 0.07% | -8.28% | -16.59% | -20.40% | 18.57% |
| Palladium (PALL) | -0.60% | 2.95% | -13.55% | -20.86% | 13.39% |
| Gold (GLD) | -1.21% | -4.73% | -12.58% | -4.75% | 22.81% |
| Broad (DBP) | -1.41% | -6.14% | -13.77% | -7.73% | 27.86% |
| Silver (SLV) | -2.94% | -11.55% | -17.41% | -15.46% | 62.91% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets posted modest losses, trading in line with the broader risk-off sentiment seen in technology stocks. Bitcoin (IBIT) was a notable exception, ending the session nearly unchanged with a slight 0.08% gain. Ethereum (ETHA) registered a minor loss of 0.30%. Other alternative coins saw larger pullbacks, with XRP (XRP) leading the declines among major assets with a 2.41% drop.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | -2.41% | 2.12% | -14.82% | -38.94% | — |
| Solana (SOLZ) | -0.85% | 28.58% | -0.54% | -35.29% | -49.83% |
| Ethereum (ETHA) | -0.30% | 13.82% | -15.30% | -39.77% | -29.85% |
| Multi-Coin (NCIQ) | -0.08% | 6.83% | -8.90% | -30.02% | -42.07% |
| Bitcoin (IBIT) | 0.08% | 5.89% | -7.54% | -27.19% | -41.12% |
Explore the Digital Assets Explorer →
What to Watch Today
Looking ahead to Wednesday, market participants will be closely watching the release of the Federal Open Market Committee (FOMC) meeting minutes at 2:00 PM ET for insights into the central bank’s policy outlook. The economic data calendar also includes the final Wholesale Inventories report for May at 10:00 AM ET and the Consumer Credit report for May at 3:00 PM ET. Additionally, the U.S. Treasury is scheduled to auction 17-week bills, and investors will monitor after-market earnings from Levi Strauss & Co.
