Macro Overview
Global equity markets showed notable divergence to begin the week, as U.S. stocks posted a modest decline while international results were split. The S&P 500 (IVV) edged lower by 0.18%, and Developed ex-U.S. (EFA) equities fell a more significant 0.74%. In contrast, Emerging Markets (EEM) proved to be the standout, gaining 0.43% on the day. Elsewhere, Broad Commodities (DJP) advanced 0.32%, while the U.S. Aggregate Bond (AGG) market retreated by 0.25%.
U.S. Size & Style
A clear growth-over-value tilt characterized the U.S. equity market, with large-cap growth being the only segment to finish in positive territory. Large Growth (IVW) gained 0.32%, while its value counterpart, Large Value (IVE), fell 0.61%. The weakness was more pronounced down the capitalization scale, where Mid-Cap Value (IJJ) was the day’s worst performer with a 1.07% loss. Despite the daily pullback, small-caps maintain their year-to-date leadership, with Small Growth (IJT) still up over 22% since the start of the year.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.61% | 1.48% | 4.30% | 9.15% | 18.36% |
| Large Cap (IVV) | -0.18% | -0.63% | 4.95% | 9.40% | 19.59% |
| Large Growth (IVW) | 0.32% | -2.37% | 5.57% | 9.47% | 20.41% |
| Mid Value (IJJ) | -1.07% | 1.23% | 3.36% | 12.16% | 17.81% |
| Mid Cap (IJH) | -0.81% | -1.12% | 2.39% | 14.08% | 19.62% |
| Mid Growth (IJK) | -0.46% | -3.27% | 1.44% | 15.73% | 21.29% |
| Small Value (IJS) | -0.71% | 1.99% | 6.37% | 20.26% | 34.87% |
| Small Cap (IJR) | -0.63% | 1.32% | 6.90% | 21.29% | 31.40% |
| Small Growth (IJT) | -0.64% | 0.62% | 7.31% | 22.06% | 27.88% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Sector performance was narrowly positive, with only three of the eleven S&P 500 sectors managing to close higher. Energy (XLE) led the session with a 0.45% gain, followed by small advances in Communication Services (XLC) and Technology (XLK). On the downside, Health Care (XLV) was the primary laggard, declining 1.14%. Energy continues its strong run in 2026, holding a commanding year-to-date lead with a gain of over 31%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.16% | -0.62% | 4.98% | 9.40% | 19.55% |
| Energy (XLE) | 0.45% | 8.52% | 5.96% | 31.36% | 38.97% |
| Communication Services (XLC) | 0.14% | 1.50% | -6.45% | -5.33% | 5.66% |
| Technology (XLK) | 0.07% | -8.11% | 13.82% | 22.34% | 35.40% |
| Consumer Staples (XLP) | -0.39% | 2.58% | 3.72% | 10.62% | 7.83% |
| Financials (XLF) | -0.39% | 4.98% | 6.85% | 3.20% | 8.31% |
| Real Estate (XLRE) | -0.42% | 4.02% | 2.20% | 13.82% | 11.80% |
| Utilities (XLU) | -0.51% | 1.04% | -1.15% | 6.67% | 10.29% |
| Consumer Discretionary (XLY) | -0.72% | -1.98% | -4.19% | -3.64% | 3.97% |
| Industrials (XLI) | -0.72% | -1.30% | 2.68% | 15.43% | 19.11% |
| Materials (XLB) | -0.99% | -3.07% | -3.85% | 11.22% | 12.91% |
| Health Care (XLV) | -1.14% | 7.06% | 8.50% | 3.75% | 22.89% |
Explore the U.S. Sectors & Industries Explorer →
Global Thematic
Thematic ETFs centered on cryptocurrency and blockchain technology delivered substantial gains, dominating the day’s performance leaderboard. The CoinShares Bitcoin Mining ETF (WGMI) surged 10.78%, with similar strong results from the Global X Blockchain ETF (BKCH) and Bitwise Crypto Industry Innovators ETF (BITQ). Conversely, innovation-focused healthcare strategies faced selling pressure. The ARK Genomic Revolution ETF (ARKG) was among the worst performers, falling 3.99%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| CoinShares Bitcoin Mining ETF (WGMI) | 10.78% |
| Global X Blockchain ETF (BKCH) | 8.90% |
| Bitwise Crypto Industry Innovators ETF (BITQ) | 6.46% |
| VanEck Digital Transformation ETF (DAPP) | 6.45% |
| iShares Blockchain and Tech ETF (IBLC) | 6.17% |
| Laggards | |
| ARK Genomic Revolution ETF (ARKG) | -3.99% |
| VanEck Rare Earth and Strategic Metals ETF (REMX) | -3.88% |
| F/M Emerald Life Sciences Innovation ETF (LFSC) | -2.86% |
| ALPS Medical Breakthroughs ETF (SBIO) | -2.45% |
| Global X Genomics & Biotechnology ETF (GNOM) | -2.45% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
A stark performance divide emerged between developed and emerging international markets. Developed ex-U.S. (EFA) markets broadly declined, with Canada (EWC) and Switzerland (EWL) falling 1.40% and 1.35%, respectively. In contrast, the Emerging Markets (EEM) complex was lifted by a significant 2.13% rally in China (MCHI). However, not all emerging markets participated, as Taiwan (EWT) posted a notable loss of 1.43%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.74% | -1.76% | 0.26% | 8.49% | 20.05% |
| Australia (EWA) | -0.80% | -0.14% | -3.75% | 10.44% | 11.23% |
| Canada (EWC) | -1.40% | 1.30% | 0.21% | 9.20% | 27.54% |
| France (EWQ) | -0.89% | -2.34% | -1.43% | 1.81% | 7.26% |
| Germany (EWG) | -0.70% | -1.57% | -3.04% | -1.92% | -1.06% |
| Hong Kong (EWH) | 0.45% | 4.04% | -4.36% | 5.86% | 14.35% |
| Japan (EWJ) | -0.07% | -6.06% | 1.77% | 12.60% | 31.39% |
| Netherlands (EWN) | -0.49% | -6.07% | 4.79% | 17.80% | 30.48% |
| South Korea (EWY) | 0.20% | -25.70% | 8.51% | 67.52% | 130.10% |
| Switzerland (EWL) | -1.35% | 1.63% | 1.51% | 5.79% | 16.43% |
| U.K. (EWU) | -1.17% | 2.05% | -1.96% | 7.00% | 20.53% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.43% | -10.21% | 1.11% | 16.76% | 32.03% |
| Brazil (EWZ) | 0.71% | 5.19% | -13.27% | 12.74% | 38.19% |
| China (MCHI) | 2.13% | 2.48% | -8.20% | -9.38% | -4.08% |
| India (INDA) | -0.74% | -2.08% | -3.92% | -10.18% | -10.92% |
| Indonesia (EIDO) | 0.89% | 0.80% | -21.80% | -31.79% | -27.20% |
| Malaysia (EWM) | -0.96% | 1.42% | -1.95% | 4.11% | 20.92% |
| Mexico (EWW) | -0.03% | -2.90% | -4.62% | 9.89% | 30.63% |
| South Africa (EZA) | -1.17% | -7.66% | -14.61% | -8.53% | 21.14% |
| Taiwan (EWT) | -1.43% | -12.77% | 14.77% | 51.02% | 69.41% |
| Thailand (THD) | 0.21% | 0.98% | 5.95% | 25.24% | 35.38% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Fixed income markets started the week on a negative note, with losses across most categories as yields presumably rose. The core U.S. Aggregate Bond (AGG) index declined by 0.25%, while longer-duration government bonds saw steeper losses, with the Long-Term Treasury (SPTL) falling 0.66%. Credit-sensitive asset classes showed relative strength, as both High Yield (HYG) and Bank Loans (BKLN) eked out small gains. Convertible bonds (CWB) were a bright spot, advancing 0.33%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.08% | 0.16% | -0.15% | 0.49% | 3.09% |
| Core Enhanced (IUSB) | -0.24% | -0.60% | -0.74% | 0.22% | 4.08% |
| Core (AGG) | -0.25% | -0.63% | -0.90% | 0.03% | 3.86% |
| Long-Term (BLV) | -0.64% | -2.49% | -2.15% | -1.16% | 3.81% |
| Government | |||||
| Ultrashort (BIL) | 0.01% | 0.28% | 0.89% | 1.95% | 3.79% |
| Short-Term (SPTS) | -0.07% | 0.24% | 0.15% | 0.75% | 3.10% |
| Inflation Protected (TIP) | -0.20% | -0.26% | -0.43% | 0.93% | 2.88% |
| Intermediate (SPTI) | -0.21% | -0.10% | -0.96% | -0.37% | 2.75% |
| Long-Term (SPTL) | -0.66% | -2.48% | -2.24% | -1.42% | 3.36% |
| Specialty | |||||
| Convertible (CWB) | 0.33% | -7.84% | 1.28% | 14.96% | 21.43% |
| Bank Loans (BKLN) | 0.09% | 0.69% | 0.64% | 0.65% | 4.03% |
| High Yield (HYG) | 0.04% | 0.05% | 0.37% | 1.79% | 5.28% |
| Preferred Stock (PFF) | -0.10% | -2.46% | -2.25% | 0.39% | 2.65% |
| Corporate (SPIB) | -0.12% | -0.10% | -0.37% | 0.48% | 3.98% |
| Mortgage Backed (MBB) | -0.22% | -0.61% | -0.93% | 0.36% | 5.21% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.04% | -0.26% | -1.07% | 1.38% | 7.40% |
| Emerging USD (EMB) | -0.17% | -1.00% | 0.00% | 1.66% | 9.21% |
| International Local (IGOV) | -0.22% | -1.26% | -3.40% | -2.35% | -2.03% |
| International USD (BNDX) | -0.23% | -0.87% | -0.23% | 0.33% | 1.62% |
| Municipals | |||||
| Short-Term (SUB) | -0.03% | -0.14% | 0.12% | 0.79% | 2.32% |
| Intermediate (MUB) | -0.17% | -0.60% | -0.15% | 0.93% | 6.40% |
| High Yield (HYD) | -0.23% | -0.67% | 0.53% | 1.83% | 8.90% |
| Long-Term (MLN) | -0.26% | -0.15% | 0.11% | 2.14% | 10.47% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
The commodities complex posted a mixed but mostly positive session, led by gains in energy and agricultural products. WTI Crude (USO) climbed 1.25%, continuing its impressive year-to-date run, while Soybeans (SOYB) rose 1.53%. Natural Gas (UNG) was a significant outlier, dropping 2.09% to deepen its year-to-date loss. Precious metals were little changed, with Gold (GLD) down 0.22% and Silver (SLV) up 0.39%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.32% | 4.89% | 0.13% | 25.53% | 33.89% |
| Agriculture | |||||
| Soybeans (SOYB) | 1.53% | 6.63% | 5.46% | 18.39% | 17.72% |
| Corn (CORN) | 0.73% | 5.66% | -0.94% | 1.02% | 0.56% |
| Broad (DBA) | 0.65% | 5.22% | 3.82% | 9.80% | 11.51% |
| Sugar (CANE) | 0.31% | 4.49% | 7.01% | 0.15% | -12.38% |
| Wheat (WEAT) | -1.03% | 8.94% | 9.85% | 25.14% | 10.58% |
| Energy | |||||
| Brent Crude (BNO) | 1.27% | 12.40% | 3.94% | 74.15% | 62.24% |
| WTI Crude (USO) | 1.25% | 9.26% | 3.45% | 81.48% | 65.30% |
| Broad (DBE) | 0.89% | 11.27% | 8.21% | 75.04% | 62.46% |
| Natural Gas (UNG) | -2.09% | -12.35% | -5.16% | -16.07% | -35.08% |
| Industrial Metals | |||||
| Copper (CPER) | 1.32% | -1.13% | 3.81% | 9.90% | 10.85% |
| Broad (DBB) | -0.04% | -3.08% | -1.92% | 6.89% | 28.30% |
| Precious Metals | |||||
| Palladium (PALL) | 0.44% | -1.85% | -19.55% | -21.58% | -0.19% |
| Silver (SLV) | 0.39% | -14.33% | -29.34% | -20.86% | 47.30% |
| Broad (DBP) | -0.04% | -6.92% | -19.81% | -10.97% | 22.20% |
| Platinum (PPLT) | -0.21% | -5.86% | -23.56% | -22.38% | 11.40% |
| Gold (GLD) | -0.22% | -5.04% | -16.85% | -7.24% | 19.20% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets registered a broad-based rally on Monday, providing a pocket of strength in the market. The advance was led by altcoins, with Solana (SOLZ) and Ethereum (ETHA) posting gains of 3.18% and 3.02%, respectively. Bitcoin (IBIT) also moved higher, rising 1.49% for the session. Despite the positive daily performance, these assets remain in a significant drawdown on a year-to-date basis.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Bitcoin (IBIT) | 1.49% | 3.57% | -14.71% | -25.70% | -44.68% |
| Multi-Coin (NCIQ) | 1.63% | 3.71% | -15.74% | -28.65% | -47.49% |
| XRP (XRP) | 2.30% | -2.35% | -22.10% | -39.18% | — |
| Ethereum (ETHA) | 3.02% | 11.26% | -18.67% | -36.11% | -46.77% |
| Solana (SOLZ) | 3.18% | 12.10% | -9.88% | -38.23% | -59.89% |
Explore the Digital Assets Explorer →
What to Watch Today
Looking ahead to Tuesday’s session, market participants will continue to assess the flow of corporate earnings reports and macroeconomic data for fresh insights. Without specific high-impact economic releases scheduled, investors will be focused on any new information that could influence the outlook for economic growth and monetary policy. The market will also digest the day’s divergent performance between different regions and asset classes.
