Macro Overview
Global markets started the week with a mixed but generally positive tone, though a sharp drop in energy prices was the dominant theme. The S&P 500 (IVV) finished nearly unchanged, while Developed ex-U.S. (EFA) and Emerging Markets (EEM) equities both advanced around 0.5%. The standout move was in commodities, where the Broad Commodities (DJP) index fell 3.01%, driven by a significant decline in crude oil following a pause in hostilities between the U.S. and Iran. Meanwhile, the U.S. Aggregate Bond (AGG) market posted a modest gain of 0.24%.
U.S. Size & Style
A clear rotation was evident in U.S. style factors, with value-oriented segments outperforming their growth counterparts across the market-cap spectrum. Large Growth (IVW) declined by 0.38%, while Large Value (IVE) gained 0.45%. This divergence was even more pronounced further down the cap scale, as Small Growth (IJT) led the day with a 0.67% advance. Overall, smaller companies fared better than large-caps, with the Small Cap (IJR) index rising 0.45%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.45% | 2.59% | 6.02% | 10.42% | 17.80% |
| Large Cap (IVV) | 0.03% | 1.70% | 3.62% | 8.99% | 17.39% |
| Large Growth (IVW) | -0.38% | -0.19% | 1.51% | 7.55% | 16.69% |
| Mid Value (IJJ) | 0.22% | 0.65% | 5.16% | 13.65% | 18.22% |
| Mid Cap (IJH) | 0.30% | -0.29% | 4.60% | 15.71% | 19.63% |
| Mid Growth (IJK) | 0.39% | -1.49% | 4.07% | 17.53% | 20.80% |
| Small Value (IJS) | 0.24% | -0.53% | 5.96% | 20.46% | 32.89% |
| Small Cap (IJR) | 0.45% | -1.29% | 6.88% | 21.63% | 30.56% |
| Small Growth (IJT) | 0.67% | -2.10% | 7.84% | 22.65% | 28.11% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Sector performance was widely dispersed, reflecting the day’s key macro drivers. The Energy (XLE) sector was the session’s clear laggard, falling 2.11% as oil prices retreated on news of geopolitical de-escalation. Technology (XLK) also faced headwinds, dropping 0.90% amid investor concerns about the return on AI-related capital spending. In contrast, more defensive and cyclical areas led, with Consumer Staples (XLP) gaining 1.46% and Consumer Discretionary (XLY) rising 1.31%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.02% | 1.39% | 3.61% | 8.96% | 17.29% |
| Consumer Staples (XLP) | 1.46% | 0.77% | 4.39% | 11.27% | 7.66% |
| Consumer Discretionary (XLY) | 1.31% | -3.09% | -5.75% | -6.81% | -0.65% |
| Communication Services (XLC) | 1.28% | 1.39% | -6.79% | -8.01% | 1.30% |
| Financials (XLF) | 1.01% | 6.18% | 10.17% | 4.75% | 8.08% |
| Health Care (XLV) | 0.51% | 1.91% | 14.40% | 6.45% | 21.81% |
| Industrials (XLI) | 0.30% | 1.10% | 6.46% | 18.72% | 19.71% |
| Materials (XLB) | 0.25% | -0.41% | -0.38% | 14.24% | 13.28% |
| Real Estate (XLRE) | -0.41% | 1.15% | 6.13% | 15.15% | 10.60% |
| Technology (XLK) | -0.90% | -3.76% | 8.68% | 21.36% | 33.75% |
| Utilities (XLU) | -1.32% | -1.13% | -0.48% | 8.43% | 11.09% |
| Energy (XLE) | -2.11% | 8.40% | 3.53% | 32.31% | 38.15% |
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Global Thematic
Thematic ETFs saw significant divergence, with software and consumer-focused funds leading while energy-related strategies lagged. The WisdomTree Cloud Computing Fund (WCLD) and the Amplify Online Retail ETF (IBUY) were top performers, rallying 4.47% and 4.28%, respectively. On the other end of the spectrum, the drop in oil prices weighed heavily on energy infrastructure funds, such as the Pacer American Energy Infrastructure ETF (USAI), which fell 3.59%. Bitcoin mining funds also underperformed, with the CoinShares Bitcoin Mining ETF (WGMI) declining 3.86%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| WisdomTree Cloud Computing Fund (WCLD) | 4.47% |
| Amplify Online Retail ETF (IBUY) | 4.28% |
| VanEck Video Gaming and eSports ETF (ESPO) | 3.57% |
| Global X Video Games & Esports ETF (HERO) | 3.50% |
| Global X Social Media ETF (SOCL) | 3.41% |
| Laggards | |
| CoinShares Bitcoin Mining ETF (WGMI) | -3.86% |
| Pacer American Energy Infrastructure ETF (USAI) | -3.59% |
| Tortoise AI Infrastructure ETF (TCAI) | -3.43% |
| Alerian Energy Infrastructure ETF (ENFR) | -3.14% |
| Global X Hydrogen ETF (HYDR) | -3.13% |
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Developed ex-U.S. & Emerging Markets
International equities posted gains, with developed markets broadly advancing and emerging markets showing pockets of strength. In Europe, Germany (EWG) was a notable outperformer, climbing 1.61%. Among emerging markets, India (INDA) and China (MCHI) both posted strong results, gaining 1.81% and 1.74%, respectively. Conversely, South Korea (EWY) retreated by 1.08%, giving back a small fraction of its remarkable 65.81% year-to-date gain.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.48% | 1.34% | 4.11% | 9.91% | 18.42% |
| Australia (EWA) | 0.56% | 3.25% | 0.34% | 11.83% | 12.51% |
| Canada (EWC) | 0.54% | 2.75% | 2.91% | 10.64% | 28.06% |
| France (EWQ) | 0.78% | 1.07% | 2.60% | 3.08% | 6.61% |
| Germany (EWG) | 1.61% | 2.83% | 1.16% | 0.26% | -0.47% |
| Hong Kong (EWH) | 1.02% | 8.01% | -0.79% | 8.92% | 14.94% |
| Japan (EWJ) | 0.33% | -1.39% | 4.92% | 13.94% | 26.16% |
| Netherlands (EWN) | -0.92% | -2.04% | 6.15% | 16.62% | 29.07% |
| South Korea (EWY) | -1.08% | -18.29% | 2.85% | 65.81% | 125.20% |
| Switzerland (EWL) | 0.56% | 0.06% | 4.07% | 5.98% | 15.20% |
| U.K. (EWU) | 0.30% | 3.52% | 3.10% | 9.26% | 20.53% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.46% | -5.31% | 0.47% | 16.87% | 31.01% |
| Brazil (EWZ) | 0.39% | 3.46% | -9.22% | 13.98% | 39.25% |
| China (MCHI) | 1.74% | 7.49% | -4.38% | -9.08% | -6.18% |
| India (INDA) | 1.81% | -1.35% | -0.99% | -9.55% | -9.13% |
| Indonesia (EIDO) | -0.98% | 2.36% | -18.86% | -33.92% | -29.11% |
| Malaysia (EWM) | 0.90% | 3.60% | -3.02% | 4.00% | 19.50% |
| Mexico (EWW) | 1.44% | 1.55% | 0.74% | 12.01% | 29.68% |
| South Africa (EZA) | 1.42% | -1.70% | -9.34% | -8.07% | 21.90% |
| Taiwan (EWT) | -0.20% | -4.86% | 11.97% | 53.96% | 72.16% |
| Thailand (THD) | -1.24% | 4.08% | 5.28% | 23.37% | 32.11% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
The fixed income market saw modest gains across the board in a quiet session ahead of the Federal Reserve’s meeting. The core U.S. Aggregate Bond (AGG) index rose 0.24%, with longer-duration assets seeing slightly better performance. The Long-Term Treasury (SPTL) ETF gained 0.51% on the day. Credit-sensitive areas were more subdued, as High Yield (HYG) corporate bonds edged up just 0.05%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.47% | -3.55% | -1.84% | -1.68% | 2.06% |
| Core (AGG) | 0.24% | -1.33% | -0.77% | -0.23% | 3.23% |
| Core Enhanced (IUSB) | 0.23% | -1.25% | -0.64% | -0.05% | 3.40% |
| Short-Term (BSV) | 0.04% | -0.34% | -0.17% | 0.32% | 2.85% |
| Government | |||||
| Long-Term (SPTL) | 0.51% | -3.44% | -1.72% | -1.69% | 1.81% |
| Intermediate (SPTI) | 0.18% | -0.98% | -0.93% | -0.66% | 2.28% |
| Short-Term (SPTS) | 0.03% | -0.07% | 0.12% | 0.65% | 2.96% |
| Ultrashort (BIL) | 0.01% | 0.28% | 0.89% | 2.02% | 3.78% |
| Inflation Protected (TIP) | -0.10% | -1.15% | -1.36% | 0.31% | 2.13% |
| Specialty | |||||
| Preferred Stock (PFF) | 0.40% | 0.20% | -2.54% | 0.26% | 2.48% |
| Mortgage Backed (MBB) | 0.28% | -1.29% | -0.73% | 0.15% | 4.61% |
| Corporate (SPIB) | 0.09% | -0.85% | -0.40% | 0.15% | 3.36% |
| High Yield (HYG) | 0.05% | -0.24% | -0.06% | 1.27% | 4.42% |
| Bank Loans (BKLN) | 0.00% | 0.98% | 0.69% | 0.65% | 3.93% |
| Convertible (CWB) | -0.14% | -3.86% | 0.98% | 14.42% | 20.63% |
| International & EM | |||||
| Emerging USD (EMB) | 0.34% | -1.23% | 0.15% | 1.22% | 7.77% |
| Emerging Local (EMLC) | 0.32% | -0.38% | 0.12% | 1.06% | 6.64% |
| International Local (IGOV) | 0.27% | -1.19% | -2.78% | -2.66% | -3.12% |
| International USD (BNDX) | 0.25% | -0.99% | 0.43% | 0.54% | 1.71% |
| Municipals | |||||
| Long-Term (MLN) | 0.32% | -1.36% | -0.68% | 1.41% | 9.42% |
| Intermediate (MUB) | 0.24% | -1.41% | -0.71% | 0.36% | 5.42% |
| Short-Term (SUB) | 0.20% | -0.05% | 0.13% | 0.74% | 2.11% |
| High Yield (HYD) | 0.20% | -1.65% | -0.51% | 0.79% | 7.41% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities experienced a sharp sell-off, driven almost entirely by a retreat in energy prices amid easing geopolitical tensions in the Middle East. WTI Crude (USO) plunged 8.73%, while Brent Crude (BNO) fell 7.34%. In contrast, precious metals moved higher, providing a notable offset to the weakness in energy. Palladium (PALL) was the day’s leader in the complex, advancing 3.81%, followed by a 2.08% gain for Platinum (PPLT).
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -3.01% | 7.74% | -3.88% | 25.05% | 35.96% |
| Agriculture | |||||
| Sugar (CANE) | -0.98% | -0.10% | 2.34% | -1.49% | -11.59% |
| Corn (CORN) | -2.13% | 6.23% | -3.24% | 1.02% | 2.40% |
| Broad (DBA) | -2.20% | 3.06% | 0.18% | 8.23% | 9.70% |
| Soybeans (SOYB) | -2.63% | 4.45% | 3.77% | 17.06% | 17.59% |
| Wheat (WEAT) | -2.78% | 10.60% | 3.42% | 22.78% | 9.96% |
| Energy | |||||
| Natural Gas (UNG) | -4.17% | -14.83% | -3.62% | -17.54% | -26.90% |
| Broad (DBE) | -5.96% | 17.13% | -2.48% | 73.43% | 64.59% |
| Brent Crude (BNO) | -7.34% | 20.86% | -9.04% | 72.03% | 62.24% |
| WTI Crude (USO) | -8.73% | 18.28% | -7.39% | 80.39% | 66.68% |
| Industrial Metals | |||||
| Copper (CPER) | 1.10% | 3.86% | 4.98% | 10.90% | 8.18% |
| Broad (DBB) | 0.65% | 2.39% | -0.96% | 8.33% | 29.89% |
| Precious Metals | |||||
| Palladium (PALL) | 3.81% | 6.26% | -12.34% | -19.45% | 4.81% |
| Platinum (PPLT) | 2.08% | -0.27% | -18.16% | -20.99% | 15.42% |
| Broad (DBP) | 0.92% | 0.26% | -14.98% | -8.82% | 25.51% |
| Gold (GLD) | 0.73% | 0.27% | -12.85% | -5.47% | 21.87% |
| Silver (SLV) | 0.65% | -0.66% | -22.54% | -17.84% | 52.71% |
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Cryptocurrency
Digital assets posted broad gains on Monday, with Ethereum leading the advance among major cryptocurrencies. The Ethereum (ETHA) ETF surged 4.77%, building on its recent outperformance to extend its one-month gain to nearly 24%. Bitcoin (IBIT) also moved higher, rising 1.16% on the session. The broader Multi-Coin (NCIQ) index, which tracks a basket of cryptocurrencies, finished the day up 1.87%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | 0.33% | 4.18% | -21.74% | -40.55% | — |
| Bitcoin (IBIT) | 1.16% | 8.63% | -15.59% | -25.94% | -44.59% |
| Multi-Coin (NCIQ) | 1.87% | 10.28% | -15.28% | -28.29% | -47.18% |
| Solana (SOLZ) | 2.84% | 4.03% | -9.90% | -39.62% | -61.42% |
| Ethereum (ETHA) | 4.77% | 23.72% | -14.82% | -34.42% | -46.66% |
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What to Watch Today
Investors will turn their attention on Tuesday to the start of the Federal Reserve’s two-day monetary policy meeting. The day’s economic calendar is also busy, featuring several key reports on the housing market, including the FHFA and S&P/Case-Shiller Home Price Indexes. Additionally, the market will parse the latest Consumer Confidence reading and the Richmond Fed Manufacturing Index for further clues on the economy’s health. The corporate earnings slate is particularly heavy, with after-market reports from technology giants Microsoft (MSFT) and Meta Platforms (META) expected to be major market movers.
