Macro Overview
U.S. equities fell sharply on Wednesday as escalating geopolitical tensions in the Middle East and a cautious Federal Reserve decision to hold rates steady fueled a flight from risk. The S&P 500 (IVV) dropped 1.49%, while Emerging Markets (EEM) underperformed with a 2.07% loss. In a stark contrast, Broad Commodities (DJP) rallied 1.83%, driven by a significant spike in crude oil prices. Developed ex-U.S. equities (EFA) saw a more moderate decline of 0.50%, and fixed income markets also weakened, with the U.S. Aggregate Bond (AGG) down 0.38%.
U.S. Size & Style
A distinct risk-off tone permeated U.S. size and style segments, with growth-oriented funds bearing the brunt of the sell-off. Mid-Cap Growth (IJK) led the decline, falling 2.21%, followed closely by Large-Cap Growth (IVW) with a 1.93% loss, pushing its RSI to 34. Value-focused strategies demonstrated relative resilience, as Large-Cap Value (IVE) and Small-Cap Value (IJS) posted smaller losses of 0.88% and 1.01%, respectively. The broad-based nature of the downturn was evident as all nine size and style categories finished in negative territory.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.88% | 2.29% | 5.60% | 10.40% | 18.30% |
| Large Cap (IVV) | -1.49% | -1.49% | 2.82% | 7.60% | 16.21% |
| Large Growth (IVW) | -1.93% | -4.66% | 0.43% | 5.07% | 14.10% |
| Mid Value (IJJ) | -1.10% | 0.46% | 6.04% | 13.22% | 18.36% |
| Mid Cap (IJH) | -1.71% | -2.35% | 4.68% | 13.77% | 18.02% |
| Mid Growth (IJK) | -2.21% | -4.91% | 3.29% | 14.06% | 17.54% |
| Small Value (IJS) | -1.01% | -0.35% | 6.86% | 20.16% | 33.61% |
| Small Cap (IJR) | -1.36% | -2.06% | 7.44% | 20.64% | 30.14% |
| Small Growth (IJT) | -1.73% | -3.74% | 7.97% | 20.87% | 26.59% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
The U.S. sector landscape was sharply divided, with energy standing out as the sole major beneficiary of the day’s geopolitical events. The Energy (XLE) sector surged 1.88% as crude oil prices jumped on news of escalating conflict in the Middle East. Defensive Consumer Staples (XLP) also managed a 0.34% gain. At the other end of the spectrum, Industrials (XLI) and Technology (XLK) were the weakest performers, falling 3.19% and 2.64% respectively, amid broad market anxiety and specific concerns over returns on AI capital expenditures.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -1.54% | -1.56% | 2.77% | 7.54% | 16.10% |
| Energy (XLE) | 1.88% | 9.46% | 0.06% | 32.97% | 35.95% |
| Consumer Staples (XLP) | 0.34% | 3.54% | 6.09% | 13.88% | 10.60% |
| Real Estate (XLRE) | -0.11% | 2.32% | 6.23% | 15.66% | 11.19% |
| Communication Services (XLC) | -0.15% | 1.51% | -4.76% | -6.43% | 4.49% |
| Health Care (XLV) | -0.61% | 3.42% | 16.89% | 8.30% | 25.81% |
| Consumer Discretionary (XLY) | -0.77% | -4.70% | -4.28% | -6.16% | 0.15% |
| Materials (XLB) | -1.15% | 2.13% | 1.91% | 15.02% | 16.18% |
| Utilities (XLU) | -1.34% | -2.41% | -1.06% | 6.60% | 9.14% |
| Financials (XLF) | -1.60% | 5.51% | 9.55% | 4.38% | 9.00% |
| Technology (XLK) | -2.64% | -10.16% | 4.81% | 15.98% | 26.80% |
| Industrials (XLI) | -3.19% | -3.34% | 4.21% | 14.48% | 17.13% |
Explore the U.S. Sectors & Industries Explorer →
Global Thematic
Thematic ETFs exhibited significant divergence, with pronounced weakness in digital asset and blockchain-related strategies. CoinShares Bitcoin Mining ETF (WGMI) and Global X Blockchain ETF (BKCH) plunged 11.99% and 9.55%, respectively, leading the day’s laggards. In contrast, specific technology niches showed surprising strength, as video game funds like Global X Video Games & Esports ETF (HERO) and VanEck Video Gaming and eSports ETF (ESPO) gained 3.28% and 2.61%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Global X Video Games & Esports ETF (HERO) | 3.28% |
| VanEck Video Gaming and eSports ETF (ESPO) | 2.61% |
| ALERIAN MLP INDEX ETNS DUE JANUARY 28, 2044 (AMJB) | 2.03% |
| WisdomTree Cloud Computing Fund (WCLD) | 1.96% |
| Global X Cloud Computing ETF (CLOU) | 1.89% |
| Laggards | |
| CoinShares Bitcoin Mining ETF (WGMI) | -11.99% |
| Global X Blockchain ETF (BKCH) | -9.55% |
| Defiance Drone and Modern Warfare ETF (JEDI) | -8.61% |
| VanEck Digital Transformation ETF (DAPP) | -7.94% |
| VanEck Onchain Economy ETF (NODE) | -7.55% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
International equity markets were broadly negative, though performance varied significantly by region. Emerging markets were particularly hard-hit by steep losses in major Asian technology hubs, with Taiwan (EWT) and South Korea (EWY) falling 4.83% and 4.78%, respectively. Bucking the regional trend, China (MCHI) posted a notable 1.21% gain. Developed markets fared better, as Germany (EWG) finished flat and the U.K. (EWU) edged up 0.17%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.50% | -0.08% | 5.07% | 9.34% | 19.97% |
| Australia (EWA) | -0.72% | 3.56% | 3.15% | 12.72% | 13.88% |
| Canada (EWC) | -0.92% | 3.13% | 4.54% | 10.45% | 28.45% |
| France (EWQ) | -0.37% | 0.75% | 4.68% | 3.56% | 9.13% |
| Germany (EWG) | 0.05% | 2.47% | 3.47% | 0.64% | 2.11% |
| Hong Kong (EWH) | -0.22% | 8.69% | -0.27% | 9.49% | 13.36% |
| Japan (EWJ) | -0.53% | -4.14% | 3.47% | 11.25% | 26.19% |
| Netherlands (EWN) | -0.89% | -6.59% | 6.45% | 14.24% | 28.39% |
| South Korea (EWY) | -4.78% | -26.98% | -6.33% | 48.33% | 100.70% |
| Switzerland (EWL) | -0.70% | -0.73% | 6.84% | 6.57% | 18.07% |
| U.K. (EWU) | 0.17% | 3.79% | 5.65% | 10.48% | 22.64% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -2.07% | -9.43% | -2.09% | 12.19% | 26.55% |
| Brazil (EWZ) | -1.61% | 2.66% | -7.35% | 12.71% | 38.62% |
| China (MCHI) | 1.21% | 8.43% | -2.46% | -7.72% | -4.18% |
| India (INDA) | -0.43% | -0.02% | 0.29% | -9.03% | -8.08% |
| Indonesia (EIDO) | -0.33% | 3.00% | -18.67% | -34.68% | -30.71% |
| Malaysia (EWM) | -0.54% | 3.03% | -2.79% | 3.89% | 20.11% |
| Mexico (EWW) | -1.58% | -0.72% | 1.69% | 10.60% | 28.29% |
| South Africa (EZA) | 0.16% | -2.11% | -4.64% | -7.86% | 22.62% |
| Taiwan (EWT) | -4.83% | -15.48% | 2.55% | 40.74% | 59.55% |
| Thailand (THD) | -0.75% | 0.99% | 5.83% | 22.65% | 29.39% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Fixed income markets broadly declined amid the day’s risk-off sentiment and inflation concerns following the FOMC meeting. Longer-duration bonds saw the most significant losses, with the Long-Term Treasury (SPTL) falling 1.44%. The core U.S. Aggregate Bond (AGG) was down 0.38%, while credit-sensitive areas like High Yield (HYG) also weakened by 0.23%. Inflation Protected Treasuries (TIP) were a rare bright spot, posting a modest 0.10% gain.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | 0.05% | -0.18% | 0.27% | 0.47% | 2.89% |
| Core Enhanced (IUSB) | -0.31% | -1.40% | -0.34% | -0.15% | 2.95% |
| Core (AGG) | -0.38% | -1.50% | -0.43% | -0.38% | 2.67% |
| Long-Term (BLV) | -1.28% | -4.46% | -1.91% | -2.44% | 0.39% |
| Government | |||||
| Inflation Protected (TIP) | 0.10% | -0.98% | -0.67% | 0.67% | 2.07% |
| Short-Term (SPTS) | 0.07% | 0.10% | 0.46% | 0.82% | 3.10% |
| Ultrashort (BIL) | 0.01% | 0.29% | 0.90% | 2.04% | 3.78% |
| Intermediate (SPTI) | -0.20% | -0.89% | -0.36% | -0.60% | 2.04% |
| Long-Term (SPTL) | -1.44% | -4.42% | -1.90% | -2.58% | -0.02% |
| Specialty | |||||
| Corporate (SPIB) | -0.12% | -0.88% | 0.01% | 0.18% | 3.24% |
| Bank Loans (BKLN) | -0.15% | 0.88% | 0.50% | 0.55% | 3.73% |
| High Yield (HYG) | -0.23% | -0.50% | 0.38% | 1.23% | 4.37% |
| Mortgage Backed (MBB) | -0.47% | -1.48% | -0.40% | 0.00% | 4.15% |
| Preferred Stock (PFF) | -0.86% | -1.21% | -2.12% | -0.34% | 1.67% |
| Convertible (CWB) | -1.91% | -8.09% | -1.02% | 11.08% | 18.20% |
| International & EM | |||||
| International Local (IGOV) | 0.03% | -1.16% | -1.54% | -2.36% | -1.73% |
| Emerging Local (EMLC) | -0.20% | -0.53% | 1.26% | 1.14% | 7.36% |
| International USD (BNDX) | -0.38% | -1.24% | 0.60% | 0.31% | 1.23% |
| Emerging USD (EMB) | -0.66% | -1.93% | 0.28% | 0.80% | 6.98% |
| Municipals | |||||
| Short-Term (SUB) | -0.01% | -0.21% | 0.18% | 0.65% | 1.92% |
| Intermediate (MUB) | -0.22% | -1.54% | -0.39% | 0.33% | 5.14% |
| High Yield (HYD) | -0.26% | -2.15% | -0.35% | 0.63% | 6.84% |
| Long-Term (MLN) | -0.34% | -1.81% | -0.18% | 1.30% | 8.73% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities were dominated by a powerful rally in the energy complex, driven by escalating geopolitical conflict in the Middle East. WTI Crude (USO) soared 7.32%, while Brent Crude (BNO) jumped 7.89%, lifting the broader Broad Commodities (DJP) index by 1.83%. This strength in energy contrasted with weakness in agricultural markets, where Soybeans (SOYB) fell 1.94%. Precious metals saw slight gains, with Gold (GLD) rising 0.46% as investors sought alternative safe havens.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 1.83% | 9.47% | -5.65% | 26.03% | 36.09% |
| Agriculture | |||||
| Sugar (CANE) | -0.21% | -2.45% | -3.63% | -2.10% | -13.10% |
| Wheat (WEAT) | -0.49% | 12.33% | -0.45% | 22.68% | 11.62% |
| Broad (DBA) | -1.26% | 3.70% | -2.21% | 7.72% | 9.48% |
| Corn (CORN) | -1.38% | 8.26% | -5.36% | 0.56% | 3.66% |
| Soybeans (SOYB) | -1.94% | 4.09% | 1.78% | 15.32% | 17.08% |
| Energy | |||||
| Brent Crude (BNO) | 7.89% | 23.45% | -14.25% | 78.07% | 57.79% |
| WTI Crude (USO) | 7.32% | 20.76% | -14.15% | 86.97% | 62.04% |
| Broad (DBE) | 6.66% | 19.72% | -5.72% | 79.55% | 62.66% |
| Natural Gas (UNG) | 1.33% | -13.12% | -2.17% | -19.00% | -28.61% |
| Industrial Metals | |||||
| Broad (DBB) | 0.49% | 3.04% | 0.32% | 7.72% | 30.02% |
| Copper (CPER) | 0.05% | 3.01% | 6.62% | 9.70% | 9.57% |
| Precious Metals | |||||
| Broad (DBP) | 0.61% | 0.51% | -12.94% | -9.80% | 24.52% |
| Gold (GLD) | 0.46% | 0.68% | -11.10% | -6.37% | 21.17% |
| Platinum (PPLT) | 0.34% | 1.81% | -14.48% | -21.74% | 14.52% |
| Silver (SLV) | 0.14% | -1.73% | -20.16% | -19.64% | 49.37% |
| Palladium (PALL) | -0.13% | 3.34% | -13.33% | -21.31% | -0.10% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets retreated as the broader market sell-off dampened investor appetite for riskier assets. Performance was negative across most major crypto-tracking ETFs, with Solana (SOLZ) leading the decline with a 2.29% loss. Ethereum (ETHA) fell 1.73%, while Bitcoin (IBIT) showed more resilience, dipping just 0.39%. The negative sentiment was amplified in the crypto-adjacent thematic space, where mining and blockchain funds experienced double-digit percentage losses.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Solana (SOLZ) | -2.29% | -4.56% | -11.98% | -42.41% | -62.80% |
| Ethereum (ETHA) | -1.73% | 16.34% | -15.49% | -36.51% | -50.02% |
| Multi-Coin (NCIQ) | -0.69% | 5.47% | -16.11% | -30.36% | -49.27% |
| Bitcoin (IBIT) | -0.39% | 5.32% | -15.79% | -27.49% | -46.04% |
| XRP (XRP) | 1.01% | -0.42% | -21.07% | -41.76% | — |
Explore the Digital Assets Explorer →
What to Watch Today
Investors will be closely watching a heavy slate of economic data on Thursday for further clues on the health of the U.S. economy. Key releases scheduled for the morning include the advance estimate of Q2 GDP, the latest weekly Initial Jobless Claims, and the Personal Consumption Expenditures (PCE) report for June. Additionally, the EIA will release its Natural Gas Report, and the Treasury will hold auctions for 4-week and 8-week bills. On the earnings front, reports are expected from companies including Altria, Stellantis, Coinbase, and MicroStrategy.
