Macro Overview
U.S. equities snapped a three-day losing streak, with the S&P 500 (IVV) advancing 0.23% after the Treasury announced an increase in its debt buyback program. International markets posted stronger gains, as Developed ex-U.S. (EFA) rose 0.36% and Emerging Markets (EEM) climbed 1.18%. Fixed income markets also rallied on the Treasury news, with the U.S. Aggregate Bond (AGG) gaining 0.48%, while Broad Commodities (DJP) added 1.07%, driven by a surge in precious metals.
U.S. Size & Style
A clear divergence emerged between style factors, with value-oriented stocks outperforming their growth counterparts across the capitalization spectrum. Large Value (IVE) climbed 0.74%, while Large Growth (IVW) declined by 0.25%. This trend was also evident in small caps, where Small Value (IJS) gained 0.40% as Small Growth (IJT) finished nearly unchanged. The session’s performance indicates a risk-off rotation within equities, favoring more established, value-priced companies over higher-multiple growth names.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.74% | 3.16% | 6.65% | 13.30% | 20.10% |
| Large Cap (IVV) | 0.23% | 3.48% | 5.10% | 13.42% | 21.62% |
| Large Growth (IVW) | -0.25% | 3.78% | 3.71% | 13.24% | 22.59% |
| Mid Value (IJJ) | -0.11% | 0.51% | 8.81% | 13.95% | 19.03% |
| Mid Cap (IJH) | -0.26% | 1.99% | 8.09% | 17.29% | 22.31% |
| Mid Growth (IJK) | -0.45% | 3.40% | 7.17% | 20.22% | 25.12% |
| Small Value (IJS) | 0.40% | 1.27% | 11.41% | 22.65% | 32.55% |
| Small Cap (IJR) | 0.16% | 1.30% | 11.42% | 23.65% | 30.59% |
| Small Growth (IJT) | -0.02% | 1.30% | 11.41% | 24.43% | 28.43% |
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U.S. Sectors & Industries
The Health Care (XLV) sector was the day’s undisputed leader, surging 3.51% following positive late-stage trial results for a personalized cancer vaccine from Moderna and Merck; the sector is now in overbought territory with an RSI of 76. Consumer Discretionary (XLY) also posted a strong 1.92% gain, buoyed by better-than-expected earnings from major retailers. Conversely, the Technology (XLK) sector was the primary laggard, falling 1.07% amid reported weakness in semiconductor stocks.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.21% | 3.47% | 5.08% | 13.38% | 21.53% |
| Health Care (XLV) | 3.51% | 9.06% | 19.77% | 14.45% | 30.69% |
| Consumer Discretionary (XLY) | 1.92% | 2.73% | 3.30% | -0.29% | 3.99% |
| Materials (XLB) | 1.43% | 3.94% | 7.50% | 16.75% | 18.76% |
| Consumer Staples (XLP) | 1.12% | 1.58% | 1.23% | 12.81% | 7.49% |
| Real Estate (XLRE) | 0.81% | -0.95% | 3.28% | 13.22% | 11.66% |
| Communication Services (XLC) | 0.76% | 0.61% | -3.66% | -4.89% | 2.31% |
| Utilities (XLU) | 0.00% | -2.55% | -0.09% | 4.49% | 5.11% |
| Energy (XLE) | -0.16% | 10.23% | 4.47% | 44.14% | 54.08% |
| Financials (XLF) | -0.62% | 2.17% | 12.88% | 5.85% | 10.96% |
| Industrials (XLI) | -0.88% | 1.42% | 8.09% | 17.91% | 21.75% |
| Technology (XLK) | -1.07% | 4.58% | 6.13% | 27.86% | 41.12% |
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Global Thematic
Thematic leadership was heavily concentrated in biotechnology and precious metals miners, reflecting the day’s major macro catalysts. Genomics-focused funds like the Global X Genomics & Biotechnology ETF (GNOM) and iShares Genomics Immunology and Healthcare ETF (IDNA) soared 13.62% and 13.26%, respectively. On the other end of the spectrum, a niche segment of technology focused on photonics and optics saw steep declines, with the Tema Photonics & Optical ETF (LAZR) dropping 5.73%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Global X Genomics & Biotechnology ETF (GNOM) | 13.62% |
| iShares Genomics Immunology and Healthcare ETF (IDNA) | 13.26% |
| ARK Genomic Revolution ETF (ARKG) | 10.46% |
| iShares MSCI Global Silver Miners ETF (SLVP) | 10.34% |
| Sprott Gold Miners ETF (SGDM) | 9.82% |
| Laggards | |
| Tema Photonics & Optical ETF (LAZR) | -5.73% |
| Roundhill Photonics & Optics ETF (LYTE) | -5.09% |
| Tuttle Capital Pure Play Photonics ETF (FOTO) | -4.56% |
| Corgi Lithography & Semiconductor Photonics ETF (EUV) | -3.83% |
| Spear Alpha ETF (SPRX) | -3.81% |
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Developed ex-U.S. & Emerging Markets
International equities broadly advanced, with notable strength in specific countries driving performance. South Africa (EZA) was a standout performer in emerging markets, jumping 4.75%, while Brazil (EWZ) gained 1.66%. Among developed nations, South Korea (EWY) and Switzerland (EWL) posted significant gains of 2.58% and 2.46%, respectively. This was in contrast to weakness in Japan (EWJ), which slipped 0.62%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.36% | 4.19% | 7.29% | 13.87% | 20.89% |
| Australia (EWA) | 1.22% | 4.24% | 6.53% | 16.05% | 16.18% |
| Canada (EWC) | 0.41% | 4.00% | 8.05% | 15.18% | 33.35% |
| France (EWQ) | 0.88% | 4.47% | 8.69% | 7.31% | 10.74% |
| Germany (EWG) | 0.82% | 7.00% | 6.84% | 5.68% | 5.96% |
| Hong Kong (EWH) | 2.10% | 3.90% | -1.62% | 9.49% | 13.90% |
| Japan (EWJ) | -0.62% | 4.74% | 5.53% | 18.01% | 23.59% |
| Netherlands (EWN) | -1.00% | 3.65% | 9.74% | 22.71% | 36.54% |
| South Korea (EWY) | 2.58% | 7.32% | 0.24% | 79.42% | 149.72% |
| Switzerland (EWL) | 2.46% | 2.03% | 6.48% | 9.41% | 19.49% |
| U.K. (EWU) | 0.85% | 3.47% | 6.44% | 12.03% | 21.64% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 1.18% | 4.46% | 3.40% | 21.44% | 35.29% |
| Brazil (EWZ) | 1.66% | -2.75% | -3.63% | 8.87% | 30.96% |
| China (MCHI) | 0.89% | 4.61% | -1.46% | -7.18% | -5.28% |
| India (INDA) | 0.32% | 1.29% | 4.80% | -8.34% | -7.66% |
| Indonesia (EIDO) | 0.16% | 1.29% | -4.79% | -31.52% | -29.38% |
| Malaysia (EWM) | 0.96% | 1.06% | -0.80% | 6.24% | 17.27% |
| Mexico (EWW) | 0.91% | 0.04% | -1.65% | 9.97% | 26.89% |
| South Africa (EZA) | 4.75% | 12.72% | 7.73% | 4.33% | 33.62% |
| Taiwan (EWT) | 0.30% | 7.57% | 16.55% | 64.80% | 82.27% |
| Thailand (THD) | 0.49% | 1.29% | 6.33% | 26.59% | 35.73% |
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Fixed Income
The Treasury’s plan to increase the size of its debt buybacks provided a significant boost to the fixed income market, leading to gains across most categories. Longer-duration assets responded most favorably, with the Long-Term Treasury (SPTL) rising 1.52%. The benchmark U.S. Aggregate Bond (AGG) added 0.48%, and even credit-sensitive High Yield (HYG) posted a 0.23% gain. Convertible bonds (CWB) were a notable exception, falling 0.69% as their equity-like characteristics weighed on performance.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 1.37% | -1.09% | 1.03% | -1.61% | 1.05% |
| Core (AGG) | 0.48% | -0.04% | 1.22% | 0.24% | 2.79% |
| Core Enhanced (IUSB) | 0.46% | 0.04% | 1.30% | 0.50% | 3.10% |
| Short-Term (BSV) | 0.06% | 0.33% | 1.01% | 0.90% | 2.78% |
| Government | |||||
| Long-Term (SPTL) | 1.52% | -1.07% | 1.44% | -1.83% | 0.93% |
| Inflation Protected (TIP) | 0.46% | 0.03% | 0.47% | 1.16% | 2.56% |
| Intermediate (SPTI) | 0.25% | 0.09% | 1.13% | -0.08% | 2.01% |
| Short-Term (SPTS) | 0.03% | 0.32% | 0.92% | 1.14% | 2.95% |
| Ultrashort (BIL) | 0.01% | 0.32% | 0.91% | 2.27% | 3.75% |
| Specialty | |||||
| Mortgage Backed (MBB) | 0.53% | 0.14% | 1.62% | 0.73% | 4.42% |
| Preferred Stock (PFF) | 0.46% | 1.26% | 0.13% | 1.75% | 2.42% |
| High Yield (HYG) | 0.23% | 0.56% | 1.93% | 2.32% | 5.12% |
| Corporate (SPIB) | 0.21% | 0.11% | 1.14% | 0.72% | 3.13% |
| Bank Loans (BKLN) | 0.15% | 0.98% | 1.38% | 1.54% | 4.58% |
| Convertible (CWB) | -0.69% | 2.42% | 1.70% | 17.35% | 24.34% |
| International & EM | |||||
| International Local (IGOV) | 1.03% | 1.86% | 1.22% | -0.31% | 0.00% |
| Emerging Local (EMLC) | 0.86% | 2.29% | 4.59% | 3.66% | 8.89% |
| Emerging USD (EMB) | 0.50% | -0.01% | 2.21% | 1.82% | 6.49% |
| International USD (BNDX) | 0.32% | -0.15% | 1.03% | 0.41% | 1.40% |
| Municipals | |||||
| Long-Term (MLN) | 0.52% | -0.79% | 1.35% | 1.59% | 7.98% |
| Intermediate (MUB) | 0.29% | -0.58% | 0.81% | 0.52% | 4.82% |
| High Yield (HYD) | 0.27% | -1.17% | 0.64% | 0.87% | 6.67% |
| Short-Term (SUB) | 0.02% | 0.29% | 0.83% | 1.11% | 2.01% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Precious metals experienced a significant rally, leading the commodity complex higher. Platinum (PPLT) was the top performer, surging 5.78%, followed by strong gains in Silver (SLV) and Gold (GLD), which rose 4.47% and 3.84%, respectively. Agricultural commodities also advanced, with Wheat (WEAT) climbing 2.55%. In contrast, energy markets were subdued, as WTI Crude (USO) edged up just 0.19% despite ongoing geopolitical tensions.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 1.07% | 6.08% | -2.67% | 32.73% | 50.23% |
| Agriculture | |||||
| Wheat (WEAT) | 2.55% | 0.36% | 0.56% | 26.89% | 20.95% |
| Corn (CORN) | 1.85% | 5.51% | 0.11% | 5.81% | 10.40% |
| Soybeans (SOYB) | 1.40% | 2.63% | 3.52% | 19.67% | 19.07% |
| Broad (DBA) | 0.93% | 1.62% | 0.04% | 10.85% | 8.02% |
| Sugar (CANE) | 0.54% | 15.40% | 11.29% | 15.22% | 2.65% |
| Energy | |||||
| Brent Crude (BNO) | 0.40% | 7.43% | -11.04% | 84.75% | 78.14% |
| Broad (DBE) | 0.22% | 7.56% | -4.60% | 86.60% | 82.73% |
| WTI Crude (USO) | 0.19% | 5.61% | -14.42% | 89.29% | 81.07% |
| Natural Gas (UNG) | -0.89% | -4.76% | -15.88% | -18.35% | -17.68% |
| Industrial Metals | |||||
| Broad (DBB) | 0.80% | 3.02% | -0.51% | 10.16% | 34.27% |
| Copper (CPER) | 0.54% | 3.88% | 4.68% | 12.67% | 42.87% |
| Precious Metals | |||||
| Platinum (PPLT) | 5.78% | 13.52% | -5.51% | -11.71% | 37.79% |
| Silver (SLV) | 4.47% | 18.18% | -10.30% | -6.85% | 77.18% |
| Broad (DBP) | 4.02% | 13.57% | -1.97% | 1.15% | 40.77% |
| Gold (GLD) | 3.84% | 12.33% | 0.57% | 4.42% | 35.57% |
| Palladium (PALL) | 3.64% | 6.74% | -1.30% | -16.67% | 19.80% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets staged a broad-based rebound, with significant gains across the board. Ethereum (ETHA) led the recovery with an impressive 9.97% surge, notably outpacing its larger peer. Bitcoin (IBIT) also posted a solid advance, rising 5.96% on the day. While the rally provided a reprieve for the asset class, cryptocurrencies remain down significantly on a year-to-date basis.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Bitcoin (IBIT) | 5.96% | 6.69% | -10.85% | -21.89% | -39.59% |
| Multi-Coin (NCIQ) | 6.36% | 6.89% | -10.49% | -24.95% | -44.46% |
| XRP (XRP) | 6.52% | -2.30% | -21.48% | -41.91% | — |
| Solana (SOLZ) | 6.76% | 9.51% | -2.28% | -34.44% | -56.16% |
| Ethereum (ETHA) | 9.97% | 14.16% | -0.31% | -29.20% | -49.27% |
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What to Watch Today
Looking ahead to Thursday, market participants will be closely watching a series of economic data releases, starting with Initial Jobless Claims and the Philadelphia Fed Manufacturing Index at 8:30 AM ET. This will be followed by Leading Economic Indicators at 10:00 AM ET. The earnings calendar is also busy, with major reports due from Walmart (WMT) and Deere & Co. (DE) before the market opens. Additionally, comments from St. Louis Fed President Alberto Musalem at 11:10 AM ET could provide further insight into the central bank’s policy outlook.
