Macro Overview
U.S. equities advanced on Tuesday, supported by a retreat in Treasury yields and a significant drop in oil prices which helped ease inflation concerns. The S&P 500 (IVV) gained 0.32%, though this was outpaced by international markets, with Developed ex-U.S. (EFA) rising 0.72%. The day’s standout performer was Emerging Markets (EEM), which surged 1.72%. In contrast, Broad Commodities (DJP) fell 0.97%, while the U.S. Aggregate Bond market (AGG) rallied 0.47%.
U.S. Size & Style
Growth-oriented stocks led the U.S. market, particularly within the large-cap segment where Large Growth (IVW) climbed 0.67%. This stood in contrast to Large Value (IVE), which posted a modest loss of 0.13%. Mid-cap performance was mixed, while small-caps were largely unchanged for the session. The Small Cap index (IJR) finished down just 0.05%, indicating a pause for the size factor that has performed strongly year-to-date.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.13% | 2.63% | 4.54% | 12.82% | 19.23% |
| Large Cap (IVV) | 0.32% | 3.67% | 3.00% | 12.96% | 20.62% |
| Large Growth (IVW) | 0.67% | 4.49% | 1.69% | 12.81% | 21.44% |
| Mid Value (IJJ) | -0.36% | -0.32% | 5.18% | 13.03% | 15.78% |
| Mid Cap (IJH) | -0.08% | 0.49% | 3.85% | 15.92% | 19.20% |
| Mid Growth (IJK) | 0.16% | 1.16% | 2.50% | 18.43% | 22.21% |
| Small Value (IJS) | -0.06% | 1.41% | 6.88% | 21.87% | 28.46% |
| Small Cap (IJR) | -0.05% | 1.27% | 7.09% | 22.63% | 26.61% |
| Small Growth (IJT) | -0.06% | 1.03% | 7.13% | 23.08% | 24.60% |
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U.S. Sectors & Industries
The technology sector was the clear leader, propelling the broader market’s gains in line with a rebound in semiconductor stocks. The Technology Select Sector SPDR Fund (XLK) advanced 0.94%, followed by a 0.77% rise in Communication Services (XLC). At the other end of the spectrum, Energy (XLE) fell 1.66% as crude oil prices declined. Consumer Staples (XLP) was the day’s worst-performing sector, dropping 1.06% following a report of weakening consumer confidence.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.32% | 3.65% | 2.98% | 12.91% | 20.53% |
| Technology (XLK) | 0.94% | 3.33% | 0.87% | 26.54% | 39.54% |
| Communication Services (XLC) | 0.77% | 6.47% | -1.71% | -3.30% | 2.79% |
| Health Care (XLV) | 0.34% | 7.82% | 17.46% | 14.20% | 30.94% |
| Utilities (XLU) | 0.21% | -6.44% | -3.89% | 2.80% | 4.64% |
| Financials (XLF) | 0.15% | 3.55% | 12.66% | 7.38% | 11.17% |
| Real Estate (XLRE) | 0.07% | -1.28% | 2.68% | 14.15% | 11.35% |
| Materials (XLB) | 0.00% | 4.53% | 6.94% | 19.11% | 19.01% |
| Consumer Discretionary (XLY) | -0.30% | 7.81% | -0.83% | -0.83% | 2.19% |
| Industrials (XLI) | -0.34% | -2.33% | 4.11% | 15.61% | 19.17% |
| Consumer Staples (XLP) | -1.06% | 2.84% | 2.74% | 12.79% | 9.71% |
| Energy (XLE) | -1.66% | 4.09% | 5.06% | 40.70% | 44.80% |
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Global Thematic
Thematic ETFs showed a clear divergence between high-growth and defensive technology themes. Risk-on appetite was evident in niche areas, with the Global X Blockchain ETF (BKCH) and Global X Uranium ETF (URA) leading with gains of 5.48% and 5.36%, respectively. Conversely, cybersecurity funds experienced a broad sell-off. The WisdomTree Cybersecurity Fund (WCBR) and the Global X Cybersecurity ETF (BUG) were among the top laggards, declining 1.87% and 1.68%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Global X Blockchain ETF (BKCH) | 5.48% |
| Global X Uranium ETF (URA) | 5.36% |
| Roundhill Neocloud ETF (NCLD) | 5.05% |
| Sprott Junior Uranium Miners ETF (URNJ) | 4.84% |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | 4.76% |
| Laggards | |
| WisdomTree Cybersecurity Fund (WCBR) | -1.87% |
| Global X Cybersecurity ETF (BUG) | -1.68% |
| iShares Cybersecurity & Tech ETF (IHAK) | -1.60% |
| WisdomTree Cloud Computing Fund (WCLD) | -1.36% |
| Amplify Cybersecurity ETF (HACK) | -1.35% |
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Developed ex-U.S. & Emerging Markets
International equities posted strong returns, particularly in emerging markets, which outperformed their developed counterparts. South Korea (EWY) delivered an exceptional 3.75% gain, while Taiwan (EWT) and Brazil (EWZ) also saw increases of around 2%. Among developed nations, Australia (EWA) rebounded 1.23%, and Japan (EWJ) added 0.83%. Germany (EWG) rose 0.73% following an upward revision to its Q2 GDP data.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.72% | 5.22% | 6.29% | 15.09% | 22.32% |
| Australia (EWA) | 1.23% | 5.95% | 7.23% | 17.83% | 17.00% |
| Canada (EWC) | 0.84% | 6.04% | 7.56% | 16.69% | 33.54% |
| France (EWQ) | -0.06% | 4.36% | 6.32% | 6.75% | 12.36% |
| Germany (EWG) | 0.73% | 8.10% | 5.65% | 6.67% | 7.63% |
| Hong Kong (EWH) | -0.17% | 2.88% | 0.35% | 10.92% | 13.14% |
| Japan (EWJ) | 0.83% | 4.85% | 4.94% | 19.07% | 26.22% |
| Netherlands (EWN) | 0.30% | 4.44% | 4.88% | 22.92% | 35.19% |
| South Korea (EWY) | 3.75% | 10.55% | -1.03% | 85.30% | 153.33% |
| Switzerland (EWL) | 0.73% | 4.20% | 5.11% | 9.81% | 19.78% |
| U.K. (EWU) | 0.59% | 4.57% | 6.40% | 13.92% | 22.22% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 1.72% | 6.19% | 2.59% | 23.54% | 36.20% |
| Brazil (EWZ) | 2.02% | 0.42% | -0.41% | 14.01% | 30.56% |
| China (MCHI) | 0.35% | 3.36% | -0.10% | -7.64% | -8.73% |
| India (INDA) | 1.78% | 4.60% | 3.80% | -7.07% | -5.64% |
| Indonesia (EIDO) | 1.11% | 4.32% | -0.54% | -30.38% | -29.36% |
| Malaysia (EWM) | 0.52% | 4.05% | 0.35% | 7.25% | 16.89% |
| Mexico (EWW) | 0.91% | 3.18% | 1.58% | 13.93% | 30.49% |
| South Africa (EZA) | 1.65% | 18.73% | 10.01% | 7.62% | 33.87% |
| Taiwan (EWT) | 2.00% | 7.54% | 8.84% | 65.91% | 86.06% |
| Thailand (THD) | -0.33% | 0.55% | 3.24% | 25.60% | 30.36% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Fixed income markets rallied as Treasury yields retreated, with gains seen across the duration spectrum. Longer-dated bonds saw the most significant price appreciation, as evidenced by the 0.98% gain in the Vanguard Long-Term Bond ETF (BLV). The core U.S. Aggregate Bond index (AGG) rose 0.47%. Credit-sensitive assets also performed well, with High Yield Corporate Bonds (HYG) up 0.28% and Convertible Bonds (CWB) gaining 0.99% amid the positive equity backdrop.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.98% | 1.02% | -0.36% | -1.14% | 1.32% |
| Core (AGG) | 0.47% | 0.91% | 0.58% | 0.44% | 2.75% |
| Core Enhanced (IUSB) | 0.46% | 0.96% | 0.71% | 0.68% | 3.06% |
| Short-Term (BSV) | 0.15% | 0.68% | 0.86% | 0.96% | 2.71% |
| Government | |||||
| Long-Term (SPTL) | 0.95% | 0.81% | 0.13% | -1.40% | 1.10% |
| Intermediate (SPTI) | 0.39% | 0.87% | 0.77% | 0.03% | 1.89% |
| Inflation Protected (TIP) | 0.36% | 0.87% | 0.35% | 1.28% | 2.05% |
| Short-Term (SPTS) | 0.10% | 0.63% | 0.95% | 1.25% | 2.95% |
| Ultrashort (BIL) | 0.01% | 0.31% | 0.92% | 2.32% | 3.74% |
| Specialty | |||||
| Convertible (CWB) | 0.99% | 2.38% | -1.44% | 17.30% | 22.89% |
| Preferred Stock (PFF) | 0.56% | 2.20% | -0.44% | 2.05% | 2.36% |
| Mortgage Backed (MBB) | 0.49% | 1.08% | 0.75% | 0.94% | 4.25% |
| Corporate (SPIB) | 0.30% | 0.78% | 0.75% | 0.84% | 3.04% |
| High Yield (HYG) | 0.28% | 1.36% | 1.48% | 2.59% | 5.00% |
| Bank Loans (BKLN) | 0.05% | 1.15% | 1.79% | 1.81% | 4.70% |
| International & EM | |||||
| International Local (IGOV) | 0.60% | 3.17% | 0.70% | 0.14% | 0.69% |
| Emerging USD (EMB) | 0.56% | 1.22% | 1.51% | 2.11% | 6.95% |
| International USD (BNDX) | 0.48% | 0.48% | 0.40% | 0.77% | 1.87% |
| Emerging Local (EMLC) | 0.35% | 3.30% | 3.92% | 4.06% | 9.10% |
| Municipals | |||||
| High Yield (HYD) | 0.26% | 0.61% | 0.42% | 1.19% | 6.90% |
| Intermediate (MUB) | 0.16% | 0.30% | 0.24% | 0.43% | 4.57% |
| Long-Term (MLN) | 0.09% | 0.26% | 1.24% | 1.36% | 7.35% |
| Short-Term (SUB) | 0.02% | 0.65% | 0.77% | 1.18% | 2.01% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
The commodities complex was dragged lower by a sharp sell-off in the energy sector. WTI Crude oil (USO) plunged 4.58%, while Brent Crude (BNO) fell 4.77%, weighing on broad commodity indices. In contrast, agricultural products showed strength, with Corn (CORN) rising 1.93%. Precious metals benefited from lower bond yields, as Gold (GLD) posted a 0.32% gain for the session.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.97% | 2.72% | 0.63% | 32.44% | 46.33% |
| Agriculture | |||||
| Corn (CORN) | 1.93% | 7.05% | 6.70% | 10.49% | 12.91% |
| Soybeans (SOYB) | 1.31% | 0.00% | 4.87% | 20.22% | 17.85% |
| Wheat (WEAT) | 0.59% | 1.63% | 4.40% | 28.34% | 20.90% |
| Broad (DBA) | -0.07% | 0.14% | 2.61% | 10.82% | 6.22% |
| Sugar (CANE) | -1.24% | 14.48% | 12.22% | 13.89% | 1.05% |
| Energy | |||||
| Natural Gas (UNG) | 0.79% | -3.03% | -6.49% | -16.56% | -14.39% |
| Broad (DBE) | -3.54% | -2.36% | -2.02% | 80.07% | 70.76% |
| WTI Crude (USO) | -4.58% | -7.71% | -10.48% | 82.40% | 66.53% |
| Brent Crude (BNO) | -4.77% | -4.41% | -8.62% | 77.47% | 63.98% |
| Industrial Metals | |||||
| Copper (CPER) | 1.72% | 6.28% | 4.73% | 16.59% | 46.30% |
| Broad (DBB) | 0.78% | 4.17% | -0.69% | 12.12% | 34.44% |
| Precious Metals | |||||
| Gold (GLD) | 0.32% | 15.10% | 3.44% | 8.01% | 38.16% |
| Broad (DBP) | 0.19% | 15.70% | 0.42% | 4.53% | 42.74% |
| Silver (SLV) | 0.19% | 18.50% | -8.84% | -3.26% | 77.96% |
| Platinum (PPLT) | -0.82% | 16.84% | -3.49% | -9.56% | 37.91% |
| Palladium (PALL) | -1.26% | 7.80% | -0.82% | -16.36% | 21.33% |
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Cryptocurrency
Digital assets experienced a quiet and mixed session with no significant directional conviction. Among the major cryptocurrencies, Bitcoin (IBIT) edged up 0.18% while Ethereum (ETHA) slipped 0.32%. Solana (SOLZ) was the relative outperformer, managing a 1.35% advance. The muted activity suggests traders may be awaiting a fresh catalyst to drive the next major move in the asset class.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | -0.78% | 35.44% | 10.09% | -19.74% | — |
| Ethereum (ETHA) | -0.32% | 32.48% | 19.46% | -17.08% | -44.39% |
| Multi-Coin (NCIQ) | 0.10% | 24.62% | 6.23% | -12.28% | -34.62% |
| Bitcoin (IBIT) | 0.18% | 23.03% | 4.10% | -9.93% | -28.88% |
| Solana (SOLZ) | 1.35% | 32.71% | 15.70% | -22.09% | -51.88% |
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What to Watch Today
Investors will be closely watching a heavy slate of economic data and events on Wednesday. Key releases include the second estimate for Q2 Gross Domestic Product, the preliminary Q2 Corporate Profits report, and July data for Personal Income and Durable Goods Orders. Additionally, markets will parse comments from Federal Reserve Chair Jerome Powell for insights into monetary policy. The day will also feature several major earnings reports after the close, including from Nvidia, Salesforce, and HP, as well as U.S. Treasury auctions for 5-year notes and 17-week bills.
