Macro Overview
U.S. Size & Style
U.S. equity styles moved uniformly lower, with small caps bearing the brunt of the selloff as Small Growth (IJT) fell 1.35%, the weakest performer among size and style segments. Large Value (IVE) held up relatively better, down 0.60%, while Large Growth (IVW) declined a more modest 0.35%. Mid-cap segments also lagged, with Mid Cap (IJH) down 1.06% and now flat on a 3-month basis. Breadth remains constrained across the size spectrum, with only 31-37% of constituents trading above their 50-day moving averages, and RSI readings across small caps sitting in the mid-30s, reflecting persistent technical weakness without yet reaching oversold extremes.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.60% | -0.75% | 3.71% | 11.18% | 17.26% |
| Large Cap (IVV) | -0.40% | -1.37% | 3.70% | 12.44% | 18.61% |
| Large Growth (IVW) | -0.35% | -1.95% | 3.62% | 13.24% | 19.41% |
| Mid Value (IJJ) | -1.18% | -3.56% | 0.96% | 10.99% | 12.95% |
| Mid Cap (IJH) | -1.06% | -4.15% | 0.02% | 13.51% | 15.41% |
| Mid Growth (IJK) | -1.04% | -4.71% | -0.98% | 15.70% | 17.40% |
| Small Value (IJS) | -0.77% | -2.99% | 2.41% | 19.42% | 24.80% |
| Small Cap (IJR) | -1.07% | -4.18% | 2.32% | 19.28% | 22.61% |
| Small Growth (IJT) | -1.35% | -5.50% | 2.12% | 18.83% | 20.18% |
U.S. Sectors & Industries
Energy (XLE) was the sole sector to post a gain, up 0.83% and now the strongest performer YTD at 48.06%, directly benefiting from the crude price surge following the U.S. strikes on Iranian tankers; its RSI of 69 approaches overbought territory. Technology (XLK) was essentially flat, supported by strength in mega-cap names following Meta’s AI product reveal. Industrials (XLI) led decliners, falling 1.51% and now down 7.23% over the past month, with an RSI of 32 signaling approaching oversold conditions and only 14% of constituents above their 50-day moving average. Consumer Discretionary (XLY) and Utilities (XLU) also declined more than 1%, extending a broadly defensive-negative tone across cyclical and rate-sensitive groups alike.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.46% | -1.40% | 3.70% | 12.40% | 18.53% |
| Energy (XLE) | 0.83% | 13.58% | 14.61% | 48.06% | 53.75% |
| Technology (XLK) | 0.00% | -0.05% | 4.05% | 30.81% | 42.34% |
| Health Care (XLV) | -0.33% | 0.54% | 8.24% | 8.52% | 22.29% |
| Financials (XLF) | -0.42% | -0.94% | 9.15% | 5.08% | 8.62% |
| Communication Services (XLC) | -0.62% | -0.38% | -0.32% | -5.30% | -2.81% |
| Materials (XLB) | -1.06% | -2.78% | 1.60% | 14.24% | 15.57% |
| Real Estate (XLRE) | -1.12% | -3.49% | -2.63% | 9.24% | 7.20% |
| Consumer Staples (XLP) | -1.15% | -2.43% | -0.56% | 8.26% | 5.74% |
| Utilities (XLU) | -1.17% | -1.54% | -1.74% | 1.93% | 6.09% |
| Consumer Discretionary (XLY) | -1.34% | -6.17% | -2.75% | -5.44% | -3.83% |
| Industrials (XLI) | -1.51% | -7.23% | -1.93% | 11.33% | 15.80% |
Global Thematic
Precious metals mining themes led the thematic space, with the Sprott Silver Miners & Physical Silver ETF (SLVR) gaining 1.70% and the Global X Silver Miners ETF (SIL) up 1.63%, tracking gains in underlying silver and platinum prices. Junior gold and silver miners also advanced, consistent with the broader commodity strength seen across the metals complex. On the downside, the Defiance Drone and Modern Warfare ETF (JEDI) fell 4.35% and the CoinShares Bitcoin Mining and Digital Power ETF (WGMI) dropped 3.89%, reflecting weakness in speculative growth-adjacent themes amid the risk-off tone. The divergence highlights a rotation toward tangible commodity exposure over higher-beta technology and digital asset-linked themes on the day.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Sprott Silver Miners & Physical Silver ETF Silver Miners ETF (SLVR) | 1.70% |
| Global X Silver Miners ETF (SIL) | 1.63% |
| VanEck Junior Gold Miners ETF (GDXJ) | 1.34% |
| iShares MSCI Global Silver Miners ETF (SLVP) | 1.29% |
| Amplify Junior Silver Miners ETF (SILJ) | 1.24% |
| Laggards | |
| Defiance Drone and Modern Warfare ETF (JEDI) | -4.35% |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | -3.89% |
| Roundhill Neocloud ETF (NCLD) | -3.55% |
| REX Drone ETF (DRNZ) | -3.18% |
| Virtus Biotech Clinical Trials ETF (BBC) | -3.12% |
Developed ex-U.S. & Emerging Markets
Developed international markets broadly declined, led by France (EWQ) down 1.60% and Switzerland (EWL) off 1.36%, both extending weaker one-month trends. South Korea (EWY) was a notable exception, rising 0.46% and maintaining an extraordinary 96.24% YTD gain. Within emerging markets, Brazil (EWZ) declined 1.40% despite strong 20.97% YTD performance, while Taiwan (EWT) edged up 0.20% and remains up 75.92% YTD. China (MCHI) continued to lag broader EM performance, falling 1.13% and now down 10.62% YTD, contrasting sharply with the region’s overall strength.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -1.11% | -1.83% | 5.19% | 12.71% | 19.27% |
| Australia (EWA) | -1.27% | -2.60% | 6.33% | 14.70% | 13.63% |
| Canada (EWC) | -0.81% | -0.51% | 5.59% | 13.62% | 25.48% |
| France (EWQ) | -1.60% | -6.28% | 0.17% | 2.15% | 7.27% |
| Germany (EWG) | -1.22% | -2.23% | 4.41% | 3.28% | 5.82% |
| Hong Kong (EWH) | -1.05% | -0.09% | 6.78% | 8.49% | 10.39% |
| Japan (EWJ) | -0.98% | 0.10% | 7.22% | 20.78% | 26.42% |
| Netherlands (EWN) | -1.15% | -1.04% | 2.49% | 21.25% | 32.67% |
| South Korea (EWY) | 0.46% | 14.87% | 3.66% | 96.24% | 160.44% |
| Switzerland (EWL) | -1.36% | -5.80% | 0.66% | 3.13% | 10.38% |
| U.K. (EWU) | -1.08% | -1.67% | 4.84% | 10.32% | 18.47% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -0.51% | 4.33% | 4.56% | 25.80% | 36.39% |
| Brazil (EWZ) | -1.40% | 7.72% | 13.31% | 20.97% | 34.78% |
| China (MCHI) | -1.13% | -5.71% | -1.12% | -10.62% | -13.69% |
| India (INDA) | -0.86% | -3.37% | 2.38% | -9.95% | -7.66% |
| Indonesia (EIDO) | -0.68% | 1.70% | 15.22% | -28.53% | -20.90% |
| Malaysia (EWM) | -0.36% | -0.60% | 3.16% | 4.48% | 15.38% |
| Mexico (EWW) | -0.22% | -1.32% | 3.82% | 11.96% | 23.14% |
| South Africa (EZA) | 0.01% | 2.38% | 11.88% | 5.84% | 30.14% |
| Taiwan (EWT) | 0.20% | 8.41% | 10.87% | 75.92% | 89.73% |
| Thailand (THD) | -0.31% | 1.63% | 5.37% | 28.34% | 28.75% |
Fixed Income
Fixed income broadly softened as Treasury yields rose across the curve, with the 10-year yield reaching 4.85%, its highest since October 2023, following the Treasury Department’s decision to triple its scheduled buyback operation. Long-duration exposure bore the largest impact, with Long-Term Treasuries (BLV) down 0.30% on the day and now off 2.56% YTD, while SPTL declined 0.52%. Credit-sensitive segments including Preferred Stock (PFF) and Convertibles (CWB) fell 0.69% and 0.72% respectively, though Convertibles retain a strong 17.14% YTD gain. Shorter-duration instruments such as Ultrashort Treasuries (BIL) were essentially unchanged, underscoring the curve’s sensitivity concentrated at the long end.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.10% | -0.25% | 0.29% | 0.49% | 1.67% |
| Core Enhanced (IUSB) | -0.20% | -0.55% | -0.55% | -0.27% | 0.76% |
| Core (AGG) | -0.23% | -0.60% | -0.70% | -0.58% | 0.37% |
| Long-Term (BLV) | -0.30% | -0.72% | -2.55% | -2.56% | -2.75% |
| Government | |||||
| Ultrashort (BIL) | 0.00% | 0.28% | 0.90% | 2.46% | 3.68% |
| Short-Term (SPTS) | -0.03% | -0.02% | 0.53% | 0.95% | 2.19% |
| Intermediate (SPTI) | -0.18% | -0.77% | -0.47% | -1.05% | -0.29% |
| Inflation Protected (TIP) | -0.23% | -0.26% | -0.63% | 0.49% | 0.19% |
| Long-Term (SPTL) | -0.52% | -0.70% | -2.31% | -2.94% | -3.26% |
| Specialty | |||||
| Bank Loans (BKLN) | -0.05% | 1.00% | 2.19% | 2.20% | 4.71% |
| Corporate (SPIB) | -0.15% | -0.58% | -0.27% | 0.07% | 1.34% |
| High Yield (HYG) | -0.18% | -0.25% | 0.69% | 1.94% | 3.72% |
| Mortgage Backed (MBB) | -0.34% | -0.76% | -0.70% | -0.36% | 1.20% |
| Preferred Stock (PFF) | -0.69% | -1.02% | -0.91% | 0.88% | 0.07% |
| Convertible (CWB) | -0.72% | -0.31% | -0.80% | 17.14% | 20.09% |
| International & EM | |||||
| Emerging Local (EMLC) | -0.08% | 0.00% | 3.09% | 3.31% | 7.43% |
| Emerging USD (EMB) | -0.20% | -0.69% | -0.29% | 1.26% | 4.69% |
| International USD (BNDX) | -0.34% | -1.25% | -0.86% | -0.41% | -0.04% |
| International Local (IGOV) | -0.43% | -0.48% | 0.24% | -0.98% | -1.82% |
| Municipals | |||||
| Short-Term (SUB) | -0.14% | -0.33% | -0.10% | 0.75% | 1.19% |
| High Yield (HYD) | -0.44% | -2.11% | -2.98% | -0.82% | 2.01% |
| Intermediate (MUB) | -0.52% | -2.05% | -2.53% | -1.30% | 1.12% |
| Long-Term (MLN) | -0.71% | -3.36% | -3.39% | -1.29% | 2.05% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Energy commodities surged following the U.S. military’s strikes on five Iranian tankers in response to Iranian missile fire on a U.S. Navy warship, with WTI Crude (USO) up 2.70% and Brent Crude (BNO) gaining 2.75% as Brent settled above $100 per barrel for the first time since July. Precious metals also advanced broadly, with Platinum (PPLT) climbing 4.19% and Silver (SLV) up 2.27%, while Gold (GLD) added 0.91%. Natural Gas (UNG) diverged sharply, falling 3.54% and remaining down 17.70% YTD. Agricultural commodities were mixed, with Wheat (WEAT) declining 2.52% while Sugar (CANE) rose 0.96%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.77% | 11.95% | 12.84% | 39.96% | 51.96% |
| Agriculture | |||||
| Sugar (CANE) | 0.96% | 9.01% | 21.19% | 19.02% | 9.43% |
| Broad (DBA) | -0.45% | 5.00% | 10.35% | 13.64% | 10.85% |
| Soybeans (SOYB) | -0.58% | 10.44% | 14.82% | 26.53% | 25.61% |
| Corn (CORN) | -0.70% | 12.42% | 16.37% | 11.84% | 12.80% |
| Wheat (WEAT) | -2.52% | 9.91% | 17.43% | 31.60% | 26.35% |
| Energy | |||||
| Brent Crude (BNO) | 2.75% | 26.40% | 17.56% | 109.46% | 98.53% |
| WTI Crude (USO) | 2.70% | 27.11% | 14.22% | 116.85% | 104.35% |
| Broad (DBE) | 2.28% | 23.62% | 18.81% | 108.30% | 99.32% |
| Natural Gas (UNG) | -3.54% | 3.59% | -11.41% | -17.70% | -23.91% |
| Industrial Metals | |||||
| Copper (CPER) | 1.18% | 2.88% | 6.35% | 17.42% | 45.93% |
| Broad (DBB) | 0.88% | 3.63% | 3.42% | 14.60% | 35.42% |
| Precious Metals | |||||
| Platinum (PPLT) | 4.19% | 8.20% | 9.72% | -8.01% | 37.20% |
| Silver (SLV) | 2.27% | 5.60% | 2.90% | -5.74% | 63.31% |
| Broad (DBP) | 1.35% | 2.40% | 3.39% | -0.40% | 26.66% |
| Gold (GLD) | 0.91% | 1.22% | 3.22% | 1.78% | 20.74% |
| Palladium (PALL) | 0.57% | -1.92% | 10.18% | -15.50% | 18.25% |
Cryptocurrency
Digital assets traded lower across the board, consistent with the day’s broader risk-off tone. XRP (XRP) led declines, falling 1.57%, followed by Solana (SOLZ) down 1.07%. Bitcoin (IBIT) showed relative resilience, slipping only 0.23%, though it remains down 10.80% YTD. Despite the daily pullback, most crypto-linked products retain substantial one-month gains, with XRP up 37.22% and Solana up 37.96% over the trailing month, indicating the recent uptrend remains largely intact despite this session’s softness.
What to Watch Today
Thursday brings a dense macro calendar, led by the Producer Price Index at 7:30 AM ET and Initial Jobless Claims at 8:30 AM ET, alongside Existing Home Sales data and the EIA’s weekly Crude Oil Inventories report. The Treasury will hold a 30-Year Bond Auction at 12:01 PM ET, with Reserve Balances and the Fed’s Balance Sheet data due at 3:30 PM ET. Internationally, the European Central Bank’s rate decision is scheduled for 12:15 UTC, with a press conference at 12:45 UTC and updated macroeconomic projections at 13:45 UTC, with markets anticipating a 25 basis point hike to the Deposit Facility rate. Additionally, market reaction to Apple’s product event, including reported plans for a foldable iPhone, may continue to influence Technology sector trading into Thursday’s session.
U.S. equities retreated as escalating tensions in the Middle East and rising Treasury yields weighed on risk sentiment, with the S&P 500 (IVV) declining 0.40% while still holding a 12.44% year-to-date gain. Developed ex-U.S. equities (EFA) underperformed with a 1.11% drop, reflecting broad-based weakness across major European markets, while Emerging Markets (EEM) fell 0.51% despite a robust 25.80% YTD advance. Fixed income also softened as the U.S. Aggregate Bond index (AGG) slipped 0.23% amid the 10-year Treasury yield climbing to 4.85%, its highest level since October 2023. The clear outlier was Broad Commodities (DJP), rising 0.77% on the day and now up 39.96% YTD, driven by the U.S. military’s strikes on Iranian tankers that pushed Brent crude above $100 per barrel for the first time since July.