Macro Overview
U.S. Size & Style
Growth continued to lead across the cap spectrum, with Large Growth (IVW) gaining 0.80% versus a 0.36% advance for Large Value (IVE), extending a trend that has lifted Large Growth’s YTD return to 18.15% against 11.16% for Value. Mid Growth (IJK) was the strongest performer in the mid-cap tier at 1.02%, while Mid Value (IJJ) managed only 0.12%. Small caps were mixed, as Small Value (IJS) declined 0.35% even as Small Growth (IJT) rose 0.71%, with both factors showing RSI readings in the high-30s to low-40s, reflecting continued relative weakness over the trailing month. Large Cap (IVV) breadth remains constructive, with 35% of constituents above their 50-day moving average and an RSI of 60, consistent with the index’s proximity to record levels.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.36% | -0.02% | 1.76% | 11.16% | 14.36% |
| Large Cap (IVV) | 0.60% | 2.37% | 3.87% | 15.10% | 17.30% |
| Large Growth (IVW) | 0.80% | 4.34% | 5.52% | 18.15% | 19.44% |
| Mid Value (IJJ) | 0.12% | -2.84% | -3.30% | 7.84% | 10.51% |
| Mid Cap (IJH) | 0.55% | -1.21% | -2.70% | 12.14% | 14.27% |
| Mid Growth (IJK) | 1.02% | 0.34% | -2.16% | 16.09% | 17.78% |
| Small Value (IJS) | -0.35% | -3.96% | -3.46% | 14.69% | 19.29% |
| Small Cap (IJR) | 0.17% | -3.26% | -5.10% | 15.40% | 18.13% |
| Small Growth (IJT) | 0.71% | -2.56% | -6.85% | 15.79% | 16.72% |
U.S. Sectors & Industries
Real Estate (XLRE) topped the sector table with a 1.86% gain, followed by Health Care (XLV) at 1.58%, which benefited from CMS’s overnight release of 2027 Medicare Advantage Star Ratings that produced wide dispersion among managed-care names. Consumer Discretionary (XLY) and Financials (XLF) also advanced more than 0.9%, aided by gains in mega-cap technology-adjacent names including Amazon and Microsoft. Communication Services (XLC) was the lone sector decliner, falling 1.51% as wireless carriers AT&T, Verizon and T-Mobile sold off sharply following Grain Management’s agreement to sell nationwide 800 MHz spectrum to SpaceX, a deal that simultaneously lifted tower operators such as Crown Castle and American Tower. Energy (XLE) slipped 0.25% despite carrying the strongest YTD return of any sector at 48.44% and an RSI of 62, with Technology (XLK) also showing an overbought-adjacent RSI of 61 after its 38.56% YTD advance.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.60% | 2.37% | 3.83% | 15.07% | 17.25% |
| Real Estate (XLRE) | 1.86% | -3.35% | -5.14% | 5.58% | 4.70% |
| Health Care (XLV) | 1.58% | 2.93% | 5.73% | 11.70% | 20.43% |
| Consumer Discretionary (XLY) | 1.02% | 0.57% | -3.21% | -4.91% | -3.26% |
| Financials (XLF) | 0.92% | -3.75% | -1.11% | 1.14% | 4.25% |
| Utilities (XLU) | 0.83% | -2.85% | -7.57% | -0.98% | -5.96% |
| Technology (XLK) | 0.51% | 5.93% | 7.37% | 38.56% | 37.69% |
| Industrials (XLI) | 0.50% | -1.21% | -6.30% | 9.97% | 11.66% |
| Materials (XLB) | 0.32% | -3.37% | -1.20% | 10.39% | 13.49% |
| Consumer Staples (XLP) | 0.01% | 1.12% | 0.94% | 9.48% | 9.85% |
| Energy (XLE) | -0.25% | 0.25% | 19.44% | 48.44% | 52.53% |
| Communication Services (XLC) | -1.51% | -0.09% | 0.20% | -5.39% | -2.77% |
Global Thematic
Thematic flows favored defense-adjacent technology, with the WisdomTree Cybersecurity Fund (WCBR) gaining 4.94% and Global X Cybersecurity ETF (BUG) up 4.46%, alongside genomics-focused funds including the Global X Genomics & Biotechnology ETF (GNOM) at 4.44%, which tracked the broader healthcare rally. On the laggard side, the iShares MSCI Agriculture Producers ETF (VEGI) fell 2.36%, consistent with weakness in corn and wheat futures during the session. Housing-exposed funds also lagged, with the iShares U.S. Home Construction ETF (ITB) declining 1.29%. Drone and defense-technology names were likewise soft, as the Defiance Drone and Modern Warfare ETF (JEDI) slipped 1.26% even as broader cybersecurity themes advanced.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| WisdomTree Cybersecurity Fund (WCBR) | 4.94% |
| Global X Cybersecurity ETF (BUG) | 4.46% |
| Global X Genomics & Biotechnology ETF (GNOM) | 4.44% |
| iShares Genomics Immunology and Healthcare ETF (IDNA) | 4.33% |
| Amplify Cybersecurity ETF (HACK) | 4.32% |
| Laggards | |
| iShares MSCI Agriculture Producers ETF (VEGI) | -2.36% |
| iShares U.S. Home Construction ETF (ITB) | -1.29% |
| Defiance Drone and Modern Warfare ETF (JEDI) | -1.26% |
| REX Drone ETF (DRNZ) | -1.03% |
| VanEck Agribusiness ETF (MOO) | -0.98% |
Developed ex-U.S. & Emerging Markets
Within developed markets, Hong Kong (EWH) led with a 1.57% gain, followed by Australia (EWA) at 1.38% and Canada (EWC) at 1.22%, while France (EWQ) posted the smallest gain of the group at 0.48% and remains down 5.52% YTD. South Korea (EWY) stands out on a longer horizon, up 82.31% YTD and 117.28% over the trailing year despite a 1-month pullback of 7.10%. Emerging markets broadly outperformed, led by China (MCHI) at 2.32% and Brazil (EWZ) at 2.23%, with Brazil’s 1-month gain of 14.37% among the strongest in the complex. Indonesia (EIDO) rose 1.89% on the day but remains down 35.28% YTD, the weakest performer in the region over that span.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.68% | -2.97% | -0.50% | 9.37% | 13.80% |
| Australia (EWA) | 1.38% | -3.38% | 1.49% | 10.83% | 9.67% |
| Canada (EWC) | 1.22% | -3.21% | 1.11% | 9.97% | 18.42% |
| France (EWQ) | 0.48% | -7.51% | -7.82% | -5.52% | -2.66% |
| Germany (EWG) | 0.71% | -4.83% | -1.40% | -1.71% | -0.75% |
| Hong Kong (EWH) | 1.57% | -2.78% | 4.01% | 5.47% | 7.33% |
| Japan (EWJ) | 0.55% | 0.89% | 4.64% | 21.85% | 25.21% |
| Netherlands (EWN) | 0.70% | -2.70% | -2.10% | 17.98% | 20.68% |
| South Korea (EWY) | 0.54% | -7.10% | -4.06% | 82.31% | 117.28% |
| Switzerland (EWL) | 0.84% | -1.66% | -5.11% | 1.41% | 7.89% |
| U.K. (EWU) | 0.63% | -2.74% | 0.24% | 7.30% | 14.35% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 1.06% | -2.45% | 0.03% | 22.71% | 26.28% |
| Brazil (EWZ) | 2.23% | 14.37% | 24.54% | 38.36% | 53.47% |
| China (MCHI) | 2.32% | -1.48% | -1.20% | -11.94% | -17.77% |
| India (INDA) | 1.03% | -5.42% | -6.10% | -14.84% | -12.84% |
| Indonesia (EIDO) | 1.89% | -9.44% | 0.76% | -35.28% | -30.76% |
| Malaysia (EWM) | 1.06% | -4.82% | -2.13% | -0.55% | 6.39% |
| Mexico (EWW) | 0.59% | -5.95% | -3.08% | 5.30% | 13.76% |
| South Africa (EZA) | 1.82% | -10.53% | 0.82% | -5.30% | 5.64% |
| Taiwan (EWT) | 0.86% | 2.28% | 8.81% | 79.93% | 84.45% |
| Thailand (THD) | 0.62% | -4.30% | -0.58% | 22.82% | 23.97% |
Fixed Income
Fixed income was little changed on the day, consistent with a two-basis-point rise in the 10-year Treasury yield to 5.24%. Long-Term Treasuries (BLV) edged up 0.03% but remain down 6.19% YTD, the weakest segment of the curve alongside its SPDR counterpart (SPTL) at -6.86% YTD. Credit remained resilient, with High Yield (HYG) up 0.12% and holding a positive YTD return of 0.13%, while Convertibles (CWB) gained 0.81% on the day and 14.44% YTD, benefiting from equity-market strength. Municipal bonds outperformed taxable peers, with Intermediate Municipals (MUB) up 0.34%. Core Aggregate exposure (AGG) was effectively flat, reflecting a market closed for cash Treasury trading ahead of the Columbus Day holiday.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.03% | -3.73% | -5.71% | -6.19% | -6.64% |
| Core Enhanced (IUSB) | 0.00% | -1.83% | -2.52% | -2.10% | -1.20% |
| Short-Term (BSV) | -0.04% | -0.59% | -0.59% | -0.10% | 0.99% |
| Core (AGG) | -0.04% | -1.82% | -2.64% | -2.38% | -1.55% |
| Government | |||||
| Long-Term (SPTL) | 0.13% | -4.04% | -6.07% | -6.86% | -7.44% |
| Ultrashort (BIL) | 0.04% | 0.34% | 0.95% | 2.81% | 3.71% |
| Short-Term (SPTS) | 0.00% | -0.19% | 0.07% | 0.75% | 1.77% |
| Intermediate (SPTI) | -0.07% | -1.54% | -2.28% | -2.58% | -1.62% |
| Inflation Protected (TIP) | -0.10% | -2.23% | -2.71% | -1.75% | -1.91% |
| Specialty | |||||
| Convertible (CWB) | 0.81% | -2.30% | -4.03% | 14.44% | 10.75% |
| High Yield (HYG) | 0.12% | -1.78% | -1.72% | 0.13% | 1.85% |
| Mortgage Backed (MBB) | 0.07% | -2.24% | -3.20% | -2.59% | -1.23% |
| Preferred Stock (PFF) | 0.03% | -2.12% | -2.42% | -1.26% | -1.53% |
| Corporate (SPIB) | -0.03% | -1.19% | -1.71% | -1.12% | 0.04% |
| Bank Loans (BKLN) | -0.10% | -0.03% | 1.85% | 2.17% | 4.56% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.24% | -2.38% | -0.80% | 0.84% | 4.19% |
| Emerging USD (EMB) | 0.23% | -2.71% | -3.69% | -1.48% | 1.02% |
| International USD (BNDX) | 0.11% | -0.29% | -1.43% | -0.69% | -0.49% |
| International Local (IGOV) | 0.03% | -3.66% | -2.48% | -4.61% | -3.97% |
| Municipals | |||||
| Long-Term (MLN) | 0.43% | -3.42% | -7.11% | -4.66% | -3.64% |
| High Yield (HYD) | 0.36% | -2.15% | -5.36% | -2.96% | -0.95% |
| Intermediate (MUB) | 0.34% | -2.05% | -4.70% | -3.32% | -2.05% |
| Short-Term (SUB) | 0.17% | -0.62% | -0.71% | 0.12% | 0.84% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Precious metals led commodity markets higher, with Platinum (PPLT) up 2.90%, Silver (SLV) up 2.49%, and Gold (GLD) advancing 1.57% to a price of $4,190.08, though Gold remains down 2.96% YTD. Industrial metals also firmed, with Copper (CPER) gaining 2.15%. Energy was mixed as WTI Crude (USO) rose 0.42% to settle at $91.85/barrel after President Trump pledged not to strike Iran before the midterm elections, easing the prior session’s volatility, while Natural Gas (UNG) jumped 1.85% on the day despite a 10.20% YTD decline. Agricultural commodities lagged, with Corn (CORN) falling 2.85% and Wheat (WEAT) down 1.41%, weighing on Broad Commodities (DJP), which still posted a modest 0.19% gain.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.19% | -0.63% | 15.58% | 39.09% | 46.04% |
| Agriculture | |||||
| Sugar (CANE) | 0.58% | 3.79% | 20.86% | 23.53% | 16.26% |
| Soybeans (SOYB) | 0.51% | -0.47% | 9.68% | 25.94% | 26.05% |
| Broad (DBA) | -0.04% | -2.31% | 2.24% | 11.01% | 10.78% |
| Wheat (WEAT) | -1.41% | -7.12% | 5.90% | 22.23% | 19.36% |
| Corn (CORN) | -2.85% | -7.11% | 6.78% | 3.89% | 5.56% |
| Energy | |||||
| Natural Gas (UNG) | 1.85% | 9.12% | 1.66% | -10.20% | -13.58% |
| Brent Crude (BNO) | 0.55% | 7.87% | 51.74% | 125.95% | 116.11% |
| WTI Crude (USO) | 0.42% | -1.18% | 35.95% | 114.29% | 104.39% |
| Broad (DBE) | -0.66% | 3.82% | 38.96% | 116.26% | 108.96% |
| Industrial Metals | |||||
| Copper (CPER) | 2.15% | -1.80% | 6.78% | 15.30% | 27.28% |
| Broad (DBB) | 1.62% | -4.30% | 2.65% | 9.68% | 21.32% |
| Precious Metals | |||||
| Platinum (PPLT) | 2.90% | -11.08% | 4.31% | -18.20% | 3.27% |
| Silver (SLV) | 2.49% | -9.78% | 1.18% | -14.96% | 22.52% |
| Broad (DBP) | 1.90% | -6.12% | 1.52% | -6.49% | 7.92% |
| Gold (GLD) | 1.57% | -4.65% | 1.69% | -2.96% | 5.24% |
| Palladium (PALL) | 1.37% | -15.47% | -8.50% | -28.57% | -19.76% |
Cryptocurrency
Digital assets were mixed, with XRP (XRP) the top performer at 1.05% and Bitcoin exposure (IBIT) adding 0.63%, while Solana exposure (SOLZ) declined 0.74%. Despite the modest daily moves, the group remains broadly negative on a YTD basis, with Ethereum exposure (ETHA) down 16.79% and Bitcoin exposure off 6.24% for the year. Three-month returns tell a different story, however, as Ethereum exposure has gained 41.50% and Bitcoin exposure 29.99% over that stretch, suggesting a recovery from deeper losses earlier in the year. The divergence between short-term stability and longer-term drawdowns underscores continued volatility across the asset class.
What to Watch Today
U.S. markets observe the Columbus Day holiday on Monday, with the cash Treasury market closed while equities and CME Treasury futures remain open; no major U.S. economic data releases are scheduled. Federal Reserve official Hammack is slated to speak during the session. Treasury auctions for a 52-week bill and 5-year note are planned, though timing may be affected by the holiday closure of the bond market. Investors are likely to position ahead of Tuesday’s start to major bank earnings, including JPMorgan, Goldman Sachs, Wells Fargo and Citi, along with UnitedHealth and Johnson & Johnson, and Wednesday’s CPI release.
U.S. equities extended their advance as the S&P 500 (IVV) added 0.60%, closing within reach of its recent all-time high and pushing the YTD gain to 15.10%. Developed ex-U.S. markets (EFA) outpaced domestic shares with a 0.68% gain, while Emerging Markets (EEM) led all three regions, rising 1.06% and extending its YTD return to 22.71%. Fixed income was essentially flat, with the U.S. Aggregate Bond index (AGG) slipping 0.04% as the 10-year Treasury yield ticked up two basis points to 5.24%. Broad Commodities (DJP) edged up 0.19%, masking sharp divergence beneath the surface as precious metals rallied while agricultural contracts softened. The clearest outlier of the session was the telecom complex, where tower and infrastructure names surged while wireless carriers plunged following reports of a major spectrum transaction.