Macro Overview
U.S. Size & Style
Small- and mid-cap value led U.S. style performance, with Small Value (IJS) up 1.36% and Small Cap (IJR) up 1.35%, both outpacing Large Cap (IVV) at 0.30%. Mid Value (IJJ) gained 1.25% while Large Growth (IVW) was the lone decliner among the nine style boxes, down 0.19% amid tech weakness. On a trailing basis, Small Value (IJS) leads the YTD tally at 15.59%, though only 35% of its constituents trade above their 50-day moving average, suggesting narrow underlying participation. Large Value (IVE) carries the highest RSI of the group at 65, still shy of overbought territory, while Large Growth (IVW) sits at 42, reflecting the day’s rotation away from growth-oriented names.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.87% | 2.29% | 3.66% | 13.15% | 15.68% |
| Large Cap (IVV) | 0.30% | 0.97% | 3.92% | 13.69% | 15.84% |
| Large Growth (IVW) | -0.19% | -0.13% | 4.00% | 13.85% | 15.70% |
| Mid Value (IJJ) | 1.25% | 0.91% | -2.18% | 9.71% | 11.77% |
| Mid Cap (IJH) | 0.98% | 0.15% | -2.15% | 11.62% | 13.45% |
| Mid Growth (IJK) | 0.73% | -0.52% | -2.19% | 13.20% | 14.88% |
| Small Value (IJS) | 1.36% | -0.92% | -3.88% | 15.59% | 18.91% |
| Small Cap (IJR) | 1.35% | -0.89% | -4.78% | 15.49% | 16.74% |
| Small Growth (IJT) | 1.36% | -0.80% | -5.66% | 15.15% | 14.38% |
U.S. Sectors & Industries
Health Care (XLV) was the clear leader, up 2.37% and carrying an RSI of 69 as 77% of its constituents trade above their 50-day average, consistent with reports of the group reaching all-time highs. Real Estate (XLRE), Utilities (XLU), and Financials (XLF) followed with gains of 1.70%, 1.26%, and 1.20% respectively, underscoring a broad shift toward defensive and rate-sensitive segments. Technology (XLK) was the sole decliner, down 0.28% with an RSI of 38, while Industrials (XLI) and Communication Services (XLC) were essentially flat. Consumer Staples (XLP) also registered an elevated RSI of 71, placing it in overbought territory alongside Health Care as defensive positioning took hold.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.34% | 0.97% | 3.89% | 13.66% | 15.80% |
| Health Care (XLV) | 2.37% | 7.19% | 13.35% | 17.60% | 26.26% |
| Real Estate (XLRE) | 1.70% | 0.48% | -5.52% | 7.54% | 3.25% |
| Utilities (XLU) | 1.26% | 2.65% | -6.12% | 0.14% | -5.90% |
| Financials (XLF) | 1.20% | 0.10% | -0.22% | 2.97% | 7.20% |
| Consumer Discretionary (XLY) | 0.91% | 4.25% | 1.00% | -2.68% | -1.44% |
| Consumer Staples (XLP) | 0.62% | 6.68% | 4.09% | 15.15% | 13.19% |
| Materials (XLB) | 0.55% | 2.95% | 2.87% | 14.41% | 17.28% |
| Energy (XLE) | 0.25% | 6.33% | 18.03% | 55.03% | 60.89% |
| Communication Services (XLC) | 0.09% | -0.24% | -0.23% | -5.55% | -4.04% |
| Industrials (XLI) | 0.07% | -1.47% | -6.10% | 8.38% | 9.88% |
| Technology (XLK) | -0.28% | -2.08% | 5.66% | 29.26% | 29.34% |
Global Thematic
Health care and biotech-linked themes dominated the thematic leaderboard, with the ALPS Medical Breakthroughs ETF (SBIO) up 5.18% and the iShares Genomics Immunology and Healthcare ETF (IDNA) gaining 3.96%, consistent with the broader sector-level strength in Health Care. The AdvisorShares Pure US Cannabis ETF (MSOS) added 4.72% and the Roundhill GLP-1 & Weight Loss ETF (OZEM) rose 3.89%, extending the healthcare-adjacent theme further. On the downside, the iShares Energy Storage & Materials ETF (IBAT) declined 1.69% and the Tema Space Innovators ETF (NASA) fell 1.25%, with technology-adjacent and semiconductor-linked themes such as the Tema Photonics & Optical ETF (LAZR) also under pressure amid the broader chip-sector softness noted in the Philadelphia Semiconductor Index.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| ALPS Medical Breakthroughs ETF (SBIO) | 5.18% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | 4.72% |
| iShares Genomics Immunology and Healthcare ETF (IDNA) | 3.96% |
| Tema Oncology ETF (CANC) | 3.94% |
| Roundhill GLP-1 & Weight Loss ETF (OZEM) | 3.89% |
| Laggards | |
| iShares Energy Storage & Materials ETF (IBAT) | -1.69% |
| Roundhill Memory ETF (DRAM) | -1.26% |
| Tema Space Innovators ETF (NASA) | -1.25% |
| Spear Alpha ETF (SPRX) | -1.17% |
| Tema Photonics & Optical ETF (LAZR) | -1.10% |
Developed ex-U.S. & Emerging Markets
Switzerland (EWL) led developed markets with a 1.66% gain, followed by Australia (EWA) at 1.11%, while broad Developed ex-U.S. exposure (EFA) rose 0.80%. South Korea (EWY) was the clear laggard, falling 1.65% and extending a 15.07% one-month decline, consistent with the reported Kospi selloff tied to data-center valuation concerns and sharp declines in SK Hynix and Samsung. Within emerging markets, Indonesia (EIDO) jumped 7.18% and Brazil (EWZ) gained 2.41%, continuing a strong three-month run of 21.03%. Thailand (THD) was the sole emerging-market decliner at -0.80%, while Taiwan (EWT) was little changed despite a 68.94% year-to-date gain, the strongest in the group.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.80% | -1.22% | 1.09% | 9.67% | 12.54% |
| Australia (EWA) | 1.11% | 1.39% | 2.21% | 12.88% | 10.31% |
| Canada (EWC) | 0.98% | 1.08% | 3.84% | 13.40% | 21.65% |
| France (EWQ) | 0.77% | -4.14% | -6.35% | -4.65% | -4.62% |
| Germany (EWG) | 0.95% | -1.71% | 1.37% | -0.58% | 0.89% |
| Hong Kong (EWH) | 0.68% | -1.51% | -0.14% | 5.71% | 8.27% |
| Japan (EWJ) | 0.46% | -1.62% | 5.53% | 18.82% | 19.19% |
| Netherlands (EWN) | 0.49% | -2.95% | -2.27% | 15.13% | 15.84% |
| South Korea (EWY) | -1.65% | -15.07% | -5.45% | 58.39% | 74.16% |
| Switzerland (EWL) | 1.66% | 5.00% | 1.14% | 7.00% | 11.22% |
| U.K. (EWU) | 0.89% | 1.04% | 2.95% | 10.16% | 17.15% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.02% | -5.53% | -0.38% | 16.32% | 17.54% |
| Brazil (EWZ) | 2.41% | 14.45% | 21.03% | 36.45% | 48.60% |
| China (MCHI) | 0.18% | -3.98% | -5.77% | -14.61% | -19.02% |
| India (INDA) | 0.80% | -0.50% | -1.59% | -11.60% | -12.71% |
| Indonesia (EIDO) | 7.18% | -17.40% | -17.80% | -43.93% | -40.59% |
| Malaysia (EWM) | 1.14% | -2.64% | -4.77% | -0.85% | 6.73% |
| Mexico (EWW) | 0.19% | 2.95% | 0.55% | 10.49% | 18.43% |
| South Africa (EZA) | 1.28% | -4.45% | 6.18% | -2.87% | 6.48% |
| Taiwan (EWT) | 0.07% | -3.86% | 11.87% | 68.94% | 69.68% |
| Thailand (THD) | -0.80% | -1.97% | -2.99% | 21.50% | 23.36% |
Fixed Income
Longer-duration bonds outperformed as Treasury yields declined, with Long-Term (BLV) and Long-Term Treasuries (SPTL) up 0.67% and 0.70% respectively, consistent with the reported 1.9 bp decline in the 10-year yield to 5.116% and the 4.7 bp drop in the 30-year to 5.425%. The Core Aggregate (AGG) added 0.17% while Short-Term Treasuries (SPTS) slipped slightly, reflecting the modest 2.6 bp rise in the 2-year yield to 4.785%. High Yield (HYG) was unchanged on the day, while Convertibles (CWB) rose 0.44% despite a sharp 5.74% one-month decline. Credit-sensitive segments such as Preferred Stock (PFF) and Bank Loans (BKLN) showed muted or slightly negative moves, consistent with the broader flattening in rate-sensitive allocation seen elsewhere in the market.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.67% | -1.14% | -3.17% | -4.30% | -6.77% |
| Core Enhanced (IUSB) | 0.20% | -0.43% | -1.69% | -1.48% | -1.57% |
| Core (AGG) | 0.17% | -0.37% | -1.71% | -1.68% | -1.94% |
| Short-Term (BSV) | 0.00% | 0.19% | -0.38% | 0.10% | 0.68% |
| Government | |||||
| Long-Term (SPTL) | 0.70% | -0.83% | -3.18% | -4.56% | -7.29% |
| Inflation Protected (TIP) | 0.21% | 0.20% | -1.66% | -0.75% | -1.50% |
| Intermediate (SPTI) | 0.07% | 0.08% | -1.61% | -1.97% | -1.89% |
| Ultrashort (BIL) | 0.01% | 0.32% | 0.92% | 2.88% | 3.66% |
| Short-Term (SPTS) | -0.03% | 0.37% | 0.10% | 0.86% | 1.56% |
| Specialty | |||||
| Convertible (CWB) | 0.44% | -5.74% | -5.52% | 8.61% | 4.89% |
| Mortgage Backed (MBB) | 0.30% | -0.47% | -2.18% | -1.83% | -1.53% |
| Preferred Stock (PFF) | 0.10% | -3.25% | -3.35% | -2.98% | -3.85% |
| Corporate (SPIB) | 0.06% | -0.31% | -1.35% | -0.87% | -0.42% |
| High Yield (HYG) | 0.00% | -1.73% | -2.14% | -0.39% | 0.75% |
| Bank Loans (BKLN) | -0.10% | -0.63% | 1.24% | 1.90% | 4.08% |
| International & EM | |||||
| International Local (IGOV) | 0.58% | -1.13% | -1.50% | -3.82% | -4.65% |
| Emerging Local (EMLC) | 0.24% | -0.35% | -0.05% | 1.33% | 3.91% |
| International USD (BNDX) | 0.17% | 0.37% | -0.75% | -0.42% | -1.10% |
| Emerging USD (EMB) | 0.14% | -1.83% | -3.04% | -1.43% | -0.10% |
| Municipals | |||||
| High Yield (HYD) | 0.19% | -0.32% | -3.41% | -1.64% | -0.55% |
| Short-Term (SUB) | 0.03% | 0.26% | -0.17% | 0.62% | 1.40% |
| Intermediate (MUB) | 0.01% | -0.24% | -3.01% | -2.11% | -1.69% |
| Long-Term (MLN) | -0.06% | -0.87% | -5.14% | -3.11% | -3.28% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Broad Commodities (DJP) declined 0.36%, weighed down by softer energy prices as WTI Crude (USO) and Brent Crude (BNO) fell 0.12% and 0.37% respectively, consistent with reports of oil easing after the executive order on Russian export sanctions. Precious metals were mixed, with Gold (GLD) down 0.54% while Silver (SLV) gained 1.13% and Platinum (PPLT) rose 0.88%. Agricultural commodities softened broadly, with Wheat (WEAT) down 1.38% and Corn (CORN) off 0.83%. Palladium (PALL) was the weakest complex on the day at -1.48%, extending a steep 31.42% year-to-date decline, while Broad Energy (DBE) remains up a notable 125.31% year-to-date despite the day’s modest pullback.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.36% | -0.78% | 10.76% | 39.03% | 42.83% |
| Agriculture | |||||
| Sugar (CANE) | 0.08% | 10.95% | 25.49% | 25.68% | 22.23% |
| Broad (DBA) | -0.11% | 0.07% | 0.54% | 10.38% | 9.00% |
| Soybeans (SOYB) | -0.30% | -3.54% | 3.17% | 22.14% | 21.03% |
| Corn (CORN) | -0.83% | -9.34% | -0.28% | 0.73% | 1.65% |
| Wheat (WEAT) | -1.38% | -8.93% | -5.76% | 17.93% | 15.44% |
| Energy | |||||
| Natural Gas (UNG) | 0.38% | 0.86% | 2.04% | -14.36% | -18.79% |
| WTI Crude (USO) | -0.12% | 4.41% | 27.97% | 132.23% | 136.78% |
| Brent Crude (BNO) | -0.37% | 10.40% | 35.58% | 136.12% | 140.97% |
| Broad (DBE) | -0.51% | 6.01% | 28.72% | 125.31% | 126.29% |
| Industrial Metals | |||||
| Copper (CPER) | 0.45% | -1.19% | 3.46% | 13.70% | 27.28% |
| Broad (DBB) | 0.36% | -3.86% | 1.71% | 8.72% | 21.34% |
| Precious Metals | |||||
| Silver (SLV) | 1.13% | -13.03% | 2.24% | -19.09% | 9.22% |
| Platinum (PPLT) | 0.88% | -8.34% | 3.32% | -19.81% | -0.23% |
| Broad (DBP) | -0.17% | -7.34% | 2.58% | -8.67% | -4.10% |
| Gold (GLD) | -0.54% | -5.86% | 2.73% | -4.71% | -6.33% |
| Palladium (PALL) | -1.48% | -15.83% | -12.54% | -31.42% | -27.72% |
Cryptocurrency
Digital assets advanced broadly, with XRP (XRP) leading at 2.13% and Solana (SOLZ) close behind at 2.08%. Ethereum (ETHA) gained 1.77% while Bitcoin (IBIT) posted a more modest 0.89% advance, the smallest gain among the tracked assets. Despite the daily strength, the longer-term trend remains negative across the group, with Bitcoin (IBIT) down 25.77% over the past year and Ethereum (ETHA) down 39.10%. Solana (SOLZ) stands out for its 35.79% three-month gain even as its one-year return remains deeply negative at -45.81%, highlighting the volatility still embedded in the asset class.
What to Watch Today
Wednesday’s calendar is light on major economic data, with no CPI, payrolls, or GDP releases scheduled; investors will instead watch weekly EIA crude oil inventories at 10:30 AM ET and MBA mortgage application data at 11:00 AM ET, alongside a 20-year Treasury bond reopening auction at 1:00 PM ET. The Fed remains in its blackout period ahead of the October 29 policy decision, so no Fed commentary is expected this week. Earnings will be a key focus, with Philip Morris International and Thermo Fisher Scientific reporting before the open, and Meta Platforms, Tesla, and SAP reporting after the close among 112 companies scheduled to post results. Internationally, UK CPI data and comments from ECB officials Lane and Lagarde, along with Japan’s September trade balance, may influence overnight sentiment ahead of the U.S. open.
U.S. equities posted modest gains as the S&P 500 (IVV) added 0.30%, while the Dow and Russell 2000 outpaced the broader large-cap benchmark as investors rotated into defensive and rate-sensitive names. Developed ex-U.S. markets (EFA) outperformed with a 0.80% advance, while Emerging Markets (EEM) were effectively flat at 0.02%, masking sharp divergence beneath the surface. Fixed income was firm as Treasury yields eased, with the U.S. Aggregate Bond (AGG) rising 0.17%, while Broad Commodities (DJP) slipped 0.36% on softer crude prices. The standout outlier was Indonesia (EIDO), which surged 7.18% on the day despite remaining down nearly 44% year-to-date, highlighting sharp single-country volatility even as broad EM exposure stayed muted.