Macro Overview
U.S. Size & Style
Large Cap stocks led size-based performance, with the S&P 500 (IVV) up 0.56% and Large Growth (IVW) outperforming at 0.74% as technology names drove the advance. Mid Cap (IJH) gained a more modest 0.41%, while Small Cap (IJR) rose only 0.09% and Small Value (IJS) slipped 0.11%, underscoring continued large-cap leadership. Large Value (IVE) carries an RSI of 68, approaching overbought territory, while only 35-42% of small-cap constituents trade above their 50-day moving average, reflecting narrower participation down the cap spectrum. Year-to-date, Small Cap (IJR) remains ahead at 15.59%, though recent three-month returns of -5.66% suggest the rally has lost momentum relative to large caps.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.36% | 1.97% | 3.66% | 13.56% | 15.77% |
| Large Cap (IVV) | 0.56% | -0.03% | 3.58% | 14.32% | 16.52% |
| Large Growth (IVW) | 0.74% | -1.66% | 3.51% | 14.69% | 16.79% |
| Mid Value (IJJ) | 0.18% | 1.11% | -2.58% | 9.91% | 11.83% |
| Mid Cap (IJH) | 0.41% | 0.19% | -2.78% | 12.08% | 13.48% |
| Mid Growth (IJK) | 0.58% | -0.77% | -3.05% | 13.85% | 14.85% |
| Small Value (IJS) | -0.11% | -0.99% | -4.94% | 15.46% | 18.43% |
| Small Cap (IJR) | 0.09% | -1.05% | -5.66% | 15.59% | 16.51% |
| Small Growth (IJT) | 0.24% | -1.13% | -6.51% | 15.43% | 14.41% |
U.S. Sectors & Industries
Technology (XLK) led all sectors with a 1.67% gain, fueled by chip stock strength tied to optimism around AI compute demand, while Industrials (XLI) added 0.91% following the 737 MAX 10 certification news. Financials (XLF) rose 0.57%, contributing to the broad rotation into cyclical and growth-sensitive groups. On the downside, Communication Services (XLC) fell 1.11% as investors positioned ahead of Meta’s earnings release, while Real Estate (XLRE) and Consumer Staples (XLP) also lagged, down 0.76% and 0.73% respectively, as defensive positioning waned. Energy (XLE) continues to post an outsized 55.47% year-to-date gain with an RSI of 67, signaling the sector remains near overbought levels despite its modest 0.28% daily gain.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.53% | -0.05% | 3.57% | 14.26% | 16.41% |
| Technology (XLK) | 1.67% | -3.24% | 4.41% | 31.42% | 31.44% |
| Industrials (XLI) | 0.91% | -0.98% | -5.54% | 9.36% | 9.90% |
| Financials (XLF) | 0.57% | 0.25% | 0.23% | 3.56% | 7.94% |
| Utilities (XLU) | 0.29% | 3.30% | -5.81% | 0.43% | -4.66% |
| Energy (XLE) | 0.28% | 9.13% | 17.22% | 55.47% | 61.72% |
| Materials (XLB) | 0.18% | 3.24% | 2.91% | 14.61% | 17.94% |
| Consumer Discretionary (XLY) | 0.03% | 2.94% | 0.79% | -2.65% | -2.60% |
| Health Care (XLV) | -0.49% | 5.88% | 12.09% | 17.02% | 25.34% |
| Consumer Staples (XLP) | -0.73% | 6.34% | 4.31% | 14.31% | 12.89% |
| Real Estate (XLRE) | -0.76% | -1.24% | -6.17% | 6.72% | 2.79% |
| Communication Services (XLC) | -1.11% | -5.04% | -0.65% | -6.60% | -5.44% |
Global Thematic
Space and digital-asset themes dominated thematic flows, with the Tema Space Innovators ETF (NASA) climbing 5.22% following SpaceX’s quarterly results that boosted sentiment around a potential Tesla merger. Crypto-adjacent thematic funds also advanced sharply, led by the First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) up 5.16% and the Global X Blockchain ETF (BKCH) up 3.97%, tracking gains across digital assets. On the laggard side, the EMQQ Emerging Markets Internet ETF (EMQQ) fell 2.31% and the Global X Lithium & Battery Tech ETF (LIT) declined 1.66%, reflecting continued softness in China-linked and materials-adjacent themes. The dispersion highlights an ongoing rotation favoring AI infrastructure and digital-asset exposure over EM internet and battery-metals names.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Tema Space Innovators ETF (NASA) | 5.22% |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | 5.16% |
| Global X Blockchain ETF (BKCH) | 3.97% |
| Schwab Crypto Thematic Natural Language Processing ETF (STCE) | 3.93% |
| VanEck Digital Transformation ETF (DAPP) | 3.88% |
| Laggards | |
| EMQQ The Emerging Markets Internet ETF (EMQQ) | -2.31% |
| KraneShares Electric Vehicles & Future Mobility Index ETF (KARS) | -1.75% |
| Global X Lithium & Battery Tech ETF (LIT) | -1.66% |
| Pacer Data & Infrastructure Real Estate ETF (SRVR) | -1.43% |
| Global X Copper Miners ETF (COPX) | -1.43% |
Developed ex-U.S. & Emerging Markets
Within developed markets, South Korea’s EWY surged 1.88% on the day even as its one-month return remains deeply negative at -17.06%, pointing to sharp intraday volatility amid AI-related repositioning. Canada (EWC) and the Netherlands (EWN) also posted solid gains of 0.74% and 0.89%, respectively, while the U.K. (EWU) slipped 0.15%. In emerging markets, Indonesia (EIDO) jumped 2.23% despite a steep 42.68% year-to-date decline, while China (MCHI) fell 1.79% and India (INDA) declined 1.07%, extending their multi-month underperformance. Taiwan (EWT) stood out on the upside with a 1.55% daily gain and a 71.56% year-to-date advance, reaffirming its leadership among EM constituents tied to semiconductor exposure.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.36% | -1.95% | 0.00% | 10.07% | 13.78% |
| Australia (EWA) | 0.27% | 0.65% | 1.92% | 13.19% | 11.22% |
| Canada (EWC) | 0.74% | 1.47% | 3.84% | 14.23% | 24.34% |
| France (EWQ) | 0.50% | -4.77% | -6.82% | -4.18% | -3.67% |
| Germany (EWG) | 0.65% | -2.11% | 0.90% | 0.07% | 2.01% |
| Hong Kong (EWH) | -0.45% | -3.30% | -1.30% | 5.23% | 8.34% |
| Japan (EWJ) | 0.30% | -2.29% | 3.21% | 19.18% | 20.96% |
| Netherlands (EWN) | 0.89% | -3.30% | -3.50% | 16.16% | 17.88% |
| South Korea (EWY) | 1.88% | -17.06% | -9.27% | 61.37% | 81.01% |
| Switzerland (EWL) | 0.19% | 3.86% | 0.80% | 7.20% | 12.55% |
| U.K. (EWU) | -0.15% | 0.00% | 1.97% | 10.00% | 17.53% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.39% | -7.64% | -2.71% | 16.78% | 19.33% |
| Brazil (EWZ) | -1.00% | 11.66% | 19.34% | 35.08% | 48.49% |
| China (MCHI) | -1.79% | -7.31% | -7.31% | -16.13% | -19.61% |
| India (INDA) | -1.07% | -2.54% | -3.10% | -12.54% | -13.23% |
| Indonesia (EIDO) | 2.23% | -14.81% | -17.09% | -42.68% | -40.44% |
| Malaysia (EWM) | 0.26% | -3.65% | -4.62% | -0.59% | 7.35% |
| Mexico (EWW) | 0.07% | 2.51% | -0.38% | 10.57% | 20.09% |
| South Africa (EZA) | -0.18% | -4.27% | 4.88% | -3.05% | 11.22% |
| Taiwan (EWT) | 1.55% | -5.75% | 8.36% | 71.56% | 73.32% |
| Thailand (THD) | -0.07% | -3.67% | -3.73% | 21.41% | 24.38% |
Fixed Income
Fixed income markets were largely muted as the 10-year yield held near 5.12% ahead of the following week’s Fed decision during its blackout period. Convertible bonds (CWB) outperformed with a 0.97% gain, benefiting from the equity rally’s spillover into hybrid securities. Core Aggregate (AGG) and Long-Term Treasuries (BLV) posted negligible moves of 0.03% and 0.11%, respectively, while High Yield (HYG) added 0.20%. Preferred Stocks (PFF) lagged, down 0.17% on the day and down 4.08% over the past month, reflecting persistent pressure in rate-sensitive segments amid elevated long-term yields.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.11% | -1.66% | -2.72% | -4.19% | -6.94% |
| Core (AGG) | 0.03% | -0.60% | -1.47% | -1.65% | -2.00% |
| Core Enhanced (IUSB) | 0.02% | -0.68% | -1.52% | -1.45% | -1.61% |
| Short-Term (BSV) | 0.00% | 0.13% | -0.27% | 0.10% | 0.63% |
| Government | |||||
| Long-Term (SPTL) | 0.08% | -1.43% | -2.80% | -4.48% | -7.62% |
| Inflation Protected (TIP) | 0.07% | -0.12% | -1.44% | -0.68% | -1.65% |
| Ultrashort (BIL) | 0.02% | 0.32% | 0.94% | 2.91% | 3.69% |
| Short-Term (SPTS) | 0.00% | 0.30% | 0.21% | 0.86% | 1.49% |
| Intermediate (SPTI) | -0.07% | -0.21% | -1.43% | -2.04% | -2.06% |
| Specialty | |||||
| Convertible (CWB) | 0.97% | -5.96% | -6.32% | 9.67% | 6.75% |
| High Yield (HYG) | 0.20% | -1.73% | -1.92% | -0.20% | 1.09% |
| Bank Loans (BKLN) | 0.10% | -0.60% | 1.34% | 2.00% | 4.23% |
| Mortgage Backed (MBB) | 0.06% | -0.74% | -1.96% | -1.78% | -1.64% |
| Corporate (SPIB) | -0.03% | -0.52% | -1.20% | -0.90% | -0.46% |
| Preferred Stock (PFF) | -0.17% | -4.08% | -3.52% | -3.14% | -3.93% |
| International & EM | |||||
| Emerging USD (EMB) | 0.24% | -2.02% | -2.81% | -1.19% | 0.02% |
| International Local (IGOV) | 0.02% | -1.28% | -1.23% | -3.79% | -4.42% |
| International USD (BNDX) | -0.04% | -0.01% | -0.81% | -0.46% | -1.22% |
| Emerging Local (EMLC) | -0.12% | -0.91% | -0.17% | 1.21% | 4.24% |
| Municipals | |||||
| High Yield (HYD) | 0.31% | 0.15% | -2.80% | -1.34% | -0.30% |
| Intermediate (MUB) | 0.10% | -0.12% | -2.71% | -2.01% | -1.66% |
| Short-Term (SUB) | 0.09% | 0.35% | -0.07% | 0.71% | 1.52% |
| Long-Term (MLN) | -0.03% | -1.08% | -5.03% | -3.14% | -3.31% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Broad Commodities (DJP) declined 0.50%, weighed down by a 1.8% drop in WTI crude (USO) to roughly $102 per barrel on renewed hopes of U.S.-Iran diplomatic progress. Natural Gas (UNG) fell sharply by 5.05%, extending its 18.68% year-to-date decline. Precious metals were mixed, with Gold (GLD) edging up 0.34% while Platinum (PPLT) dropped 1.20% and Palladium (PALL) slipped 0.80%. Agricultural commodities also softened, with Wheat (WEAT) falling 1.95%, consistent with broad commodity weakness tied to the stronger risk-on tone in equities and the weaker dollar failing to offset falling energy prices.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.50% | -0.78% | 8.62% | 38.34% | 44.77% |
| Agriculture | |||||
| Corn (CORN) | 0.67% | -11.30% | -0.17% | 1.41% | 2.98% |
| Sugar (CANE) | -0.08% | 10.06% | 25.00% | 25.58% | 26.03% |
| Broad (DBA) | -0.18% | -1.95% | -0.11% | 10.19% | 8.57% |
| Soybeans (SOYB) | -0.37% | -5.41% | 2.90% | 21.68% | 20.80% |
| Wheat (WEAT) | -1.95% | -12.24% | -8.37% | 15.62% | 14.59% |
| Energy | |||||
| Brent Crude (BNO) | 0.27% | 13.90% | 32.61% | 136.76% | 140.06% |
| WTI Crude (USO) | -0.50% | 7.86% | 24.02% | 131.06% | 134.07% |
| Broad (DBE) | -0.53% | 7.79% | 25.84% | 124.11% | 124.13% |
| Natural Gas (UNG) | -5.05% | -2.83% | -4.13% | -18.68% | -24.18% |
| Industrial Metals | |||||
| Broad (DBB) | 0.24% | -3.40% | 0.32% | 8.98% | 22.45% |
| Copper (CPER) | -0.53% | -2.78% | 0.03% | 13.10% | 29.47% |
| Precious Metals | |||||
| Gold (GLD) | 0.34% | -4.88% | 1.10% | -4.38% | 0.45% |
| Silver (SLV) | 0.27% | -12.36% | -1.54% | -18.88% | 19.34% |
| Broad (DBP) | 0.23% | -6.60% | 0.49% | -8.45% | 2.82% |
| Palladium (PALL) | -0.80% | -16.65% | -15.03% | -31.97% | -23.00% |
| Platinum (PPLT) | -1.20% | -9.50% | -0.34% | -20.77% | 5.23% |
Cryptocurrency
Digital assets advanced broadly, with XRP leading gains at 4.59% on the day, followed by Multi-Coin exposure (NCIQ) up 2.51% and Ethereum (ETHA) up 2.47%. Bitcoin (IBIT) rose 2.42%, though it remains down 3.65% year-to-date and 24.65% over the trailing year. The one-day strength across crypto assets contrasts with weaker three-month trends for Ethereum (-9.78% over one month) and Solana (-8.90% over one month), suggesting the rally reflects short-term risk appetite rather than a sustained trend reversal. Despite the daily gains, most crypto-linked ETFs remain in negative territory for the year, underscoring the asset class’s continued volatility.
What to Watch Today
Thursday’s calendar features Initial Jobless Claims at 8:30 AM ET, with consensus near 200K versus the prior 199K reading, alongside Continuing Jobless Claims data for the week ending October 10. The Conference Board’s Leading Economic Index for September is due at 10:00 AM, offering a read on forward-looking economic momentum. Treasury markets will see a 5-Year TIPS auction at 1:00 PM and an 8-Week Bill auction at 3:30 PM, while the Fed’s H.4.1 balance sheet release follows at 4:30 PM. Earnings are heavy, with Procter & Gamble, Honeywell, Union Pacific, Lockheed Martin, and Comcast reporting before the open, and Intel, Ford, and Western Digital among the notable after-the-close releases.
U.S. equities advanced on Wednesday, with the S&P 500 (IVV) gaining 0.56% as investors rotated back into growth-oriented sectors ahead of after-the-bell earnings from Tesla and Meta. Developed ex-U.S. markets, tracked by the EAFE index (EFA), rose 0.36%, while Emerging Markets (EEM) added 0.39% despite a steep 7.64% one-month decline. Fixed income was largely flat, with the U.S. Aggregate Bond index (AGG) up just 0.03% as the 10-year yield held near 5.12%. Broad Commodities (DJP) slipped 0.50%, pressured by a 1.8% drop in WTI crude on hopes of U.S.-Iran diplomacy. The standout outlier was South Korea’s EWY, which surged 1.88% on the day despite a brutal 17.06% one-month decline tied to AI-related jitters that sent the Kospi down 3.73% domestically.