Macro Overview
U.S. Size & Style
Size and style performance was uniformly negative on the day, but value held up better than growth across the cap spectrum. Large Value (IVE) declined 0.43%, outpacing Large Growth (IVW), which slipped 0.26% but carries a far steeper one-month drawdown of 7.47% tied to tech weakness. Small caps lagged the broader market meaningfully, with Small Cap (IJR) down 1.18% and Small Growth (IJT) off 1.30%, consistent with reported new-low expansion and the Russell 2000’s underperformance versus the S&P 500. Mid-cap segments also underperformed large caps, with Mid Growth (IJK) down 1.23%. RSI readings remain in neutral territory across the size/style complex, with Large Growth’s RSI of 44 reflecting the recent technology-driven softness relative to Large Value’s 58.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.43% | 3.33% | 2.55% | 15.29% | 15.83% |
| Large Cap (IVV) | -0.30% | -2.64% | -1.70% | 11.99% | 12.10% |
| Large Growth (IVW) | -0.26% | -7.47% | -5.33% | 8.86% | 8.67% |
| Mid Value (IJJ) | -1.12% | 3.99% | -2.59% | 12.20% | 14.58% |
| Mid Cap (IJH) | -1.18% | 0.94% | -5.10% | 12.78% | 14.10% |
| Mid Growth (IJK) | -1.23% | -1.88% | -7.57% | 12.96% | 13.30% |
| Small Value (IJS) | -1.05% | 2.89% | -3.97% | 18.10% | 19.92% |
| Small Cap (IJR) | -1.18% | 2.31% | -5.29% | 17.99% | 19.22% |
| Small Growth (IJT) | -1.30% | 1.68% | -6.70% | 17.52% | 18.20% |
U.S. Sectors & Industries
Energy (XLE) was the sole sector gainer, up 1.51% on the day as crude prices rebounded, extending its YTD gain to 46.73% even as its RSI of 47 and only 29% of constituents above their 50-day moving average suggest underlying weakness beneath the headline bounce. Technology (XLK) fell 0.34% on the session, a more modest decline than the intraday Nasdaq plunge implied, but the sector’s one-month drop of 11.50% and RSI of 42 reflect sustained pressure tied to Nvidia-related headlines. Materials (XLB) was the weakest sector, down 1.28%, followed by Communication Services (XLC) at -0.96% and Industrials (XLI) at -0.89%. Ten of eleven S&P sectors finished in negative territory, with defensive groups like Health Care (XLV) and Utilities (XLU) posting only marginal losses of 0.59% and 0.02%, respectively, with XLU’s RSI at 64 and XLV’s at 65 approaching overbought levels.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.35% | -2.70% | -1.75% | 11.90% | 11.98% |
| Energy (XLE) | 1.51% | -2.55% | 6.05% | 46.73% | 46.61% |
| Utilities (XLU) | -0.02% | 5.24% | 0.67% | 4.76% | 0.21% |
| Technology (XLK) | -0.34% | -11.50% | -7.89% | 21.13% | 18.84% |
| Consumer Staples (XLP) | -0.43% | 7.88% | 7.73% | 19.49% | 21.01% |
| Consumer Discretionary (XLY) | -0.44% | 7.29% | 2.40% | 1.50% | 2.08% |
| Real Estate (XLRE) | -0.52% | 5.82% | 0.54% | 12.56% | 10.98% |
| Health Care (XLV) | -0.59% | 9.21% | 11.94% | 22.83% | 24.95% |
| Financials (XLF) | -0.72% | 5.74% | 0.85% | 7.57% | 10.16% |
| Industrials (XLI) | -0.89% | 0.17% | -8.60% | 10.10% | 10.99% |
| Communication Services (XLC) | -0.96% | -3.49% | -2.15% | -7.81% | -4.10% |
| Materials (XLB) | -1.28% | 5.87% | 0.00% | 16.89% | 20.88% |
Global Thematic
Energy infrastructure and midstream themes led thematic performance, with the Global X MLP & Energy Infrastructure ETF (MLPX) up 1.01% and the Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) gaining 0.98%, consistent with the broader crude rebound. On the opposite end, risk-sensitive and speculative themes were hit hardest: the Roundhill Neocloud ETF (NCLD) tumbled 8.81%, likely reflecting direct exposure to AI infrastructure sentiment following the Nvidia leadership news. Uranium-related funds also sold off sharply, with the Sprott Junior Uranium Miners ETF (URNJ) down 6.75% and the Sprott Uranium Miners ETF (URNM) off 5.02%. Cannabis exposure via the AdvisorShares Pure US Cannabis ETF (MSOS) fell 5.39%, rounding out a day where high-beta thematic baskets broadly underperformed.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Global X MLP & Energy Infrastructure ETF (MLPX) | 1.01% |
| Invesco SteelPath MLP & Energy Infrastructure ETF (PIPE) | 0.98% |
| Tortoise Electrification Infrastructure ETF (TPZ) | 0.80% |
| Pacer American Energy Infrastructure ETF (USAI) | 0.69% |
| Neuberger Energy Transition & Infrastructure ETF (NBET) | 0.69% |
| Laggards | |
| Roundhill Neocloud ETF (NCLD) | -8.81% |
| Sprott Junior Uranium Miners ETF (URNJ) | -6.75% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -5.39% |
| Sprott Junior Gold Miners ETF (SGDJ) | -5.33% |
| Sprott Uranium Miners ETF (URNM) | -5.02% |
Developed ex-U.S. & Emerging Markets
Developed markets were broadly lower, with the Netherlands (EWN) the weakest at -1.95% and Japan (EWJ) down 0.71%, while Switzerland (EWL) was essentially flat, up 0.02%. Emerging markets saw sharper losses, led by Taiwan (EWT), down 2.93% on the day despite a robust 53.08% YTD gain tied to semiconductor exposure that remains vulnerable to Nvidia-related sentiment swings. South Africa (EZA) fell 2.24% and Brazil (EWZ) declined 2.03%, extending a steep one-month slide of 27.01%. Indonesia (EIDO) was the lone bright spot, rising 2.55% on the day even as it remains down 43.01% year-to-date, underscoring the divergence within the emerging markets complex.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.62% | 0.93% | -4.14% | 10.01% | 11.40% |
| Australia (EWA) | -0.65% | 1.88% | -2.27% | 13.11% | 13.37% |
| Canada (EWC) | -0.58% | 1.14% | -2.66% | 12.02% | 17.78% |
| France (EWQ) | -0.27% | 6.26% | -7.77% | -0.29% | -0.11% |
| Germany (EWG) | -0.49% | 4.52% | -2.42% | 2.73% | 4.75% |
| Hong Kong (EWH) | 0.48% | 5.51% | 3.21% | 10.78% | 5.03% |
| Japan (EWJ) | -0.71% | -6.01% | -6.46% | 13.89% | 13.16% |
| Netherlands (EWN) | -1.95% | -1.71% | -8.03% | 14.95% | 15.31% |
| South Korea (EWY) | -1.64% | -14.54% | -17.34% | 49.54% | 55.01% |
| Switzerland (EWL) | 0.02% | 9.08% | 1.96% | 10.15% | 13.76% |
| U.K. (EWU) | -0.13% | 2.27% | -1.26% | 10.16% | 13.51% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -1.45% | -7.57% | -8.00% | 12.31% | 12.15% |
| Brazil (EWZ) | -2.03% | -27.01% | -6.14% | 0.99% | 0.05% |
| China (MCHI) | -1.85% | -4.60% | -9.68% | -16.64% | -21.50% |
| India (INDA) | -0.08% | 11.20% | 3.20% | -4.63% | -5.52% |
| Indonesia (EIDO) | 2.55% | -10.28% | -17.49% | -43.01% | -41.64% |
| Malaysia (EWM) | -0.87% | -2.02% | -7.18% | -2.08% | 2.59% |
| Mexico (EWW) | -0.12% | 5.98% | 1.52% | 13.60% | 17.79% |
| South Africa (EZA) | -2.24% | 2.49% | -4.35% | -2.99% | 3.43% |
| Taiwan (EWT) | -2.93% | -14.89% | -8.41% | 53.08% | 55.53% |
| Thailand (THD) | -0.69% | -5.21% | -7.62% | 16.01% | 17.84% |
Fixed Income
Fixed income broadly declined alongside equities, with longer-duration segments bearing the brunt of the selloff following reports of weak Treasury auction demand. Long-Term Treasuries (BLV) fell 1.30% and SPDR Long-Term Treasuries (SPTL) dropped 1.33%, both now down more than 4% year-to-date. Shorter-duration exposure held up better, with Short-Term Treasuries (SPTS) off just 0.14% and Ultrashort (BIL) flat on the day. Credit-sensitive categories also softened, with Preferred Stock (PFF) down 1.17% and Convertibles (CWB) off 1.23%, reflecting their equity-like sensitivity to the day’s risk-off tone. The move came as weak indirect-bidder demand at a Treasury auction and hawkish Fed commentary weighed on rate-sensitive assets.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.26% | 0.38% | -0.45% | 0.30% | 0.88% |
| Core Enhanced (IUSB) | -0.63% | 0.91% | -1.27% | -1.19% | -1.04% |
| Core (AGG) | -0.65% | 0.95% | -1.23% | -1.38% | -1.26% |
| Long-Term (BLV) | -1.30% | 1.97% | -1.75% | -4.20% | -5.49% |
| Government | |||||
| Ultrashort (BIL) | 0.00% | 0.34% | 0.92% | 3.14% | 3.68% |
| Short-Term (SPTS) | -0.14% | 0.33% | 0.01% | 1.01% | 1.66% |
| Inflation Protected (TIP) | -0.47% | 0.41% | -1.86% | -1.27% | -1.76% |
| Intermediate (SPTI) | -0.54% | 0.82% | -1.39% | -1.78% | -1.57% |
| Long-Term (SPTL) | -1.33% | 2.44% | -1.68% | -4.51% | -6.34% |
| Specialty | |||||
| Bank Loans (BKLN) | -0.10% | 0.82% | 1.64% | 3.06% | 4.36% |
| High Yield (HYG) | -0.48% | 0.12% | -1.83% | 0.32% | 1.39% |
| Corporate (SPIB) | -0.52% | 0.44% | -1.12% | -0.62% | 0.02% |
| Mortgage Backed (MBB) | -0.72% | 1.07% | -1.82% | -1.50% | -1.10% |
| Preferred Stock (PFF) | -1.17% | -3.55% | -7.56% | -5.38% | -5.16% |
| Convertible (CWB) | -1.23% | -6.77% | -12.05% | 5.37% | 3.17% |
| International & EM | |||||
| International USD (BNDX) | -0.34% | 0.98% | -0.32% | 0.26% | -0.38% |
| Emerging Local (EMLC) | -0.49% | -1.24% | -3.03% | -0.33% | 1.57% |
| Emerging USD (EMB) | -0.79% | 0.73% | -2.47% | -0.86% | -0.31% |
| International Local (IGOV) | -1.02% | 0.28% | -3.64% | -4.73% | -4.86% |
| Municipals | |||||
| Short-Term (SUB) | -0.32% | 0.95% | 0.00% | 1.13% | 1.75% |
| High Yield (HYD) | -0.82% | 2.90% | -1.31% | -0.05% | 1.01% |
| Intermediate (MUB) | -0.83% | 3.04% | -1.10% | -0.30% | -0.01% |
| Long-Term (MLN) | -1.20% | 4.11% | -3.00% | -0.80% | -0.94% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Energy commodities were the standout performers, with Brent Crude (BNO) up 3.85% and WTI Crude (USO) rising 3.25%, extending year-to-date gains above 109% for both and aligning with Thursday’s energy-price rebound. Natural Gas (UNG) also advanced 2.35% on the day despite remaining down 14.68% year-to-date. Precious metals moved sharply in the opposite direction, with Palladium (PALL) falling 3.74%, Silver (SLV) down 3.28%, and Gold (GLD) off 2.82%, all now showing double-digit declines over the past quarter. Agricultural commodities were also broadly weaker, with Wheat (WEAT) down 2.75%, underscoring the divergence between energy strength and softness across metals and grains.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.27% | -7.62% | -0.72% | 28.98% | 29.05% |
| Agriculture | |||||
| Broad (DBA) | -0.23% | -7.52% | -5.53% | 3.06% | 3.19% |
| Soybeans (SOYB) | -0.89% | -6.37% | 1.90% | 17.66% | 9.68% |
| Sugar (CANE) | -1.26% | -10.49% | 2.99% | 12.87% | 17.70% |
| Corn (CORN) | -1.61% | -7.42% | -6.10% | -3.61% | -5.20% |
| Wheat (WEAT) | -2.75% | -11.82% | -11.45% | 8.01% | 0.56% |
| Energy | |||||
| Brent Crude (BNO) | 3.85% | -6.31% | 20.29% | 115.43% | 112.80% |
| WTI Crude (USO) | 3.25% | -3.28% | 14.74% | 111.21% | 109.30% |
| Broad (DBE) | 2.71% | -6.36% | 14.29% | 106.47% | 95.64% |
| Natural Gas (UNG) | 2.35% | -4.21% | 2.55% | -14.68% | -28.60% |
| Industrial Metals | |||||
| Broad (DBB) | -1.10% | -3.22% | -4.55% | 6.10% | 14.68% |
| Copper (CPER) | -1.30% | -8.34% | -6.95% | 6.52% | 18.22% |
| Precious Metals | |||||
| Platinum (PPLT) | -1.37% | -10.22% | -13.99% | -26.46% | -7.03% |
| Gold (GLD) | -2.82% | -7.13% | -12.36% | -10.45% | -8.06% |
| Broad (DBP) | -2.85% | -8.80% | -14.41% | -15.28% | -8.24% |
| Silver (SLV) | -3.28% | -16.98% | -23.60% | -29.96% | -6.62% |
| Palladium (PALL) | -3.74% | -12.57% | -27.48% | -38.02% | -32.90% |
Cryptocurrency
Digital assets sold off sharply in tandem with the broader risk-off move tied to the Nvidia news, with every major crypto exposure in the dataset posting losses exceeding 3% on the day. Solana (SOLZ) led declines at -4.47%, followed by Bitcoin (IBIT) at -4.45% and Multi-Coin exposure (NCIQ) at -4.05%. Ethereum (ETHA) declined 3.23% and XRP (XRP) fell 3.03%, both deepening year-to-date losses above 32%. The uniformity of the decline across the crypto complex suggests a broad de-risking move rather than asset-specific catalysts, consistent with the day’s weak breadth across equities and high-beta thematic funds.
What to Watch Today
Friday brings the October Producer Price Index at 8:30 AM ET, a high-importance inflation print that will shape near-term rate expectations following this week’s weak Treasury auction demand. Multiple Fed speakers are scheduled, including Vice Chair for Supervision Michael Barr at 5:00 AM ET, Austan Goolsbee at 6:30 AM ET, and John Williams at 1:30 PM ET, offering potential commentary on the policy outlook. The Fed’s weekly balance sheet and reserve balances data are due around 11:30 AM ET, alongside short-term Treasury bill auctions later in the day. On the earnings front, Japan’s three major banking groups—Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho—report half-year results, with smaller-cap names including Century Casinos and Milestone Pharmaceuticals also reporting before the open.
U.S. equities edged lower on Thursday as the S&P 500 (IVV) fell 0.30%, with the decline concentrated in technology following reports that Nvidia’s CEO was ousted amid a swirl of allegations, a headline that briefly pushed the Nasdaq down 1.5% intraday before paring losses. Developed ex-U.S. markets (EFA) underperformed the U.S., down 0.62% on the day though still ahead on a YTD basis at 10.01%. Emerging markets (EEM) were the weakest major equity bucket, sliding 1.45% and now down 7.57% over the past month. Fixed income also came under pressure, with the U.S. Aggregate Bond (AGG) down 0.65% amid weak Treasury auction demand, while broad commodities (DJP) bucked the risk-off tone, rising 0.27% on a crude oil rebound. The clearest outlier was energy, with crude-linked exposure posting some of the strongest single-day gains across the entire dataset even as broader risk assets retreated.