Macro Overview
U.S. equity markets displayed measured resilience as investors digested a December nonfarm payrolls report that reinforced a resilient labor market, supporting the Dow’s outperformance while the Nasdaq 100 eased. Broad-based strength across Developed Markets ex-U.S. (EFA) and Emerging Markets (EEM) was notable, with South Korea emerging as a significant outlier behind a surge in defense industry sentiment. In the fixed income space, long-duration assets saw a bid as yields stabilized within tight ranges, while Commodities (DJP) were buoyed by a powerful reversal in Silver. Cryptocurrency markets entered a consolidation phase, with IBIT trading marginally lower as participants adopted a wait-and-see stance following the week’s volatile start.
U.S. Size & Style
Mid-cap growth emerged as the session leader, with IJK gaining +1.12% as participation broadened beyond large-cap technology. Technical positioning remains robust across the board; however, Small Value (IJS) is approaching an overbought threshold with an RSI of 69.56, even as 77.95% of its constituents trade above their 50-day SMA. Conversely, Large Growth (IVW) showed relative weakness, reflecting a cooling AI trade and a shift toward cyclical value factors.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Mid Growth (IJK) | +1.12% | +4.64% | +6.13% | +4.61% | +10.94% |
| Mid Cap (IJH) | +0.88% | +4.96% | +6.70% | +4.71% | +11.64% |
| Small Value (IJS) | +0.77% | +5.75% | +10.15% | +5.90% | +13.50% |
| Small Cap (IJR) | +0.76% | +4.37% | +7.68% | +5.19% | +11.23% |
| Large Growth (IVW) | +0.75% | +0.61% | +2.24% | +1.14% | +22.12% |
| Small Growth (IJT) | +0.72% | +3.08% | +5.30% | +4.46% | +9.01% |
| Mid Value (IJJ) | +0.68% | +5.35% | +7.37% | +4.77% | +12.14% |
| Large Cap (IVV) | +0.65% | +1.90% | +3.71% | +1.77% | +19.23% |
| Large Value (IVE) | +0.56% | +3.47% | +5.47% | +2.51% | +15.69% |
U.S. Sectors & Industries
Materials (XLB) led all sectors today with a +1.60% gain, driven by exceptional breadth as 100% of its constituents now trade above their 50-day moving average. Technical signals suggest caution for the Materials sector, which has reached an overbought RSI of 72.45. In contrast, Utilities (XLU) and Real Estate (XLRE) remain pressured, with Utilities showing weak breadth as only 12.90% of members hold above their short-term trendline.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Materials (XLB) | +1.60% | +11.79% | +9.41% | +6.42% | +16.95% |
| Technology (XLK) | +1.32% | -1.11% | +0.88% | +1.51% | +25.75% |
| Utilities (XLU) | +1.24% | +0.18% | -5.43% | -0.42% | +15.03% |
| Consumer Discretionary (XLY) | +1.21% | +5.66% | +5.99% | +4.19% | +12.52% |
| Industrials (XLI) | +1.10% | +6.01% | +5.99% | +4.39% | +23.57% |
| Consumer Staples (XLP) | +1.03% | +2.43% | +2.37% | +2.02% | +5.21% |
| Communication Services (XLC) | +0.37% | +1.63% | +2.93% | +0.16% | +22.70% |
| Energy (XLE) | +0.26% | +2.98% | +7.26% | +4.38% | +9.58% |
| Real Estate (XLRE) | +0.15% | +1.09% | -0.46% | +0.37% | +4.31% |
| Financials (XLF) | -0.30% | +4.96% | +4.88% | +1.75% | +16.51% |
| Health Care (XLV) | -0.51% | +5.34% | +9.56% | +1.62% | +13.98% |
Global Thematic
Home Construction and Silver Mining themes dominated today’s thematic leaderboard, with ITB surging over 6% amid expectations of a stable housing outlook. Conversely, digital assets and genomics themes faced a pullback, as CRPT and ARKG lagged the broader market. The sharp divergence between building materials and disruptive technology highlights a rotational preference for tangible infrastructure over speculative growth today.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Leaders | |
| iShares U.S. Home Construction ETF (ITB) | +6.28% |
| SPDR S&P Homebuilders ETF (XHB) | +5.18% |
| Sprott Silver Miners & Physical Silver ETF (SLVR) | +4.42% |
| iShares MSCI Global Silver Miners ETF (SLVP) | +3.66% |
| Amplify Junior Silver Miners ETF (SILJ) | +3.56% |
| Laggards | |
| FT SkyBridge Crypto Industry & Digital Economy (CRPT) | -1.84% |
| ARK Genomic Revolution ETF (ARKG) | -1.16% |
| Sprott Junior Uranium Miners ETF (URNJ) | -0.96% |
| Amplify Seymour Cannabis ETF (CNBS) | -0.80% |
| WisdomTree Cybersecurity Fund (WCBR) | -0.73% |
Developed ex-U.S. & Emerging Markets
International equities broadly outperformed the U.S. today, led by a parabolic extension in South Korea (EWY), which posted a +2.16% gain and holds a technical RSI of 76.46. While Germany (EWG) is also appearing overbought (RSI 71.8), broader participation in Japan (EWJ) remains healthy with 74.03% of stocks above their 50-day SMA. In Emerging Markets, India (INDA) remains the clear laggard, trading at a -4.81% discount to its 52-week high with a weak RSI of 40.83.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed ex-U.S. | |||||
| South Korea (EWY) | +2.16% | +16.53% | +33.49% | +12.00% | +105.02% |
| Japan (EWJ) | +2.11% | +5.41% | +7.68% | +4.79% | +31.93% |
| Netherlands (EWN) | +2.01% | +7.11% | +8.33% | +5.91% | +40.88% |
| France (EWQ) | +0.92% | +4.30% | +5.06% | +1.98% | +30.55% |
| Hong Kong (EWH) | +0.86% | +6.24% | +6.88% | +5.04% | +46.18% |
| Switzerland (EWL) | +0.61% | +5.01% | +7.49% | +1.03% | +31.35% |
| U.K. (EWU) | +0.43% | +6.48% | +8.53% | +1.84% | +37.16% |
| Canada (EWC) | +0.31% | +3.86% | +9.08% | +1.30% | +36.00% |
| Germany (EWG) | +0.23% | +4.53% | +3.14% | +2.14% | +36.28% |
| Australia (EWA) | -0.42% | +1.37% | -0.78% | +0.27% | +11.32% |
| Emerging Markets | |||||
| Malaysia (EWM) | +0.84% | +6.29% | +7.88% | +0.84% | +19.36% |
| Mexico (EWW) | +0.82% | +4.58% | +10.73% | +2.50% | +53.88% |
| Taiwan (EWT) | +0.73% | +4.93% | +6.37% | +3.76% | +31.37% |
| Brazil (EWZ) | +0.55% | +4.60% | +15.43% | +4.06% | +52.47% |
| South Africa (EZA) | +0.50% | +11.46% | +14.63% | +2.75% | +80.95% |
| Thailand (THD) | +0.32% | +0.97% | +1.21% | +0.27% | +4.64% |
| Indonesia (EIDO) | +0.11% | +2.75% | +8.75% | +1.66% | +7.36% |
| China (MCHI) | -0.10% | +2.67% | -3.28% | +3.58% | +41.55% |
| India (INDA) | -1.01% | -0.18% | +0.69% | -1.62% | +1.61% |
Fixed Income
The fixed income landscape saw a clear preference for duration today as the long end of the Treasury curve outperformed the short end, with SPTL gaining +0.49%. Credit markets remained constructive, as High Yield (HYG) edged higher despite pressure on shorter-term benchmarks like BSV. Municipal bonds also showed steady gains across the curve, reflecting continued demand for tax-exempt yield amidst shifting macro expectations.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Core & Multisector | |||||
| Taxable Core (AGG) | +0.22% | +0.72% | +1.13% | +0.28% | +7.96% |
| Taxable Multisector (PYLD) | +0.22% | +1.31% | +2.25% | +0.49% | +10.23% |
| Taxable Core Enhanced (IUSB) | +0.21% | +0.70% | +1.20% | +0.28% | +8.16% |
| Taxable Ultrashort (BIL) | +0.02% | +0.31% | +0.98% | +0.10% | +4.16% |
| Government & Treasuries | |||||
| Government Long (SPTL) | +0.49% | +0.54% | +0.01% | +0.64% | +7.52% |
| Inflation Protected (TIP) | +0.14% | +0.39% | +0.08% | +0.25% | +6.98% |
| Government Intermediate (SPTI) | +0.00% | +0.46% | +0.99% | +0.00% | +7.65% |
| Taxable Short-Term (BSV) | -0.03% | +0.49% | +1.06% | -0.03% | +6.04% |
| Government Short (SPTS) | -0.03% | +0.46% | +0.97% | -0.03% | +5.12% |
| Corporate & Specialty | |||||
| Preferred Stock (PFF) | +0.61% | +2.50% | +1.69% | +1.97% | +6.77% |
| Mortgage Backed (MBS) | +0.60% | +1.39% | +2.02% | +0.61% | +9.65% |
| Taxable Long Term (BLV) | +0.55% | +0.51% | +0.20% | +0.68% | +8.58% |
| Convertible (CWB) | +0.51% | +1.84% | +0.13% | +3.48% | +19.75% |
| Corporate (SPIB) | +0.09% | +0.66% | +1.28% | +0.12% | +8.27% |
| Taxable High Yield (HYG) | +0.07% | +1.15% | +2.19% | +0.46% | +8.69% |
| Bank Loans (BKLN) | +0.05% | +0.83% | +2.63% | +0.29% | +6.93% |
| International & EM | |||||
| Emerging USD (EMB) | +0.36% | +0.93% | +2.62% | +0.08% | +13.68% |
| International USD (BNDX) | +0.02% | +0.55% | +0.66% | +0.46% | +3.99% |
| Emerging (EMLC) | -0.04% | +1.76% | +3.48% | +0.15% | +18.48% |
| International (IGOV) | -0.05% | +0.76% | +0.40% | -0.26% | +11.07% |
| Municipals | |||||
| Municipal High Yield (HYD) | +0.15% | +1.21% | +2.44% | +0.36% | +3.44% |
| Municipal Long (MLN) | +0.14% | +0.93% | +1.56% | +0.48% | +3.41% |
| Municipal Intermediate (MUB) | +0.12% | +1.08% | +1.84% | +0.51% | +4.75% |
| Municipal Short (SUB) | +0.09% | +0.62% | +0.97% | +0.24% | +3.88% |
Commodities
Broad commodities (DJP) edged higher today as Precious Metals staged a major rally, led by a +3.83% surge in Silver (SLV). While Industrial Metals (DBB) also contributed to the upside with a +1.88% gain, Agriculture (DBA) and Energy (DBE) sectors faced selling pressure. Natural Gas (UNG) was the day’s primary laggard, plummeting over 7% as demand forecasts weakened.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | +0.26% | +3.01% | +7.84% | +2.71% | +19.15% |
| Agriculture | |||||
| Agriculture (DBA) | -0.88% | +1.15% | +0.81% | +1.02% | +1.31% |
| Soybeans (SOYB) | -0.14% | -2.64% | +1.33% | +1.24% | +4.73% |
| Wheat (WEAT) | -0.15% | -1.50% | -0.54% | +1.85% | -13.81% |
| Corn (CORN) | -0.33% | -0.33% | +2.52% | +0.90% | -4.08% |
| Sugar (CANE) | -0.42% | +1.78% | -6.67% | -0.83% | -15.75% |
| Energy | |||||
| WTI Crude Oil (USO) | +0.34% | +1.32% | -2.39% | +2.34% | -8.43% |
| Brent Crude Oil (BNO) | +0.17% | +2.37% | -0.98% | +3.53% | -4.81% |
| Gasoline (UGA) | -0.48% | -1.14% | +1.80% | +3.64% | +1.38% |
| Energy (DBE) | -0.62% | -2.21% | -2.63% | +0.77% | -3.35% |
| Natural Gas (UNG) | -7.72% | -26.24% | -18.37% | -15.17% | -39.22% |
| Industrial Metals | |||||
| Industrial Metals (DBB) | +1.88% | +11.28% | +15.25% | +4.18% | +31.84% |
| Copper (CPER) | +1.32% | +10.72% | +14.15% | +3.40% | +35.19% |
| Precious Metals | |||||
| Silver (SLV) | +3.83% | +31.19% | +61.89% | +12.36% | +164.16% |
| Palladium (PALL) | +2.61% | +20.99% | +28.43% | +14.34% | +95.36% |
| Precious Metals (DBP) | +1.06% | +11.94% | +22.70% | +6.31% | +81.04% |
| Platinum (PPLT) | +0.87% | +33.77% | +40.04% | +10.93% | +136.02% |
| Gold (GLD) | +0.72% | +6.99% | +13.42% | +4.58% | +68.58% |
Cryptocurrency
Digital assets traded in a narrow, subdued range today as the market digested a flurry of institutional headlines and regulatory developments. XRP (XRP) and Solana (SOLZ) faced the heaviest selling pressure, retracing recent gains, while Bitcoin (IBIT) remained the relative anchor of the group. Despite the daily dip, year-to-date performance remains positive for the major coins, suggesting a healthy consolidation rather than a broader trend reversal.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | -1.93% | -1.60% | — | +13.74% | — |
| Solana (SOLZ) | -1.42% | -3.63% | -39.19% | +9.03% | — |
| Ethereum (ETHA) | -1.11% | -7.87% | -29.32% | +3.39% | -6.64% |
| Multi-Coin (NCIQ) | -0.81% | -3.85% | -26.86% | +4.18% | — |
| Bitcoin (IBIT) | -0.70% | -3.20% | -25.57% | +3.04% | -4.09% |
What to Watch Today
Market attention remains squarely fixed on the Federal Reserve’s path in early 2026, as officials weigh today’s jobs data against the backdrop of persistent government shutdown risks and pending tariff rulings. With key economic reports still facing delays, the upcoming preliminary University of Michigan Consumer Sentiment print will be a pivotal gauge of U.S. consumer confidence. Furthermore, the market will monitor Congress as the end-of-January funding deadline approaches, which could reintroduce volatility into the current cyclical rotation.
