Macro Overview
U.S. Size & Style
Growth-oriented cohorts led the recovery in large caps, with Large Growth (IVW) climbing 1.64% versus a 0.89% gain for Large Value (IVE), narrowing the valuation-driven divergence that had widened amid the recent tech pullback. Mid-cap stocks participated as well, with Mid Growth (IJK) up 1.04% and Mid Cap (IJH) up 0.81%. Small caps lagged slightly behind large caps but still posted solid gains, with Small Cap (IJR) rising 0.80% and remaining up 19.40% year-to-date. RSI readings across the size/style spectrum remain in neutral territory, with Large Value at 61 and Large Cap (IVV) at a balanced 50, suggesting room for continued upside without immediate overbought pressure. Breadth remains healthiest among value names, with 75% of Large Value constituents above their 50-day moving average compared to 60% for Large Growth.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.89% | 4.17% | 3.10% | 15.79% | 16.81% |
| Large Cap (IVV) | 1.29% | -2.42% | -1.15% | 12.32% | 12.52% |
| Large Growth (IVW) | 1.64% | -7.62% | -4.66% | 9.15% | 8.69% |
| Mid Value (IJJ) | 0.52% | 5.23% | -1.34% | 13.48% | 16.38% |
| Mid Cap (IJH) | 0.81% | 1.77% | -3.61% | 14.12% | 15.87% |
| Mid Growth (IJK) | 1.04% | -1.48% | -5.80% | 14.37% | 15.13% |
| Small Value (IJS) | 0.66% | 4.07% | -2.61% | 19.35% | 21.36% |
| Small Cap (IJR) | 0.80% | 3.47% | -3.75% | 19.40% | 20.55% |
| Small Growth (IJT) | 0.99% | 2.83% | -5.02% | 19.07% | 19.62% |
U.S. Sectors & Industries
Technology (XLK) led all sectors with a 3.23% advance, driven by the CoreWeave earnings beat and sympathy rallies in chip-related names, though the sector’s RSI of 43 and only 36% of constituents above their 50-day average indicate the rebound is occurring from a depressed technical base. Energy (XLE) followed with a 1.86% gain, extending its 44.54% year-to-date lead over all other sectors. Industrials (XLI) added 1.33%, while defensive groups such as Health Care (XLV), Real Estate (XLRE), and Consumer Discretionary (XLY) were essentially flat to slightly negative. Health Care’s RSI of 69 is approaching overbought territory, with 95% of constituents trading above their 50-day moving average, the broadest participation of any sector. The dispersion between Technology’s sharp one-day bounce and the muted moves in staples and real estate underscores the AI-driven nature of Wednesday’s rally.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 1.32% | -2.41% | -1.15% | 12.29% | 12.44% |
| Technology (XLK) | 3.23% | -12.28% | -6.20% | 21.54% | 19.62% |
| Energy (XLE) | 1.86% | -2.63% | 4.64% | 44.54% | 42.40% |
| Industrials (XLI) | 1.33% | 1.02% | -7.69% | 11.09% | 12.10% |
| Communication Services (XLC) | 0.78% | -1.61% | -2.09% | -6.91% | -3.74% |
| Financials (XLF) | 0.58% | 7.13% | 1.79% | 8.35% | 11.91% |
| Consumer Staples (XLP) | 0.46% | 9.61% | 8.69% | 20.00% | 21.36% |
| Materials (XLB) | 0.32% | 7.26% | 0.04% | 18.41% | 23.32% |
| Utilities (XLU) | 0.21% | 5.82% | 1.18% | 4.78% | 0.47% |
| Health Care (XLV) | 0.04% | 10.62% | 12.89% | 23.57% | 27.48% |
| Real Estate (XLRE) | 0.02% | 7.16% | 2.00% | 13.14% | 10.67% |
| Consumer Discretionary (XLY) | -0.05% | 7.21% | 1.69% | 1.95% | 1.84% |
Global Thematic
Thematic funds tied directly to the AI infrastructure trade dominated the leaderboard, with the Roundhill Neocloud ETF (NCLD) surging 14.42% in direct response to CoreWeave’s results, followed by the Roundhill Photonics & Optics ETF (LYTE) up 11.89% and the Roundhill Memory ETF (DRAM) up 10.36%. The Tema Photonics & Optical ETF (LAZR) and the CoinShares Bitcoin Mining and Digital Power ETF (WGMI) rounded out the leaders, both gaining over 8%, reflecting broad risk appetite toward compute- and power-adjacent names. On the opposite end, gold-mining-focused funds retreated, with the Sprott Gold Miners ETF (SGDM) and the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) both declining 2.12%. The divergence highlights a clear rotation of capital away from defensive precious-metals exposure and toward risk-on technology themes during the session.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Roundhill Neocloud ETF (NCLD) | 14.42% |
| Roundhill Photonics & Optics ETF (LYTE) | 11.89% |
| Roundhill Memory ETF (DRAM) | 10.36% |
| Tema Photonics & Optical ETF (LAZR) | 10.14% |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | 8.76% |
| Laggards | |
| Sprott Gold Miners ETF (SGDM) | -2.12% |
| U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) | -2.12% |
| Global X Gold Explorers ETF (GOEX) | -1.88% |
| Sprott Active Gold & Silver Miners ETF (GBUG) | -1.81% |
| VanEck Junior Gold Miners ETF (GDXJ) | -1.68% |
Developed ex-U.S. & Emerging Markets
Within developed markets, Japan (EWJ) rose 1.91% while Switzerland (EWL) declined 1.10% and Hong Kong (EWH) slipped 0.90%, producing a mixed picture outside the U.S. Emerging markets told a much stronger story, led by Taiwan (EWT) jumping 5.82% and South Korea (EWY) up 6.20%, both markets heavily weighted toward semiconductor exporters benefiting from the renewed AI optimism. China (MCHI) was a notable laggard, down 0.80% on the day and down 15.06% year-to-date, continuing to underperform the broader emerging-markets complex. South Africa (EZA) also lagged, falling 1.37%. The split between chip-exposed Asian markets and other emerging economies reinforces that Wednesday’s rally was concentrated in the AI supply chain rather than a uniform global risk-on move.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.29% | 1.22% | -3.17% | 10.70% | 12.76% |
| Australia (EWA) | -0.03% | 2.73% | -1.84% | 13.85% | 13.89% |
| Canada (EWC) | 0.32% | 2.46% | -1.67% | 12.67% | 20.12% |
| France (EWQ) | -0.43% | 5.83% | -7.86% | -0.01% | 1.12% |
| Germany (EWG) | 0.16% | 5.03% | -2.21% | 3.24% | 6.42% |
| Hong Kong (EWH) | -0.90% | 4.53% | 2.58% | 10.25% | 6.00% |
| Japan (EWJ) | 1.91% | -5.87% | -4.32% | 14.70% | 14.77% |
| Netherlands (EWN) | 1.10% | -0.63% | -4.62% | 17.24% | 18.20% |
| South Korea (EWY) | 6.20% | -16.60% | -11.62% | 52.04% | 58.65% |
| Switzerland (EWL) | -1.10% | 8.60% | 1.34% | 10.14% | 14.51% |
| U.K. (EWU) | -0.29% | 2.79% | -0.99% | 10.30% | 13.29% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 2.43% | -7.13% | -5.18% | 13.97% | 13.82% |
| Brazil (EWZ) | 0.90% | -25.49% | -4.53% | 3.08% | 1.30% |
| China (MCHI) | -0.80% | -3.54% | -8.86% | -15.06% | -19.96% |
| India (INDA) | -0.25% | 12.08% | 2.99% | -4.55% | -5.75% |
| Indonesia (EIDO) | 0.10% | -14.13% | -18.19% | -44.42% | -43.12% |
| Malaysia (EWM) | -0.68% | -0.68% | -5.66% | -1.22% | 2.52% |
| Mexico (EWW) | 0.34% | 8.01% | 1.93% | 13.73% | 15.92% |
| South Africa (EZA) | -1.37% | 4.80% | -2.52% | -0.76% | 8.26% |
| Taiwan (EWT) | 5.82% | -12.35% | -3.61% | 57.70% | 60.28% |
| Thailand (THD) | 0.62% | -4.89% | -6.58% | 16.82% | 16.82% |
Fixed Income
Fixed income trading was muted overall given the Veterans Day bond market closure, with most categories showing negligible one-day moves. The Core Aggregate (AGG) was down 0.04% and Long-Term Treasuries (BLV) edged up 0.08%, both within a narrow range. Convertible Bonds (CWB) stood out with a 1.62% gain, reflecting their equity-sensitive structure amid the broader tech rally. High Yield Municipal (HYD) added 0.50% and Preferred Stock (PFF) rose 0.32%, both benefiting from the risk-on tone. Year-to-date, longer-duration Treasury exposures such as Long-Term (SPTL) remain negative at -3.22%, underscoring the pressure duration-sensitive assets have faced in 2026.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.08% | 3.46% | -0.44% | -2.94% | -4.24% |
| Core (AGG) | -0.04% | 1.68% | -0.47% | -0.74% | -0.66% |
| Core Enhanced (IUSB) | -0.04% | 1.57% | -0.58% | -0.56% | -0.45% |
| Short-Term (BSV) | -0.08% | 0.66% | -0.07% | 0.56% | 1.12% |
| Government | |||||
| Ultrashort (BIL) | 0.01% | 0.33% | 0.95% | 3.14% | 3.69% |
| Long-Term (SPTL) | 0.00% | 3.91% | -0.35% | -3.22% | -4.89% |
| Inflation Protected (TIP) | -0.03% | 0.96% | -1.38% | -0.81% | -1.52% |
| Short-Term (SPTS) | -0.07% | 0.40% | 0.18% | 1.16% | 1.80% |
| Intermediate (SPTI) | -0.14% | 1.38% | -0.78% | -1.24% | -0.99% |
| Specialty | |||||
| Convertible (CWB) | 1.62% | -6.78% | -9.04% | 6.68% | 3.87% |
| Preferred Stock (PFF) | 0.32% | -3.04% | -5.91% | -4.27% | -4.19% |
| High Yield (HYG) | 0.22% | 0.68% | -1.23% | 0.80% | 1.68% |
| Bank Loans (BKLN) | 0.10% | 0.97% | 1.84% | 3.16% | 4.41% |
| Corporate (SPIB) | 0.03% | 1.03% | -0.54% | -0.10% | 0.45% |
| Mortgage Backed (MBB) | -0.13% | 1.85% | -0.93% | -0.78% | -0.52% |
| International & EM | |||||
| Emerging USD (EMB) | 0.10% | 1.43% | -1.57% | -0.07% | 0.53% |
| International USD (BNDX) | 0.00% | 1.30% | 0.02% | 0.60% | -0.05% |
| Emerging Local (EMLC) | -0.28% | -0.68% | -2.55% | 0.16% | 2.15% |
| International Local (IGOV) | -0.45% | 0.91% | -2.76% | -3.74% | -3.79% |
| Municipals | |||||
| High Yield (HYD) | 0.50% | 3.84% | -0.48% | 0.77% | 1.75% |
| Intermediate (MUB) | 0.27% | 3.98% | -0.23% | 0.53% | 0.67% |
| Long-Term (MLN) | 0.18% | 5.32% | -1.73% | 0.40% | 0.07% |
| Short-Term (SUB) | 0.10% | 1.33% | 0.35% | 1.46% | 2.02% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities posted a modest broad-based gain, with Broad Commodities (DJP) up 0.46% and energy proxies holding firm, as Brent Crude (BNO) added 0.67% with WTI near $87/bbl per verified reporting. Agricultural commodities showed notable strength, with Wheat (WEAT) up 2.02% and Sugar (CANE) up 1.92%. Precious metals diverged from the broader risk rally, with Gold (GLD) falling 1.13% as capital rotated toward risk assets. Industrial metals exposure via Broad Base Metals (DBB) gained 0.94%, while Natural Gas (UNG) was the weakest major commodity, down 1.92% and now off 16.64% year-to-date. Energy-linked funds such as WTI Crude (USO) continue to lead all commodities on a year-to-date basis, up over 104%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.46% | -7.51% | -0.21% | 28.64% | 28.67% |
| Agriculture | |||||
| Wheat (WEAT) | 2.02% | -9.14% | -6.45% | 11.07% | 3.40% |
| Sugar (CANE) | 1.92% | -7.47% | 2.95% | 14.30% | 20.95% |
| Broad (DBA) | 0.38% | -6.95% | -4.46% | 3.29% | 2.88% |
| Corn (CORN) | 0.12% | -5.70% | -1.14% | -2.03% | -3.55% |
| Soybeans (SOYB) | 0.12% | -5.74% | 4.12% | 18.71% | 11.09% |
| Energy | |||||
| Brent Crude (BNO) | 0.67% | -8.19% | 15.29% | 107.45% | 97.48% |
| Broad (DBE) | 0.34% | -7.04% | 11.21% | 101.03% | 85.07% |
| WTI Crude (USO) | 0.01% | -4.54% | 10.86% | 104.55% | 94.54% |
| Natural Gas (UNG) | -1.92% | -7.18% | 1.49% | -16.64% | -29.81% |
| Industrial Metals | |||||
| Broad (DBB) | 0.94% | -2.19% | -4.20% | 7.28% | 16.27% |
| Copper (CPER) | -0.03% | -6.40% | -6.19% | 7.92% | 20.39% |
| Precious Metals | |||||
| Silver (SLV) | 0.37% | -14.84% | -20.32% | -27.58% | 0.43% |
| Palladium (PALL) | 0.27% | -9.87% | -24.42% | -35.62% | -29.21% |
| Platinum (PPLT) | -0.29% | -8.85% | -11.91% | -25.44% | -3.87% |
| Broad (DBP) | -0.69% | -6.75% | -11.08% | -12.80% | -3.69% |
| Gold (GLD) | -1.13% | -5.05% | -8.93% | -7.86% | -3.87% |
Cryptocurrency
Digital assets advanced modestly alongside the broader risk-on tone, with Solana (SOLZ) leading the group at 2.18%. Bitcoin (IBIT) and Multi-Coin exposure (NCIQ) each rose 1.34%, while Ethereum (ETHA) added 1.23%. XRP (XRP) lagged the group with a 0.85% gain. Despite the one-day uptick, year-to-date performance across the crypto complex remains sharply negative, with Solana down 32.91% and Bitcoin down 14.92%, indicating the sector remains well below its earlier-year highs even as sentiment improves modestly.
What to Watch Today
Attention turns to Thursday’s economic calendar, which includes Initial Jobless Claims at 8:30 AM ET, Existing Home Sales data for October at 10:00 AM, and the Treasury Statement for October at 2:00 PM, alongside the OPEC Monthly Report released pre-market. Fed’s Hammack is scheduled to speak at 2:00 PM ET, offering potential commentary on policy direction. Earnings will be a key focus, with Nebius, Ondas, and Intuitive Machines reporting before the opening bell and Cisco and Applied Materials reporting after the close, both carrying AI infrastructure spending implications. Bond markets reopen Thursday following the Veterans Day closure, which should restore normal trading activity across fixed income markets.
U.S. equities staged a broad recovery on Wednesday, with the S&P 500 (IVV) gaining 1.29% to claw back a large portion of the prior week’s AI-slowdown-driven selloff. Developed ex-U.S. markets (EFA) advanced a more modest 0.29%, while Emerging Markets (EEM) outpaced developed peers with a 2.43% move, lifted by sharp gains in Taiwan and South Korea. Fixed income was effectively idle, with the Aggregate Bond index (AGG) slipping 0.04% as bond markets were closed for Veterans Day. Broad Commodities (DJP) edged up 0.46%, keeping its year-to-date gain near 28.64%. The standout outlier was South Korea (EWY), which surged 6.20% on the day and now sits up more than 52% year-to-date, reflecting the semiconductor-led rebound sweeping through tech-exposed markets.