Macro Overview
U.S. Size & Style
Growth outperformed value across the cap spectrum on the day, led by Large Growth (IVW) at 1.12% and Mid Growth (IJK) at 1.15%, both benefiting from the semiconductor rebound that lifted technology-heavy growth baskets. Value styles lagged across the board, with Small Value (IJS) down 0.84% and Large Value (IVE) off 0.61%. Despite the growth tilt in daily performance, small caps continue to lead on a year-to-date basis, with (IJR) up 18.33% versus 11.56% for large caps. Large Growth’s RSI of 37 reflects recent technical weakness even after today’s bounce, while mid and small value names show healthier breadth with roughly two-thirds of constituents above their 50-day moving averages.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.61% | 3.79% | 2.66% | 13.69% | 16.18% |
| Large Cap (IVV) | 0.33% | -1.97% | -0.16% | 11.56% | 11.67% |
| Large Growth (IVW) | 1.12% | -6.51% | -2.59% | 9.45% | 7.71% |
| Mid Value (IJJ) | -0.55% | 4.21% | -1.53% | 12.50% | 16.24% |
| Mid Cap (IJH) | 0.28% | 1.01% | -2.30% | 13.21% | 15.70% |
| Mid Growth (IJK) | 1.15% | -2.03% | -3.17% | 13.50% | 14.81% |
| Small Value (IJS) | -0.84% | 2.12% | -3.23% | 18.26% | 22.31% |
| Small Cap (IJR) | -0.30% | 1.83% | -4.26% | 18.33% | 21.04% |
| Small Growth (IJT) | 0.25% | 1.37% | -5.55% | 17.99% | 19.37% |
U.S. Sectors & Industries
Technology (XLK) led all sectors with a 1.31% gain as chipmakers rallied ahead of AMD’s after-hours earnings report, which delivered record revenue of $13.4 billion. Communication Services (XLC) and Industrials (XLI) also advanced over 0.9%, while defensive and value-oriented sectors broadly declined. Consumer Staples (XLP) and Materials (XLB) were the day’s weakest performers, falling 2.07% and 2.01% respectively, pulling back from recent strength as both remain up double digits over the trailing month. Health Care (XLV) carries an overbought RSI of 69 following a 20.34% year-to-date advance, while Technology and Communication Services both show oversold RSI readings near 30-36 despite today’s rebound, underscoring the volatility that has characterized mega-cap growth in recent sessions.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.30% | -1.99% | -0.19% | 11.49% | 11.58% |
| Technology (XLK) | 1.31% | -11.66% | -0.75% | 23.04% | 17.52% |
| Communication Services (XLC) | 1.18% | -8.05% | -8.60% | -13.05% | -9.60% |
| Industrials (XLI) | 0.95% | 0.81% | -6.21% | 11.32% | 12.22% |
| Real Estate (XLRE) | 0.07% | 7.01% | -2.54% | 10.81% | 10.69% |
| Health Care (XLV) | -0.31% | 10.74% | 13.86% | 20.34% | 29.51% |
| Utilities (XLU) | -0.57% | 9.01% | -1.40% | 3.83% | 0.18% |
| Financials (XLF) | -0.64% | 6.92% | 0.02% | 5.69% | 11.38% |
| Consumer Discretionary (XLY) | -0.70% | 6.62% | -0.53% | -1.14% | -2.31% |
| Energy (XLE) | -0.85% | 6.14% | 14.11% | 52.09% | 55.60% |
| Materials (XLB) | -2.01% | 7.63% | 3.57% | 17.45% | 25.75% |
| Consumer Staples (XLP) | -2.07% | 10.46% | 5.51% | 16.72% | 20.77% |
Global Thematic
Digital asset and crypto-adjacent thematic funds dominated the leaderboard, with the CoinShares Bitcoin Mining and Digital Power ETF (WGMI) surging 11.05% and the Roundhill Neocloud ETF (NCLD) gaining 9.77%, tracking strength in underlying cryptocurrency prices and AI infrastructure sentiment. Blockchain and digital transformation funds including (BKCH) and (DAPP) also posted gains exceeding 7%. On the losing side, homebuilder-focused funds struggled, with (ITB) falling 3.56% as the rise in Treasury yields weighed on rate-sensitive housing names. Precious and junior metals miners, including (SGDJ) and (SLVP), also declined more than 2% in sympathy with broader weakness in gold and silver prices.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | 11.05% |
| Roundhill Neocloud ETF (NCLD) | 9.77% |
| Global X Blockchain ETF (BKCH) | 8.53% |
| VanEck Digital Transformation ETF (DAPP) | 7.95% |
| Schwab Crypto Thematic Natural Language Processing ETF (STCE) | 7.14% |
| Laggards | |
| iShares U.S. Home Construction ETF (ITB) | -3.56% |
| State Street SPDR S&P Homebuilders ETF (XHB) | -2.49% |
| Sprott Junior Gold Miners ETF (SGDJ) | -2.37% |
| iShares MSCI Global Silver Miners ETF (SLVP) | -2.34% |
| Global X Gold Explorers ETF (GOEX) | -2.26% |
Developed ex-U.S. & Emerging Markets
Developed international markets were broadly weaker, with the U.K. (EWU) down 1.52% and Switzerland (EWL) off 1.09%, while Australia ('>EWA) and Canada (EWC) each declined more than 1%. Emerging markets diverged sharply, as Indonesia (EIDO) tumbled 3.69% and Taiwan (EWT) fell 2.37% amid reported AI-spending concerns that pressured Asian chip supply-chain names, consistent with the sharp declines seen in Taiwan’s Weighted Index and South Korea’s Kospi overnight. South Korea’s U.S.-listed fund (EWY) bucked that regional trend, rising 2.27% and extending a remarkable 59.49% year-to-date gain despite the underlying Kospi index’s steep overnight slide. China (MCHI) slipped 0.38%, tracking the CSI 300’s modest decline, while India (INDA) was a rare gainer, up 0.52%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.60% | -0.85% | -2.77% | 9.03% | 12.78% |
| Australia (EWA) | -1.19% | 2.68% | -1.09% | 12.61% | 11.77% |
| Canada (EWC) | -1.02% | 2.54% | 0.94% | 12.17% | 20.45% |
| France (EWQ) | -0.47% | 0.73% | -9.51% | -3.20% | -0.68% |
| Germany (EWG) | -0.24% | 1.84% | -3.04% | 0.93% | 4.85% |
| Hong Kong (EWH) | -0.49% | 4.03% | -2.09% | 7.29% | 6.99% |
| Japan (EWJ) | -0.27% | -6.40% | -0.34% | 15.29% | 15.50% |
| Netherlands (EWN) | 0.16% | -5.29% | -4.77% | 13.82% | 14.86% |
| South Korea (EWY) | 2.27% | -19.19% | -3.23% | 59.49% | 57.36% |
| Switzerland (EWL) | -1.09% | 8.58% | 1.80% | 9.15% | 18.74% |
| U.K. (EWU) | -1.52% | 2.43% | -1.93% | 9.10% | 15.01% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -0.02% | -9.71% | -5.01% | 12.24% | 11.94% |
| Brazil (EWZ) | -1.34% | -16.92% | -12.88% | 0.83% | 5.28% |
| China (MCHI) | -0.38% | -3.59% | -11.63% | -17.22% | -20.79% |
| India (INDA) | 0.52% | 4.69% | -2.91% | -9.90% | -10.21% |
| Indonesia (EIDO) | -3.69% | -17.29% | -22.53% | -47.42% | -46.19% |
| Malaysia (EWM) | -0.26% | -0.59% | -4.30% | 0.34% | 7.02% |
| Mexico (EWW) | -1.52% | 5.12% | -2.38% | 9.37% | 16.71% |
| South Africa (EZA) | 0.08% | -0.33% | -2.10% | -6.52% | 6.41% |
| Taiwan (EWT) | -2.37% | -15.52% | 0.30% | 54.68% | 53.66% |
| Thailand (THD) | -0.97% | -5.70% | -7.42% | 15.84% | 16.17% |
Fixed Income
Rates-sensitive fixed income broadly declined as stronger JOLTs and factory orders data pushed Treasury yields higher across the curve. Long-duration Treasuries bore the brunt of the move, with (SPTL) down 0.64% and (BLV) off 0.42%, while shorter-duration instruments like (BSV) and (SPTS) held closer to flat. Credit-sensitive segments showed more resilience, with Bank Loans (BKLN) gaining 0.25% and High Yield (HYG) up 0.12%, decoupling from the rate-driven selloff in government debt. Convertibles (CWB) advanced 0.72%, tracking the equity rally in growth and technology names. Municipal debt was largely insulated, with (MUB) unchanged on the day.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.07% | 1.07% | 0.22% | 0.75% | 1.54% |
| Core Enhanced (IUSB) | -0.16% | 2.07% | -0.39% | -0.50% | 0.02% |
| Core (AGG) | -0.23% | 2.16% | -0.31% | -0.64% | -0.19% |
| Long-Term (BLV) | -0.42% | 4.08% | -0.62% | -2.99% | -3.81% |
| Government | |||||
| Ultrashort (BIL) | 0.01% | 0.33% | 0.93% | 3.05% | 3.68% |
| Short-Term (SPTS) | -0.03% | 0.79% | 0.53% | 1.37% | 2.16% |
| Intermediate (SPTI) | -0.22% | 2.01% | -0.35% | -0.95% | -0.40% |
| Inflation Protected (TIP) | -0.28% | 2.07% | -0.56% | -0.01% | -0.34% |
| Long-Term (SPTL) | -0.64% | 4.77% | -0.03% | -2.94% | -4.38% |
| Specialty | |||||
| Convertible (CWB) | 0.72% | -8.02% | -8.91% | 6.45% | 2.13% |
| Bank Loans (BKLN) | 0.25% | 0.33% | 1.69% | 2.56% | 4.15% |
| High Yield (HYG) | 0.12% | 0.61% | -1.46% | 0.32% | 1.89% |
| Preferred Stock (PFF) | 0.05% | -3.75% | -6.12% | -4.38% | -3.82% |
| Corporate (SPIB) | -0.06% | 1.44% | -0.48% | -0.13% | 0.84% |
| Mortgage Backed (MBB) | -0.22% | 2.98% | -0.14% | -0.33% | 0.51% |
| International & EM | |||||
| International USD (BNDX) | -0.13% | 1.17% | -0.40% | 0.21% | -0.41% |
| Emerging USD (EMB) | -0.28% | 1.98% | -2.08% | -0.67% | 0.44% |
| Emerging Local (EMLC) | -0.33% | -0.12% | -2.06% | -0.17% | 2.66% |
| International Local (IGOV) | -0.45% | 1.00% | -2.50% | -3.48% | -3.02% |
| Municipals | |||||
| Short-Term (SUB) | 0.09% | 1.55% | 0.62% | 1.43% | 2.29% |
| Intermediate (MUB) | 0.00% | 3.19% | -0.65% | -0.35% | 0.23% |
| Long-Term (MLN) | -0.15% | 4.21% | -1.76% | -0.72% | -0.99% |
| High Yield (HYD) | -0.65% | 2.58% | -1.01% | -0.52% | 0.58% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Broad commodity exposure declined as precious and industrial metals sold off sharply, with Palladium (PALL) falling 2.98% and Copper (CPER) down 2.18%. Gold (GLD) slipped 0.66% and Silver (SLV) declined 1.60%, extending a difficult trailing month that has seen both metals fall more than 5% and 18%, respectively. Energy was the lone bright spot, with WTI Crude (USO) gaining 0.83% and Natural Gas (UNG) up 1.44%, with crude benchmarks maintaining triple-digit year-to-date gains. Agricultural commodities also softened, led by Sugar (CANE), which fell 3.49% on the day.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.74% | -4.00% | 6.04% | 31.59% | 34.19% |
| Agriculture | |||||
| Soybeans (SOYB) | -0.23% | -5.40% | 2.02% | 17.80% | 9.71% |
| Corn (CORN) | -0.98% | -8.81% | -4.13% | -3.05% | -4.34% |
| Broad (DBA) | -1.04% | -5.99% | -4.57% | 3.92% | 2.05% |
| Wheat (WEAT) | -1.57% | -11.39% | -9.60% | 9.81% | 1.29% |
| Sugar (CANE) | -3.49% | -6.43% | 12.40% | 13.38% | 17.41% |
| Energy | |||||
| Natural Gas (UNG) | 1.44% | -12.80% | -9.69% | -25.53% | -33.65% |
| Broad (DBE) | 0.92% | 3.82% | 29.02% | 120.96% | 108.17% |
| WTI Crude (USO) | 0.83% | 7.33% | 29.52% | 128.70% | 117.45% |
| Brent Crude (BNO) | 0.24% | 4.77% | 38.22% | 133.44% | 122.82% |
| Industrial Metals | |||||
| Broad (DBB) | -1.79% | -1.08% | -2.26% | 7.32% | 15.36% |
| Copper (CPER) | -2.18% | -2.56% | -2.85% | 10.15% | 23.11% |
| Precious Metals | |||||
| Gold (GLD) | -0.66% | -5.49% | -3.35% | -9.35% | -2.58% |
| Broad (DBP) | -0.90% | -8.04% | -6.11% | -15.12% | -2.83% |
| Silver (SLV) | -1.60% | -18.09% | -14.53% | -30.39% | 2.47% |
| Platinum (PPLT) | -1.91% | -16.92% | -13.14% | -31.23% | -9.86% |
| Palladium (PALL) | -2.98% | -20.28% | -25.80% | -41.74% | -35.34% |
Cryptocurrency
Crypto-linked funds advanced broadly, with XRP exposure (XRP) leading gains at 2.81% and Solana (SOLZ) up 2.31%. Ethereum exposure (ETHA) gained 2.05% and Bitcoin (IBIT) rose 1.61%, though both remain down double digits on a year-to-date basis, at -23.05% and -11.28% respectively. The one-day strength contrasts with a difficult trailing month for the asset class, as multi-coin exposure (NCIQ) is down 7.84% over that period despite today’s 1.68% gain. The rebound in digital assets coincided with the broader bounce in risk appetite that also lifted semiconductor and technology shares during the session.
What to Watch Today
Wednesday brings a dense macro calendar, led by the ADP Employment Change report for October at 8:15 AM ET, followed by the U.S. International Trade in Goods and Services data and Treasury’s quarterly refunding announcement at 8:30 AM ET. The ISM Services PMI for October is due at 10:00 AM ET, with the prior reading at 54.9, alongside weekly EIA Crude Oil Inventory data at 10:30 AM ET. No Federal Reserve speakers are scheduled for Wednesday, with the next appearances from Hammack, Musalem, and Bowman set for Thursday. Notable after-market earnings include Amgen, Arista Networks, and Booking Holdings, while Itaú Unibanco reports ahead of the open.
U.S. large caps advanced modestly on Election Day, with the S&P 500 (IVV) adding 0.33% as semiconductor strength offset weakness elsewhere, though the fund remains down nearly 2% over the trailing month. Developed ex-U.S. equities lagged, with the MSCI EAFE proxy (EFA) slipping 0.60% as European and Asian markets broadly retreated. Emerging markets were essentially flat, with (EEM) off just 0.02%, masking sharp divergence underneath as Taiwan and Indonesia fell sharply while South Korea jumped. Fixed income softened broadly as the Core Aggregate (AGG) declined 0.23% after stronger-than-expected JOLTs and factory orders data pushed Treasury yields higher. Broad commodities (DJP) fell 0.74%, with industrial metals and precious metals the standout laggards even as the index remains up more than 31% year-to-date.