Macro Overview
U.S. Size & Style
U.S. size and style performance was uneven, with large-cap growth outperforming while smaller-cap segments broadly lagged. Large Growth (IVW) rose 0.55% and carries an RSI of 55, the strongest reading among the size/style cohort, while Large Value (IVE) fell 0.45%. Small-cap indexes showed the most technical stress, with Small Cap (IJR) and Small Growth (IJT) both registering an oversold RSI of 28, alongside declines of 0.43% and 0.24% respectively on the day. Mid Value (IJJ) also sits near oversold territory with an RSI of 31 after a 0.64% daily decline and a 4.70% one-month drawdown. Breadth remains thin across the smaller-cap tiers, with less than a quarter of constituents trading above their 50-day moving averages in Small Value (IJS) and Small Cap (IJR), underscoring the divergence with large-cap growth leadership.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.45% | -1.64% | 2.84% | 10.62% | 15.42% |
| Large Cap (IVV) | 0.11% | -0.50% | 2.27% | 12.59% | 16.61% |
| Large Growth (IVW) | 0.55% | 0.42% | 1.67% | 13.99% | 17.26% |
| Mid Value (IJJ) | -0.64% | -4.70% | -1.88% | 8.72% | 9.57% |
| Mid Cap (IJH) | -0.31% | -5.22% | -3.40% | 11.45% | 11.77% |
| Mid Growth (IJK) | -0.05% | -5.77% | -4.89% | 13.79% | 13.61% |
| Small Value (IJS) | -0.67% | -4.51% | -1.06% | 16.66% | 18.80% |
| Small Cap (IJR) | -0.43% | -5.61% | -2.66% | 16.53% | 16.64% |
| Small Growth (IJT) | -0.24% | -6.73% | -4.31% | 16.08% | 14.41% |
U.S. Sectors & Industries
Technology (XLK) was the lone S&P 500 sector advancer of note, gaining 0.82% and holding an RSI of 58 with 58% of constituents above their 50-day moving average, consistent with its 32.01% year-to-date advance. Industrials (XLI) added 0.44% despite a weak technical backdrop, with only 8% of names above their 50-day average following a 7.53% one-month decline. On the downside, Utilities (XLU) and Materials (XLB) each fell 1.42%, with Utilities showing an oversold RSI of 31 and just 3% of constituents above their 50-day moving average. Communication Services (XLC) dropped 1.37%, extending a year-to-date loss of 5.32%. Real Estate (XLRE) also registered a soft session, down 0.95%, with an RSI of 31 reflecting persistent technical weakness amid the higher-yield backdrop.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.13% | -0.50% | 2.25% | 12.57% | 16.57% |
| Technology (XLK) | 0.82% | 2.14% | -0.84% | 32.01% | 38.04% |
| Industrials (XLI) | 0.44% | -7.53% | -5.94% | 10.00% | 12.55% |
| Financials (XLF) | -0.04% | -3.42% | 4.64% | 2.87% | 4.79% |
| Health Care (XLV) | -0.25% | -0.79% | 13.20% | 9.70% | 24.62% |
| Energy (XLE) | -0.26% | 0.99% | 20.45% | 45.80% | 47.80% |
| Consumer Discretionary (XLY) | -0.32% | -4.58% | -5.04% | -6.65% | -6.94% |
| Consumer Staples (XLP) | -0.83% | -3.25% | 0.09% | 7.94% | 7.00% |
| Real Estate (XLRE) | -0.95% | -4.71% | -2.19% | 7.02% | 4.58% |
| Communication Services (XLC) | -1.37% | 0.30% | 1.51% | -5.32% | -5.65% |
| Materials (XLB) | -1.42% | -3.46% | -3.15% | 11.13% | 12.02% |
| Utilities (XLU) | -1.42% | -6.63% | -7.59% | -2.44% | 0.08% |
Global Thematic
Thematic performance was dominated by digital-asset-linked funds, with the SkyBridge Crypto Industry & Digital Economy ETF (CRPT) leading all thematic products at 11.89%, followed by the Global X Blockchain ETF (BKCH) up 8.86%. Several other crypto-industry funds, including (STCE), (BITQ) and (DAPP), posted gains exceeding 8%, tracking the day’s sharp rally in Bitcoin. On the opposite end, defense-themed and nuclear/uranium funds struggled, with the Defiance Drone and Modern Warfare ETF (JEDI) down 2.71% and the Global X Uranium ETF (URA) down 2.41%. The dispersion between crypto-linked leaders and commodity/defense-themed laggards illustrates the concentrated nature of Friday’s thematic flows.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | 11.89% |
| Global X Blockchain ETF (BKCH) | 8.86% |
| Schwab Crypto Thematic Natural Language Processing ETF (STCE) | 8.29% |
| Bitwise Crypto Industry Innovators ETF (BITQ) | 8.26% |
| VanEck Digital Transformation ETF (DAPP) | 8.17% |
| Laggards | |
| Defiance Drone and Modern Warfare ETF (JEDI) | -2.71% |
| ALERIAN MLP INDEX ETNS DUE JANUARY 28, 2044 (AMJB) | -2.62% |
| VanEck Uranium and Nuclear ETF (NLR) | -2.60% |
| Global X Uranium ETF (URA) | -2.41% |
| ALPS Medical Breakthroughs ETF (SBIO) | -2.40% |
Developed ex-U.S. & Emerging Markets
Developed international markets were broadly weaker, with (EFA) down 1.01%, led lower by France (EWQ) at -1.58%, the U.K. (EWU) at -1.42%, and Germany (EWG) at -1.26%. Australia (EWA) also declined 1.30%, while the Netherlands (EWN) was the sole gainer among developed markets, up 0.42%. Emerging markets were mixed but comparatively resilient, with Taiwan (EWT) rising 0.90% and China (MCHI) adding 0.76%, even as China remains down 11.07% year-to-date. Indonesia (EIDO) was the weakest performer in the group, falling 2.04% and extending a steep 32.12% year-to-date decline, while South Korea (EWY) slipped 0.59% despite an outsized 86.49% year-to-date gain.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -1.01% | -2.14% | 0.54% | 11.03% | 16.28% |
| Australia (EWA) | -1.30% | -2.90% | 0.67% | 11.33% | 10.29% |
| Canada (EWC) | -0.31% | -2.21% | 4.06% | 12.19% | 21.65% |
| France (EWQ) | -1.58% | -6.50% | -4.58% | -0.54% | 2.59% |
| Germany (EWG) | -1.26% | -3.50% | 1.52% | 1.15% | 3.71% |
| Hong Kong (EWH) | -0.31% | 0.09% | 5.50% | 7.34% | 9.07% |
| Japan (EWJ) | -0.93% | 1.71% | 0.77% | 20.78% | 24.20% |
| Netherlands (EWN) | 0.42% | -4.29% | -5.41% | 18.63% | 23.31% |
| South Korea (EWY) | -0.59% | 6.62% | -17.29% | 86.49% | 129.64% |
| Switzerland (EWL) | -0.50% | -4.56% | -2.10% | 1.90% | 10.67% |
| U.K. (EWU) | -1.42% | -1.85% | 3.98% | 9.03% | 17.34% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.18% | 2.59% | -5.31% | 23.13% | 28.62% |
| Brazil (EWZ) | -0.58% | 11.34% | 11.24% | 19.23% | 27.32% |
| China (MCHI) | 0.76% | -3.33% | 0.57% | -11.07% | -16.48% |
| India (INDA) | 0.02% | -2.75% | -3.15% | -11.16% | -10.64% |
| Indonesia (EIDO) | -2.04% | -0.72% | 0.32% | -32.12% | -27.67% |
| Malaysia (EWM) | -0.69% | -3.23% | -0.80% | 1.84% | 10.57% |
| Mexico (EWW) | -1.28% | -1.50% | -5.16% | 7.33% | 15.03% |
| South Africa (EZA) | -0.29% | 2.07% | 2.62% | 1.66% | 20.01% |
| Taiwan (EWT) | 0.90% | 6.95% | 1.50% | 75.73% | 83.13% |
| Thailand (THD) | -0.41% | -1.62% | -0.07% | 23.93% | 23.40% |
Fixed Income
Fixed income broadly softened as the 10-year Treasury yield returned to 5.00% intraday, pressuring longer-duration exposures. Long-Term Treasuries (BLV) fell 0.66% and (SPTL) declined 0.68%, both extending negative year-to-date returns of roughly 3-4%. The core Aggregate Bond index (AGG) dropped 0.38%, while shorter-duration instruments such as (BSV) and Ultrashort Treasuries (BIL) showed far smaller moves, down 0.16% and up 0.02% respectively, reflecting reduced rate sensitivity. Credit-sensitive segments held up better, with High Yield (HYG) off just 0.24% and Bank Loans (BKLN) down only 0.10%. Municipal bonds were comparatively stable as well, with High Yield Munis (HYD) nearly flat at -0.04%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.16% | -0.92% | -0.42% | -0.09% | 1.05% |
| Core Enhanced (IUSB) | -0.36% | -1.09% | -1.85% | -1.05% | -0.04% |
| Core (AGG) | -0.38% | -1.08% | -1.97% | -1.32% | -0.43% |
| Long-Term (BLV) | -0.66% | -0.26% | -4.50% | -3.20% | -3.62% |
| Government | |||||
| Ultrashort (BIL) | 0.02% | 0.30% | 0.88% | 2.56% | 3.68% |
| Short-Term (SPTS) | -0.14% | -0.61% | -0.03% | 0.49% | 1.69% |
| Intermediate (SPTI) | -0.33% | -1.73% | -1.79% | -2.05% | -1.19% |
| Inflation Protected (TIP) | -0.42% | -1.64% | -2.11% | -0.95% | -1.27% |
| Long-Term (SPTL) | -0.68% | -0.47% | -4.79% | -3.76% | -4.04% |
| Specialty | |||||
| Convertible (CWB) | 0.13% | -2.49% | -7.63% | 15.22% | 14.71% |
| Bank Loans (BKLN) | -0.10% | 1.14% | 2.59% | 2.55% | 4.72% |
| Corporate (SPIB) | -0.24% | -1.06% | -1.14% | -0.57% | 0.51% |
| High Yield (HYG) | -0.24% | -0.71% | -0.37% | 1.36% | 2.56% |
| Preferred Stock (PFF) | -0.43% | -1.00% | -2.57% | 0.28% | -1.46% |
| Mortgage Backed (MBB) | -0.57% | -1.56% | -2.32% | -1.36% | 0.25% |
| International & EM | |||||
| International Local (IGOV) | -0.07% | -1.40% | -1.63% | -2.71% | -3.69% |
| International USD (BNDX) | -0.13% | -0.88% | -1.97% | -0.79% | -0.36% |
| Emerging Local (EMLC) | -0.20% | -1.06% | 0.05% | 1.69% | 4.68% |
| Emerging USD (EMB) | -0.30% | -0.90% | -2.21% | 0.41% | 3.35% |
| Municipals | |||||
| High Yield (HYD) | -0.04% | -1.92% | -3.75% | -1.33% | 0.44% |
| Short-Term (SUB) | -0.15% | -0.73% | -0.57% | 0.36% | 0.84% |
| Intermediate (MUB) | -0.27% | -2.09% | -3.36% | -1.87% | -0.33% |
| Long-Term (MLN) | -0.27% | -3.29% | -4.45% | -2.26% | -0.85% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Broad commodities (DJP) declined 0.45%, driven by weakness in energy as Crude Oil futures fell 1.81% to $95.47 and WTI-linked (USO) dropped 0.96%, though the fund remains up 122.41% year-to-date. Agricultural commodities were also softer, with Wheat (WEAT) down 1.45% and Soybeans (SOYB) down 1.04%. Precious and industrial metals moved in the opposite direction, with Palladium (PALL) gaining 1.94%, Silver (SLV) up 1.63% on a 2.34% rise in silver futures to $67.64/oz, and Copper (CPER) rising 1.44%. Gold (GLD) advanced 0.71% as spot gold gained 0.49% to $4,421.30/oz, a move consistent with the mixed risk backdrop of the session.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.45% | 6.70% | 17.09% | 40.12% | 51.22% |
| Agriculture | |||||
| Sugar (CANE) | -0.27% | -1.16% | 18.18% | 13.28% | 6.76% |
| Corn (CORN) | -0.66% | 6.95% | 16.22% | 11.11% | 11.05% |
| Broad (DBA) | -0.95% | 0.43% | 5.71% | 10.31% | 7.68% |
| Soybeans (SOYB) | -1.04% | 7.29% | 14.05% | 26.62% | 24.85% |
| Wheat (WEAT) | -1.45% | 4.65% | 12.73% | 29.49% | 22.56% |
| Energy | |||||
| Natural Gas (UNG) | 0.77% | 3.07% | -11.33% | -15.09% | -17.84% |
| Brent Crude (BNO) | -0.56% | 16.23% | 38.04% | 113.88% | 99.24% |
| Broad (DBE) | -0.62% | 14.15% | 35.11% | 112.54% | 101.18% |
| WTI Crude (USO) | -0.96% | 17.73% | 33.91% | 122.41% | 105.94% |
| Industrial Metals | |||||
| Copper (CPER) | 1.44% | 2.68% | 3.53% | 15.07% | 41.95% |
| Broad (DBB) | 0.89% | 3.47% | 2.53% | 13.08% | 31.83% |
| Precious Metals | |||||
| Palladium (PALL) | 1.94% | 1.33% | 1.98% | -18.52% | 12.29% |
| Silver (SLV) | 1.63% | 4.33% | 0.71% | -6.97% | 57.75% |
| Platinum (PPLT) | 1.56% | 4.82% | 6.12% | -12.51% | 29.29% |
| Broad (DBP) | 0.86% | 1.37% | 3.06% | -1.43% | 24.56% |
| Gold (GLD) | 0.71% | 0.66% | 3.63% | 1.23% | 19.53% |
Cryptocurrency
Cryptocurrency-linked products staged the day’s most pronounced advance, with Solana exposure (SOLZ) leading at 13.43%, followed by XRP (XRP) up 9.19% and Ethereum-linked (ETHA) up 7.85%. Bitcoin exposure (IBIT) gained 6.28% as Bitcoin traded near $81,174, tracking a broader rally that also lifted crypto-adjacent equities including Coinbase, Robinhood and Strategy. Despite the one-day surge, most crypto products remain in negative territory for the year, with (ETHA) down 11.19% year-to-date and (XRP) down 23.00%. The one-month trend has turned sharply higher across the group, however, with Solana up 47.89% and XRP up 41.20% over that period, suggesting the Friday move extended a building recovery rather than a standalone event.
What to Watch Today
The next trading session brings a light domestic economic calendar, with the Chicago Fed National Activity Index for August due at 8:30 AM ET Monday. Federal Reserve Bank of Chicago President Austan Goolsbee is scheduled to speak at an OMFIF event in London around 6:30 AM ET. Overseas, Monday marks a Japanese market holiday, while China’s Loan Prime Rate decision for September is due, and ECB officials Lagarde and Cipollone along with Bank of Canada’s Macklem are slated to speak. After the close, ABVX is scheduled to report earnings, with Treasury auction activity, including a $78B 2-year note sale, set for later in the week.
U.S. equities closed a quad-witching Friday on mixed footing, with the S&P 500 (IVV) adding 0.11% while heavy options and futures expiration drove elevated volume and late-session volatility. Developed ex-U.S. markets underperformed, as the MSCI EAFE proxy (EFA) fell 1.01%, pressured by broad declines across France, Germany and the U.K. Emerging markets bucked the trend, with (EEM) edging up 0.18%, aided by gains in China and Taiwan. Fixed income slipped as the Aggregate Bond benchmark (AGG) declined 0.38% amid the 10-year Treasury yield’s move back to 5.00%, while broad commodities (DJP) fell 0.45% on a pullback in crude oil. The clear outlier of the day was digital assets, with Bitcoin-linked products jumping over 6% as Bitcoin traded near $81,174, a move that stood in sharp contrast to the modest single-day changes across traditional equity and bond benchmarks.