Macro Overview
U.S. Size & Style
Value led growth decisively across the cap spectrum as the election outcome favored a broad risk-on rotation away from richly valued technology names. Large Value (IVE) gained 2.09% versus a 1.27% advance for Large Growth (IVW), with IVE’s RSI of 69 approaching overbought territory and 76% of its constituents trading above their 50-day moving average. Small and mid value also outperformed their growth counterparts, with Small Value (IJS) up 1.68% and Mid Value (IJJ) up 1.33%, both carrying RSIs in the high 60s. Mid Growth (IJK) was essentially flat on the day, a marked contrast to the value cohort. The pattern suggests investors rotated toward cyclically sensitive, reasonably valued segments of the market following the political outcome.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 2.09% | 5.96% | 3.65% | 16.06% | 18.97% |
| Large Cap (IVV) | 1.62% | -0.38% | -0.31% | 13.37% | 14.80% |
| Large Growth (IVW) | 1.27% | -5.32% | -3.64% | 10.84% | 11.04% |
| Mid Value (IJJ) | 1.33% | 5.60% | -1.58% | 14.00% | 18.71% |
| Mid Cap (IJH) | 0.62% | 1.64% | -3.43% | 13.91% | 17.43% |
| Mid Growth (IJK) | -0.01% | -2.04% | -5.32% | 13.49% | 15.86% |
| Small Value (IJS) | 1.68% | 3.83% | -3.07% | 20.25% | 25.96% |
| Small Cap (IJR) | 1.33% | 3.18% | -4.63% | 19.91% | 24.17% |
| Small Growth (IJT) | 0.99% | 2.37% | -6.36% | 19.15% | 22.12% |
U.S. Sectors & Industries
Breadth was strong, with nine of eleven sectors advancing and gains led by Consumer Discretionary (XLY), up 4.26% and now carrying an RSI of 73, signaling overbought conditions alongside 91% of constituents above their 50-day average. Financials (XLF) rose 3.51% with an RSI of 71, while Health Care (XLV) climbed 3.06%, pushing its RSI to 77 and its one-year return to 32.88%. Technology (XLK) was the lone sector roughly unchanged, closing essentially flat with an RSI of 36 and just 35% of members above their 50-day moving average, reflecting continued pressure on AI-infrastructure and semiconductor names. Energy (XLE) was the clear laggard, falling 4.74% on the day as crude prices tumbled, though the sector retains a 44.88% year-to-date gain and the best one-year return of any sector at 49.84%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 1.65% | -0.37% | -0.34% | 13.33% | 14.78% |
| Consumer Discretionary (XLY) | 4.26% | 11.17% | 3.64% | 3.08% | 3.57% |
| Financials (XLF) | 3.51% | 10.67% | 2.64% | 9.40% | 14.70% |
| Communication Services (XLC) | 3.47% | -4.86% | -6.02% | -10.03% | -5.82% |
| Consumer Staples (XLP) | 3.36% | 14.17% | 8.41% | 20.64% | 24.32% |
| Real Estate (XLRE) | 3.32% | 10.56% | 0.72% | 14.49% | 14.06% |
| Health Care (XLV) | 3.06% | 14.13% | 17.45% | 24.03% | 32.88% |
| Materials (XLB) | 2.49% | 10.32% | 4.13% | 20.37% | 29.53% |
| Utilities (XLU) | 0.44% | 9.49% | -0.40% | 4.28% | 0.98% |
| Technology (XLK) | -0.01% | -11.67% | -5.46% | 23.03% | 20.70% |
| Industrials (XLI) | -1.09% | -0.29% | -8.84% | 10.11% | 12.30% |
| Energy (XLE) | -4.74% | 1.11% | 9.20% | 44.88% | 49.84% |
Global Thematic
Precious metals miners dominated the thematic leaderboard, with the iShares MSCI Global Silver Miners ETF (SLVP) up 10.15% and the VanEck Junior Gold Miners ETF (GDXJ) up 9.62%, tracking a broad rally in underlying metals. On the other end, AI-infrastructure and neocloud themes extended recent weakness, with the Tortoise AI Infrastructure ETF (TCAI) down 9.21% and the Roundhill Neocloud ETF (NCLD) down 9.10%, consistent with the pullback in chip and data-center names noted across the broader tape. The CoinShares Bitcoin Mining and Digital Power ETF (WGMI) also declined 8.59%, reflecting pressure on crypto-adjacent infrastructure plays. The divergence between metals miners and AI-linked thematic funds highlights a rotation in risk appetite within the thematic space on the day.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| iShares MSCI Global Silver Miners ETF (SLVP) | 10.15% |
| Sprott Silver Miners & Physical Silver ETF Silver Miners ETF (SLVR) | 9.72% |
| VanEck Junior Gold Miners ETF (GDXJ) | 9.62% |
| iShares MSCI Global Gold Miners ETF (RING) | 9.61% |
| Global X Silver Miners ETF (SIL) | 9.60% |
| Laggards | |
| Tortoise AI Infrastructure ETF (TCAI) | -9.21% |
| Roundhill Neocloud ETF (NCLD) | -9.10% |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | -8.59% |
| Tuttle Capital Pure Play Photonics ETF (FOTO) | -6.68% |
| Defiance AI & Power Infrastructure ETF (AIPO) | -6.33% |
Developed ex-U.S. & Emerging Markets
Developed markets outperformed broadly, led by Hong Kong (EWH) up 4.32% and Germany (EWG) up 3.42%, with most European and Pacific markets posting gains above 2.5%. Within emerging markets, China (MCHI) led with a 4.37% advance, though it remains down 13.60% year-to-date. South Korea (EWY) and Taiwan (EWT) were the notable outliers, falling 1.90% and 1.21% respectively despite still holding outsized one-year gains of 62.47% and 55.21%, reflecting a sharp recent pullback tied to the broader semiconductor-sector weakness. Indonesia (EIDO) continues to stand out as the weakest emerging market on a trailing basis, down 46.38% year-to-date. The divergence between developed market strength and mixed emerging market performance underscores the sector-specific nature of today’s rotation.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 2.56% | 1.69% | -1.49% | 11.82% | 16.86% |
| Australia (EWA) | 2.68% | 5.44% | -0.86% | 15.63% | 16.63% |
| Canada (EWC) | 2.71% | 5.31% | 3.07% | 15.20% | 26.08% |
| France (EWQ) | 3.10% | 3.86% | -7.72% | -0.19% | 3.44% |
| Germany (EWG) | 3.42% | 5.33% | -0.78% | 4.39% | 9.98% |
| Hong Kong (EWH) | 4.32% | 8.53% | 2.14% | 11.93% | 12.33% |
| Japan (EWJ) | 1.37% | -5.12% | -0.79% | 16.87% | 18.23% |
| Netherlands (EWN) | 1.84% | -3.55% | -5.21% | 15.91% | 18.70% |
| South Korea (EWY) | -1.90% | -20.72% | -11.11% | 56.47% | 62.47% |
| Switzerland (EWL) | 3.50% | 12.38% | 4.41% | 12.97% | 23.02% |
| U.K. (EWU) | 3.45% | 5.95% | 1.22% | 12.86% | 19.96% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.85% | -8.94% | -6.64% | 13.20% | 15.00% |
| Brazil (EWZ) | 1.64% | -15.55% | -10.64% | 2.48% | 8.17% |
| China (MCHI) | 4.37% | 0.62% | -8.08% | -13.60% | -16.25% |
| India (INDA) | 2.73% | 7.55% | -0.99% | -7.44% | -7.39% |
| Indonesia (EIDO) | 1.97% | -15.67% | -22.56% | -46.38% | -44.86% |
| Malaysia (EWM) | 1.08% | 0.48% | -4.26% | 1.43% | 8.51% |
| Mexico (EWW) | 2.17% | 7.40% | -0.92% | 11.74% | 20.29% |
| South Africa (EZA) | 4.10% | 3.75% | -0.61% | -2.69% | 14.95% |
| Taiwan (EWT) | -1.21% | -16.55% | -5.02% | 52.81% | 55.21% |
| Thailand (THD) | 1.48% | -4.30% | -6.61% | 17.55% | 19.93% |
Fixed Income
Fixed income markets rallied modestly as Treasury yields declined alongside the election outcome, with Long-Term Treasuries (BLV) gaining 0.93% and the SPDR long-duration proxy (SPTL) up 0.73%. Preferred Stock (PFF) was a standout within credit, rising 1.57% on the day despite remaining down 2.88% year-to-date. High Yield (HYG) added 0.70% and Emerging Market USD debt (EMB) gained 1.01%, both benefiting from the broader risk-on tone. Shorter-duration instruments such as Ultrashort Treasuries (BIL) were effectively unchanged, consistent with the move being concentrated further out on the curve following the Treasury’s quarterly refunding announcement.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.93% | 5.04% | -0.46% | -2.09% | -3.15% |
| Core Enhanced (IUSB) | 0.47% | 2.55% | -0.34% | -0.03% | 0.42% |
| Core (AGG) | 0.46% | 2.62% | -0.26% | -0.18% | 0.22% |
| Short-Term (BSV) | 0.16% | 1.23% | 0.19% | 0.90% | 1.66% |
| Government | |||||
| Long-Term (SPTL) | 0.73% | 5.53% | -0.14% | -2.24% | -3.86% |
| Intermediate (SPTI) | 0.29% | 2.30% | -0.41% | -0.67% | -0.18% |
| Short-Term (SPTS) | 0.07% | 0.86% | 0.53% | 1.44% | 2.19% |
| Ultrashort (BIL) | 0.00% | 0.33% | 0.93% | 3.05% | 3.67% |
| Inflation Protected (TIP) | 0.00% | 2.07% | -0.74% | -0.01% | -0.39% |
| Specialty | |||||
| Preferred Stock (PFF) | 1.57% | -2.24% | -4.99% | -2.88% | -1.93% |
| High Yield (HYG) | 0.70% | 1.32% | -1.07% | 1.03% | 2.59% |
| Bank Loans (BKLN) | 0.64% | 0.97% | 2.24% | 3.21% | 4.76% |
| Mortgage Backed (MBB) | 0.48% | 3.47% | -0.28% | 0.15% | 0.84% |
| Corporate (SPIB) | 0.43% | 1.87% | -0.38% | 0.30% | 1.18% |
| Convertible (CWB) | 0.03% | -7.99% | -10.66% | 6.48% | 4.16% |
| International & EM | |||||
| Emerging USD (EMB) | 1.01% | 3.00% | -1.58% | 0.33% | 1.56% |
| Emerging Local (EMLC) | 0.94% | 0.82% | -1.68% | 0.77% | 4.12% |
| International Local (IGOV) | 0.80% | 1.81% | -2.05% | -2.71% | -1.94% |
| International USD (BNDX) | 0.42% | 1.60% | -0.25% | 0.64% | 0.10% |
| Municipals | |||||
| High Yield (HYD) | 0.78% | 3.37% | -0.62% | 0.25% | 1.34% |
| Long-Term (MLN) | 0.45% | 4.67% | -1.89% | -0.27% | -0.32% |
| Intermediate (MUB) | 0.44% | 3.65% | -0.51% | 0.09% | 0.52% |
| Short-Term (SUB) | 0.04% | 1.58% | 0.56% | 1.47% | 2.29% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities were mixed, with the broad complex (DJP) down 2.22% as energy weakness offset gains in precious metals. WTI Crude (USO) fell 8.07% and Brent Crude (BNO) dropped 8.64%, though both retain triple-digit one-year gains above 100%. Precious metals moved sharply higher in contrast, with Palladium (PALL) up 7.85%, Platinum (PPLT) up 5.62%, and Silver (SLV) up 5.17%, though each remains down meaningfully on a trailing one-month basis. Gold (GLD) gained 3.68% on the day. The split between a sharply lower energy complex and a rebounding precious metals group was the defining feature of the commodity session.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -2.22% | -6.13% | 5.42% | 28.66% | 32.58% |
| Agriculture | |||||
| Corn (CORN) | 1.22% | -7.69% | -1.97% | -1.86% | -2.63% |
| Sugar (CANE) | 0.36% | -6.09% | 12.01% | 13.79% | 20.72% |
| Wheat (WEAT) | 0.27% | -11.15% | -7.84% | 10.12% | 1.10% |
| Broad (DBA) | -0.26% | -6.24% | -4.37% | 3.64% | 2.81% |
| Soybeans (SOYB) | -0.70% | -6.06% | 2.08% | 16.97% | 10.31% |
| Energy | |||||
| Natural Gas (UNG) | 1.53% | -11.46% | -5.12% | -24.39% | -33.45% |
| Broad (DBE) | -7.13% | -3.58% | 25.18% | 105.21% | 93.55% |
| WTI Crude (USO) | -8.07% | -1.33% | 25.59% | 110.25% | 102.15% |
| Brent Crude (BNO) | -8.64% | -4.28% | 33.27% | 113.28% | 105.58% |
| Industrial Metals | |||||
| Broad (DBB) | 0.77% | -0.32% | -1.90% | 8.15% | 17.87% |
| Copper (CPER) | 0.21% | -2.35% | -3.86% | 10.38% | 26.40% |
| Precious Metals | |||||
| Palladium (PALL) | 7.85% | -14.02% | -25.43% | -37.16% | -28.12% |
| Platinum (PPLT) | 5.62% | -12.25% | -13.98% | -27.37% | -3.09% |
| Silver (SLV) | 5.17% | -13.85% | -12.41% | -26.79% | 10.34% |
| Broad (DBP) | 3.95% | -4.40% | -3.75% | -11.76% | 2.80% |
| Gold (GLD) | 3.68% | -2.01% | -0.45% | -6.01% | 2.81% |
Cryptocurrency
Digital assets advanced broadly, led by Ethereum (ETHA), up 5.72% on the day and now up 28.95% over three months despite an 18.65% year-to-date decline. Bitcoin (IBIT) gained 2.91%, while the Multi-Coin basket (NCIQ) rose 2.88%. XRP (XRP) and Solana (SOLZ) posted smaller gains of 1.96% and 1.26% respectively, trailing the broader crypto rally. All five tracked crypto products remain negative on a year-to-date basis, reflecting the sharper pullback earlier in the year that has yet to fully reverse despite recent three-month strength.
What to Watch Today
Thursday’s calendar includes weekly Initial Jobless Claims and the Challenger Job-Cut Report at 8:30 AM ET, alongside Nonfarm Productivity and Unit Labor Costs data for the third quarter. The Federal Reserve’s H.4.1 balance sheet release is also scheduled, providing an updated read on reserve balances. Treasury bill settlements are due Thursday, including a 13-week and 26-week bill reopening. Earnings flow remains heavy, with 673 companies reporting, including Airbnb, Cloudflare, and IREN among the notable names investors will be watching.
U.S. equities rallied sharply after midterm election results confirmed a divided Congress, with the S&P 500 (IVV) advancing 1.62% on the day even as it remains down modestly over the trailing month. Developed international markets outpaced the U.S., with the MSCI EAFE proxy (EFA) gaining 2.56% and extending its one-year return to 16.86%. Emerging markets (EEM) lagged with a more modest 0.85% gain, weighed by continued weakness in Taiwan and South Korea. Fixed income participated in the rally as yields fell on expectations of legislative gridlock, with the U.S. Aggregate Bond index (AGG) up 0.46%, while broad commodities (DJP) fell 2.22% as crude oil losses dragged on the complex. The clearest outlier of the session was energy, where crude benchmarks dropped more than 8% even as broader risk assets rallied, underscoring a bifurcated tape.