Macro Overview
Global equity markets finished a mixed session with a downward bias, as the S&P 500 (IVV) edged lower by -0.16% and developed international stocks (EFA) were nearly flat. Emerging markets (EEM) notably underperformed, falling -1.07% on the day. Fixed income markets also saw broad declines, with the U.S. Aggregate Bond index (AGG) losing -0.29%, while broad commodities (DJP) were the clear outlier, gaining 0.84% on strong performance from the energy complex.
U.S. Size & Style
Within U.S. equities, a defensive posture was evident as smaller-capitalization stocks faced greater selling pressure than their larger counterparts. The S&P SmallCap 600 (IJR) declined by -0.75%, a more significant drop than the -0.16% dip in the S&P 500 (IVV). Growth stocks modestly outperformed value within the large- and mid-cap segments, though Small Cap Growth (IJT) was the weakest factor of the day, falling -0.89%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.23% | 1.61% | 4.79% | 11.48% | 21.33% |
| Large Cap (IVV) | -0.16% | 2.30% | 4.98% | 13.33% | 22.89% |
| Large Growth (IVW) | -0.09% | 2.91% | 5.15% | 14.68% | 23.91% |
| Mid Value (IJJ) | -0.67% | 1.53% | 4.62% | 14.20% | 22.87% |
| Mid Cap (IJH) | -0.32% | 0.43% | 3.11% | 16.85% | 24.09% |
| Mid Growth (IJK) | -0.06% | -0.69% | 1.57% | 19.12% | 24.98% |
| Small Value (IJS) | -0.63% | 1.84% | 6.33% | 21.93% | 38.15% |
| Small Cap (IJR) | -0.75% | 0.69% | 6.72% | 23.56% | 35.15% |
| Small Growth (IJT) | -0.89% | -0.55% | 7.10% | 25.02% | 32.14% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
The Energy sector was the unambiguous leader, with the Energy Select Sector SPDR Fund (XLE) advancing 1.48% in a stark contrast to the broader market. Communication Services (XLC) and Health Care (XLV) were the only other sectors to post gains. On the downside, cyclical and rate-sensitive areas lagged, including Industrials (XLI), Real Estate (XLRE), and Materials (XLB), which all fell more than 0.85%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.16% | 2.30% | 5.00% | 13.31% | 22.80% |
| Energy (XLE) | 1.48% | 9.47% | 2.76% | 31.86% | 41.54% |
| Communication Services (XLC) | 0.28% | 0.88% | -5.01% | -5.00% | 4.50% |
| Health Care (XLV) | 0.18% | 1.54% | 13.60% | 7.14% | 28.20% |
| Consumer Staples (XLP) | -0.26% | 1.20% | 1.74% | 10.95% | 7.18% |
| Technology (XLK) | -0.31% | 0.96% | 9.13% | 29.04% | 41.64% |
| Financials (XLF) | -0.33% | 2.97% | 11.90% | 6.46% | 13.00% |
| Consumer Discretionary (XLY) | -0.46% | 0.08% | -1.28% | -0.70% | 6.52% |
| Utilities (XLU) | -0.64% | -4.24% | -4.49% | 2.97% | 4.14% |
| Industrials (XLI) | -0.85% | -0.43% | 4.72% | 19.73% | 23.98% |
| Real Estate (XLRE) | -0.86% | 1.17% | 1.02% | 12.76% | 11.86% |
| Materials (XLB) | -0.89% | 0.37% | -0.09% | 15.97% | 21.36% |
Explore the U.S. Sectors & Industries Explorer →
Global Thematic
Thematic performance was highly divergent, with cannabis-focused funds leading by a wide margin. The AdvisorShares Pure US Cannabis ETF (MSOS) surged 7.67%, followed by strong gains in other sector-specific funds like the Amplify Seymour Cannabis ETF (CNBS). Conversely, technology themes faced headwinds, particularly in the semiconductor space, where the Roundhill Memory ETF (DRAM) dropped -4.28%. Digital asset and cloud computing ETFs also experienced notable declines.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| AdvisorShares Pure US Cannabis ETF (MSOS) | 7.67% |
| Amplify Seymour Cannabis ETF (CNBS) | 5.92% |
| Amplify Alternative Harvest ETF (MJ) | 3.33% |
| Putnam BDC Income ETF (PBDC) | 3.26% |
| VanEck BDC Income ETF (BIZD) | 3.14% |
| Laggards | |
| Roundhill Memory ETF (DRAM) | -4.28% |
| Tema Memory ETF (DISK) | -3.70% |
| CoinShares Bitcoin Mining ETF (WGMI) | -3.52% |
| Fidelity Cloud Computing ETF (FCLD) | -3.35% |
| VanEck Digital Transformation ETF (DAPP) | -3.01% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
International markets were broadly lower, with emerging economies underperforming their developed peers. The MSCI Emerging Markets Index (EEM) fell -1.07%, weighed down by a sharp -2.97% decline in South Korea (EWY). In developed markets, the MSCI EAFE Index (EFA) posted a modest -0.07% loss, with most major country indexes like Japan (EWJ) and Germany (EWG) finishing nearly flat or slightly negative.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.07% | 1.80% | 4.04% | 13.56% | 24.73% |
| Australia (EWA) | 0.07% | 6.46% | 1.55% | 16.79% | 16.70% |
| Canada (EWC) | -0.13% | 4.55% | 4.77% | 13.08% | 28.91% |
| France (EWQ) | 0.13% | 3.32% | 4.30% | 8.32% | 16.56% |
| Germany (EWG) | -0.27% | 2.02% | 2.10% | 4.44% | 6.08% |
| Hong Kong (EWH) | -0.62% | 5.94% | -6.31% | 7.53% | 13.31% |
| Japan (EWJ) | -0.01% | -0.13% | 4.34% | 18.48% | 30.58% |
| Netherlands (EWN) | -0.39% | -0.42% | 5.06% | 21.33% | 39.69% |
| South Korea (EWY) | -2.97% | -13.55% | -9.81% | 68.81% | 129.37% |
| Switzerland (EWL) | -0.72% | 0.03% | 3.75% | 8.15% | 22.40% |
| U.K. (EWU) | -0.14% | 2.29% | 3.28% | 11.41% | 23.69% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -1.07% | -3.77% | -3.18% | 19.44% | 35.09% |
| Brazil (EWZ) | -0.83% | 2.55% | -9.39% | 13.79% | 36.43% |
| China (MCHI) | -0.19% | 7.47% | -4.15% | -6.32% | -2.39% |
| India (INDA) | -0.38% | 0.48% | 0.18% | -7.27% | -4.09% |
| Indonesia (EIDO) | -0.71% | 6.77% | -15.11% | -31.36% | -26.61% |
| Malaysia (EWM) | -1.16% | 3.16% | -5.63% | 4.82% | 19.40% |
| Mexico (EWW) | -0.08% | 0.26% | -2.22% | 12.15% | 30.45% |
| South Africa (EZA) | 0.04% | 3.48% | -5.08% | -0.73% | 28.27% |
| Taiwan (EWT) | 0.28% | -4.93% | 7.52% | 60.52% | 80.38% |
| Thailand (THD) | 0.22% | -0.04% | 3.12% | 25.00% | 29.19% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Fixed income markets experienced broad declines as yields moved higher across the curve. The iShares Core U.S. Aggregate Bond ETF (AGG) fell -0.29%, with longer-duration assets seeing the largest drawdowns, such as the -0.59% loss for the SPDR Portfolio Long Term Treasury ETF (SPTL). Convertible bonds had a particularly difficult session, with the SPDR Bloomberg Convertible Securities ETF (CWB) dropping -1.40%. In contrast, floating-rate bank loans, represented by the Invesco Senior Loan ETF (BKLN), managed a 0.10% gain.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.12% | -0.06% | 0.14% | 0.61% | 2.53% |
| Core Enhanced (IUSB) | -0.26% | -0.83% | -0.64% | 0.08% | 2.51% |
| Core (AGG) | -0.29% | -0.90% | -0.77% | -0.15% | 2.18% |
| Long-Term (BLV) | -0.50% | -2.72% | -2.53% | -2.06% | -0.18% |
| Government | |||||
| Ultrashort (BIL) | 0.02% | 0.32% | 0.92% | 2.13% | 3.76% |
| Short-Term (SPTS) | -0.10% | 0.15% | 0.36% | 0.90% | 2.77% |
| Inflation Protected (TIP) | -0.12% | -0.77% | -1.06% | 0.56% | 1.70% |
| Intermediate (SPTI) | -0.27% | -0.55% | -0.68% | -0.50% | 1.43% |
| Long-Term (SPTL) | -0.59% | -2.72% | -2.67% | -2.53% | -0.92% |
| Specialty | |||||
| Bank Loans (BKLN) | 0.10% | 1.08% | 0.84% | 1.20% | 4.34% |
| High Yield (HYG) | -0.08% | -0.03% | 0.58% | 2.00% | 4.91% |
| Corporate (SPIB) | -0.18% | -0.43% | -0.13% | 0.50% | 2.91% |
| Mortgage Backed (MBB) | -0.35% | -0.98% | -0.82% | 0.13% | 3.44% |
| Preferred Stock (PFF) | -0.72% | -0.25% | -2.12% | 1.52% | 3.36% |
| Convertible (CWB) | -1.40% | -2.13% | -2.20% | 16.39% | 24.10% |
| International & EM | |||||
| Emerging Local (EMLC) | -0.16% | 0.35% | 1.31% | 2.62% | 8.14% |
| International USD (BNDX) | -0.21% | -0.44% | 0.15% | 0.73% | 1.33% |
| Emerging USD (EMB) | -0.23% | -1.02% | -0.11% | 1.65% | 7.15% |
| International Local (IGOV) | -0.46% | 0.73% | -2.16% | -0.94% | -1.28% |
| Municipals | |||||
| Short-Term (SUB) | 0.03% | 0.08% | 0.51% | 1.04% | 2.02% |
| High Yield (HYD) | 0.00% | -2.09% | -0.56% | 0.91% | 6.65% |
| Intermediate (MUB) | -0.15% | -1.51% | -0.45% | 0.50% | 4.87% |
| Long-Term (MLN) | -0.17% | -1.80% | -0.48% | 1.53% | 7.76% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
The commodities space was dominated by a powerful rally in energy markets, which offset weakness in other areas. Brent Crude (BNO) jumped 4.32% and WTI Crude (USO) climbed 3.47%, pushing the broad energy index (DBE) up 3.43%. This strength contrasted with agricultural products (DBA), which declined -0.72%, and a mixed performance from precious metals where Gold (GLD) finished flat. Natural Gas (UNG) continued its recent weak trend, falling another -1.13%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.84% | 4.61% | -5.17% | 24.30% | 39.51% |
| Agriculture | |||||
| Sugar (CANE) | 2.31% | 2.62% | 2.31% | 4.56% | -5.29% |
| Corn (CORN) | -0.06% | 0.92% | -4.50% | -0.68% | 4.10% |
| Soybeans (SOYB) | -0.08% | -0.83% | 1.05% | 14.50% | 18.51% |
| Broad (DBA) | -0.72% | -0.40% | -2.25% | 7.48% | 9.33% |
| Wheat (WEAT) | -1.41% | 3.45% | 1.72% | 18.78% | 11.62% |
| Energy | |||||
| Brent Crude (BNO) | 4.32% | 18.60% | -11.51% | 67.27% | 59.71% |
| WTI Crude (USO) | 3.47% | 13.91% | -11.26% | 71.88% | 61.09% |
| Broad (DBE) | 3.43% | 13.19% | -4.62% | 69.14% | 64.04% |
| Natural Gas (UNG) | -1.13% | -17.76% | -7.85% | -21.45% | -28.88% |
| Industrial Metals | |||||
| Broad (DBB) | -0.16% | 5.28% | 1.11% | 11.33% | 34.59% |
| Copper (CPER) | -0.22% | 7.72% | 8.58% | 16.59% | 48.43% |
| Precious Metals | |||||
| Palladium (PALL) | 0.28% | 7.52% | -10.99% | -14.40% | 19.19% |
| Gold (GLD) | 0.01% | 1.97% | -9.58% | -1.68% | 25.50% |
| Broad (DBP) | -0.23% | 1.49% | -12.35% | -5.02% | 29.64% |
| Platinum (PPLT) | -0.38% | 5.66% | -16.07% | -15.95% | 28.55% |
| Silver (SLV) | -0.39% | -0.46% | -20.36% | -13.30% | 62.59% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets posted losses across the board in a risk-off session for the asset class. XRP (XRP) was the weakest performer, declining -3.10%, followed by a -2.30% drop for Solana (SOLZ). The two largest assets, Bitcoin (IBIT) and Ethereum (ETHA), also retreated, falling -0.68% and -0.55% respectively. The broader multi-coin index (NCIQ) shed -1.05% on the day.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | -3.10% | -9.89% | -27.64% | -43.62% | — |
| Solana (SOLZ) | -2.30% | -11.35% | -18.83% | -42.14% | -59.71% |
| Multi-Coin (NCIQ) | -1.05% | 0.50% | -21.15% | -29.61% | -47.73% |
| Bitcoin (IBIT) | -0.68% | 1.02% | -21.00% | -26.51% | -44.30% |
| Ethereum (ETHA) | -0.55% | 6.27% | -18.74% | -35.80% | -48.41% |
Explore the Digital Assets Explorer →
What to Watch Today
Looking ahead to Friday’s session, market participants will be closely watching the preliminary release of Average Hourly Earnings at 7:30 AM ET for insights into wage inflation. The pre-market earnings calendar is also active, with reports due from companies including Vistra Corp. (VST) and Take-Two Interactive Software (TTWO). No appearances by Federal Reserve officials or Treasury auctions are scheduled for the day.
