Macro Overview
Broad equity markets experienced a significant drawdown on Thursday, with the S&P 500 (IVV) declining -1.78% amid persistent concerns over prolonged restrictive monetary policy. International equities underperformed, as Developed ex-U.S. (EFA) fell -2.07% and Emerging Markets (EEM) dropped -3.40%. Fixed income provided no haven, with the U.S. Core Bond aggregate (AGG) sliding -0.57% across an inverted yield curve. Conversely, Broad Commodities (DJP) posted a 0.65% gain, driven by rising energy prices against a backdrop of tight global supply.
U.S. Size & Style
The domestic equity selloff was heavily concentrated in duration-sensitive growth equities, pushing Large Growth (IVW) down -2.85% into technically oversold territory with an RSI of 31.65. Value-oriented segments demonstrated relative resilience, as Small Value (IJS) limited its decline to -0.48% while maintaining a 4.38% year-to-date return. Mid Cap Blend (IJH) retraced -1.48%, dragging the size factor lower despite comparatively better market breadth. This growth-to-value rotation underscores investors repositioning toward near-term cash flows as long-end yields increase.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.53% | -4.97% | -1.53% | -0.55% | 11.52% |
| Large Cap (IVV) | -1.78% | -6.16% | -6.28% | -5.14% | 14.81% |
| Large Growth (IVW) | -2.85% | -7.19% | -10.38% | -9.12% | 17.69% |
| Mid Value (IJJ) | -0.62% | -6.80% | -1.20% | 0.41% | 10.10% |
| Mid Cap (IJH) | -1.48% | -6.53% | 0.05% | 2.07% | 14.07% |
| Mid Growth (IJK) | -2.26% | -6.38% | 1.27% | 3.60% | 17.84% |
| Small Value (IJS) | -0.48% | -4.62% | 2.56% | 4.38% | 20.49% |
| Small Cap (IJR) | -1.13% | -5.73% | 0.60% | 3.07% | 17.39% |
| Small Growth (IJT) | -1.81% | -6.83% | -1.34% | 1.65% | 14.05% |
U.S. Sectors & Industries
Sector dispersion was notable, led by Energy (XLE) advancing 1.57% into an overbought RSI of 80.45 alongside crude oil’s continued momentum. Utilities (XLU) was the only other sector in positive territory, rising 0.18% as a defensive posture took hold. Conversely, Technology (XLK) fell -3.11% as macroeconomic headwinds weighed on multiple expansion. Communication Services (XLC) also underperformed with a -2.36% drop, sliding to an oversold RSI of 24.88 and sitting roughly 9.39% off its 52-week high.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Energy (XLE) | 1.57% | 12.47% | 40.08% | 38.49% | 35.42% |
| Utilities (XLU) | 0.18% | -3.26% | 6.69% | 6.92% | 20.39% |
| Real Estate (XLRE) | 0.05% | -7.04% | 0.10% | 0.52% | 0.36% |
| Health Care (XLV) | -0.34% | -7.04% | -6.22% | -5.47% | 2.48% |
| Consumer Staples (XLP) | -0.45% | -8.18% | 4.30% | 5.04% | 4.36% |
| Financial (XLF) | -0.59% | -6.09% | -11.36% | -9.99% | -0.95% |
| Materials (XLB) | -0.65% | -6.97% | 6.93% | 8.72% | 15.46% |
| Consumer Discretionary (XLY) | -1.72% | -6.84% | -10.66% | -8.68% | 7.94% |
| Industrials (XLI) | -2.32% | -8.48% | 2.87% | 4.25% | 22.32% |
| Communication Services (XLC) | -2.36% | -6.48% | -7.47% | -7.28% | 11.16% |
| Technology (XLK) | -3.11% | -5.92% | -9.46% | -7.85% | 24.83% |
Global Thematic
Thematic performance was sharply bifurcated, with infrastructure and midstream energy strategies monopolizing the leadership board. Cloud Computing (WCLD) and MLP wrappers (MLPA) posted isolated gains of 1.02% and 1.00%, respectively, buoyed by specialized fundamental tailwinds. Conversely, digital assets and precious metal miners faced aggressive liquidations, highlighted by a -7.99% decline in Crypto Miners (WGMI). Silver Miners (SLVR) similarly dropped -7.45%, reflecting a sharp unwinding of speculative positioning across high-beta thematic segments.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Leaders | |
| WisdomTree Cloud Computing Fund (WCLD) | 1.02% |
| Global X MLP ETF (MLPA) | 1.00% |
| Pacer American Energy Infrastructure ETF (USAI) | 0.84% |
| Alerian MLP ETF (AMLP) | 0.82% |
| USCF Midstream Energy Income Fund ETF (UMI) | 0.79% |
| Laggards | |
| Amplify Junior Silver Miners ETF (SILJ) | -6.58% |
| Global X Blockchain ETF (BKCH) | -7.03% |
| Sprott Silver Miners & Physical Silver ETF (SLVR) | -7.45% |
| Spear Alpha ETF (SPRX) | -7.56% |
| CoinShares Bitcoin Mining ETF (WGMI) | -7.99% |
Developed ex-U.S. & Emerging Markets
International weakness was ubiquitous, highlighted by a -6.07% drop in South Korea (EWY) as semiconductor export expectations deteriorated. Broader Emerging Markets (EEM) fell -3.40%, with heavy regional anchors like China (MCHI) and Taiwan (EWT) shedding -2.84% and -3.16% respectively. In developed regions, Japan (EWJ) surrendered -2.41% as currency interventions weighed on exporter sentiment. Resilient European markets also struggled, with Germany (EWG) and the U.K. (EWU) slipping over two percent amid rising sovereign bond yields.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed ex-U.S. | |||||
| Switzerland (EWL) | -1.55% | -11.34% | -5.35% | -4.44% | 11.33% |
| Canada (EWC) | -1.68% | -7.64% | -1.99% | -0.41% | 31.84% |
| France (EWQ) | -1.68% | -12.62% | -6.49% | -6.09% | 7.27% |
| Hong Kong (EWH) | -1.95% | -5.45% | 3.01% | 6.21% | 35.45% |
| Germany (EWG) | -2.03% | -13.22% | -9.33% | -9.01% | 4.66% |
| U.K. (EWU) | -2.04% | -9.03% | -0.05% | 0.55% | 22.64% |
| Dev ex-U.S. (EFA) | -2.07% | -10.33% | -1.98% | -1.43% | 18.10% |
| Australia (EWA) | -2.27% | -9.85% | 1.84% | 3.74% | 18.34% |
| Japan (EWJ) | -2.41% | -10.56% | 2.15% | 2.44% | 22.31% |
| Netherlands (EWN) | -2.84% | -9.83% | -0.54% | -0.32% | 25.03% |
| South Korea (EWY) | -6.07% | -20.22% | 25.20% | 23.42% | 116.02% |
| Emerging Markets | |||||
| India (INDA) | -1.71% | -11.35% | -13.43% | -13.77% | -9.32% |
| Brazil (EWZ) | -1.97% | -5.88% | 16.36% | 15.83% | 47.59% |
| Indonesia (EIDO) | -2.38% | -12.74% | -15.40% | -16.52% | -0.76% |
| Malaysia (EWM) | -2.45% | -4.62% | 2.32% | 3.36% | 26.41% |
| Mexico (EWW) | -2.49% | -9.14% | 3.01% | 5.71% | 46.26% |
| Thailand (THD) | -2.53% | -12.30% | 7.82% | 9.95% | 28.09% |
| China (MCHI) | -2.84% | -7.07% | -10.17% | -8.37% | 2.29% |
| Taiwan (EWT) | -3.16% | -7.93% | 11.23% | 10.34% | 48.11% |
| South Africa (EZA) | -3.31% | -20.78% | -9.00% | -7.01% | 41.80% |
| Emerging (EEM) | -3.40% | -11.55% | 1.22% | 1.39% | 28.00% |
Fixed Income
A hawkish repricing of the interest rate curve pressured longer-duration assets, dragging Taxable Long Term (BLV) down -0.84%. Credit spreads widened modestly during the equity selloff, pressing Taxable High Yield (HYG) -0.63% lower while Convertible Bonds (CWB) retreated -2.20%. Only ultra-short instruments offered capital preservation, with Taxable Ultrashort (BIL) inching up 0.02% on the day. The persistent structural pressure on the aggregate complex highlights the ongoing vulnerability of core fixed income to persistent inflation and sticky terminal rate expectations.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Short-Term (BSV) | -0.31% | -1.18% | -0.35% | -0.38% | 3.99% |
| Taxable Core (AGG) | -0.57% | -2.31% | -0.86% | -0.70% | 4.36% |
| Taxable Core Enhanced (IUSB) | -0.58% | -2.28% | -0.91% | -0.71% | 4.58% |
| Taxable Long Term (BLV) | -0.84% | -4.11% | -1.71% | -1.21% | 2.80% |
| Government | |||||
| Taxable Ultrashort (BIL) | 0.02% | 0.27% | 0.83% | 0.81% | 4.00% |
| Government Short (SPTS) | -0.17% | -0.70% | -0.02% | -0.12% | 3.65% |
| Inflation Protected (TIP) | -0.36% | -1.75% | -0.26% | -0.14% | 3.41% |
| Government Intermediate (SPTI) | -0.56% | -2.12% | -0.92% | -0.78% | 4.15% |
| Government Long (SPTL) | -0.80% | -4.17% | -1.23% | -0.78% | 1.53% |
| Specialty | |||||
| Bank Loans (BKLN) | -0.10% | 1.26% | -0.89% | -0.93% | 5.66% |
| Corporate (SPIB) | -0.51% | -1.96% | -0.94% | -0.80% | 5.12% |
| Taxable High Yield (HYG) | -0.63% | -1.91% | -1.12% | -1.16% | 5.77% |
| Mortgage Backed (MBS) | -0.73% | -2.47% | -0.70% | -0.55% | 5.36% |
| Preferred Stock (PFF) | -0.75% | -3.86% | -1.54% | -1.22% | 3.57% |
| Convertible (CWB) | -2.20% | -3.68% | 1.37% | 2.75% | 19.02% |
| International & Emerging | |||||
| International USD (BNDX) | -0.71% | -2.59% | -0.97% | -0.77% | 2.56% |
| Emerging (EMLC) | -0.79% | -5.66% | -2.55% | -2.44% | 11.20% |
| Emerging USD (EMB) | -1.03% | -3.92% | -2.37% | -2.11% | 8.68% |
| International (IGOV) | -1.29% | -5.06% | -2.83% | -2.33% | 5.38% |
| Municipals | |||||
| Municipal Short (SUB) | -0.07% | -0.71% | 0.27% | 0.14% | 3.39% |
| Municipal Long (MLN) | -0.32% | -2.39% | -0.97% | -0.74% | 3.98% |
| Municipal Intermediate (MUB) | -0.38% | -2.79% | -0.68% | -0.89% | 4.00% |
| Municipal High Yield (HYD) | -0.40% | -2.88% | -1.63% | -1.72% | 2.14% |
Commodities
The commodities complex experienced a stark divergence, led by WTI Crude Oil (USO) rallying 3.41% to extend its 69.55% year-to-date run. Industrial metals showed relative weakness, with Copper (CPER) sliding -1.36% as global manufacturing data printed softer than anticipated. Precious metals suffered severe technical breakdowns, evidenced by Silver (SLV) dropping -6.81% and Gold (GLD) losing -3.76%. Meanwhile, agricultural commodities remained mixed to slightly positive, with Broad Agriculture (DBA) adding 0.56% amid ongoing global supply chain constraints.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.65% | 10.42% | 19.69% | 23.66% | 33.68% |
| Agriculture | |||||
| Sugar (CANE) | 1.63% | 14.06% | 7.91% | 8.97% | -14.69% |
| Wheat (WEAT) | 0.65% | 5.47% | 13.11% | 15.77% | -1.41% |
| Agriculture (DBA) | 0.56% | 4.07% | 5.65% | 6.23% | 5.69% |
| Soybeans (SOYB) | 0.04% | 2.61% | 9.04% | 11.44% | 15.12% |
| Corn (CORN) | -0.21% | 5.47% | 3.37% | 5.53% | 0.81% |
| Energy | |||||
| Brent Crude Oil (BNO) | 3.65% | 49.51% | 79.96% | 78.50% | 66.12% |
| Energy (DBE) | 3.52% | 46.78% | 68.77% | 68.34% | 59.79% |
| WTI Crude Oil (USO) | 3.41% | 47.00% | 71.23% | 69.55% | 55.48% |
| Gasoline (UGA) | 3.26% | 37.41% | 60.32% | 59.87% | 57.22% |
| Natural Gas (UNG) | -0.17% | 4.04% | -7.57% | -3.43% | -41.21% |
| Industrial Metals | |||||
| Industrial Metals (DBB) | -0.87% | -5.67% | -0.26% | -0.57% | 18.75% |
| Copper (CPER) | -1.36% | -9.26% | -6.93% | -4.66% | 1.77% |
| Precious Metals | |||||
| Gold (GLD) | -3.76% | -16.09% | -3.86% | 1.09% | 43.99% |
| Precious Metals (DBP) | -4.40% | -18.04% | -7.91% | -1.11% | 50.24% |
| Palladium (PALL) | -5.31% | -24.66% | -30.43% | -15.82% | 37.89% |
| Platinum (PPLT) | -5.69% | -20.10% | -24.84% | -11.25% | 85.20% |
| Silver (SLV) | -6.81% | -24.46% | -14.55% | -5.67% | 99.05% |
Cryptocurrency
Digital assets endured widespread liquidations as risk-off sentiment swept through highly speculative segments of the market. Solana (SOLZ) led the downward trajectory with a -7.31% decline, compounding its severe year-to-date losses. Ethereum (ETHA) dropped -5.79%, erasing its recent structural support levels in heavy trading. Bitcoin (IBIT) exhibited marginal relative strength but still closed down -3.36%, confirming a decisive breakdown in near-term momentum.
| Name (Ticker) | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Solana (SOLZ) | -7.31% | -1.00% | -30.79% | -31.93% | -44.39% |
| Ethereum (ETHA) | -5.79% | 1.11% | -30.17% | -31.07% | 2.18% |
| XRP | -4.88% | -3.97% | -27.82% | -26.90% | |
| Bitcoin (IBIT) | -3.36% | 1.46% | -21.75% | -21.81% | -21.07% |
| Multi-Coin (NCIQ) | -3.07% | 0.94% | -23.64% | -23.63% | -21.14% |
What to Watch Today
Looking ahead to Friday, market participants will focus on digesting Thursday’s broad risk-off positioning and attempting to stabilize duration-sensitive assets. With the Personal Consumption Expenditures (PCE) price index not scheduled for release until April 9, traders will lack immediate top-tier inflation data to assess the Federal Reserve’s near-term policy path. Instead, attention will pivot toward revised consumer sentiment figures to evaluate how sustained higher energy costs are impacting the U.S. consumer. Traders should brace for continued intraday volatility as these ongoing macroeconomic narratives are priced into a fragile market structure.
