Macro Overview
Global markets reacted to a sharp increase in geopolitical risk, leading to a volatile and mixed session for equities. The S&P 500 (IVV) finished down 0.27%, while Developed ex-U.S. equities (EFA) fell a more significant 0.77%. In contrast, Broad Commodities (DJP) rallied 1.27%, driven by a spike in oil prices, while rising yields pushed the U.S. Aggregate Bond (AGG) lower. The notable outlier was Emerging Markets (EEM), which gained 0.78% on the day, bucking the negative trend seen in developed nations.
U.S. Size & Style
A clear divergence emerged between growth and value styles, particularly within large-cap stocks. Large Growth (IVW) was the only segment in positive territory, gaining 0.14% as investors favored certain technology names. Conversely, value-oriented and smaller-capitalization stocks bore the brunt of the selling pressure amid inflation and rising rate concerns. Small-cap funds were hit hardest, with Small Value (IJS) and Small Cap (IJR) falling 1.24% and 1.17%, respectively.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.81% | 1.66% | 6.26% | 8.76% | 17.95% |
| Large Cap (IVV) | -0.27% | 1.13% | 10.61% | 9.94% | 21.60% |
| Large Growth (IVW) | 0.14% | 0.65% | 14.47% | 10.73% | 24.47% |
| Mid Value (IJJ) | -1.19% | 1.58% | 5.20% | 10.38% | 15.29% |
| Mid Cap (IJH) | -0.98% | 1.09% | 6.22% | 13.77% | 19.39% |
| Mid Growth (IJK) | -0.72% | 0.67% | 7.19% | 16.92% | 23.08% |
| Small Value (IJS) | -1.24% | 1.57% | 8.86% | 17.33% | 30.50% |
| Small Cap (IJR) | -1.17% | 4.00% | 11.01% | 20.11% | 29.95% |
| Small Growth (IJT) | -1.17% | 6.51% | 13.25% | 22.84% | 29.21% |
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U.S. Sectors & Industries
Sector performance was dominated by the surge in energy prices and a late-day rally in select technology stocks. The Energy sector (XLE) was the day’s clear leader, climbing 1.76% as crude oil prices jumped on geopolitical news. Technology (XLK) followed with a 1.24% gain, buoyed by strength in AI-related names. On the downside, rate-sensitive and cyclical sectors struggled, with Financials (XLF) dropping 1.93% and Materials (XLB) posting the largest loss at 2.62%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.31% | 1.09% | 10.55% | 9.89% | 21.49% |
| Energy (XLE) | 1.76% | -4.00% | -3.54% | 26.05% | 29.52% |
| Technology (XLK) | 1.24% | -1.39% | 28.18% | 26.30% | 42.29% |
| Consumer Staples (XLP) | -0.55% | 2.30% | 2.66% | 10.01% | 6.63% |
| Utilities (XLU) | -0.74% | 4.89% | -2.42% | 7.67% | 14.90% |
| Industrials (XLI) | -1.07% | 4.16% | 6.11% | 16.92% | 22.75% |
| Health Care (XLV) | -1.30% | 6.79% | 8.91% | 5.74% | 22.34% |
| Communication Services (XLC) | -1.41% | -1.21% | -3.57% | -6.47% | 3.80% |
| Real Estate (XLRE) | -1.65% | 1.14% | 4.93% | 11.10% | 10.24% |
| Consumer Discretionary (XLY) | -1.78% | 0.12% | 4.25% | -3.06% | 6.77% |
| Financials (XLF) | -1.93% | 6.14% | 7.74% | 1.23% | 6.91% |
| Materials (XLB) | -2.62% | 0.78% | -2.71% | 11.51% | 11.95% |
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Global Thematic
Thematic performance reflected the day’s key narratives of AI strength and pressure on rate-sensitive industries. AI-focused funds such as the Tortoise AI Infrastructure ETF (TCAI) and Roundhill Generative AI & Technology ETF (CHAT) rallied over 2.5%. On the other end of the spectrum, the iShares U.S. Home Construction ETF (ITB) fell nearly 4% as rising Treasury yields weighed on the housing sector. The day’s worst performer was the Global X Hydrogen ETF (HYDR), which declined 4.55%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| CoinShares Bitcoin Mining ETF (WGMI) | 4.75% |
| Tortoise AI Infrastructure ETF (TCAI) | 3.01% |
| Amplify Alternative Harvest ETF (MJ) | 2.94% |
| Roundhill Generative AI & Technology ETF (CHAT) | 2.52% |
| Global X Blockchain ETF (BKCH) | 2.49% |
| Laggards | |
| Global X Hydrogen ETF (HYDR) | -4.55% |
| Themes Humanoid Robotics ETF (BOTT) | -4.39% |
| iShares U.S. Home Construction ETF (ITB) | -3.97% |
| Sprott Gold Miners ETF (SGDM) | -3.69% |
| Global X Gold Explorers ETF (GOEX) | -3.64% |
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Developed ex-U.S. & Emerging Markets
International markets diverged sharply, with emerging economies outperforming their developed counterparts. Developed ex-U.S. markets (EFA) fell 0.77%, dragged down by losses in Europe, including a 1.76% drop in Germany (EWG). In contrast, Emerging Markets (EEM) posted a 0.78% gain, propelled by strong performance in Asia. This was led by a 2.07% rally in China (MCHI) on positive corporate news and a 1.98% advance in Taiwan (EWT).
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.77% | 2.05% | 2.74% | 9.33% | 19.84% |
| Australia (EWA) | -0.04% | 1.60% | -3.39% | 8.89% | 10.97% |
| Canada (EWC) | -0.67% | 0.31% | 2.83% | 7.99% | 27.75% |
| France (EWQ) | -1.25% | 0.98% | 0.28% | 2.24% | 6.84% |
| Germany (EWG) | -1.76% | -0.02% | 0.94% | -0.87% | -1.08% |
| Hong Kong (EWH) | 0.19% | -1.84% | -9.77% | 0.93% | 11.22% |
| Japan (EWJ) | -0.57% | 1.18% | 4.05% | 15.23% | 31.92% |
| Netherlands (EWN) | 0.71% | 2.53% | 11.02% | 19.80% | 30.57% |
| South Korea (EWY) | 0.79% | -1.57% | 30.45% | 87.94% | 159.26% |
| Switzerland (EWL) | -0.90% | 4.96% | 5.46% | 6.66% | 16.66% |
| U.K. (EWU) | -1.36% | 1.57% | -1.38% | 7.23% | 20.82% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 0.78% | 1.24% | 10.13% | 21.67% | 39.59% |
| Brazil (EWZ) | -0.66% | 3.11% | -12.19% | 9.34% | 25.34% |
| China (MCHI) | 2.07% | -1.36% | -7.16% | -11.44% | -2.32% |
| India (INDA) | -1.38% | 3.05% | -1.26% | -9.99% | -12.64% |
| Indonesia (EIDO) | -2.16% | 10.84% | -24.66% | -35.99% | -30.17% |
| Malaysia (EWM) | 0.33% | -0.07% | -3.63% | 1.65% | 17.97% |
| Mexico (EWW) | -0.44% | 1.21% | -4.18% | 9.34% | 26.91% |
| South Africa (EZA) | -1.42% | -1.25% | -12.09% | -6.95% | 25.51% |
| Taiwan (EWT) | 1.98% | 3.46% | 36.07% | 63.54% | 88.50% |
| Thailand (THD) | -1.35% | -0.33% | 2.10% | 21.65% | 43.23% |
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Fixed Income
Fixed income markets broadly declined as geopolitical tensions fueled inflation fears and pushed U.S. Treasury yields higher. The U.S. Aggregate Bond (AGG) slid 0.17%, with most segments of the bond market posting modest losses. The release of hawkish-leaning FOMC minutes contributed to the pressure on bond prices. A notable exception was the Convertible bond space (CWB), which rose 0.77%, benefiting from its equity sensitivity amid the rally in specific technology stocks.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.09% | 0.30% | 0.09% | 0.40% | 3.25% |
| Core Enhanced (IUSB) | -0.15% | 0.29% | -0.20% | 0.33% | 4.28% |
| Core (AGG) | -0.17% | 0.20% | -0.40% | 0.12% | 3.99% |
| Long-Term (BLV) | -0.24% | -0.06% | -1.17% | -0.60% | 3.92% |
| Government | |||||
| Ultrashort (BIL) | 0.00% | 0.28% | 0.89% | 1.83% | 3.82% |
| Short-Term (SPTS) | 0.00% | 0.27% | 0.26% | 0.61% | 3.17% |
| Inflation Protected (TIP) | -0.11% | -0.02% | 0.02% | 0.93% | 3.41% |
| Intermediate (SPTI) | -0.14% | 0.25% | -0.72% | -0.48% | 2.85% |
| Long-Term (SPTL) | -0.23% | 0.11% | -1.59% | -1.04% | 3.09% |
| Specialty | |||||
| Convertible (CWB) | 0.77% | -0.78% | 8.95% | 18.15% | 27.96% |
| Bank Loans (BKLN) | 0.00% | 0.30% | 0.62% | 0.27% | 3.97% |
| Corporate (SPIB) | -0.12% | 0.32% | 0.10% | 0.48% | 4.33% |
| High Yield (HYG) | -0.13% | 0.61% | 0.84% | 1.76% | 5.59% |
| Mortgage Backed (MBB) | -0.16% | 0.35% | -0.39% | 0.49% | 5.31% |
| Preferred Stock (PFF) | -0.20% | -1.22% | 0.40% | 0.82% | 3.65% |
| International & EM | |||||
| Emerging USD (EMB) | -0.16% | 0.95% | 2.00% | 2.11% | 9.89% |
| International Local (IGOV) | -0.22% | -1.02% | -2.45% | -2.40% | -3.11% |
| Emerging Local (EMLC) | -0.35% | 1.69% | 0.48% | 1.46% | 7.27% |
| International USD (BNDX) | -0.40% | -0.02% | -0.23% | 0.35% | 1.64% |
| Municipals | |||||
| Short-Term (SUB) | -0.08% | -0.03% | 0.31% | 0.80% | 2.41% |
| High Yield (HYD) | -0.24% | 0.52% | 1.98% | 2.63% | 7.45% |
| Intermediate (MUB) | -0.31% | 0.24% | 0.94% | 1.42% | 6.00% |
| Long-Term (MLN) | -0.34% | 0.73% | 1.37% | 2.63% | 9.26% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
The commodities complex was defined by a surge in energy prices stemming from escalating geopolitical tensions in the Middle East. Brent Crude (BNO) jumped 3.91% while WTI Crude (USO) gained 3.02%, lifting the broad Energy commodity ETF (DBE) by over 4%. Despite the risk-off mood in equities, precious metals sold off as rising yields increased the opportunity cost of holding non-yielding assets. Silver (SLV) was hit particularly hard, falling nearly 3%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 1.27% | -3.62% | -2.69% | 21.11% | 32.30% |
| Agriculture | |||||
| Broad (DBA) | 0.25% | 4.90% | 2.79% | 8.23% | 11.15% |
| Sugar (CANE) | 0.00% | 3.11% | 2.47% | 1.90% | -8.68% |
| Soybeans (SOYB) | -0.55% | 4.43% | 3.45% | 15.28% | 16.77% |
| Wheat (WEAT) | -1.69% | 1.57% | 2.02% | 13.67% | 0.22% |
| Corn (CORN) | -1.70% | 1.82% | -3.67% | -2.26% | -0.06% |
| Energy | |||||
| Broad (DBE) | 4.01% | -10.23% | -2.17% | 60.26% | 49.05% |
| Brent Crude (BNO) | 3.91% | -16.03% | -9.27% | 53.85% | 41.69% |
| WTI Crude (USO) | 3.02% | -16.97% | -9.93% | 62.25% | 45.80% |
| Natural Gas (UNG) | -1.36% | 2.02% | 4.69% | -5.38% | -21.78% |
| Industrial Metals | |||||
| Broad (DBB) | 0.08% | -6.08% | 0.84% | 5.10% | 30.34% |
| Copper (CPER) | -0.86% | -3.84% | 5.16% | 6.04% | 9.77% |
| Precious Metals | |||||
| Gold (GLD) | -0.81% | -5.74% | -13.83% | -5.52% | 23.11% |
| Broad (DBP) | -1.42% | -7.64% | -16.02% | -9.04% | 27.06% |
| Platinum (PPLT) | -2.90% | -9.48% | -22.16% | -22.71% | 15.52% |
| Silver (SLV) | -2.99% | -14.21% | -21.70% | -17.99% | 58.70% |
| Palladium (PALL) | -3.69% | 0.50% | -22.21% | -23.79% | 9.49% |
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Cryptocurrency
Digital assets experienced a broad-based sell-off amid the wider flight from risk and concerns over rising interest rates. The largest assets by market cap saw significant declines, with Bitcoin (IBIT) and Ethereum (ETHA) proxies falling 2.54% and 2.96%, respectively. The weakness was more pronounced in alternative coins, as evidenced by the nearly 5% drop in the Solana tracker (SOLZ). The entire crypto space moved lower in lockstep with other risk-sensitive asset classes.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Solana (SOLZ) | -4.91% | 14.69% | -7.23% | -38.47% | -53.08% |
| Ethereum (ETHA) | -2.96% | 3.07% | -21.59% | -41.55% | -33.72% |
| XRP (XRP) | -2.71% | -7.65% | -19.43% | -40.59% | — |
| Multi-Coin (NCIQ) | -2.59% | -1.49% | -14.11% | -31.83% | -44.16% |
| Bitcoin (IBIT) | -2.54% | -1.84% | -12.84% | -29.04% | -43.01% |
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What to Watch Today
Looking ahead to Thursday, investors will parse new data on the U.S. housing market with the 10:00 AM ET release of Existing Home Sales for June. The bond market will focus on a series of U.S. Treasury auctions, including 4-week and 8-week bills, culminating in a 30-year bond auction in the afternoon. Later in the day, the Federal Reserve is scheduled to release its weekly H.4.1 statistical report on its balance sheet.
