Macro Overview
Global equity markets started the week on a negative note as escalating geopolitical tensions fueled a sharp rise in oil prices and renewed inflation concerns. The S&P 500 (IVV) declined 0.73%, while international stocks saw steeper losses, with Developed ex-U.S. (EFA) falling 1.04% and Emerging Markets (EEM) dropping 3.59%. In contrast, Broad Commodities (DJP) rallied 2.11%, driven by the energy spike. Fixed income markets also retreated, with the U.S. Aggregate Bond (AGG) down 0.38% as Treasury yields climbed.
U.S. Size & Style
A distinct rotation from growth to value characterized U.S. equity style performance amid the risk-off sentiment. Large Growth (IVW) underperformed significantly with a 1.54% loss, while Large Value (IVE) managed a 0.17% gain. This trend was consistent across the capitalization spectrum, as Small Value (IJS) also ended in positive territory, up 0.13%. Meanwhile, growth-oriented mid and small-cap segments posted declines of around 1.00%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.17% | 1.34% | 6.76% | 9.70% | 18.62% |
| Large Cap (IVV) | -0.73% | 1.26% | 9.43% | 10.46% | 21.57% |
| Large Growth (IVW) | -1.54% | 1.17% | 11.80% | 10.90% | 23.76% |
| Mid Value (IJJ) | -0.05% | 0.09% | 5.89% | 12.01% | 16.83% |
| Mid Cap (IJH) | -0.57% | -0.81% | 5.92% | 14.55% | 20.15% |
| Mid Growth (IJK) | -1.06% | -1.66% | 5.85% | 16.79% | 23.12% |
| Small Value (IJS) | 0.13% | 0.19% | 9.10% | 19.55% | 32.32% |
| Small Cap (IJR) | -0.39% | 1.22% | 10.33% | 21.20% | 30.20% |
| Small Growth (IJT) | -1.00% | 2.24% | 11.35% | 22.61% | 28.00% |
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U.S. Sectors & Industries
The energy sector was the clear outperformer, propelled by a surge in crude prices due to heightened conflict in the Middle East. The Energy (XLE) sector jumped 3.01%, standing in stark contrast to the rest of the market. Defensive areas such as Utilities (XLU) and Financials (XLF) also posted modest gains. Technology (XLK) was the session’s biggest laggard, falling 2.42% following a sharp sell-off in semiconductor stocks.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.77% | 1.26% | 9.47% | 10.45% | 21.46% |
| Energy (XLE) | 3.01% | -0.71% | 0.06% | 28.64% | 31.25% |
| Utilities (XLU) | 0.68% | 3.33% | -0.82% | 8.52% | 13.98% |
| Financials (XLF) | 0.65% | 5.48% | 8.91% | 3.25% | 9.15% |
| Consumer Staples (XLP) | 0.56% | -0.74% | 4.45% | 10.27% | 7.59% |
| Real Estate (XLRE) | 0.56% | -0.60% | 4.80% | 12.49% | 11.21% |
| Health Care (XLV) | 0.35% | 5.40% | 9.56% | 5.16% | 21.47% |
| Communication Services (XLC) | -0.04% | 0.21% | -2.56% | -4.65% | 6.59% |
| Materials (XLB) | -0.61% | -2.70% | -2.72% | 12.44% | 12.53% |
| Industrials (XLI) | -0.85% | 2.63% | 4.68% | 16.89% | 21.62% |
| Consumer Discretionary (XLY) | -1.02% | -0.28% | 2.07% | -2.43% | 5.62% |
| Technology (XLK) | -2.42% | -1.79% | 24.64% | 26.22% | 42.44% |
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Global Thematic
The day’s thematic performance was heavily influenced by the slump in technology and the rally in energy. The Roundhill Memory ETF (DRAM) was the worst performer, plunging 9.11% amid broad weakness in chipmakers. Other technology-focused funds, including those centered on robotics and artificial intelligence like Themes Humanoid Robotics ETF (BOTT), also saw significant declines. Conversely, MLP-related funds such as ALERIAN MLP INDEX ETNS DUE JANUARY 28, 2044 (AMJB) advanced 2.45%, benefiting from the strength in the energy complex.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| AdvisorShares Pure US Cannabis ETF (MSOS) | 4.68% |
| Amplify Seymour Cannabis ETF (CNBS) | 3.58% |
| ALERIAN MLP INDEX ETNS DUE JANUARY 28, 2044 (AMJB) | 2.45% |
| WisdomTree Cloud Computing Fund (WCLD) | 2.16% |
| ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) | 2.08% |
| Laggards | |
| Roundhill Memory ETF (DRAM) | -9.11% |
| Themes Humanoid Robotics ETF (BOTT) | -6.48% |
| Sprott Junior Uranium Miners ETF (URNJ) | -5.97% |
| VistaShares Artificial Intelligence Supercycle ETF (AIS) | -5.97% |
| CoinShares Bitcoin Mining ETF (WGMI) | -5.82% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
International markets faced widespread selling pressure, with Asian technology hubs hit particularly hard. South Korea (EWY) experienced an exceptionally sharp decline of 8.45%, triggered by a steep drop in a major domestic chipmaker that had ripple effects across the global semiconductor industry. This weakness contributed to a 4.06% loss for Taiwan (EWT) and a 1.94% drop for Japan (EWJ). Bucking the trend, Canada (EWC) edged higher by 0.14%, likely supported by its significant energy sector exposure.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -1.04% | -0.15% | 2.00% | 9.20% | 20.04% |
| Australia (EWA) | -0.35% | -1.60% | -4.64% | 9.78% | 10.95% |
| Canada (EWC) | 0.14% | 0.42% | 3.05% | 9.41% | 29.06% |
| France (EWQ) | -0.47% | -1.55% | -0.38% | 2.01% | 6.58% |
| Germany (EWG) | -0.63% | -0.62% | 0.26% | -1.06% | -0.94% |
| Hong Kong (EWH) | -0.93% | -1.63% | -8.76% | 1.84% | 11.21% |
| Japan (EWJ) | -1.94% | 0.54% | 5.51% | 15.45% | 33.70% |
| Netherlands (EWN) | -1.50% | -2.86% | 7.50% | 18.78% | 29.26% |
| South Korea (EWY) | -8.45% | -14.91% | 18.97% | 72.82% | 136.83% |
| Switzerland (EWL) | -0.81% | 1.28% | 3.69% | 5.94% | 16.13% |
| U.K. (EWU) | -0.52% | -0.28% | -1.74% | 6.93% | 20.09% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -3.59% | -4.50% | 6.15% | 18.49% | 36.26% |
| Brazil (EWZ) | -1.50% | 1.79% | -13.95% | 12.46% | 34.44% |
| China (MCHI) | -1.13% | -3.56% | -7.80% | -11.98% | -2.59% |
| India (INDA) | -1.03% | 0.95% | -1.13% | -9.73% | -11.10% |
| Indonesia (EIDO) | 1.10% | -1.18% | -24.58% | -34.79% | -31.10% |
| Malaysia (EWM) | 0.26% | -0.30% | -2.17% | 2.58% | 18.41% |
| Mexico (EWW) | -0.95% | -4.12% | -5.13% | 8.52% | 27.55% |
| South Africa (EZA) | -1.66% | -4.16% | -11.50% | -6.85% | 27.62% |
| Taiwan (EWT) | -4.06% | -0.72% | 30.18% | 60.37% | 82.80% |
| Thailand (THD) | -0.25% | -0.68% | 2.40% | 24.05% | 44.59% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Bonds sold off as rising oil prices and hawkish commentary from a Federal Reserve official stoked inflation fears, pushing Treasury yields higher. The core U.S. Aggregate Bond (AGG) fell 0.38%, with longer-duration funds seeing more pronounced losses. Riskier segments of the bond market also weakened, as seen in the 0.24% decline for High Yield (HYG). Convertible bonds, which have equity-like characteristics, were hit particularly hard, with Convertible (CWB) falling 1.31%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.17% | -0.14% | -0.13% | 0.28% | 3.05% |
| Core Enhanced (IUSB) | -0.34% | -0.66% | -0.63% | 0.01% | 3.95% |
| Core (AGG) | -0.38% | -0.73% | -0.83% | -0.21% | 3.67% |
| Long-Term (BLV) | -0.61% | -1.88% | -1.79% | -1.21% | 3.49% |
| Government | |||||
| Ultrashort (BIL) | 0.00% | 0.28% | 0.90% | 1.88% | 3.82% |
| Short-Term (SPTS) | -0.10% | -0.01% | 0.12% | 0.55% | 3.03% |
| Inflation Protected (TIP) | -0.20% | -0.59% | -0.44% | 0.80% | 3.09% |
| Intermediate (SPTI) | -0.28% | -0.35% | -0.97% | -0.66% | 2.60% |
| Long-Term (SPTL) | -0.51% | -1.43% | -1.90% | -1.42% | 2.92% |
| Specialty | |||||
| Bank Loans (BKLN) | 0.00% | 0.55% | 1.16% | 0.36% | 3.78% |
| High Yield (HYG) | -0.24% | -0.06% | 0.57% | 1.59% | 5.36% |
| Corporate (SPIB) | -0.27% | -0.43% | -0.37% | 0.18% | 3.89% |
| Mortgage Backed (MBB) | -0.49% | -0.83% | -0.99% | 0.03% | 4.79% |
| Preferred Stock (PFF) | -0.62% | -1.86% | -0.73% | 0.49% | 2.62% |
| Convertible (CWB) | -1.31% | -2.74% | 6.48% | 17.26% | 26.20% |
| International & EM | |||||
| International USD (BNDX) | -0.40% | -0.54% | 0.39% | 0.48% | 1.94% |
| Emerging Local (EMLC) | -0.63% | 0.06% | -0.38% | 1.46% | 7.49% |
| International Local (IGOV) | -0.64% | -2.21% | -2.66% | -2.59% | -2.77% |
| Emerging USD (EMB) | -0.64% | -0.60% | 0.59% | 1.67% | 9.38% |
| Municipals | |||||
| Short-Term (SUB) | -0.06% | 0.05% | 0.32% | 0.86% | 2.38% |
| Intermediate (MUB) | -0.10% | 0.13% | 0.71% | 1.41% | 6.17% |
| Long-Term (MLN) | -0.17% | 0.56% | 1.20% | 2.63% | 9.61% |
| High Yield (HYD) | -0.20% | -0.01% | 1.34% | 2.29% | 7.61% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Energy commodities surged dramatically on Monday due to a significant escalation of geopolitical conflict in the Strait of Hormuz, a critical channel for global oil trade. Brent Crude (BNO) jumped 9.13% and WTI Crude (USO) gained 8.36%. In contrast, precious metals sold off as rising Treasury yields increased the opportunity cost of holding non-yielding assets. Gold (GLD) declined 2.62%, while Silver (SLV) dropped 3.32%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 2.11% | 0.13% | -2.56% | 22.44% | 32.25% |
| Agriculture | |||||
| Soybeans (SOYB) | 0.64% | 4.97% | 4.24% | 15.87% | 18.03% |
| Corn (CORN) | 0.40% | 4.46% | -1.24% | -1.02% | 1.62% |
| Broad (DBA) | -0.18% | 5.64% | 2.93% | 8.62% | 11.42% |
| Wheat (WEAT) | -0.25% | 5.91% | 6.67% | 18.48% | 5.16% |
| Sugar (CANE) | -0.61% | 3.83% | 5.29% | -0.05% | -11.65% |
| Energy | |||||
| Brent Crude (BNO) | 9.13% | -3.81% | -6.26% | 62.43% | 48.63% |
| WTI Crude (USO) | 8.36% | -6.09% | -8.31% | 70.32% | 52.40% |
| Broad (DBE) | 6.87% | -1.18% | -0.36% | 66.08% | 53.12% |
| Natural Gas (UNG) | -2.17% | -8.63% | -2.90% | -15.42% | -30.50% |
| Industrial Metals | |||||
| Broad (DBB) | 0.12% | -4.86% | -1.25% | 6.71% | 31.17% |
| Copper (CPER) | -0.13% | -4.07% | 3.13% | 8.52% | 9.94% |
| Precious Metals | |||||
| Palladium (PALL) | -1.47% | -2.15% | -20.72% | -21.83% | 2.34% |
| Platinum (PPLT) | -1.69% | -6.56% | -22.79% | -22.12% | 13.26% |
| Gold (GLD) | -2.62% | -5.02% | -15.67% | -7.36% | 18.76% |
| Broad (DBP) | -2.76% | -7.09% | -17.87% | -10.64% | 21.63% |
| Silver (SLV) | -3.32% | -14.90% | -23.61% | -19.03% | 48.90% |
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Cryptocurrency
Cryptocurrencies traded lower along with other risk assets as investors digested geopolitical developments and inflation concerns. The broad Multi-Coin (NCIQ) index fell 2.59% for the session. Bitcoin (IBIT) saw a decline of 2.79%, while other major digital assets like Solana (SOLZ) also retreated. The move reflected a broader aversion to speculative assets in favor of energy-related plays.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Solana (SOLZ) | -3.47% | 12.53% | -11.15% | -40.30% | -58.08% |
| XRP (XRP) | -3.32% | -5.69% | -21.36% | -41.86% | — |
| Bitcoin (IBIT) | -2.79% | -2.28% | -15.32% | -29.06% | -47.60% |
| Multi-Coin (NCIQ) | -2.59% | -1.06% | -16.53% | -31.88% | -49.03% |
| Ethereum (ETHA) | -1.18% | 6.36% | -21.72% | -40.39% | -41.36% |
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What to Watch Today
Investors will be closely watching a packed economic and policy calendar on Tuesday. The main event will be the release of the June Consumer Price Index (CPI) and Core CPI data, which will be critical for gauging inflationary pressures. Additionally, the second-quarter earnings season kicks off with reports from major financial institutions including JPMorgan Chase and Goldman Sachs. The day will also feature numerous appearances by Federal Reserve officials, highlighted by Chair Kevin Warsh’s Semiannual Monetary Policy Report to a House committee.
