Macro Overview
Global equity markets started the week on a positive note, with risk assets broadly in favor. In the U.S., the S&P 500 (IVV) gained 0.85%, supported by data showing the ISM Services PMI remained in expansion territory despite easing. International markets outperformed, with Developed ex-U.S. (EFA) rising 1.04% and Emerging Markets (EEM) surging 2.85%. In contrast, the U.S. Aggregate Bond market (AGG) was nearly flat at +0.05%, while Broad Commodities (DJP) posted a strong 2.52% rebound.
U.S. Size & Style
Growth stocks led the U.S. market higher across all market capitalizations, reflecting a clear risk-on sentiment. Large Growth (IVW) advanced 1.26%, significantly outpacing the 0.31% gain from Large Value (IVE). This trend continued down the cap scale, though the performance gap narrowed. Small-cap growth (IJT) rose 0.59%, while its value counterpart (IJS) finished the day with a slight loss of 0.06%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.31% | 2.33% | 8.97% | 9.71% | 18.17% |
| Large Cap (IVV) | 0.85% | 2.14% | 14.34% | 10.78% | 21.58% |
| Large Growth (IVW) | 1.26% | 1.96% | 19.19% | 11.44% | 24.25% |
| Mid Value (IJJ) | 0.17% | 3.94% | 10.07% | 12.48% | 16.88% |
| Mid Cap (IJH) | 0.43% | 3.60% | 11.90% | 16.34% | 21.37% |
| Mid Growth (IJK) | 0.71% | 3.22% | 13.63% | 19.94% | 25.39% |
| Small Value (IJS) | -0.06% | 4.41% | 13.71% | 19.73% | 32.43% |
| Small Cap (IJR) | 0.23% | 6.95% | 16.77% | 22.72% | 31.53% |
| Small Growth (IJT) | 0.59% | 9.64% | 19.92% | 25.71% | 30.81% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
A rebound in technology shares propelled the sector to the top of the leaderboard. The Technology sector (XLK) gained 1.65%, followed by a strong showing from Financials (XLF), which rose 0.93% and now has an overbought RSI of 77. Conversely, defensive areas of the market lagged, with Health Care (XLV), Consumer Staples (XLP), and Utilities (XLU) all declining by more than 1%. The Energy sector (XLE) also finished in the red, down 0.17% as oil prices pulled back.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.87% | 2.12% | 14.31% | 10.76% | 21.47% |
| Technology (XLK) | 1.65% | 1.93% | 34.37% | 27.81% | 43.62% |
| Financials (XLF) | 0.93% | 7.72% | 12.94% | 3.38% | 7.17% |
| Industrials (XLI) | 0.90% | 6.79% | 13.00% | 20.25% | 25.77% |
| Consumer Discretionary (XLY) | 0.76% | 2.95% | 8.45% | -0.78% | 7.52% |
| Communication Services (XLC) | 0.56% | -1.05% | -1.13% | -5.83% | 3.29% |
| Materials (XLB) | -0.06% | 3.05% | 3.89% | 15.55% | 15.84% |
| Energy (XLE) | -0.17% | -7.22% | -10.34% | 20.45% | 25.87% |
| Real Estate (XLRE) | -0.87% | -0.06% | 6.98% | 11.45% | 9.58% |
| Utilities (XLU) | -1.01% | 2.79% | -1.26% | 7.53% | 13.77% |
| Consumer Staples (XLP) | -1.05% | 1.50% | 2.45% | 9.63% | 5.19% |
| Health Care (XLV) | -1.09% | 6.31% | 11.20% | 5.51% | 21.61% |
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Global Thematic
Thematic ETFs displayed a clear divergence between technology-focused funds and cannabis-related strategies. Leadership was concentrated in high-beta tech themes, with the Roundhill Memory ETF (DRAM) climbing 6.81%, alongside strong gains in blockchain and crypto mining funds like (WGMI) and (BKCH). On the other hand, cannabis ETFs experienced a sharp sell-off. The Amplify Seymour Cannabis ETF (CNBS) and the AdvisorShares Pure US Cannabis ETF (MSOS) were the day’s worst performers, falling 7.40% and 7.16% respectively.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Roundhill Memory ETF (DRAM) | 6.81% |
| CoinShares Bitcoin Mining ETF (WGMI) | 6.19% |
| Global X Blockchain ETF (BKCH) | 5.81% |
| Roundhill Humanoid Robotics ETF (HUMN) | 5.57% |
| VanEck Digital Transformation ETF (DAPP) | 4.92% |
| Laggards | |
| Amplify Seymour Cannabis ETF (CNBS) | -7.40% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -7.16% |
| Amplify Alternative Harvest ETF (MJ) | -6.94% |
| Global X Space Tech ETF (ORBX) | -1.63% |
| VanEck Rare Earth and Strategic Metals ETF (REMX) | -1.59% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
Asian markets were the primary drivers of outperformance in the international equity space. Emerging Markets (EEM) posted a robust 2.85% gain, led by a remarkable 5.39% surge in South Korea (EWY) and a 2.30% rise in Taiwan (EWT), both benefiting from the global tech rally. Developed markets (EFA) also had a solid session, rising 1.04%, with Japan (EWJ) advancing 2.29%. In contrast, European markets saw more modest and mixed results.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 1.04% | 4.75% | 8.76% | 11.55% | 21.84% |
| Australia (EWA) | 0.85% | 2.39% | 1.81% | 9.70% | 10.37% |
| Canada (EWC) | 0.50% | 0.52% | 5.12% | 8.16% | 26.11% |
| France (EWQ) | 0.33% | 3.98% | 6.80% | 4.83% | 10.04% |
| Germany (EWG) | 0.83% | 3.32% | 8.20% | 2.37% | 3.07% |
| Hong Kong (EWH) | 1.43% | -1.15% | -7.31% | 1.51% | 10.41% |
| Japan (EWJ) | 2.29% | 5.57% | 11.93% | 18.62% | 33.25% |
| Netherlands (EWN) | 1.87% | 5.92% | 19.12% | 21.84% | 32.89% |
| South Korea (EWY) | 5.39% | 8.37% | 50.75% | 95.28% | 167.08% |
| Switzerland (EWL) | -0.44% | 6.25% | 9.28% | 8.12% | 18.08% |
| U.K. (EWU) | 0.13% | 3.28% | 3.19% | 8.92% | 22.63% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 2.85% | 5.14% | 18.91% | 24.13% | 41.28% |
| Brazil (EWZ) | 1.42% | 3.66% | -8.53% | 10.96% | 24.60% |
| China (MCHI) | 2.18% | -3.82% | -6.21% | -12.83% | -3.13% |
| India (INDA) | 0.65% | 5.37% | 5.57% | -7.72% | -10.59% |
| Indonesia (EIDO) | 3.14% | 7.05% | -21.84% | -35.71% | -30.52% |
| Malaysia (EWM) | 1.00% | -0.39% | -1.48% | 1.61% | 15.70% |
| Mexico (EWW) | 1.23% | 3.26% | 1.77% | 11.85% | 28.13% |
| South Africa (EZA) | 0.98% | 2.53% | -3.17% | -4.07% | 27.08% |
| Taiwan (EWT) | 2.30% | 9.37% | 50.47% | 68.85% | 88.78% |
| Thailand (THD) | 1.80% | 2.88% | 9.14% | 25.05% | 44.44% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
The fixed income market was largely subdued as investors favored equities, with the U.S. Aggregate Bond index (AGG) edging up just 0.05%. Credit-sensitive areas saw modest gains in line with the risk-on mood, as High Yield (HYG) rose 0.20%. Convertible bonds (CWB), which possess equity-like features, stood out with a 0.91% gain. The session reflected a preference for yield and equity-linked debt over traditional safe-haven government bonds.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Core Enhanced (IUSB) | 0.09% | 0.80% | 0.80% | 0.92% | 4.51% |
| Core (AGG) | 0.05% | 0.84% | 0.61% | 0.76% | 4.23% |
| Short-Term (BSV) | 0.03% | 0.56% | 0.56% | 0.67% | 3.42% |
| Long-Term (BLV) | -0.10% | 0.84% | 0.52% | 0.68% | 4.02% |
| Government | |||||
| Inflation Protected (TIP) | 0.15% | 0.28% | 0.56% | 1.34% | 3.62% |
| Intermediate (SPTI) | 0.07% | 0.78% | 0.16% | 0.05% | 3.11% |
| Short-Term (SPTS) | 0.00% | 0.38% | 0.50% | 0.75% | 3.25% |
| Ultrashort (BIL) | -0.01% | 0.27% | 0.87% | 1.81% | 3.80% |
| Long-Term (SPTL) | -0.04% | 0.93% | -0.06% | 0.20% | 3.26% |
| Specialty | |||||
| Convertible (CWB) | 0.91% | 0.18% | 13.39% | 18.92% | 28.77% |
| Preferred Stock (PFF) | 0.85% | -0.09% | 2.16% | 1.78% | 4.61% |
| High Yield (HYG) | 0.20% | 1.02% | 1.72% | 2.03% | 5.37% |
| Bank Loans (BKLN) | 0.20% | 0.15% | 1.06% | 0.12% | 3.67% |
| Mortgage Backed (MBB) | 0.16% | 0.94% | 0.66% | 1.12% | 5.65% |
| Corporate (SPIB) | 0.06% | 0.80% | 0.92% | 0.94% | 4.42% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.51% | 2.33% | 3.61% | 2.26% | 7.65% |
| Emerging USD (EMB) | 0.16% | 1.42% | 3.87% | 2.70% | 9.62% |
| International USD (BNDX) | -0.04% | 0.67% | 1.42% | 1.17% | 2.10% |
| International Local (IGOV) | -0.17% | -0.49% | 0.20% | -1.66% | -3.44% |
| Municipals | |||||
| Long-Term (MLN) | 0.11% | 1.56% | 2.70% | 3.39% | 9.70% |
| Intermediate (MUB) | 0.07% | 0.83% | 1.86% | 2.04% | 6.51% |
| Short-Term (SUB) | 0.05% | 0.17% | 0.71% | 0.96% | 2.65% |
| High Yield (HYD) | -0.08% | 1.02% | 2.87% | 3.06% | 7.34% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities experienced a broad-based rally, breaking a recent downtrend. The agricultural complex was particularly strong, with Corn (CORN) and Soybeans (SOYB) advancing 3.50% and 3.27%, respectively. Precious metals also found support, as Silver (SLV) gained 1.98% and Gold (GLD) rose 1.06%. Energy markets were more muted, with WTI Crude (USO) up just 0.36%, reflecting easing supply concerns in the Middle East.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 2.52% | -5.22% | -8.91% | 18.82% | 29.35% |
| Agriculture | |||||
| Corn (CORN) | 3.50% | 2.29% | -4.59% | -1.58% | -3.91% |
| Soybeans (SOYB) | 3.27% | 4.38% | 3.36% | 15.46% | 13.44% |
| Broad (DBA) | 2.99% | 4.32% | 0.95% | 7.92% | 10.19% |
| Wheat (WEAT) | 2.32% | 2.92% | 0.35% | 14.82% | -0.95% |
| Sugar (CANE) | 1.74% | 3.11% | -2.07% | 1.90% | -9.80% |
| Energy | |||||
| Broad (DBE) | 1.19% | -14.85% | -14.66% | 49.43% | 41.52% |
| Natural Gas (UNG) | 1.12% | 0.34% | 2.99% | -4.49% | -23.21% |
| Brent Crude (BNO) | 0.68% | -21.99% | -26.94% | 41.03% | 32.78% |
| WTI Crude (USO) | 0.36% | -21.55% | -24.90% | 50.88% | 38.78% |
| Industrial Metals | |||||
| Copper (CPER) | 1.47% | -0.63% | 10.32% | 8.24% | 18.58% |
| Broad (DBB) | 1.25% | -5.05% | 3.10% | 5.75% | 28.44% |
| Precious Metals | |||||
| Silver (SLV) | 1.98% | -8.87% | -15.10% | -12.90% | 67.44% |
| Broad (DBP) | 1.24% | -4.79% | -11.82% | -6.41% | 30.08% |
| Gold (GLD) | 1.06% | -3.56% | -10.64% | -3.58% | 24.42% |
| Palladium (PALL) | 1.05% | 3.58% | -14.37% | -20.38% | 11.26% |
| Platinum (PPLT) | 0.75% | -8.34% | -17.47% | -20.45% | 18.51% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets joined the broader risk-on rally, with major cryptocurrency ETFs posting healthy gains across the board. Ethereum (ETHA) and XRP (XRP) were among the leaders, rising 5.37% and 5.94%, respectively. The broader Multi-Coin index (NCIQ) climbed 3.98%, while Bitcoin (IBIT) added 3.58%. This positive performance mirrored the strength seen in technology stocks and other growth-oriented assets during the session.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Solana (SOLZ) | 1.48% | 29.69% | -0.18% | -34.74% | -50.03% |
| Bitcoin (IBIT) | 3.58% | 5.80% | -8.60% | -27.25% | -41.92% |
| Multi-Coin (NCIQ) | 3.98% | 6.92% | -9.65% | -29.97% | -42.81% |
| Ethereum (ETHA) | 5.37% | 14.15% | -16.36% | -39.59% | -30.48% |
| XRP (XRP) | 5.94% | 4.65% | -14.46% | -37.43% | — |
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What to Watch Today
Looking ahead to Tuesday, investors will monitor a few key economic data points for further insight into the U.S. economy. The May Trade Balance will be released in the morning, followed by the Survey of Consumer Expectations for June. The U.S. Treasury is also scheduled to hold several auctions, including one for 3-Year notes. On the earnings front, the calendar is light, with a few smaller companies such as Enerpac Tool Group and Kura Sushi USA scheduled to report after the market closes.
