Macro Overview
U.S. Size & Style
Growth continued to outpace value across the market-cap spectrum, with Large Growth (IVW) up 0.65% versus a 0.35% gain for Large Value (IVE), extending a wide year-to-date gap of 16.56% to 10.69%. Large Cap (IVV) carries an RSI of 56, comfortably within neutral territory, while Large Growth’s RSI of 62 signals building momentum without yet reaching overbought conditions. Small caps lagged on the day despite modest gains, with Small Cap (IJR) up only 0.37% and its RSI reading of 31 bordering on oversold, reflecting a rough trailing month in which the segment shed 5.39%. Mid Value (IJJ) shows a similarly depressed RSI of 32, with only 16% of constituents trading above their 50-day moving average, underscoring the narrow breadth supporting the recent rally. The divergence highlights a market still concentrated in large-cap growth leadership even as broader participation remains thin.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.35% | -1.89% | 3.04% | 10.69% | 15.66% |
| Large Cap (IVV) | 0.55% | 0.97% | 5.51% | 14.05% | 18.56% |
| Large Growth (IVW) | 0.65% | 3.32% | 7.46% | 16.56% | 20.65% |
| Mid Value (IJJ) | 0.55% | -4.52% | -4.06% | 7.93% | 11.16% |
| Mid Cap (IJH) | 0.36% | -3.84% | -4.24% | 11.47% | 14.31% |
| Mid Growth (IJK) | 0.16% | -3.25% | -4.53% | 14.58% | 17.06% |
| Small Value (IJS) | 0.42% | -4.90% | -3.38% | 15.89% | 21.52% |
| Small Cap (IJR) | 0.37% | -5.39% | -5.11% | 16.02% | 19.41% |
| Small Growth (IJT) | 0.24% | -5.89% | -6.94% | 15.83% | 17.17% |
U.S. Sectors & Industries
Industrials (XLI) led all sectors with a 0.95% advance, followed closely by Technology (XLK) at 0.80%, which carries an RSI of 66 and a year-to-date gain of 36.81%, the strongest of any sector tracked. Financials (XLF) rose 0.57% but remains technically stretched with an RSI of 32 and just 7% of constituents above their 50-day average, reflecting a difficult trailing month down 5.62%. On the downside, Energy (XLE) fell 0.89% as crude prices declined, though the sector still holds a commanding 41.51% year-to-date advance. Communication Services (XLC) was the weakest performer, down 0.90% and now negative for the year at -3.18%. Utilities (XLU) and Real Estate (XLRE) both show RSI readings of 24, deep in oversold territory, with Real Estate showing zero constituents above their 50-day moving average.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.54% | 0.96% | 5.31% | 14.00% | 18.48% |
| Industrials (XLI) | 0.95% | -4.21% | -7.19% | 10.74% | 13.98% |
| Technology (XLK) | 0.80% | 8.12% | 6.46% | 36.81% | 41.92% |
| Financials (XLF) | 0.57% | -5.62% | 2.96% | 1.34% | 4.17% |
| Health Care (XLV) | 0.49% | -2.25% | 10.10% | 11.63% | 29.38% |
| Consumer Staples (XLP) | 0.44% | -4.53% | -1.59% | 7.68% | 8.42% |
| Utilities (XLU) | 0.38% | -8.10% | -13.19% | -5.52% | -4.86% |
| Materials (XLB) | 0.24% | -6.63% | -3.49% | 11.22% | 15.45% |
| Consumer Discretionary (XLY) | 0.22% | -6.06% | -2.25% | -6.84% | -5.63% |
| Real Estate (XLRE) | -0.22% | -7.61% | -6.02% | 5.45% | 3.72% |
| Energy (XLE) | -0.89% | 0.58% | 15.40% | 41.51% | 39.99% |
| Communication Services (XLC) | -0.90% | 0.12% | 7.33% | -3.18% | -2.29% |
Global Thematic
Clean energy and green technology themes led thematic strategies, with the Global X Hydrogen ETF (HYDR) gaining 3.07% and the First Trust Nasdaq Clean Edge Green Energy Index Fund (QCLN) adding 2.22%. Memory and semiconductor-focused funds also participated, with the Tema Memory ETF (DISK) up 3.02% and the Roundhill Memory ETF (DRAM) rising 1.96%. Cybersecurity names were the clear laggards of the session, with the Global X Cybersecurity ETF (BUG) falling 4.16% and the WisdomTree Cybersecurity Fund (WCBR) down 3.83%, coinciding with Zscaler’s 3.98% decline following an executive leadership change. Digital asset infrastructure also softened, as the CoinShares Bitcoin Mining and Digital Power ETF (WGMI) dropped 3.21%. The dispersion between energy-transition themes and security-related technology underscores a rotation away from names most exposed to renewed AI-spending scrutiny.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Global X Hydrogen ETF (HYDR) | 3.07% |
| Tema Memory ETF (DISK) | 3.02% |
| First Trust Nasdaq Clean Edge Green Energy Index Fund (QCLN) | 2.22% |
| Roundhill Memory ETF (DRAM) | 1.96% |
| Corgi Lithography & Semiconductor Photonics ETF (EUV) | 1.92% |
| Laggards | |
| Global X Cybersecurity ETF (BUG) | -4.16% |
| WisdomTree Cybersecurity Fund (WCBR) | -3.83% |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | -3.21% |
| iShares Cybersecurity & Tech ETF (IHAK) | -3.17% |
| Amplify Cybersecurity ETF (HACK) | -3.13% |
Developed ex-U.S. & Emerging Markets
Asian markets drove developed and emerging market outperformance, with South Korea (EWY) surging 2.55% on the day and now up an extraordinary 92.53% year-to-date, while Taiwan (EWT) gained 1.50% with an 80.67% year-to-date return. Japan (EWJ) added 2.21%, extending a strong run to 21.94% year-to-date, aided by a weaker yen against the dollar. Within emerging markets, Mexico (EWW) rose 1.14% while China (MCHI) slipped 0.38%, remaining down 11.83% for the year following the lack of trade breakthroughs from this week’s high-level meetings. Hong Kong (EWH) also declined 0.93%, diverging from the broader regional strength seen elsewhere across Asia.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 1.01% | -2.99% | 2.34% | 11.65% | 18.77% |
| Australia (EWA) | 0.42% | -6.57% | 1.79% | 10.09% | 10.80% |
| Canada (EWC) | 0.25% | -4.87% | 3.42% | 11.01% | 20.69% |
| France (EWQ) | 0.30% | -6.52% | -2.86% | -0.22% | 4.81% |
| Germany (EWG) | 0.93% | -4.93% | 2.90% | 1.41% | 5.77% |
| Hong Kong (EWH) | -0.93% | -4.05% | 5.40% | 6.43% | 11.19% |
| Japan (EWJ) | 2.21% | 2.41% | 4.86% | 21.94% | 26.99% |
| Netherlands (EWN) | 0.76% | -2.05% | -0.63% | 20.40% | 25.04% |
| South Korea (EWY) | 2.55% | 3.90% | -8.69% | 92.53% | 139.63% |
| Switzerland (EWL) | 0.36% | -6.24% | -3.41% | 2.96% | 14.62% |
| U.K. (EWU) | 0.34% | -4.19% | 3.14% | 9.15% | 19.23% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 1.09% | 1.09% | 0.03% | 24.88% | 31.24% |
| Brazil (EWZ) | -0.24% | 2.62% | 7.72% | 17.00% | 25.92% |
| China (MCHI) | -0.38% | -4.54% | 3.62% | -11.83% | -17.20% |
| India (INDA) | 0.63% | -4.72% | -3.18% | -11.45% | -8.82% |
| Indonesia (EIDO) | -0.41% | -6.18% | 0.59% | -34.68% | -29.16% |
| Malaysia (EWM) | 0.32% | -3.20% | 4.47% | 3.81% | 14.18% |
| Mexico (EWW) | 1.14% | -5.79% | -2.90% | 7.33% | 14.63% |
| South Africa (EZA) | 0.88% | -8.32% | 5.24% | -1.33% | 16.13% |
| Taiwan (EWT) | 1.50% | 8.90% | 9.41% | 80.67% | 90.40% |
| Thailand (THD) | 0.18% | 0.41% | 5.84% | 26.11% | 27.72% |
Fixed Income
Fixed income posted modest gains across most segments as yields eased from earlier-week highs, with Short-Term Treasuries (BSV) up 0.20% and the Core Aggregate (AGG) rising 0.18%. Mortgage-Backed Securities (MBB) outperformed with a 0.53% gain, while Long-Term Treasuries (BLV) slipped 0.06%, reflecting continued pressure on duration amid yields near 5.18%. High Yield (HYG) was roughly flat at -0.04%, holding a modest 0.50% year-to-date gain. Municipal bonds lagged broader fixed income, with Long-Term Municipals (MLN) down 0.76% and Intermediate Municipals (MUB) off 0.41%. The broader fixed income complex remains negative for the year, with Core Bonds down 2.18% year-to-date as the market continues to digest a higher-for-longer rate environment.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | 0.20% | -1.24% | -0.81% | -0.29% | 1.05% |
| Core (AGG) | 0.18% | -2.61% | -3.17% | -2.18% | -1.01% |
| Core Enhanced (IUSB) | 0.18% | -2.53% | -2.96% | -1.86% | -0.61% |
| Long-Term (BLV) | -0.06% | -4.16% | -7.08% | -5.25% | -5.16% |
| Government | |||||
| Intermediate (SPTI) | 0.33% | -2.54% | -2.66% | -2.51% | -1.32% |
| Inflation Protected (TIP) | 0.23% | -2.88% | -2.89% | -1.63% | -1.60% |
| Short-Term (SPTS) | 0.17% | -0.78% | -0.16% | 0.45% | 1.76% |
| Ultrashort (BIL) | 0.04% | 0.31% | 0.92% | 2.63% | 3.68% |
| Long-Term (SPTL) | -0.04% | -4.39% | -7.31% | -5.74% | -5.73% |
| Specialty | |||||
| Mortgage Backed (MBB) | 0.53% | -3.30% | -3.78% | -2.39% | -0.73% |
| Preferred Stock (PFF) | 0.17% | -2.33% | -0.64% | -0.32% | -0.85% |
| Corporate (SPIB) | 0.15% | -2.00% | -2.04% | -1.18% | 0.22% |
| Bank Loans (BKLN) | 0.10% | 0.65% | 2.75% | 2.47% | 4.71% |
| Convertible (CWB) | 0.00% | -1.21% | -4.46% | 15.88% | 15.99% |
| High Yield (HYG) | -0.04% | -2.04% | -1.06% | 0.50% | 2.07% |
| International & EM | |||||
| International Local (IGOV) | 0.34% | -3.85% | -2.16% | -3.71% | -3.48% |
| Emerging Local (EMLC) | 0.20% | -3.17% | -0.36% | 0.76% | 4.54% |
| International USD (BNDX) | 0.10% | -1.77% | -2.49% | -1.02% | -0.51% |
| Emerging USD (EMB) | 0.00% | -2.93% | -3.30% | -0.88% | 1.83% |
| Municipals | |||||
| Short-Term (SUB) | -0.17% | -1.64% | -1.23% | -0.47% | 0.23% |
| Intermediate (MUB) | -0.41% | -3.91% | -5.19% | -3.50% | -1.68% |
| High Yield (HYD) | -0.48% | -4.30% | -5.51% | -3.16% | -0.98% |
| Long-Term (MLN) | -0.76% | -5.47% | -6.71% | -4.19% | -2.37% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Broad Commodities (DJP) declined 0.79% as energy markets sold off sharply, with Brent Crude (BNO) falling 3.54% and WTI Crude (USO) down 3.11% amid reported progress toward Middle East de-escalation. Natural Gas (UNG) also slid 3.64% on the day, though both energy funds retain triple-digit year-to-date gains near 110%. Precious metals moved in the opposite direction, with Gold (GLD) advancing 0.44% to a fresh cycle high near $4,339/oz and Platinum (PPLT) leading gains at 1.19%. Silver (SLV) rose 0.90%, continuing its recovery despite remaining down 9.75% year-to-date. Agricultural commodities were mixed, with Soybeans (SOYB) falling 0.72% while Corn (CORN) edged up 0.25%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.79% | 5.96% | 20.01% | 40.34% | 49.26% |
| Agriculture | |||||
| Corn (CORN) | 0.25% | 0.71% | 16.40% | 11.28% | 11.34% |
| Broad (DBA) | -0.04% | 0.92% | 6.02% | 11.83% | 10.15% |
| Wheat (WEAT) | -0.27% | -0.51% | 13.03% | 27.69% | 20.57% |
| Sugar (CANE) | -0.53% | 0.90% | 20.02% | 14.92% | 7.89% |
| Soybeans (SOYB) | -0.72% | 5.48% | 12.87% | 26.81% | 27.92% |
| Energy | |||||
| Broad (DBE) | -2.90% | 16.15% | 37.02% | 109.16% | 94.28% |
| WTI Crude (USO) | -3.11% | 17.58% | 35.70% | 114.47% | 92.66% |
| Brent Crude (BNO) | -3.54% | 18.68% | 42.43% | 110.63% | 90.88% |
| Natural Gas (UNG) | -3.64% | 8.80% | -5.28% | -9.22% | -11.60% |
| Industrial Metals | |||||
| Broad (DBB) | 0.00% | 0.82% | 7.33% | 13.03% | 30.43% |
| Copper (CPER) | -0.10% | -0.37% | 9.82% | 16.16% | 37.61% |
| Precious Metals | |||||
| Platinum (PPLT) | 1.19% | -4.57% | 11.04% | -13.69% | 15.02% |
| Silver (SLV) | 0.90% | -6.71% | 11.04% | -9.75% | 41.70% |
| Broad (DBP) | 0.55% | -7.65% | 7.37% | -3.46% | 17.58% |
| Gold (GLD) | 0.44% | -8.10% | 6.48% | -0.73% | 14.11% |
| Palladium (PALL) | -0.09% | -5.51% | 6.78% | -20.97% | -0.11% |
Cryptocurrency
Digital assets were mixed with notable divergence across coins, as Solana (SOLZ) led gains with a 4.12% advance and XRP (XRP) rose 2.93%, both continuing strong trailing three-month performance of 84.89% and 52.29% respectively. Bitcoin (IBIT) slipped 0.50% on the day and remains down 4.19% year-to-date, while Ethereum (ETHA) declined 0.10%, still off 9.45% for the year despite a robust 73.00% three-month gain. The Multi-Coin basket (NCIQ) fell 0.23%, reflecting the broader lack of unified direction across the asset class. The divergence between altcoin strength and large-cap crypto softness suggests rotation within the digital asset space rather than a uniform risk-on or risk-off signal.
What to Watch Today
Monday’s calendar is relatively light, headlined by the Dallas Fed Manufacturing Business Index at 9:30 AM ET, with the prior reading at 11.6. Treasury market participants will also watch a series of scheduled auctions and fiscal data releases, including the Unemployment Trust Fund Report and Federal Borrowings Program data. Commentary from a Federal Reserve official is expected during the session, though no specific speaker or topic has been confirmed. Investors should note that the broader week ahead brings a heavier data slate, including the September jobs report, ISM manufacturing and services PMIs, and personal income, outlays, and PCE price index readings, which will likely take precedence as the week progresses.
U.S. equities extended their weekly advance as the S&P 500 (IVV) rose 0.55% on the day, pushing its year-to-date gain to 14.05%, even as the 10-year Treasury yield hovered near cycle highs around 5.18%. International markets outperformed, with Developed ex-U.S. (EFA) advancing 1.01% and Emerging Markets (EEM) adding 1.09%, both now sporting stronger year-to-date returns than the domestic benchmark at 11.65% and 24.88%, respectively. Fixed income was modestly firmer as the U.S. Aggregate Bond (AGG) gained 0.18%, though it remains down 2.18% year-to-date given the elevated rate backdrop. Broad Commodities (DJP) was the day’s laggard, falling 0.79% as crude oil retreated on reported progress toward Middle East de-escalation, even as the complex retains a striking 40.34% year-to-date gain. The outlier of the session was South Korea, where easing yields and broad risk-on sentiment across Asia helped drive outsized regional gains.