Macro Overview
U.S. equities closed a positive week with a mixed session, as investors digested hawkish commentary from the Federal Reserve’s Jackson Hole symposium. The S&P 500 (IVV) edged down 0.23%, while international stocks followed suit, with Developed ex-U.S. (EFA) falling 0.28% and Emerging Markets (EEM) declining 0.70%. The Fed’s affirmation of its commitment to fighting inflation sent bond prices lower, while Broad Commodities (DJP) finished the day nearly unchanged.
U.S. Size & Style
A defensive posture was evident across U.S. style factors, as Large Cap Value (IVE) was the only segment to post a gain, rising 0.10%. Growth-oriented and smaller capitalization stocks faced the most pressure from the prospect of higher interest rates. Mid-Cap Growth (IJK) was the weakest performer, falling 1.68%, followed closely by Mid-Cap (IJH) which declined 1.16%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.10% | 1.22% | 4.34% | 12.75% | 18.36% |
| Large Cap (IVV) | -0.23% | 3.87% | 2.23% | 13.45% | 19.94% |
| Large Growth (IVW) | -0.57% | 6.21% | 0.39% | 13.80% | 20.95% |
| Mid Value (IJJ) | -0.52% | -1.51% | 3.88% | 12.75% | 14.64% |
| Mid Cap (IJH) | -1.16% | -0.36% | 2.01% | 15.34% | 17.16% |
| Mid Growth (IJK) | -1.68% | 0.84% | 0.25% | 17.62% | 19.20% |
| Small Value (IJS) | -0.37% | 0.20% | 4.85% | 21.64% | 27.29% |
| Small Cap (IJR) | -0.82% | -0.50% | 4.51% | 21.69% | 24.43% |
| Small Growth (IJT) | -1.21% | -1.18% | 4.22% | 21.55% | 21.68% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Sector performance was highly divergent, with clear winners and losers on the day. Communication Services (XLC) and Consumer Discretionary (XLY) led the market, advancing 1.42% and 1.15% respectively. In contrast, the rate-sensitive Technology (XLK) sector was the session’s biggest laggard, dropping 1.55% despite recent strong earnings reports. Utilities (XLU) also retreated, falling 1.04% amid expectations for higher borrowing costs.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.23% | 3.85% | 2.21% | 13.42% | 19.87% |
| Communication Services (XLC) | 1.42% | 3.03% | -2.90% | -3.46% | 2.51% |
| Consumer Discretionary (XLY) | 1.15% | 4.21% | -3.78% | -1.45% | 0.89% |
| Energy (XLE) | 0.63% | 8.88% | 10.85% | 42.10% | 43.75% |
| Consumer Staples (XLP) | 0.43% | -1.85% | 1.92% | 11.39% | 9.43% |
| Financials (XLF) | 0.38% | 0.87% | 13.72% | 6.99% | 9.56% |
| Materials (XLB) | -0.09% | 1.60% | 3.93% | 18.22% | 17.51% |
| Health Care (XLV) | -0.24% | 2.33% | 13.94% | 11.51% | 27.64% |
| Real Estate (XLRE) | -0.40% | -3.33% | 1.02% | 11.93% | 9.32% |
| Industrials (XLI) | -0.93% | -2.93% | 2.17% | 14.79% | 16.94% |
| Utilities (XLU) | -1.04% | -6.13% | -3.65% | 1.43% | 3.78% |
| Technology (XLK) | -1.55% | 8.53% | -0.50% | 29.29% | 40.06% |
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Global Thematic
Thematic ETFs reflected a broad retreat from risk, with speculative areas seeing sharp declines. Blockchain and crypto-related funds were hit particularly hard, with Global X Blockchain ETF (BKCH) falling 8.21%, while uranium miners also sold off, evidenced by a 7.64% drop in the Sprott Junior Uranium Miners ETF (URNJ). Bucking the trend were cannabis-focused funds, where the Amplify Seymour Cannabis ETF (CNBS) gained 3.85%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Amplify Seymour Cannabis ETF (CNBS) | 3.85% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | 3.31% |
| ProShares Online Retail ETF (ONLN) | 1.88% |
| Amplify Alternative Harvest ETF (MJ) | 1.69% |
| Invesco NASDAQ Internet ETF (PNQI) | 1.36% |
| Laggards | |
| Global X Blockchain ETF (BKCH) | -8.21% |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | -8.09% |
| Sprott Junior Uranium Miners ETF (URNJ) | -7.64% |
| Sprott Uranium Miners ETF (URNM) | -7.19% |
| Schwab Crypto Thematic Natural Language Processing ETF (STCE) | -6.55% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
International equity markets were broadly lower, though several developed countries showed resilience. Germany (EWG) and Japan (EWJ) both closed nearly flat, while Canada (EWC) fell 0.85% amid new tariff concerns. Emerging markets saw wider losses, with Thailand (THD) declining 1.95%, although China (MCHI) managed a 0.60% gain against the negative regional sentiment.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.28% | 3.69% | 4.51% | 13.94% | 21.07% |
| Australia (EWA) | -0.37% | 2.32% | 5.02% | 16.17% | 14.24% |
| Canada (EWC) | -0.85% | 3.16% | 5.87% | 15.00% | 29.13% |
| France (EWQ) | 0.15% | 1.14% | 2.82% | 5.13% | 10.81% |
| Germany (EWG) | 0.02% | 6.37% | 4.57% | 7.00% | 8.23% |
| Hong Kong (EWH) | -0.09% | -0.04% | 1.03% | 9.68% | 12.97% |
| Japan (EWJ) | 0.03% | 6.72% | 3.97% | 19.37% | 26.16% |
| Netherlands (EWN) | -0.61% | 5.22% | 3.30% | 21.29% | 34.25% |
| South Korea (EWY) | -1.07% | 18.98% | -12.70% | 85.35% | 150.27% |
| Switzerland (EWL) | -0.63% | 0.13% | 2.51% | 7.45% | 16.45% |
| U.K. (EWU) | -0.16% | 1.53% | 4.79% | 11.98% | 20.77% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -0.70% | 7.67% | -1.65% | 23.34% | 36.63% |
| Brazil (EWZ) | -0.59% | -1.39% | -0.61% | 12.97% | 26.07% |
| China (MCHI) | 0.60% | 1.51% | 1.10% | -7.45% | -6.90% |
| India (INDA) | 0.06% | 0.36% | 1.79% | -8.31% | -5.67% |
| Indonesia (EIDO) | 0.16% | 5.15% | -0.26% | -31.09% | -28.47% |
| Malaysia (EWM) | -1.63% | 1.29% | 0.54% | 5.79% | 17.01% |
| Mexico (EWW) | -0.88% | -0.39% | -1.54% | 11.93% | 26.53% |
| South Africa (EZA) | -1.17% | 14.10% | 3.60% | 4.97% | 33.31% |
| Taiwan (EWT) | -0.67% | 14.85% | 5.43% | 69.84% | 88.43% |
| Thailand (THD) | -1.95% | 0.33% | -0.02% | 23.99% | 29.24% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Fixed income markets sold off across the board after the Federal Reserve Chair signaled a continued hawkish stance on inflation. The benchmark U.S. Aggregate Bond (AGG) fell 0.35% as traders adjusted expectations for future interest rate hikes. The pressure was widespread, with Inflation Protected securities (TIP) declining 0.47%. Convertible bonds (CWB), which are sensitive to equity market movements, saw the steepest losses, falling 1.52%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.22% | 0.23% | 0.29% | 0.65% | 2.17% |
| Core Enhanced (IUSB) | -0.28% | 0.02% | -0.45% | 0.17% | 2.18% |
| Long-Term (BLV) | -0.33% | -0.59% | -2.09% | -1.76% | 0.33% |
| Core (AGG) | -0.35% | -0.09% | -0.52% | -0.09% | 1.85% |
| Government | |||||
| Ultrashort (BIL) | 0.02% | 0.32% | 0.91% | 2.35% | 3.74% |
| Short-Term (SPTS) | -0.14% | 0.25% | 0.50% | 1.01% | 2.52% |
| Long-Term (SPTL) | -0.32% | -0.96% | -1.80% | -2.10% | -0.07% |
| Intermediate (SPTI) | -0.36% | -0.16% | -0.33% | -0.57% | 0.83% |
| Inflation Protected (TIP) | -0.47% | 0.06% | -1.02% | 0.62% | 0.86% |
| Specialty | |||||
| Bank Loans (BKLN) | -0.05% | 1.15% | 1.74% | 1.85% | 4.65% |
| High Yield (HYG) | -0.16% | 0.89% | 0.85% | 2.36% | 4.35% |
| Corporate (SPIB) | -0.30% | 0.14% | -0.10% | 0.44% | 2.42% |
| Preferred Stock (PFF) | -0.33% | 1.06% | -1.71% | 1.59% | 1.86% |
| Mortgage Backed (MBB) | -0.37% | -0.17% | -0.56% | 0.30% | 3.05% |
| Convertible (CWB) | -1.52% | 2.35% | -4.47% | 15.92% | 20.56% |
| International & EM | |||||
| International USD (BNDX) | -0.21% | -0.57% | -0.66% | 0.12% | 0.94% |
| Emerging USD (EMB) | -0.25% | 0.12% | -0.13% | 1.59% | 5.93% |
| International Local (IGOV) | -0.53% | 1.33% | -1.74% | -1.10% | -1.52% |
| Emerging Local (EMLC) | -0.78% | 1.34% | 1.67% | 2.70% | 7.24% |
| Municipals | |||||
| Short-Term (SUB) | -0.05% | 0.46% | 0.48% | 1.12% | 1.90% |
| Long-Term (MLN) | -0.14% | -0.69% | -0.49% | 0.95% | 6.66% |
| Intermediate (MUB) | -0.16% | -0.47% | -0.90% | 0.08% | 3.92% |
| High Yield (HYD) | -0.24% | -0.39% | -1.29% | 0.49% | 5.71% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
The commodities complex saw a significant divergence between precious metals and agricultural products. A stronger U.S. dollar and higher rate expectations weighed heavily on metals, sending Silver (SLV) down 4.38% and Gold (GLD) lower by 3.24%. Conversely, agricultural commodities rallied on geopolitical supply fears, with Wheat (WEAT) gaining 2.87% due to concerns over disruptions from the Black Sea region. Palladium (PALL) was a standout performer, surging 4.92%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.02% | 8.83% | 3.92% | 34.70% | 48.22% |
| Agriculture | |||||
| Wheat (WEAT) | 2.87% | 13.73% | 17.50% | 40.21% | 32.08% |
| Soybeans (SOYB) | 1.64% | 5.80% | 7.85% | 24.43% | 21.90% |
| Broad (DBA) | 1.28% | 4.85% | 5.84% | 14.38% | 9.87% |
| Corn (CORN) | 0.76% | 10.34% | 9.56% | 12.52% | 15.59% |
| Sugar (CANE) | -2.27% | 17.14% | 18.37% | 14.92% | 1.93% |
| Energy | |||||
| Broad (DBE) | -0.01% | 9.66% | 5.91% | 84.60% | 75.65% |
| WTI Crude (USO) | -0.24% | 7.64% | -0.83% | 87.54% | 72.38% |
| Brent Crude (BNO) | -0.44% | 10.14% | 0.29% | 81.78% | 69.18% |
| Natural Gas (UNG) | -0.96% | 5.41% | -13.12% | -15.74% | -17.82% |
| Industrial Metals | |||||
| Broad (DBB) | -0.31% | 3.62% | -2.08% | 11.07% | 33.50% |
| Copper (CPER) | -0.78% | 3.50% | 1.56% | 13.47% | 42.03% |
| Precious Metals | |||||
| Palladium (PALL) | 4.92% | 12.57% | 3.70% | -11.30% | 27.88% |
| Platinum (PPLT) | -1.61% | 13.41% | -5.50% | -11.55% | 32.93% |
| Gold (GLD) | -3.24% | 10.70% | -0.94% | 3.17% | 29.79% |
| Broad (DBP) | -3.31% | 11.72% | -3.44% | 0.16% | 34.27% |
| Silver (SLV) | -4.38% | 16.09% | -12.20% | -6.83% | 68.98% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets experienced a broad-based decline, consistent with the risk-off sentiment that impacted other speculative growth assets. The sell-off was led by alternative coins, with Solana (SOLZ) falling 5.76% on the day. The two largest cryptocurrencies also retreated, as Bitcoin (IBIT) lost 3.07% and Ethereum (ETHA) declined 2.65%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Solana (SOLZ) | -5.76% | 39.35% | 26.09% | -17.86% | -53.51% |
| XRP (XRP) | -5.58% | 30.18% | 4.90% | -24.95% | — |
| Bitcoin (IBIT) | -3.07% | 21.47% | 5.63% | -11.58% | -30.95% |
| Multi-Coin (NCIQ) | -2.83% | 22.90% | 7.60% | -13.82% | -36.45% |
| Ethereum (ETHA) | -2.65% | 26.78% | 20.93% | -18.10% | -45.28% |
Explore the Digital Assets Explorer →
What to Watch Today
Looking ahead to the start of the week on Monday, investors will monitor the release of the Dallas Fed Manufacturing Activity Index for August. The economic calendar also includes two statistical releases from the Federal Reserve covering finance companies and foreign exchange rates. In the bond market, the U.S. Treasury is scheduled to auction 13-week and 26-week bills.
