Macro Overview
U.S. Size & Style
Growth continued to outpace value across the cap spectrum, with Large Growth (IVW) up 0.92% versus a 0.39% gain for Large Value (IVE), extending a widening performance gap that has Large Growth’s three-month return at 7.36% against just 0.53% for value. Large Cap (IVV) carries an RSI of 59, well within neutral territory, though Large Growth’s RSI of 67 is approaching overbought levels. Mid and small-cap segments posted smaller, more uniform gains between 0.17% and 0.55%, with breadth remaining narrow — only 19% to 31% of constituents across these segments trade above their 50-day moving averages. Small Cap (IJR) gained 0.36% on the day but remains down 4.00% over the trailing month, underscoring the market’s continued preference for large-cap growth exposure.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.39% | -2.27% | 0.53% | 9.96% | 12.73% |
| Large Cap (IVV) | 0.67% | 0.85% | 4.29% | 14.56% | 17.10% |
| Large Growth (IVW) | 0.92% | 3.43% | 7.36% | 18.15% | 20.43% |
| Mid Value (IJJ) | 0.17% | -4.58% | -3.70% | 8.14% | 9.21% |
| Mid Cap (IJH) | 0.40% | -2.56% | -2.87% | 12.52% | 13.47% |
| Mid Growth (IJK) | 0.55% | -0.73% | -2.18% | 16.50% | 17.27% |
| Small Value (IJS) | 0.40% | -4.42% | -2.94% | 16.27% | 18.24% |
| Small Cap (IJR) | 0.36% | -4.00% | -4.75% | 16.63% | 17.27% |
| Small Growth (IJT) | 0.34% | -3.50% | -6.56% | 16.78% | 16.10% |
U.S. Sectors & Industries
Materials (XLB) led all sectors with a 1.31% advance, followed closely by Communication Services (XLC) at 1.17% and Energy (XLE) at 1.00%, the latter still carrying a 44.72% year-to-date gain despite the day’s crude oil weakness. Technology (XLK) rose 0.56% and remains the sector leader over longer horizons, up 40.06% year-to-date, with an RSI of 71 signaling overbought conditions and 76% of its constituents trading above their 50-day moving average — the broadest participation of any sector. Real Estate (XLRE) was the lone sector decliner at -0.34%, with an RSI of just 20 flagging oversold conditions and zero percent of its constituents above their 50-day average. Financials (XLF) gained 0.73% on the day but also screens oversold with an RSI of 32, reflecting persistent weakness over the trailing month of -6.94%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.67% | 0.85% | 4.29% | 14.51% | 17.03% |
| Materials (XLB) | 1.31% | -5.17% | -4.39% | 10.55% | 12.15% |
| Communication Services (XLC) | 1.17% | -0.06% | 2.16% | -4.33% | -2.93% |
| Energy (XLE) | 1.00% | -0.35% | 19.95% | 44.72% | 46.78% |
| Financials (XLF) | 0.73% | -6.94% | -2.79% | -0.43% | 1.87% |
| Health Care (XLV) | 0.72% | -2.01% | 2.61% | 9.45% | 17.49% |
| Consumer Staples (XLP) | 0.63% | -3.55% | -4.02% | 6.34% | 6.72% |
| Technology (XLK) | 0.56% | 7.41% | 11.39% | 40.06% | 41.86% |
| Consumer Discretionary (XLY) | 0.35% | -3.70% | -5.52% | -6.96% | -6.40% |
| Utilities (XLU) | 0.35% | -6.53% | -12.01% | -4.42% | -7.53% |
| Industrials (XLI) | 0.09% | -2.69% | -7.26% | 10.53% | 11.41% |
| Real Estate (XLRE) | -0.34% | -6.65% | -8.22% | 3.20% | 0.03% |
Global Thematic
Thematic funds tied to biotechnology and genomics led the day’s gainers, with ARK Genomic Revolution ETF (ARKG) up 5.13% and Global X Genomics & Biotechnology ETF (GNOM) up 3.85%. Emerging markets internet exposure also performed well, with EMQQ The Emerging Markets Internet ETF (EMQQ) gaining 3.92%, while ARK Innovation ETF (ARKK) added 3.28% on continued strength in innovation-linked names. On the downside, crypto-adjacent and digital-infrastructure themes lagged, with First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) falling 3.45% and Roundhill Neocloud ETF (NCLD) down 2.87%. Cannabis-focused funds also underperformed, with Amplify Seymour Cannabis ETF (CNBS) off 2.31%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| ARK Genomic Revolution ETF (ARKG) | 5.13% |
| EMQQ The Emerging Markets Internet ETF (EMQQ) | 3.92% |
| Global X Genomics & Biotechnology ETF (GNOM) | 3.85% |
| ARK Innovation ETF (ARKK) | 3.28% |
| ERShares Private-Public Crossover ETF (XOVR) | 3.08% |
| Laggards | |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | -3.45% |
| Roundhill Neocloud ETF (NCLD) | -2.87% |
| Amplify Seymour Cannabis ETF (CNBS) | -2.31% |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | -2.18% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -1.79% |
Developed ex-U.S. & Emerging Markets
Developed international markets were mixed, with France (EWQ) declining 1.04% amid political uncertainty following calls for early elections, while Hong Kong (EWH) gained 0.93% and Japan (EWJ) added 0.38%, extending its year-to-date lead at 23.64%. Emerging markets activity was dominated by Brazil (EWZ), which jumped 12.54% on the day and now shows a 36.58% year-to-date gain, alongside notable strength in Indonesia (EIDO) at 2.05% and China (MCHI) at 2.03%, even as mainland China markets remained closed for the holiday. Taiwan (EWT) added 1.44% following reports of early-stage semiconductor collaboration talks, building on an 85.74% year-to-date gain. South Korea (EWY) slipped 0.22% on the day despite carrying the largest year-to-date gain in the group at 96.94%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.07% | -3.99% | -0.33% | 10.03% | 13.16% |
| Australia (EWA) | 0.39% | -5.95% | 1.21% | 10.09% | 6.92% |
| Canada (EWC) | 0.10% | -5.25% | 1.75% | 9.50% | 16.28% |
| France (EWQ) | -1.04% | -8.54% | -8.99% | -4.91% | -4.25% |
| Germany (EWG) | -0.12% | -6.02% | -2.51% | -1.01% | -0.85% |
| Hong Kong (EWH) | 0.93% | -6.16% | 4.01% | 4.09% | 5.92% |
| Japan (EWJ) | 0.38% | 1.04% | 6.61% | 23.64% | 26.69% |
| Netherlands (EWN) | -0.25% | -2.03% | 0.22% | 19.87% | 19.06% |
| South Korea (EWY) | -0.22% | 1.37% | 6.28% | 96.94% | 133.53% |
| Switzerland (EWL) | 0.05% | -6.13% | -7.38% | 0.58% | 6.44% |
| U.K. (EWU) | 0.02% | -4.94% | -2.06% | 6.54% | 12.02% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 1.57% | 0.04% | 4.61% | 26.26% | 29.21% |
| Brazil (EWZ) | 12.54% | 13.52% | 24.83% | 36.58% | 48.20% |
| China (MCHI) | 2.03% | -4.79% | 2.69% | -12.40% | -19.95% |
| India (INDA) | 0.11% | -6.69% | -6.03% | -13.84% | -11.21% |
| Indonesia (EIDO) | 2.05% | -8.73% | 4.10% | -35.11% | -29.71% |
| Malaysia (EWM) | 0.22% | -3.66% | 0.56% | 1.16% | 7.32% |
| Mexico (EWW) | 1.10% | -6.21% | -4.81% | 5.18% | 11.27% |
| South Africa (EZA) | -0.03% | -11.82% | -1.30% | -6.24% | 4.60% |
| Taiwan (EWT) | 1.44% | 5.19% | 12.53% | 85.74% | 90.96% |
| Thailand (THD) | -0.20% | -2.60% | -0.20% | 22.60% | 23.27% |
Fixed Income
Fixed income was broadly softer as Treasury yields rose alongside the equity rally, with Core bonds (AGG) down 0.13% and Long-Term bonds (BLV) declining 0.24%, extending a 7.01% year-to-date loss for the long-duration segment. Short-duration instruments held up better, with Short-Term Treasuries (SPTS) flat and Ultrashort (BIL) gaining 0.01%, underscoring continued pressure along the longer end of the curve. Credit spreads remained stable, with High Yield (HYG) up 0.09% and Bank Loans (BKLN) adding 0.05%. Emerging market debt outperformed developed peers, with Emerging Local (EMLC) gaining 0.28%, consistent with the broader risk-on tone in emerging market equities.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | 0.05% | -0.91% | -0.90% | -0.27% | 0.77% |
| Core Enhanced (IUSB) | -0.07% | -2.59% | -3.39% | -2.58% | -1.84% |
| Core (AGG) | -0.13% | -2.62% | -3.54% | -2.86% | -2.19% |
| Long-Term (BLV) | -0.24% | -4.92% | -7.74% | -7.01% | -7.76% |
| Government | |||||
| Ultrashort (BIL) | 0.01% | 0.28% | 0.90% | 2.73% | 3.67% |
| Short-Term (SPTS) | 0.00% | -0.47% | -0.18% | 0.58% | 1.59% |
| Intermediate (SPTI) | 0.00% | -2.18% | -2.88% | -2.90% | -2.04% |
| Inflation Protected (TIP) | -0.12% | -2.80% | -3.31% | -2.16% | -2.26% |
| Long-Term (SPTL) | -0.46% | -5.53% | -8.01% | -7.80% | -8.41% |
| Specialty | |||||
| High Yield (HYG) | 0.09% | -2.32% | -1.99% | -0.20% | 0.99% |
| Bank Loans (BKLN) | 0.05% | -0.03% | 2.35% | 2.27% | 4.26% |
| Corporate (SPIB) | 0.03% | -1.80% | -2.37% | -1.51% | -0.54% |
| Convertible (CWB) | -0.09% | -0.87% | -1.88% | 15.63% | 12.49% |
| Mortgage Backed (MBB) | -0.15% | -3.52% | -4.27% | -3.35% | -2.17% |
| Preferred Stock (PFF) | -0.24% | -2.34% | -1.79% | -0.89% | -2.09% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.28% | -3.12% | -1.48% | 0.23% | 3.27% |
| Emerging USD (EMB) | 0.22% | -3.90% | -4.80% | -2.38% | -0.07% |
| International Local (IGOV) | -0.10% | -3.89% | -3.09% | -4.54% | -5.30% |
| International USD (BNDX) | -0.15% | -1.15% | -2.28% | -1.10% | -0.92% |
| Municipals | |||||
| Long-Term (MLN) | 0.55% | -3.64% | -7.23% | -4.19% | -2.94% |
| Intermediate (MUB) | 0.16% | -2.53% | -5.16% | -3.28% | -1.84% |
| High Yield (HYD) | 0.02% | -2.66% | -5.95% | -3.00% | -1.23% |
| Short-Term (SUB) | -0.04% | -1.09% | -1.05% | -0.15% | 0.50% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodity performance was sharply divided, as energy prices fell while agricultural and industrial metals advanced. WTI Crude (USO) dropped 2.29% and Brent Crude (BNO) fell 2.61%, though both remain up more than 100% over the past year. Sugar (CANE) led gainers with a 3.13% advance, while Wheat (WEAT) rose 1.37% and Platinum (PPLT) added 0.97%. Industrial metals also firmed, with Copper (CPER) up 0.86% and the broad industrial metals basket (DBB) gaining 0.76%. Gold (GLD) slipped 0.16% despite ongoing geopolitical uncertainty tied to U.S.-Iran diplomatic developments.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.12% | -0.12% | 18.40% | 37.22% | 45.01% |
| Agriculture | |||||
| Sugar (CANE) | 3.13% | 6.74% | 24.77% | 24.96% | 15.93% |
| Wheat (WEAT) | 1.37% | -5.29% | 11.96% | 25.64% | 20.92% |
| Broad (DBA) | 0.89% | -1.35% | 6.43% | 11.52% | 10.54% |
| Soybeans (SOYB) | 0.37% | -1.19% | 11.78% | 24.98% | 25.38% |
| Corn (CORN) | 0.27% | -5.83% | 12.10% | 6.60% | 7.33% |
| Energy | |||||
| Natural Gas (UNG) | 0.76% | -0.09% | -8.89% | -13.95% | -19.16% |
| Broad (DBE) | -1.64% | 5.70% | 41.76% | 109.33% | 103.34% |
| WTI Crude (USO) | -2.29% | 1.43% | 38.48% | 108.20% | 100.80% |
| Brent Crude (BNO) | -2.61% | 9.52% | 54.90% | 116.98% | 109.87% |
| Industrial Metals | |||||
| Copper (CPER) | 0.86% | -0.23% | 6.89% | 14.02% | 27.27% |
| Broad (DBB) | 0.76% | -2.60% | 4.67% | 9.33% | 22.90% |
| Precious Metals | |||||
| Platinum (PPLT) | 0.97% | -5.58% | 5.84% | -16.43% | 6.43% |
| Silver (SLV) | 0.71% | -7.84% | 0.20% | -14.42% | 26.68% |
| Broad (DBP) | 0.52% | -6.94% | 0.37% | -7.21% | 8.67% |
| Palladium (PALL) | 0.14% | -15.92% | -7.11% | -26.81% | -8.02% |
| Gold (GLD) | -0.16% | -6.69% | 0.38% | -4.23% | 6.13% |
Cryptocurrency
Digital assets posted broad gains Monday, with XRP (XRP) leading at 2.19% and a Multi-Coin basket (NCIQ) up 3.23%. Solana (SOLZ) rose 1.79% and Bitcoin (IBIT) gained 1.74%, though Bitcoin remains down 30.44% over the trailing year. Ethereum (ETHA) advanced 1.59% on the day and has climbed 58.86% over the past three months, despite a steeper one-year decline of 40.37%. Across the group, shorter-term momentum has turned more constructive even as year-to-date and one-year figures remain negative for most major tokens.
What to Watch Today
Tuesday’s calendar includes the U.S. Trade Balance for August at 12:30 PM ET, with consensus near -$102 billion versus a prior reading of -$88.6 billion, alongside the Logistics Managers Index at 10:00 AM ET and the RCM/TIPP Economic Optimism Index for October at 2:00 PM ET. Fed Governors John Williams and Michelle Bowman are scheduled to speak at 1:05 PM ET and 2:45 PM ET, respectively, ahead of Wednesday’s FOMC minutes release. A U.S. 3-Year Treasury Note auction is also scheduled for Tuesday afternoon, alongside the EIA Short-Term Energy Outlook report at 4:00 PM ET. Internationally, Eurozone Retail Sales data and a German 2-Year Schatz auction are due in the early session, while mainland China markets remain closed for holiday through October 8.
U.S. equities extended their advance Monday, with the S&P 500 (IVV) rising 0.67% as AI-linked technology and communications names drove the Nasdaq to a fresh record close. Developed ex-U.S. markets (EFA) were essentially flat on the day at 0.07%, lagging the U.S. and still down nearly 4% over the past month, while Emerging Markets (EEM) outperformed with a 1.57% gain, pushing its year-to-date return to 26.26%. Fixed income softened modestly, with the U.S. Aggregate Bond (AGG) slipping 0.13% as Treasury yields pushed higher. Broad Commodities (DJP) edged up 0.12%, masking a sharp divergence underneath as crude oil fell roughly 2% while agricultural names advanced. The standout outlier was Brazil (EWZ), which surged 12.54% on the day, dwarfing every other single-country or broad-market move in the dataset.