Macro Overview
U.S. Size & Style
Large Growth (IVW) led declines among size and style segments, falling 1.23% as semiconductor and mega-cap technology weakness weighed on growth-tilted portfolios. In contrast, Large Value (IVE) advanced 0.61%, benefiting from strength in energy and staples exposure. Mid Value (IJJ) also outperformed with a 0.75% gain, while small-cap segments were mixed but broadly positive, with Small Value (IJS) up 0.44%. RSI readings across small-cap value and growth (37-39) remain near oversold territory, with fewer than 30% of constituents trading above their 50-day moving averages across most small and mid-cap funds, reflecting continued technical softness beneath the large-cap surface.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.61% | -0.98% | 1.84% | 10.76% | 13.20% |
| Large Cap (IVV) | -0.42% | 1.34% | 4.07% | 14.41% | 16.27% |
| Large Growth (IVW) | -1.23% | 3.15% | 5.85% | 17.21% | 18.55% |
| Mid Value (IJJ) | 0.75% | -4.10% | -2.42% | 7.71% | 9.14% |
| Mid Cap (IJH) | 0.37% | -2.79% | -1.97% | 11.53% | 12.41% |
| Mid Growth (IJK) | -0.08% | -1.71% | -1.71% | 14.92% | 15.35% |
| Small Value (IJS) | 0.44% | -4.37% | -1.90% | 15.10% | 18.27% |
| Small Cap (IJR) | 0.17% | -4.46% | -4.09% | 15.20% | 16.57% |
| Small Growth (IJT) | -0.09% | -4.56% | -6.41% | 14.97% | 14.71% |
U.S. Sectors & Industries
Energy (XLE) was the standout performer, climbing 2.97% as crude prices jumped on geopolitical supply concerns, pushing its RSI to 63 with 67% of constituents above their 50-day average. Consumer Staples (XLP) followed with a 2.11% gain, suggesting a defensive rotation alongside the commodity-driven move. Technology (XLK) was the session’s weakest sector, down 1.79% after reports that OpenAI’s annualized revenue fell short of prior guidance, pressuring semiconductor and AI-infrastructure-linked names broadly. Despite the daily decline, Technology retains a 37.86% YTD gain and an RSI of 60, with 71% of its constituents still above their 50-day moving average, indicating the pullback has not yet broken the sector’s longer-term uptrend.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.42% | 1.29% | 4.08% | 14.38% | 16.22% |
| Energy (XLE) | 2.97% | 1.34% | 18.05% | 48.81% | 50.82% |
| Consumer Staples (XLP) | 2.11% | -0.06% | -0.50% | 9.46% | 10.19% |
| Financials (XLF) | 0.89% | -5.03% | -1.00% | 0.22% | 2.93% |
| Communication Services (XLC) | 0.73% | 0.81% | 2.71% | -3.94% | -1.85% |
| Real Estate (XLRE) | 0.69% | -6.17% | -6.70% | 3.65% | 2.32% |
| Materials (XLB) | 0.59% | -4.70% | -1.32% | 10.03% | 11.58% |
| Industrials (XLI) | 0.33% | -3.19% | -6.41% | 9.42% | 9.46% |
| Consumer Discretionary (XLY) | 0.31% | -1.79% | -2.90% | -5.87% | -4.72% |
| Utilities (XLU) | -0.19% | -4.78% | -8.79% | -1.79% | -6.97% |
| Health Care (XLV) | -0.39% | 1.00% | 4.00% | 9.97% | 18.30% |
| Technology (XLK) | -1.79% | 5.39% | 9.15% | 37.86% | 36.76% |
Global Thematic
Natural resource and gold mining thematic funds led the day’s gainers, with the iShares North American Natural Resources ETF (IGE) up 2.24% and the Sprott Junior Gold Miners ETF (SGDJ) rising 2.12%, both tracking the broader commodity and energy rally. On the opposite end, photonics and optical-themed funds were sharply lower, with the Roundhill Photonics & Optics ETF (LYTE) falling 8.28% and the Roundhill Neocloud ETF (NCLD) down 7.20%, reflecting the same AI-infrastructure concerns that hit optical and data-center names tied to major cloud providers. The divergence underscores a rotation away from speculative AI-adjacent themes toward hard-asset exposures during the session.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| iShares North American Natural Resources ETF (IGE) | 2.24% |
| Sprott Junior Gold Miners ETF (SGDJ) | 2.12% |
| Cohen & Steers Natural Resources Active ETF (CSNR) | 1.75% |
| iShares MSCI Global Gold Miners ETF (RING) | 1.73% |
| State Street SPDR S&P North American Natural Resources ETF (NANR) | 1.65% |
| Laggards | |
| Roundhill Photonics & Optics ETF (LYTE) | -8.28% |
| Roundhill Neocloud ETF (NCLD) | -7.20% |
| Tema Photonics & Optical ETF (LAZR) | -6.86% |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | -6.40% |
| Tuttle Capital Pure Play Photonics ETF (FOTO) | -5.26% |
Developed ex-U.S. & Emerging Markets
Developed markets were broadly softer, with South Korea (EWY) the notable exception to the upside historically but posting a steep 4.03% decline on the day despite its 81.33% YTD gain, suggesting profit-taking after an extended run. Japan (EWJ) fell 1.02%, while Canada (EWC) and the U.K. (EWU) each gained 0.65%, drawing support from energy exposure. Within emerging markets, Taiwan (EWT) dropped 2.49% amid the semiconductor-led selloff despite a 78.40% YTD advance, while Brazil (EWZ) bucked the trend with a 0.52% gain, extending its 35.34% YTD outperformance. China (MCHI) slipped a more modest 0.54%, though it remains down nearly 14% year-to-date.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.39% | -4.70% | -0.64% | 8.63% | 12.10% |
| Australia (EWA) | 0.00% | -5.90% | 0.39% | 9.32% | 6.95% |
| Canada (EWC) | 0.66% | -5.16% | 0.60% | 8.65% | 15.60% |
| France (EWQ) | -0.05% | -9.43% | -8.03% | -5.97% | -4.03% |
| Germany (EWG) | -0.59% | -6.66% | -1.55% | -2.40% | -2.04% |
| Hong Kong (EWH) | 0.65% | -5.28% | 2.89% | 3.85% | 5.77% |
| Japan (EWJ) | -1.02% | -0.65% | 5.17% | 21.18% | 24.21% |
| Netherlands (EWN) | -0.82% | -4.49% | -2.20% | 17.16% | 18.78% |
| South Korea (EWY) | -4.03% | -7.17% | -3.52% | 81.33% | 114.16% |
| Switzerland (EWL) | -0.24% | -3.81% | -5.71% | 0.56% | 6.10% |
| U.K. (EWU) | 0.65% | -4.38% | -0.56% | 6.63% | 12.01% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -1.89% | -3.97% | -0.20% | 21.43% | 23.67% |
| Brazil (EWZ) | 0.52% | 10.31% | 23.77% | 35.34% | 49.12% |
| China (MCHI) | -0.54% | -4.80% | -2.82% | -13.94% | -20.86% |
| India (INDA) | -1.19% | -7.19% | -6.35% | -15.71% | -13.43% |
| Indonesia (EIDO) | -1.60% | -11.72% | -0.77% | -36.48% | -31.26% |
| Malaysia (EWM) | -0.86% | -6.15% | -3.19% | -1.60% | 5.12% |
| Mexico (EWW) | -0.61% | -6.70% | -4.26% | 4.68% | 12.56% |
| South Africa (EZA) | 0.59% | -12.12% | -0.05% | -7.00% | 1.05% |
| Taiwan (EWT) | -2.49% | 1.61% | 9.09% | 78.40% | 80.60% |
| Thailand (THD) | -0.88% | -5.18% | 0.34% | 22.06% | 22.45% |
Fixed Income
Fixed income broadly advanced as yields declined, with Long-Term Treasuries (BLV) gaining 0.71% and (SPTL) up 0.80%, benefiting from the flight-to-quality bid during the equity selloff. Core Aggregate exposure via (AGG) rose 0.34%, while Mortgage-Backed Securities (MBB) added 0.57%. Credit-sensitive segments lagged, with Convertible Bonds (CWB) falling 1.28% in sympathy with the equity-market technology weakness, and High Yield (HYG) edging down 0.05%. The divergence between duration-sensitive Treasuries and credit products highlights a modest risk-off tilt within the bond market on the day.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.71% | -4.05% | -5.65% | -6.22% | -6.73% |
| Core (AGG) | 0.34% | -2.00% | -2.46% | -2.34% | -1.63% |
| Core Enhanced (IUSB) | 0.27% | -2.02% | -2.42% | -2.10% | -1.31% |
| Short-Term (BSV) | 0.07% | -0.65% | -0.45% | -0.06% | 0.98% |
| Government | |||||
| Long-Term (SPTL) | 0.80% | -4.66% | -6.00% | -6.98% | -7.56% |
| Inflation Protected (TIP) | 0.27% | -2.36% | -2.56% | -1.65% | -1.93% |
| Intermediate (SPTI) | 0.18% | -1.65% | -2.04% | -2.51% | -1.65% |
| Short-Term (SPTS) | 0.07% | -0.23% | 0.14% | 0.75% | 1.77% |
| Ultrashort (BIL) | 0.01% | 0.30% | 0.92% | 2.76% | 3.66% |
| Specialty | |||||
| Mortgage Backed (MBB) | 0.57% | -2.63% | -3.13% | -2.65% | -1.51% |
| Corporate (SPIB) | 0.12% | -1.31% | -1.56% | -1.08% | -0.05% |
| Bank Loans (BKLN) | 0.00% | 0.02% | 2.00% | 2.27% | 4.46% |
| Preferred Stock (PFF) | 0.00% | -2.83% | -2.10% | -1.30% | -2.31% |
| High Yield (HYG) | -0.05% | -2.07% | -1.72% | 0.01% | 1.44% |
| Convertible (CWB) | -1.28% | -3.78% | -3.92% | 13.52% | 9.71% |
| International & EM | |||||
| International USD (BNDX) | 0.21% | -0.73% | -1.15% | -0.80% | -0.74% |
| Emerging USD (EMB) | 0.20% | -3.13% | -3.74% | -1.71% | 0.73% |
| International Local (IGOV) | 0.08% | -4.10% | -2.29% | -4.63% | -4.47% |
| Emerging Local (EMLC) | 0.04% | -2.70% | -0.85% | 0.60% | 3.73% |
| Municipals | |||||
| Long-Term (MLN) | 0.37% | -4.51% | -7.51% | -5.07% | -3.97% |
| High Yield (HYD) | 0.29% | -2.93% | -5.78% | -3.30% | -1.36% |
| Intermediate (MUB) | 0.22% | -2.89% | -4.99% | -3.65% | -2.39% |
| Short-Term (SUB) | 0.16% | -0.93% | -0.84% | -0.05% | 0.64% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Energy commodities dominated the session, with WTI Crude (USO) surging 2.55% and Brent Crude (BNO) climbing 2.81%, both now up more than 100% over the past year, as Iran’s warning over Hormuz shipping routes and Gulf of Mexico storm disruptions tightened near-term supply expectations. The broader energy complex via (DBE) added 2.95%. Precious metals were mixed, with Gold (GLD) up 0.73% on safe-haven demand while Silver (SLV) slipped 0.69%. Industrial metals and agriculture were broadly softer, with Copper (CPER) down 0.88% and Sugar (CANE) falling 2.44%, underscoring the day’s energy-specific rather than broad-commodity driven move.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.54% | -0.06% | 14.62% | 38.82% | 44.20% |
| Agriculture | |||||
| Corn (CORN) | -0.47% | -5.06% | 9.41% | 6.94% | 7.85% |
| Broad (DBA) | -0.53% | -2.71% | 2.61% | 11.05% | 10.20% |
| Wheat (WEAT) | -0.56% | -8.16% | 9.07% | 23.99% | 20.78% |
| Soybeans (SOYB) | -0.72% | -1.55% | 8.69% | 25.30% | 24.95% |
| Sugar (CANE) | -2.44% | 4.17% | 20.52% | 22.81% | 14.86% |
| Energy | |||||
| Broad (DBE) | 2.95% | 6.89% | 35.83% | 117.69% | 107.50% |
| Brent Crude (BNO) | 2.81% | 10.24% | 46.06% | 124.72% | 111.64% |
| WTI Crude (USO) | 2.55% | 1.06% | 31.52% | 113.39% | 100.71% |
| Natural Gas (UNG) | -1.99% | 3.35% | -6.81% | -11.83% | -17.48% |
| Industrial Metals | |||||
| Copper (CPER) | -0.88% | -2.74% | 6.45% | 12.87% | 25.75% |
| Broad (DBB) | -1.43% | -4.99% | 2.70% | 7.93% | 21.04% |
| Precious Metals | |||||
| Palladium (PALL) | 0.94% | -16.13% | -7.54% | -29.53% | -23.70% |
| Gold (GLD) | 0.73% | -5.28% | 1.11% | -4.46% | 1.70% |
| Broad (DBP) | 0.33% | -6.62% | 0.89% | -8.23% | 3.87% |
| Platinum (PPLT) | 0.27% | -9.96% | 2.85% | -20.51% | -2.63% |
| Silver (SLV) | -0.69% | -9.97% | 1.17% | -17.03% | 19.95% |
Cryptocurrency
Digital assets declined across the board, tracking the risk-off tone in technology equities. Solana exposure via (SOLZ) led losses, down 5.66%, followed by Ethereum (ETHA) at -4.13% and XRP (XRP) at -3.29%. Bitcoin (IBIT) was comparatively resilient, falling 2.01%, though it remains down 6.83% year-to-date. The uniform weakness across major tokens suggests crypto traded in correlation with the broader tech-driven risk aversion rather than any idiosyncratic catalyst.
What to Watch Today
Friday brings the University of Michigan’s preliminary October Consumer Sentiment reading at 2:00 PM ET, along with Consumer Expectations, Current Conditions, and inflation expectations components, which could influence rate-path expectations following this week’s FOMC minutes. August Business Inventories are due at 10:00 AM ET, while the Baker Hughes Oil Rig Count at 5:00 PM ET will be watched closely given this week’s sharp crude price moves. On the earnings front, Delta Air Lines, Salesforce, and Snowflake report before the open, with UnitedHealth Group and Procter & Gamble reporting during market hours; P&G options markets imply roughly a 10.5% average move. CFTC positioning data covering S&P 500, Nasdaq 100, and gold speculative positions will also be released after the close at 7:30 PM ET.
U.S. equities retreated modestly as the S&P 500 (IVV) fell 0.42%, pressured by a sharp pullback in technology names, while Developed ex-U.S. markets via (EFA) declined a similar 0.39%. Emerging Markets (EEM) underperformed with a 1.89% drop, dragged lower by weakness in South Korea and Taiwan. Fixed income provided a ballast, with the U.S. Aggregate Bond index (AGG) gaining 0.34% as yields eased. The clear outlier of the session was Broad Commodities (DJP), up 0.54% on the day and now 38.82% YTD, powered by a sharp rally in energy following reports of a potential Strait of Hormuz disruption and Gulf storm-related production shut-ins.