Macro Overview
Global markets saw a significant divergence as U.S. large-cap equities finished a volatile session nearly unchanged while international stocks posted solid gains. The S&P 500 (IVV) slipped a mere 0.02%, weighed down by weakness in some mega-cap names. In contrast, Developed ex-U.S. (EFA) and Emerging Markets (EEM) advanced 0.87% and 1.06%, respectively. Fixed income markets were stable following in-line inflation data, while Broad Commodities (DJP) were a notable outlier, climbing 1.90%.
U.S. Size & Style
A clear risk-on rotation into smaller companies defined the U.S. style-box performance, as small-caps significantly outpaced their larger counterparts. The Small Cap (IJR) index rose 1.28%, with Small Growth (IJT) leading all segments with a 1.41% gain, pushing its RSI into overbought territory at 71. Mid-caps also performed well, with the Mid Cap (IJH) index up 0.92%. Meanwhile, Large Cap (IVV) remained flat, reflecting the offsetting pressures within the market’s largest stocks.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.09% | -0.46% | 7.44% | 7.42% | 19.40% |
| Large Cap (IVV) | -0.02% | -1.43% | 11.93% | 8.10% | 22.18% |
| Large Growth (IVW) | 0.07% | -2.22% | 15.96% | 8.47% | 24.26% |
| Mid Value (IJJ) | 0.90% | 4.68% | 11.35% | 12.50% | 22.59% |
| Mid Cap (IJH) | 0.92% | 4.29% | 12.36% | 16.41% | 26.90% |
| Mid Growth (IJK) | 0.96% | 3.87% | 13.22% | 20.02% | 30.65% |
| Small Value (IJS) | 1.17% | 5.19% | 14.36% | 19.94% | 40.31% |
| Small Cap (IJR) | 1.28% | 6.78% | 17.29% | 22.27% | 37.77% |
| Small Growth (IJT) | 1.41% | 8.35% | 20.24% | 24.48% | 35.26% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Sector performance was widely dispersed, reflecting the day’s crosscurrents. Industrials (XLI) led the advance with a strong 2.17% gain, followed by Health Care (XLV) and Materials (XLB), which rose 1.49% and 1.33% respectively. Technology (XLK) managed a 0.83% increase, buoyed by a semiconductor rally, even as some mega-cap tech constituents fell. On the downside, Consumer Discretionary (XLY) was the weakest performer, dropping 1.49%, while Communication Services (XLC) fell 0.90% and entered oversold territory with an RSI of 25.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.14% | -1.27% | 12.08% | 8.25% | 22.28% |
| Industrials (XLI) | 2.17% | 7.45% | 11.79% | 19.32% | 29.69% |
| Health Care (XLV) | 1.49% | 4.28% | 6.89% | 1.39% | 18.25% |
| Materials (XLB) | 1.33% | 3.47% | 5.31% | 15.24% | 21.58% |
| Energy (XLE) | 0.97% | -8.43% | -10.06% | 22.63% | 31.92% |
| Technology (XLK) | 0.83% | 2.44% | 35.12% | 28.51% | 48.81% |
| Utilities (XLU) | 0.68% | 1.75% | 1.97% | 8.83% | 17.07% |
| Real Estate (XLRE) | 0.18% | 0.93% | 11.69% | 12.21% | 11.85% |
| Financials (XLF) | -0.50% | 3.27% | 8.71% | -1.57% | 5.57% |
| Consumer Staples (XLP) | -0.59% | -0.32% | 3.70% | 9.42% | 7.53% |
| Communication Services (XLC) | -0.90% | -8.31% | -5.01% | -9.79% | 1.62% |
| Consumer Discretionary (XLY) | -1.49% | -4.70% | 2.57% | -4.70% | 7.23% |
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Global Thematic
Artificial intelligence and semiconductor-related themes dominated the day’s leaders, fueled by a strong earnings report from a key chipmaker. The Roundhill Memory ETF (DRAM) surged an exceptional 9.95%, while other AI-focused funds like VistaShares Artificial Intelligence Supercycle ETF (AIS) also posted gains over 4%. Cannabis-related ETFs also saw a strong bid, with the Amplify Seymour Cannabis ETF (CNBS) rising 4.39%. In contrast, crypto and space-themed ETFs lagged, with the First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) declining 4.12%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Roundhill Memory ETF (DRAM) | 9.95% |
| VistaShares Artificial Intelligence Supercycle ETF (AIS) | 4.63% |
| Amplify Seymour Cannabis ETF (CNBS) | 4.39% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | 4.29% |
| WisdomTree Artificial Intelligence and Innovation Fund (WTAI) | 4.08% |
| Laggards | |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | -4.12% |
| Defiance Drone and Modern Warfare ETF (JEDI) | -3.39% |
| Tema Space Innovators ETF (NASA) | -3.37% |
| Schwab Crypto Thematic ETF (STCE) | -3.36% |
| Roundhill Space & Technology ETF (MARS) | -3.31% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
International equities broadly outperformed their U.S. counterparts, with several markets posting significant gains. South Korea (EWY) was the standout performer, jumping 3.92% as enthusiasm from the U.S. semiconductor sector spread to Asian tech shares. Japan (EWJ) also benefited, rising 0.84%. Among emerging markets, Mexico (EWW) advanced 2.36%, while China (MCHI) was a notable laggard, falling 1.26%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.87% | 0.76% | 8.39% | 9.10% | 21.84% |
| Australia (EWA) | 0.07% | -1.58% | 1.89% | 8.15% | 10.69% |
| Canada (EWC) | 0.58% | -1.06% | 5.97% | 7.34% | 28.88% |
| France (EWQ) | 0.67% | 2.31% | 7.55% | 2.72% | 10.88% |
| Germany (EWG) | 1.28% | -2.39% | 6.12% | -1.44% | 1.79% |
| Hong Kong (EWH) | -0.14% | -8.65% | -6.78% | 0.98% | 10.44% |
| Japan (EWJ) | 0.84% | 2.49% | 10.78% | 16.28% | 34.51% |
| Netherlands (EWN) | 1.21% | 3.38% | 18.10% | 21.17% | 33.36% |
| South Korea (EWY) | 3.92% | 12.62% | 60.48% | 110.86% | 189.71% |
| Switzerland (EWL) | 0.98% | 2.03% | 9.81% | 6.59% | 18.90% |
| U.K. (EWU) | 0.95% | -1.16% | 3.10% | 5.82% | 20.79% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 1.06% | 3.68% | 18.95% | 24.84% | 44.47% |
| Brazil (EWZ) | 0.97% | -5.12% | -8.08% | 8.61% | 29.65% |
| China (MCHI) | -1.26% | -7.97% | -9.77% | -14.91% | -6.82% |
| India (INDA) | -0.40% | 2.15% | 4.24% | -8.55% | -10.13% |
| Indonesia (EIDO) | 1.62% | -7.23% | -24.05% | -35.06% | -28.63% |
| Malaysia (EWM) | -1.22% | -7.02% | -6.21% | -0.63% | 15.96% |
| Mexico (EWW) | 2.36% | -1.45% | 1.96% | 10.54% | 30.91% |
| South Africa (EZA) | 1.59% | -4.16% | -2.51% | -6.24% | 28.67% |
| Taiwan (EWT) | 0.18% | 8.33% | 44.92% | 65.13% | 91.49% |
| Thailand (THD) | 0.38% | -2.06% | 5.63% | 19.15% | 41.21% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
The fixed income market saw modest gains across most segments as Treasury yields eased following the release of key inflation data that met expectations. The U.S. Aggregate Bond (AGG) benchmark edged up 0.06%, while Inflation Protected Treasuries (TIP) rose 0.16%. Credit-sensitive assets were mixed, with High Yield (HYG) up 0.04% but Preferred Stock (PFF) declining 0.78%. Convertible bonds (CWB) also performed well, gaining 0.36% amid pockets of equity strength.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | 0.06% | 0.42% | 0.59% | 0.52% | 3.23% |
| Core (AGG) | 0.06% | 1.16% | 1.16% | 1.02% | 4.48% |
| Core Enhanced (IUSB) | 0.06% | 1.16% | 1.26% | 1.13% | 4.80% |
| Long-Term (BLV) | 0.01% | 2.78% | 2.35% | 1.97% | 5.76% |
| Government | |||||
| Inflation Protected (TIP) | 0.16% | 0.36% | 1.06% | 1.29% | 3.72% |
| Intermediate (SPTI) | 0.14% | 0.90% | 0.38% | 0.15% | 3.00% |
| Short-Term (SPTS) | 0.03% | 0.32% | 0.57% | 0.62% | 3.06% |
| Ultrashort (BIL) | 0.01% | 0.31% | 0.90% | 1.70% | 3.85% |
| Long-Term (SPTL) | -0.04% | 3.28% | 1.68% | 1.70% | 4.64% |
| Specialty | |||||
| Convertible (CWB) | 0.36% | 1.91% | 15.44% | 21.29% | 34.06% |
| Mortgage Backed (MBB) | 0.18% | 1.25% | 1.27% | 1.44% | 5.88% |
| Corporate (SPIB) | 0.09% | 0.80% | 1.18% | 0.89% | 4.67% |
| High Yield (HYG) | 0.04% | 0.47% | 2.11% | 1.57% | 5.68% |
| Bank Loans (BKLN) | -0.05% | -0.29% | 0.57% | -0.28% | 3.81% |
| Preferred Stock (PFF) | -0.78% | -2.13% | 0.80% | 0.32% | 5.49% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.32% | 0.98% | 2.83% | 1.12% | 7.92% |
| International Local (IGOV) | 0.07% | -1.04% | -0.54% | -1.59% | -2.67% |
| Emerging USD (EMB) | -0.01% | 1.89% | 3.63% | 2.50% | 10.56% |
| International USD (BNDX) | -0.02% | 1.13% | 1.56% | 1.50% | 2.53% |
| Municipals | |||||
| Intermediate (MUB) | 0.11% | 1.59% | 2.30% | 1.78% | 6.60% |
| Long-Term (MLN) | 0.06% | 2.58% | 3.13% | 2.70% | 9.05% |
| Short-Term (SUB) | -0.01% | 0.36% | 0.56% | 0.77% | 2.71% |
| High Yield (HYD) | -0.12% | 1.70% | 3.86% | 2.48% | 7.58% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities posted a broad-based rally, with notable strength in the energy complex. WTI Crude (USO) gained 2.84%, and Brent Crude (BNO) rose 2.80%, lifting the broad energy index (DBE) by 2.54%. Precious metals also advanced, with Silver (SLV) up 1.12% and Gold (GLD) adding 0.97%. Agricultural commodities joined the positive trend, as Corn (CORN) increased by 1.99%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 1.90% | -11.15% | -4.83% | 16.94% | 29.01% |
| Agriculture | |||||
| Corn (CORN) | 1.99% | -7.68% | -9.60% | -4.40% | -3.69% |
| Soybeans (SOYB) | 1.97% | -2.00% | 0.86% | 12.35% | 13.84% |
| Broad (DBA) | 1.36% | -2.32% | -0.15% | 5.49% | 6.92% |
| Wheat (WEAT) | 0.89% | -8.11% | -1.78% | 12.97% | 0.04% |
| Sugar (CANE) | 0.43% | -5.66% | -10.71% | -4.25% | -15.51% |
| Energy | |||||
| WTI Crude (USO) | 2.84% | -22.43% | -3.60% | 58.05% | 49.11% |
| Brent Crude (BNO) | 2.80% | -23.85% | -14.13% | 47.88% | 43.47% |
| Broad (DBE) | 2.54% | -16.95% | -6.13% | 52.65% | 48.20% |
| Natural Gas (UNG) | 0.17% | 7.40% | -0.93% | -4.16% | -25.87% |
| Industrial Metals | |||||
| Copper (CPER) | 1.85% | -4.98% | 9.44% | 5.78% | 19.83% |
| Broad (DBB) | 1.56% | -6.72% | 5.00% | 5.32% | 29.96% |
| Precious Metals | |||||
| Palladium (PALL) | 1.89% | -12.23% | -16.74% | -25.99% | 10.20% |
| Platinum (PPLT) | 1.83% | -17.06% | -17.41% | -22.28% | 16.81% |
| Silver (SLV) | 1.12% | -23.41% | -19.71% | -18.72% | 58.62% |
| Broad (DBP) | 1.06% | -13.63% | -13.08% | -10.09% | 25.08% |
| Gold (GLD) | 0.97% | -10.72% | -11.25% | -6.77% | 20.30% |
Explore the Commodities Explorer →
Cryptocurrency
The digital asset market moved lower, bucking the risk-on sentiment seen in other asset classes like small-cap stocks and commodities. Bitcoin (IBIT) declined 1.03%, while Ethereum (ETHA) fell 1.51%. The broader Multi-Coin (NCIQ) index lost 1.15% on the day. This weakness extended to crypto-related equities, which were among the session’s worst-performing thematic strategies.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | -2.12% | -22.79% | -26.76% | -43.71% | — |
| Ethereum (ETHA) | -1.51% | -24.60% | -28.46% | -47.66% | -36.20% |
| Multi-Coin (NCIQ) | -1.15% | -22.22% | -18.48% | -35.77% | -46.49% |
| Bitcoin (IBIT) | -1.03% | -21.97% | -16.55% | -32.49% | -45.30% |
| Solana (SOLZ) | -0.10% | -22.19% | -28.64% | -47.60% | -58.30% |
Explore the Digital Assets Explorer →
What to Watch Today
Looking ahead to Friday, the economic calendar is relatively light for the final trading day of the week. Investors will be watching for the final June readings of the University of Michigan Consumer Sentiment and Inflation Expectations, both due at 10:00 AM ET. Additionally, speeches from Federal Reserve members Williams and Kashkari could provide further commentary on the path of monetary policy. The earnings calendar is sparse, with Apogee Enterprises (APOG) scheduled to report before the market opens.
