Macro Overview
Global equities diverged as U.S. large caps remained flat while international markets posted solid gains. The S&P 500 (IVV) was nearly unchanged with a 0.02% dip, whereas Developed ex-U.S. (EFA) and Emerging Markets (EEM) advanced 0.87% and 1.06%, respectively. Fixed income markets were quiet, with the U.S. Aggregate Bond (AGG) ticking up 0.06%. The most significant move came from Broad Commodities (DJP), which rallied 1.90% for the day, staging a partial recovery from its recent downturn.
U.S. Size & Style
A clear rotation into smaller-capitalization stocks defined the U.S. session, while large caps lagged. The Small Cap (IJR) index jumped 1.28%, pushing its Relative Strength Index (RSI) to an overbought level of 70. Small Cap Growth (IJT) was the day’s leader, gaining 1.41% with an even higher overbought RSI of 73. In stark contrast, Large Cap (IVV) and Large Value (IVE) were essentially flat, highlighting a strong risk-on sentiment in the smaller end of the market.
| 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 broadly positive but showed significant dispersion, with cyclical areas leading and defensive sectors lagging. Industrials (XLI) delivered the strongest return, climbing 2.17%, followed by a 1.49% gain in Health Care (XLV), which now has an overbought RSI of 72. At the other end of the spectrum, Consumer Discretionary (XLY) was the worst performer, falling 1.49%. Communication Services (XLC) also struggled, dropping 0.90% and entering oversold territory with an RSI of 28.
| 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% |
Explore the U.S. Sectors & Industries Explorer →
Global Thematic
Thematic ETFs saw a wide performance gap, with technology and cannabis-related funds leading a strong advance. The Roundhill Memory ETF (DRAM) posted an exceptional 9.95% gain, while artificial intelligence funds like VistaShares Artificial Intelligence Supercycle ETF (AIS) rose 4.63%. Conversely, strategies focused on cryptocurrency and space innovation faced headwinds. The First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) declined 4.12%, and the Defiance Drone and Modern Warfare ETF (JEDI) fell 3.39%.
| 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 markets generally outperformed the U.S., with a few countries posting notable gains. South Korea (EWY) was a clear standout, surging 3.92% and extending its year-to-date performance to an impressive 110.86%. In emerging markets, Mexico (EWW) climbed 2.36%, showing regional strength. However, Chinese equities continued their decline, as China (MCHI) fell 1.26%, bringing its year-to-date loss to nearly 15%.
| 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 landscape remained subdued, with most core bond categories registering minimal changes. The U.S. Aggregate Bond (AGG) ticked higher by 0.06%, while Long-Term Treasuries (SPTL) slipped 0.04%. Convertible bonds, as tracked by the Convertible (CWB), gained 0.36%, benefiting from the positive tone in equities. Preferred Stock (PFF) was a notable outlier to the downside, shedding 0.78% on the day.
| 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 experienced a broad-based rebound, recovering from significant losses over the past month. Energy led the way, with WTI Crude (USO) gaining 2.84% and Brent Crude (BNO) adding 2.80%. Precious metals also advanced, as Silver (SLV) rose 1.12% and Gold (GLD) increased by 0.97%. The rally extended to agricultural products, with Corn (CORN) up 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
Cryptocurrency-related assets continued their downward trend, moving counter to the risk-on sentiment seen in small-cap equities. Bitcoin (IBIT) declined 1.03%, while Ethereum (ETHA) fell 1.51%. The losses were consistent across the complex, with XRP (XRP) posting the largest drop of 2.12%. This performance extends a difficult month for digital assets, with most major trackers down more than 20% over the period.
| 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, market participants will be closely watching key economic data releases for insights into inflation and consumer health. The main event will be the morning’s Personal Income and Outlays report, which contains the Federal Reserve’s preferred inflation gauge, the PCE Price Index. Later in the morning, the final June reading of the University of Michigan Consumer Sentiment Index will provide an updated look at consumer attitudes.
