Macro Overview
U.S. equities extended their slide for a fourth consecutive session on Tuesday, driven by pre-earnings anxiety surrounding Nvidia and a disappointing outlook from major retailers. The S&P 500 (IVV) fell -0.83%, while “risk-off” sentiment permeated the broader landscape. Investors appeared to rotate out of high-valuation tech and growth names, seeking refuge in defensive pockets and energy, as geopolitical tensions and rising oil prices provided a catalyst for the latter.
U.S. Size & Style
Selling pressure was most acute in the growth factor, with Large Growth (IVW) dropping -1.15%. Conversely, mid-caps showed relative resilience; Mid Cap (IJH) managed a gain of +0.32%, led by the Mid Value (IJJ) segment which rose +0.59%. Small caps finished essentially flat, with Small Cap (IJR) dipping marginally by -0.08%.
| Name (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | -0.42% | -1.48% | +0.24% | +2.96% | +9.54% | +4.87% |
| Large Cap (IVV) | -0.83% | -1.76% | -0.64% | +2.95% | +13.75% | +13.68% |
| Large Growth (IVW) | -1.15% | -1.94% | -1.42% | +2.82% | +17.30% | +20.81% |
| Mid Value (IJJ) | +0.59% | -1.46% | -1.98% | -0.34% | +1.80% | -0.83% |
| Mid Cap (IJH) | +0.32% | -1.54% | -1.95% | -0.43% | +2.37% | -0.37% |
| Mid Growth (IJK) | +0.08% | -1.64% | -1.84% | -0.55% | +2.65% | -0.26% |
| Small Value (IJS) | -0.24% | -2.53% | -1.66% | +2.03% | +0.13% | -2.38% |
| Small Cap (IJR) | -0.08% | -2.26% | -2.87% | +0.03% | +0.16% | -3.39% |
| Small Growth (IJT) | +0.05% | -2.13% | -4.14% | -2.09% | +0.06% | -4.59% |
U.S. Sectors & Industries
Energy (XLE) was the standout performer, gaining +0.80% as oil prices pushed higher amid geopolitical concerns, with Oil & Gas E&P firms driving the move (XOP +1.56%). Defensive rotation benefited Health Care (XLV) and Communication Services (XLC). On the downside, Consumer Discretionary (XLY) slumped -1.85%, dragged down by disappointing retail earnings, while Technology (XLK) shed -1.63% ahead of key semiconductor earnings.
| Sector (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Energy (XLE) | +0.80% | -1.04% | +5.91% | +7.98% | +8.94% | -1.97% |
| Health Care (XLV) | +0.59% | +0.50% | +6.51% | +12.80% | +12.39% | +9.41% |
| Communication Services (XLC) | +0.57% | +0.43% | -2.72% | +1.26% | +16.51% | +17.69% |
| Consumer Staples (XLP) | +0.43% | -0.21% | -3.30% | -5.22% | -0.05% | -1.67% |
| Real Estate (XLRE) | +0.37% | -0.29% | -2.88% | +0.49% | +2.70% | -2.64% |
| Materials (XLB) | +0.08% | -1.44% | -2.69% | -4.00% | +3.12% | -5.19% |
| Financial (XLF) | -0.16% | -2.06% | -1.55% | -1.83% | +7.38% | +4.20% |
| Utilities (XLU) | -0.38% | +0.52% | -2.57% | +5.35% | +20.32% | +14.87% |
| Industrials (XLI) | -0.45% | -1.42% | -1.24% | -0.37% | +14.89% | +9.51% |
| Technology (XLK) | -1.63% | -3.17% | -2.10% | +4.92% | +20.56% | +22.37% |
| Consumer Discretionary (XLY) | -1.85% | -2.77% | -4.23% | -2.20% | +0.72% | +5.10% |
Global Thematic
Thematic performance was heavily influenced by crypto and regulatory news. Crypto Miners (WGMI) surged +2.22% alongside rising digital asset prices, while Cannabis stocks faced renewed selling pressure, leaving Cannabis & Vice (CNBS) down -3.90%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Simplify Propel Opportunities ETF (SURI) | +2.93% |
| First Trust SkyBridge Crypto Industry (CRPT) | +2.36% |
| Schwab Crypto Thematic ETF (STCE) | +2.23% |
| CoinShares Bitcoin Mining ETF (WGMI) | +2.22% |
| Global X Blockchain ETF (BKCH) | +2.14% |
| Global X Copper Miners ETF (COPX) | -2.03% |
| First Trust Global Wind Energy ETF (FAN) | -2.14% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -2.17% |
| VistaShares AI Supercycle ETF (AIS) | -2.22% |
| Amplify Seymour Cannabis ETF (CNBS) | -3.90% |
Developed Markets ex-U.S.
International developed markets were broadly weaker, with Dev ex-U.S. (EFA) falling -1.30%. Japan (EWJ) underperformed significantly, dropping -2.05%, while Canada (EWC) bucked the trend with a gain of +0.38%, likely supported by the energy sector.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | -1.30% | -2.58% | -1.81% | +0.77% | +24.85% | +23.39% |
| Australia (EWA) | -0.94% | -2.12% | -5.65% | -5.37% | +8.08% | +1.16% |
| Canada (EWC) | +0.38% | -0.71% | +0.50% | +6.72% | +26.22% | +22.65% |
| France (EWQ) | -1.29% | -2.70% | -3.54% | +0.18% | +24.35% | +23.52% |
| Germany (EWG) | -1.20% | -3.26% | -4.47% | -6.88% | +26.28% | +27.16% |
| Hong Kong (EWH) | -1.25% | -3.03% | +4.20% | +4.69% | +35.36% | +33.04% |
| Japan (EWJ) | -2.05% | -3.81% | -1.49% | +0.60% | +21.36% | +21.85% |
| Netherlands (EWN) | -1.27% | -2.58% | -3.44% | +6.59% | +28.99% | +28.86% |
| South Korea (EWY) | -1.54% | -2.70% | +3.47% | +25.81% | +79.98% | +62.33% |
| Switzerland (EWL) | -0.40% | -1.69% | -2.08% | +4.10% | +25.45% | +21.51% |
| U.K. (EWU) | -0.59% | -1.36% | +0.29% | +2.18% | +27.00% | +26.13% |
Emerging Markets
Emerging markets saw mixed results. Emerging (EEM) ended down -0.50%, weighed down by China (MCHI) which fell -0.57%. However, Mexico (EWW) rallied +1.21%, continuing its strong year-to-date performance.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | -0.50% | -1.67% | -0.26% | +7.59% | +30.46% | +27.72% |
| Brazil (EWZ) | -0.21% | -1.42% | +10.10% | +15.62% | +47.96% | +27.13% |
| China (MCHI) | -0.57% | -1.70% | -1.41% | +3.96% | +34.50% | +33.67% |
| India (INDA) | -0.07% | -0.02% | +0.29% | +2.07% | +3.74% | +3.27% |
| Indonesia (EIDO) | -0.65% | -0.65% | +5.55% | -0.92% | +1.47% | -4.77% |
| Malaysia (EWM) | -0.27% | -1.10% | +1.79% | +4.10% | +8.91% | +11.68% |
| Mexico (EWW) | +1.21% | -0.82% | +0.82% | +8.96% | +44.98% | +37.41% |
| South Africa (EZA) | +0.05% | -1.24% | +1.15% | +15.85% | +59.72% | +48.01% |
| Taiwan (EWT) | -0.78% | -3.84% | -3.72% | +2.67% | +21.08% | +20.74% |
| Thailand (THD) | -0.37% | -0.15% | -0.26% | +2.65% | -0.86% | -4.34% |
Fixed Income
Fixed income markets were relatively quiet, with slight positive momentum in municipal and intermediate-term government bonds. Municipal High Yield (HYD) led the way, gaining +0.45%, while bank loans faced headwinds (BKLN -0.14%).
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Municipal High Yield (HYD) | +0.45% | +0.53% | +0.26% | +4.63% | +1.84% | +1.70% |
| Taxable Short-Term (BSV) | +0.14% | +0.15% | +0.01% | +1.38% | +5.40% | +5.89% |
| Municipal Intermediate (MUB) | +0.11% | +0.22% | +0.06% | +3.87% | +3.32% | +2.93% |
| Government Intermediate (SPTI) | +0.10% | +0.21% | -0.16% | +1.94% | +7.12% | +7.06% |
| Government Short (SPTS) | +0.10% | +0.14% | +0.09% | +1.27% | +4.45% | +5.20% |
| Corporate (SPIB) | +0.09% | +0.12% | -0.22% | +1.62% | +7.03% | +7.19% |
| Municipal Long (MLN) | +0.09% | +0.09% | -0.24% | +6.13% | +1.73% | +1.60% |
| Inflation Protected (TIP) | +0.07% | +0.09% | -0.42% | +1.74% | +7.04% | +6.23% |
| Taxable Core Enhanced (IUSB) | +0.06% | +0.09% | -0.44% | +2.23% | +6.85% | +6.73% |
| Taxable Core (AGG) | +0.06% | +0.08% | -0.55% | +2.26% | +6.70% | +6.45% |
| Municipal Short (SUB) | +0.06% | +0.07% | +0.05% | +0.38% | +3.09% | +3.41% |
| Mortgage Backed (MBS) | +0.05% | -0.01% | -0.50% | +2.84% | +7.43% | +7.49% |
| Convertible (CWB) | +0.05% | -0.41% | -4.14% | +3.37% | +14.82% | +13.51% |
| Emerging (EMLC) | +0.04% | -0.04% | +0.71% | +2.79% | +16.44% | +14.17% |
| Taxable High Yield (HYG) | +0.02% | -0.14% | -0.25% | +1.10% | +6.89% | +6.94% |
| Taxable Ultrashort (BIL) | +0.02% | +0.02% | +0.33% | +1.03% | +3.69% | +4.26% |
| Taxable Multisector (PYLD) | +0.02% | -0.06% | +0.06% | +2.25% | +8.22% | +8.92% |
| International USD (BNDX) | 0.00% | +0.08% | -0.39% | +1.33% | +3.09% | +3.54% |
| Taxable Long Term (BLV) | -0.01% | +0.19% | -1.85% | +3.51% | +6.82% | +4.81% |
| Emerging USD (EMB) | -0.03% | -0.01% | +0.67% | +3.46% | +12.59% | +12.12% |
| Government Long (SPTL) | -0.04% | +0.19% | -1.63% | +4.25% | +6.23% | +4.10% |
| Preferred Stock (PFF) | -0.07% | -0.86% | -1.98% | -1.20% | +2.91% | +0.37% |
| Bank Loans (BKLN) | -0.14% | -0.14% | +0.92% | +1.57% | +5.34% | +5.84% |
| International (IGOV) | -0.21% | -0.55% | -1.60% | -0.55% | +9.19% | +6.77% |
Commodities
Commodity markets were generally supportive, led by WTI Crude Oil (USO) which rallied +1.68% amid geopolitical tensions. Precious metals also found support, with Silver (SLV) gaining +1.39% and Gold (GLD) up +0.73%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +0.65% | +0.36% | +3.93% | +11.16% | +16.18% | +18.28% |
| Energy (DBE) | +1.76% | +1.54% | +9.60% | +5.68% | +6.31% | +9.52% |
| WTI Crude Oil (USO) | +1.68% | +1.57% | +6.65% | -0.92% | -4.04% | +0.60% |
| Brent Crude Oil (BNO) | +1.33% | +1.09% | +6.64% | +0.20% | -0.77% | +1.71% |
| Natural Gas (UNG) | +0.71% | -2.34% | +19.80% | +11.79% | -15.41% | +3.42% |
| Gasoline (UGA) | +0.68% | -0.32% | +12.67% | +10.56% | +9.91% | +11.33% |
| Precious Metals (DBP) | +0.78% | -0.35% | -3.15% | +23.09% | +54.54% | +54.25% |
| Gold (GLD) | +0.73% | -0.43% | -3.76% | +21.96% | +54.61% | +55.27% |
| Silver (SLV) | +1.39% | +0.30% | -1.89% | +33.43% | +75.09% | +62.44% |
| Platinum (PPLT) | +0.25% | -0.41% | -4.34% | +15.14% | +68.42% | +57.80% |
| Palladium (PALL) | +1.38% | +0.12% | -3.45% | +25.34% | +53.32% | +38.37% |
| Industrial Metals (DBB) | -0.52% | -1.67% | +1.29% | +9.21% | +12.57% | +11.74% |
| Copper (CPER) | -0.36% | -1.66% | -0.06% | +10.63% | +22.42% | +18.51% |
| Agriculture (DBA) | -0.11% | +1.19% | -0.53% | -2.29% | -0.71% | +5.39% |
| Corn (CORN) | +0.01% | +0.67% | +2.74% | +5.38% | -4.00% | -1.04% |
| Soybeans (SOYB) | -0.29% | +1.58% | +8.73% | +7.23% | +10.47% | +9.86% |
| Wheat (WEAT) | +0.12% | +2.85% | +6.91% | +2.85% | -10.17% | -12.17% |
| Sugar (CANE) | -0.37% | -0.32% | -4.10% | -13.35% | -17.06% | -26.86% |
Cryptocurrency
Solana (SOLZ) outperformed sharply, surging +8.54% following the launch of new spot ETFs with staking features. Ethereum (ETHA) also posted strong gains of +3.87%, while Bitcoin (IBIT) lagged its peers but still finished up +1.07%.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Bitcoin (IBIT) | +1.07% | -1.52% | -12.92% | -20.27% | -0.74% | +1.02% |
| Multi-Coin (NCIQ) | +1.45% | -1.29% | -14.26% | -23.16% | ||
| Ethereum (ETHA) | +3.87% | -0.42% | -18.49% | -28.45% | -6.72% | -1.50% |
| Solana (SOLZ) | +8.54% | +1.11% | -23.41% | -26.40% |
What to Watch Today
All eyes are on Nvidia (NVDA), which reports earnings after the closing bell today. As the primary engine of the AI trade, Nvidia’s results and guidance are expected to dictate near-term market direction and volatility. Investors will also parse earnings from major retailers like Target (TGT) this morning for clues on consumer health, alongside housing starts and building permits data for further insights into the economic outlook.
For a deeper dive into the data, access today’s full Daily ETF Data Pack.
This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
