Macro Overview
Global markets displayed a significant divergence as escalating geopolitical tensions in the Middle East pushed commodity prices higher while equities traded cautiously. The Broad Commodities index (DJP) was the standout performer, gaining 1.17%, whereas the S&P 500 (IVV) finished nearly flat with a 0.14% loss. Developed ex-U.S. equities (EFA) managed a slight 0.18% gain, while Emerging Markets (EEM) fell 0.54%, and rising yields pressured fixed income markets.
U.S. Size & Style
U.S. equity style factors reflected a cautious, risk-off sentiment as growth-oriented segments underperformed. Large-caps were mixed, with Large Value (IVE) posting a minor gain while Large Growth (IVW) declined 0.27%. The weakness was more pronounced down the capitalization scale, where Small Growth (IJT) was the day’s laggard, falling 0.92%. This dynamic suggests investors favored more defensive positioning ahead of key technology earnings reports.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.07% | 1.72% | 5.21% | 9.63% | 17.95% |
| Large Cap (IVV) | -0.14% | 0.42% | 5.37% | 10.22% | 20.28% |
| Large Growth (IVW) | -0.27% | -0.67% | 5.44% | 10.51% | 21.91% |
| Mid Value (IJJ) | 0.22% | 1.92% | 5.11% | 13.08% | 17.42% |
| Mid Cap (IJH) | -0.04% | -0.50% | 4.46% | 15.23% | 20.04% |
| Mid Growth (IJK) | -0.35% | -2.76% | 3.72% | 17.03% | 22.25% |
| Small Value (IJS) | -0.25% | 2.99% | 7.51% | 21.16% | 33.76% |
| Small Cap (IJR) | -0.54% | 1.76% | 7.82% | 21.86% | 30.89% |
| Small Growth (IJT) | -0.92% | 0.48% | 8.06% | 22.33% | 27.99% |
Explore the U.S. Size & Style Explorer →
U.S. Sectors & Industries
Sector performance was sharply divided between defensive, inflation-sensitive areas and growth-oriented technology groups. Utilities (XLU) led all sectors with a strong 2.25% advance, followed by a 1.20% gain in Energy (XLE) which was directly fueled by a spike in crude oil prices. Conversely, Communication Services (XLC) and Consumer Discretionary (XLY) were the weakest performers, each falling approximately 0.75% as investors awaited major earnings announcements after the bell.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.12% | 0.41% | 5.36% | 10.19% | 20.17% |
| Utilities (XLU) | 2.25% | 2.71% | 3.01% | 9.02% | 11.00% |
| Materials (XLB) | 1.44% | -1.55% | -1.58% | 12.97% | 12.56% |
| Energy (XLE) | 1.20% | 9.51% | 5.45% | 34.21% | 42.81% |
| Consumer Staples (XLP) | 0.38% | 2.68% | 3.48% | 10.00% | 6.26% |
| Industrials (XLI) | 0.11% | -1.62% | 4.82% | 15.90% | 19.94% |
| Financials (XLF) | -0.11% | 4.38% | 7.73% | 3.22% | 8.04% |
| Technology (XLK) | -0.28% | -6.18% | 14.17% | 25.52% | 40.03% |
| Real Estate (XLRE) | -0.42% | 2.25% | 4.46% | 13.27% | 8.94% |
| Health Care (XLV) | -0.51% | 6.24% | 9.39% | 3.87% | 21.47% |
| Consumer Discretionary (XLY) | -0.74% | -0.80% | -3.93% | -4.13% | 1.92% |
| Communication Services (XLC) | -0.75% | 2.19% | -7.12% | -6.70% | 2.52% |
Explore the U.S. Sectors & Industries Explorer →
Global Thematic
Thematic ETFs saw a clear rotation towards safe-haven and inflation-hedging assets, while high-growth technology themes faced significant selling pressure. The day’s leaderboard was dominated by precious metals miners, with the Global X Gold Explorers ETF (GOEX) climbing 4.37% amid rising geopolitical risk. On the other end of the spectrum, cloud computing funds were hit hard, evidenced by a 4.33% drop in the WisdomTree Cloud Computing Fund (WCLD), reflecting anxiety in the tech sector.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Global X Gold Explorers ETF (GOEX) | 4.37% |
| Sprott Active Gold & Silver Miners ETF (GBUG) | 4.08% |
| Sprott Gold Miners ETF (SGDM) | 3.69% |
| VanEck Junior Gold Miners ETF (GDXJ) | 3.57% |
| U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) | 3.49% |
| Laggards | |
| WisdomTree Cloud Computing Fund (WCLD) | -4.33% |
| Global X Social Media ETF (SOCL) | -3.29% |
| Global X Cloud Computing ETF (CLOU) | -3.01% |
| State Street SPDR FactSet Innovative Technology ETF (XITK) | -2.94% |
| Avory Foundational ETF (AVRY) | -2.90% |
Explore the Thematic Explorer →
Developed ex-U.S. & Emerging Markets
International equity performance was mixed, with developed markets slightly outperforming their emerging counterparts. The broad Developed ex-U.S. index (EFA) edged up 0.18%, supported by 1.00% gains in the U.K. (EWU) and a 1.08% rise in Hong Kong (EWH). In emerging markets, commodity-heavy Brazil (EWZ) was a notable outlier, surging 2.81%, while South Korea (EWY) posted a significant 1.43% loss.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.18% | -0.32% | 3.84% | 10.27% | 20.71% |
| Australia (EWA) | 0.63% | 1.44% | -0.55% | 11.75% | 12.13% |
| Canada (EWC) | 0.39% | 2.40% | 2.70% | 10.43% | 27.61% |
| France (EWQ) | 0.73% | 0.69% | 2.76% | 3.58% | 8.52% |
| Germany (EWG) | -0.05% | -0.55% | -0.45% | -0.87% | -0.68% |
| Hong Kong (EWH) | 1.08% | 5.67% | -2.55% | 7.77% | 13.83% |
| Japan (EWJ) | -0.59% | -4.93% | 5.61% | 14.79% | 31.80% |
| Netherlands (EWN) | 0.28% | -3.52% | 9.01% | 20.71% | 33.92% |
| South Korea (EWY) | -1.43% | -22.19% | 9.39% | 75.30% | 139.14% |
| Switzerland (EWL) | -0.46% | 1.83% | 3.83% | 5.86% | 15.49% |
| U.K. (EWU) | 1.00% | 3.39% | 1.64% | 8.96% | 20.83% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -0.54% | -8.73% | 3.06% | 19.39% | 34.04% |
| Brazil (EWZ) | 2.81% | 6.86% | -8.92% | 16.37% | 41.84% |
| China (MCHI) | -0.80% | 1.34% | -7.51% | -10.23% | -6.95% |
| India (INDA) | -1.15% | -3.41% | -3.52% | -10.79% | -11.70% |
| Indonesia (EIDO) | -0.24% | 4.28% | -20.04% | -31.03% | -25.84% |
| Malaysia (EWM) | -0.21% | 3.03% | -2.52% | 4.00% | 20.49% |
| Mexico (EWW) | 1.15% | 0.99% | -0.64% | 12.26% | 34.42% |
| South Africa (EZA) | 1.12% | -3.32% | -9.79% | -6.52% | 21.72% |
| Taiwan (EWT) | 1.09% | -8.83% | 17.97% | 60.05% | 81.14% |
| Thailand (THD) | -0.86% | 2.02% | 6.05% | 25.03% | 35.45% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Fixed income markets weakened across the board as a surge in energy prices stoked inflation concerns and pushed Treasury yields higher. The U.S. Aggregate Bond index (AGG) declined by 0.16%, with longer-duration instruments seeing the largest price drops. The Long-Term Treasury ETF (SPTL) fell 0.31%, reflecting greater sensitivity to interest rate expectations. Even credit-focused funds like High Yield (HYG) ended the session in negative territory.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.09% | 0.07% | -0.21% | 0.28% | 2.68% |
| Core (AGG) | -0.16% | -0.73% | -1.05% | -0.35% | 2.99% |
| Core Enhanced (IUSB) | -0.20% | -0.67% | -0.92% | -0.13% | 3.24% |
| Long-Term (BLV) | -0.28% | -2.58% | -2.53% | -1.79% | 1.98% |
| Government | |||||
| Ultrashort (BIL) | 0.02% | 0.30% | 0.90% | 1.97% | 3.78% |
| Short-Term (SPTS) | -0.07% | 0.17% | 0.05% | 0.58% | 2.82% |
| Inflation Protected (TIP) | -0.10% | -0.11% | -0.67% | 0.67% | 2.26% |
| Intermediate (SPTI) | -0.14% | -0.25% | -1.11% | -0.76% | 1.92% |
| Long-Term (SPTL) | -0.31% | -2.42% | -2.52% | -2.04% | 1.38% |
| Specialty | |||||
| Preferred Stock (PFF) | 0.43% | -0.81% | -2.05% | 0.82% | 3.15% |
| Convertible (CWB) | 0.30% | -5.73% | 3.33% | 17.42% | 23.90% |
| Bank Loans (BKLN) | -0.05% | 0.63% | 0.69% | 0.60% | 3.83% |
| Corporate (SPIB) | -0.12% | -0.28% | -0.49% | 0.18% | 3.30% |
| High Yield (HYG) | -0.16% | -0.06% | 0.27% | 1.59% | 4.74% |
| Mortgage Backed (MBB) | -0.28% | -0.81% | -1.20% | -0.09% | 4.15% |
| International & EM | |||||
| International USD (BNDX) | -0.06% | -0.75% | -0.09% | 0.29% | 1.17% |
| International Local (IGOV) | -0.07% | -1.15% | -2.83% | -2.66% | -3.85% |
| Emerging Local (EMLC) | -0.08% | -0.26% | -0.30% | 1.30% | 6.64% |
| Emerging USD (EMB) | -0.30% | -0.95% | -0.08% | 1.36% | 8.29% |
| Municipals | |||||
| Short-Term (SUB) | -0.07% | -0.20% | 0.11% | 0.72% | 2.22% |
| High Yield (HYD) | -0.19% | -0.98% | 0.08% | 1.31% | 7.95% |
| Intermediate (MUB) | -0.27% | -1.08% | -0.54% | 0.44% | 5.50% |
| Long-Term (MLN) | -0.46% | -0.97% | -0.46% | 1.53% | 9.42% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities were the day’s undisputed leader, driven by a sharp rally in both energy and precious metals. The Broad Commodities index (DJP) rose 1.17% as escalating Middle East tensions sent WTI Crude oil (USO) up 2.20% to a six-week high. The risk-off tone also benefited precious metals, with Gold (GLD) gaining 1.15% and Silver (SLV) advancing 1.58%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 1.17% | 8.36% | 0.55% | 28.85% | 38.00% |
| Agriculture | |||||
| Wheat (WEAT) | 3.17% | 14.29% | 13.74% | 30.20% | 15.04% |
| Corn (CORN) | 1.50% | 9.00% | 0.38% | 3.10% | 4.70% |
| Soybeans (SOYB) | 1.01% | 7.27% | 6.53% | 19.44% | 19.33% |
| Broad (DBA) | 0.28% | 5.93% | 4.05% | 10.62% | 12.60% |
| Sugar (CANE) | -0.82% | 5.77% | 4.74% | -0.36% | -10.37% |
| Energy | |||||
| WTI Crude (USO) | 2.20% | 16.85% | 1.76% | 90.40% | 74.76% |
| Natural Gas (UNG) | 1.92% | -9.94% | -3.20% | -13.54% | -26.75% |
| Brent Crude (BNO) | 1.70% | 19.25% | 1.76% | 81.57% | 70.21% |
| Broad (DBE) | 1.60% | 16.78% | 5.61% | 80.93% | 69.57% |
| Industrial Metals | |||||
| Broad (DBB) | 0.04% | -1.23% | -1.58% | 8.67% | 29.06% |
| Copper (CPER) | -0.71% | 1.13% | 4.39% | 12.27% | 10.56% |
| Precious Metals | |||||
| Silver (SLV) | 1.58% | -8.47% | -23.38% | -16.30% | 50.95% |
| Broad (DBP) | 1.17% | -2.97% | -15.53% | -7.84% | 23.01% |
| Gold (GLD) | 1.15% | -1.42% | -12.90% | -4.34% | 19.94% |
| Palladium (PALL) | 1.03% | 2.75% | -16.41% | -19.11% | 0.56% |
| Platinum (PPLT) | 0.40% | -1.98% | -21.10% | -20.18% | 13.52% |
Explore the Commodities Explorer →
Cryptocurrency
Digital assets experienced a quiet and slightly negative session, largely detached from the volatility seen in energy and equity markets. Major cryptocurrencies posted modest declines as investors focused on traditional asset classes. Bitcoin (IBIT) traded down 0.88%, while Ethereum (ETHA) finished nearly unchanged. The asset class showed little reaction to the broader market’s geopolitical and inflation concerns.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | -1.63% | 0.16% | -21.10% | -38.06% | — |
| Bitcoin (IBIT) | -0.88% | 2.30% | -16.56% | -24.79% | -44.94% |
| Multi-Coin (NCIQ) | -0.56% | 3.25% | -16.98% | -27.69% | -47.76% |
| Solana (SOLZ) | -0.19% | 6.93% | -11.32% | -38.19% | -64.45% |
| Ethereum (ETHA) | -0.07% | 11.18% | -19.91% | -35.27% | -47.79% |
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What to Watch Today
Looking ahead to Thursday, market participants will be closely watching a series of economic data releases and a heavy schedule of corporate earnings. Key data points include the 8:30 AM ET release of Initial Jobless Claims and the Chicago Fed National Activity Index, followed by the Kansas City Fed Manufacturing Index at 11:00 AM ET. The U.S. Treasury is also scheduled to hold a 10-Year TIPS auction, while the earnings calendar features pre-market reports from Comcast and Honeywell, and an after-market release from Intel.
