Macro Overview
U.S. Size & Style
Growth styles bore the brunt of Friday’s selling across the market-cap spectrum, with Large Growth (IVW) falling 1.93% versus a more modest 0.08% decline in Large Value (IVE), reflecting the concentrated impact of the technology selloff on growth-tilted portfolios. Mid and small caps also underperformed, with Small Cap (IJR) down 0.93% and Small Growth (IJT) down 1.27%, both now showing RSI readings in the mid-30s that approach oversold territory. Breadth remains thin beneath the surface, as only 30% of Small Cap constituents trade above their 50-day moving average, underscoring the narrow participation that has characterized this rally. Value’s relative resilience was evident across the cap spectrum, with Mid Value (IJJ) and Small Value (IJS) each declining less than 1%. Year-to-date, Small Value still leads the cohort at 14.47%, modestly ahead of Small Cap’s 14.02%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.08% | 1.82% | 1.74% | 12.32% | 16.98% |
| Large Cap (IVV) | -1.10% | 1.46% | 1.92% | 12.85% | 16.83% |
| Large Growth (IVW) | -1.93% | 1.16% | 2.05% | 13.02% | 16.44% |
| Mid Value (IJJ) | -0.15% | -0.40% | -4.89% | 8.64% | 12.45% |
| Mid Cap (IJH) | -0.93% | -0.62% | -4.50% | 10.49% | 13.90% |
| Mid Growth (IJK) | -1.56% | -0.93% | -4.24% | 12.05% | 15.03% |
| Small Value (IJS) | -0.60% | -2.53% | -6.29% | 14.47% | 19.24% |
| Small Cap (IJR) | -0.93% | -2.55% | -7.31% | 14.02% | 16.88% |
| Small Growth (IJT) | -1.27% | -2.59% | -8.48% | 13.21% | 14.15% |
U.S. Sectors & Industries
Energy (XLE) was the standout performer, rising 2.52% as crude oil prices extended gains for a seventh straight session, pushing the sector’s RSI to 69 and its year-to-date return to 55.65%. Defensive sectors also advanced, with Utilities (XLU) up 1.34% and Consumer Staples (XLP) up 1.08%, the latter now carrying an overbought RSI of 72. Technology (XLK) was the clear laggard, falling 3.02% as chip-related names drove the broader selloff, leaving the sector’s RSI at 33 even as it still holds a 27.89% year-to-date gain. Communication Services (XLC) declined 1.89%, compounding a sector that remains down 5.44% year-to-date with just 18% of its constituents above their 50-day moving average. The divergence between cyclical energy strength and technology weakness marked the session’s defining sector rotation.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -1.11% | 1.47% | 1.92% | 12.80% | 16.78% |
| Energy (XLE) | 2.52% | 7.22% | 20.41% | 55.65% | 64.58% |
| Utilities (XLU) | 1.34% | 2.91% | -6.48% | 0.93% | -5.52% |
| Consumer Staples (XLP) | 1.08% | 5.84% | 2.78% | 14.97% | 14.43% |
| Materials (XLB) | 0.71% | 1.58% | 0.52% | 13.72% | 17.74% |
| Financials (XLF) | 0.45% | -0.38% | -1.82% | 2.60% | 8.94% |
| Real Estate (XLRE) | 0.40% | -0.70% | -6.49% | 6.98% | 4.46% |
| Industrials (XLI) | -0.08% | -0.30% | -6.63% | 9.01% | 11.91% |
| Health Care (XLV) | -0.27% | 5.73% | 9.63% | 15.56% | 26.23% |
| Consumer Discretionary (XLY) | -0.84% | 2.29% | -3.95% | -5.24% | -2.44% |
| Communication Services (XLC) | -1.89% | -2.06% | -1.76% | -5.44% | -2.19% |
| Technology (XLK) | -3.02% | -0.14% | 3.47% | 27.89% | 29.63% |
Global Thematic
Energy infrastructure and midstream themes dominated Friday’s leaderboard, with the Alerian Energy Infrastructure ETF (ENFR) gaining 3.14% and the Global X MLP & Energy Infrastructure ETF (MLPX) adding 3.00%, both tracking the broader crude rally. On the opposite end, digital-asset and crypto-adjacent thematic funds suffered steep losses, led by the Roundhill Neocloud ETF (NCLD) down 11.40% and the CoinShares Bitcoin Mining and Digital Power ETF (WGMI) down 9.85%. The Global X Blockchain ETF (BKCH) and VanEck Digital Transformation ETF (DAPP) also posted declines exceeding 7%, mirroring weakness in underlying cryptocurrency prices. The split between energy-linked gains and technology/crypto-linked losses reinforces the sector rotation seen in broader equity markets. This divergence highlights how capital spending concerns around AI infrastructure are spilling into adjacent thematic exposures.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Alerian Energy Infrastructure ETF (ENFR) | 3.14% |
| Global X MLP & Energy Infrastructure ETF (MLPX) | 3.00% |
| Pacer American Energy Infrastructure ETF (USAI) | 2.94% |
| Tortoise North American Pipeline ETF (TPYP) | 2.86% |
| USCF Midstream Energy Income Fund ETF (UMI) | 2.85% |
| Laggards | |
| Roundhill Neocloud ETF (NCLD) | -11.40% |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | -9.85% |
| Global X Blockchain ETF (BKCH) | -7.93% |
| VanEck Digital Transformation ETF (DAPP) | -7.32% |
| Schwab Crypto Thematic Natural Language Processing ETF (STCE) | -6.90% |
Developed ex-U.S. & Emerging Markets
Developed markets outside the U.S. (EFA) showed modest resilience, down just 0.12%, with the U.K. (EWU) and Canada (EWC) posting gains of 0.52% and 0.41%, respectively, likely benefiting from energy and commodity exposure. South Korea (EWY) was the weakest developed market, falling 3.70% and extending a 14.30% one-month decline despite its outsized 54.74% year-to-date gain, pointing to semiconductor-linked sensitivity. Emerging markets broadly underperformed, with the EEM benchmark down 1.74%, but Indonesia (EIDO) dominated the downside with a 14.90% single-day decline, deepening a year-to-date loss of 45.89%. Taiwan (EWT) fell 2.64% alongside the broader chip-sector weakness, while Brazil (EWZ) and Mexico (EWW) advanced 0.60% and 1.43%, benefiting from commodity tailwinds.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | -0.12% | -1.40% | -0.25% | 9.53% | 13.52% |
| Australia (EWA) | -0.28% | 0.84% | 0.35% | 11.25% | 9.89% |
| Canada (EWC) | 0.41% | 1.20% | 2.00% | 12.86% | 21.31% |
| France (EWQ) | -0.33% | -4.60% | -6.77% | -4.15% | -4.01% |
| Germany (EWG) | 0.07% | -2.03% | 0.80% | -0.24% | 1.94% |
| Hong Kong (EWH) | 0.05% | -0.85% | 0.18% | 5.62% | 10.39% |
| Japan (EWJ) | -0.58% | -2.20% | 3.23% | 18.14% | 21.39% |
| Netherlands (EWN) | -0.29% | -1.95% | -4.15% | 14.97% | 16.39% |
| South Korea (EWY) | -3.70% | -14.30% | -7.91% | 54.74% | 75.08% |
| Switzerland (EWL) | 0.40% | 3.66% | -1.17% | 5.65% | 10.23% |
| U.K. (EWU) | 0.52% | 1.16% | 2.21% | 10.74% | 18.24% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -1.74% | -4.37% | -2.09% | 15.46% | 18.24% |
| Brazil (EWZ) | 0.60% | 11.61% | 18.40% | 32.92% | 49.61% |
| China (MCHI) | -0.95% | -2.12% | -5.43% | -14.21% | -17.71% |
| India (INDA) | -0.60% | 0.42% | -2.12% | -11.82% | -11.85% |
| Indonesia (EIDO) | -14.90% | -21.17% | -18.32% | -45.89% | -41.15% |
| Malaysia (EWM) | -1.85% | -3.46% | -5.32% | -1.11% | 7.45% |
| Mexico (EWW) | 1.43% | 2.81% | -0.37% | 9.67% | 15.61% |
| South Africa (EZA) | 0.42% | -3.36% | 3.72% | -3.11% | 4.45% |
| Taiwan (EWT) | -2.64% | -1.97% | 6.09% | 67.26% | 70.56% |
| Thailand (THD) | 0.18% | 1.08% | -1.48% | 23.23% | 24.74% |
Fixed Income
Fixed income was broadly steady on Friday as Treasury yields retreated from mid-week highs amid a flight to safety tied to the equity selloff. Core bonds (AGG) slipped a marginal 0.03%, while Inflation Protected securities (TIP) gained 0.24%, reflecting continued attention to the recent core CPI print of 2.6%. Credit-sensitive segments underperformed, with Preferred Stock (PFF) falling 1.06% and Convertible bonds (CWB) dropping 2.11%, the latter likely pressured by its equity-linked exposure to the technology selloff. High Yield (HYG) declined 0.35%, consistent with the modest risk-off tone, while shorter-duration and municipal segments showed minimal movement. Overall, the fixed income complex reflected a classic defensive rotation into duration and inflation protection away from credit risk.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | 0.09% | 0.35% | -0.34% | 0.23% | 0.74% |
| Core Enhanced (IUSB) | 0.00% | -0.19% | -1.77% | -1.36% | -1.37% |
| Core (AGG) | -0.03% | -0.10% | -1.78% | -1.57% | -1.79% |
| Long-Term (BLV) | -0.09% | -0.80% | -3.61% | -4.33% | -6.62% |
| Government | |||||
| Inflation Protected (TIP) | 0.24% | 0.14% | -1.53% | -0.69% | -1.55% |
| Intermediate (SPTI) | 0.15% | 0.26% | -1.57% | -1.83% | -1.88% |
| Short-Term (SPTS) | 0.07% | 0.44% | 0.14% | 0.93% | 1.56% |
| Ultrashort (BIL) | 0.03% | 0.35% | 0.94% | 2.87% | 3.70% |
| Long-Term (SPTL) | 0.00% | -0.59% | -3.60% | -4.64% | -7.20% |
| Specialty | |||||
| Corporate (SPIB) | 0.00% | 0.00% | -1.25% | -0.66% | -0.18% |
| Mortgage Backed (MBB) | -0.08% | -0.37% | -2.35% | -1.80% | -1.43% |
| Bank Loans (BKLN) | -0.15% | -0.37% | 1.50% | 2.02% | 4.60% |
| High Yield (HYG) | -0.35% | -1.55% | -2.25% | -0.35% | 1.25% |
| Preferred Stock (PFF) | -1.06% | -2.96% | -3.54% | -3.01% | -2.87% |
| Convertible (CWB) | -2.11% | -5.25% | -5.98% | 7.78% | 4.49% |
| International & EM | |||||
| International Local (IGOV) | 0.23% | -0.72% | -1.96% | -3.86% | -5.08% |
| International USD (BNDX) | -0.17% | 0.59% | -1.00% | -0.38% | -1.14% |
| Emerging Local (EMLC) | -0.24% | -0.20% | -0.64% | 1.05% | 3.87% |
| Emerging USD (EMB) | -0.33% | -1.17% | -2.94% | -1.10% | 0.70% |
| Municipals | |||||
| Short-Term (SUB) | 0.00% | 0.10% | -0.23% | 0.59% | 1.13% |
| Intermediate (MUB) | -0.13% | -0.18% | -3.21% | -2.11% | -1.61% |
| High Yield (HYD) | -0.16% | 0.21% | -3.45% | -1.44% | -0.09% |
| Long-Term (MLN) | -0.48% | -0.24% | -5.15% | -2.81% | -2.80% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities advanced broadly, with the Broad Commodities index (DJP) gaining 0.44% as energy led the complex higher. WTI Crude (USO) rose 2.83% and Brent Crude (BNO) climbed 3.59%, both extending a seventh consecutive session of gains amid persistent tanker-attack-related supply risk, pushing their year-to-date returns above 133% and 137%, respectively. Natural Gas (UNG) moved in the opposite direction, falling 3.88% and remaining down 13.05% year-to-date. Precious metals were broadly softer, with Gold (GLD) down 0.18% and Palladium (PALL) falling 1.99%, extending a 30.63% year-to-date decline. The divergence between energy strength and metals weakness highlights the geopolitical supply-risk premium currently embedded in crude markets.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | 0.44% | -0.98% | 13.89% | 40.18% | 46.28% |
| Agriculture | |||||
| Broad (DBA) | -0.18% | -2.05% | 2.32% | 10.62% | 9.40% |
| Soybeans (SOYB) | -0.22% | -3.90% | 6.08% | 22.96% | 24.16% |
| Corn (CORN) | -0.87% | -8.91% | 3.23% | 2.59% | 3.88% |
| Wheat (WEAT) | -1.15% | -9.60% | -3.69% | 20.18% | 18.52% |
| Sugar (CANE) | -1.20% | 8.17% | 29.28% | 26.29% | 22.59% |
| Energy | |||||
| Brent Crude (BNO) | 3.59% | 8.88% | 43.63% | 137.25% | 141.87% |
| WTI Crude (USO) | 2.83% | 3.58% | 35.59% | 133.89% | 138.55% |
| Broad (DBE) | 2.71% | 5.13% | 35.26% | 127.77% | 131.33% |
| Natural Gas (UNG) | -3.88% | 2.90% | 2.30% | -13.05% | -7.94% |
| Industrial Metals | |||||
| Broad (DBB) | 0.41% | -1.95% | 0.49% | 7.67% | 20.35% |
| Copper (CPER) | 0.13% | 2.36% | 3.78% | 12.99% | 28.08% |
| Precious Metals | |||||
| Platinum (PPLT) | -0.07% | -6.82% | 0.41% | -20.88% | -5.23% |
| Gold (GLD) | -0.18% | -2.48% | 4.67% | -3.61% | -3.64% |
| Broad (DBP) | -0.19% | -4.04% | 3.79% | -8.13% | -2.86% |
| Silver (SLV) | -0.79% | -9.71% | 2.22% | -20.04% | 4.76% |
| Palladium (PALL) | -1.99% | -12.72% | -11.88% | -30.63% | -31.68% |
Cryptocurrency
Digital assets declined across the board on Friday, consistent with the risk-off tone in broader equity markets. XRP (XRP) led losses, falling 3.60% and remaining down 29.53% year-to-date, while Solana exposure (SOLZ) dropped 2.47%. Ethereum-linked (ETHA) fell 1.62%, and Bitcoin exposure (IBIT) showed relative resilience with a 0.94% decline, the smallest among major crypto products. Despite the daily pullback, most crypto exposures retain substantial three-month gains, with Solana up 35.74% and Ethereum up 28.59% over that period. The selloff aligns with weakness seen in crypto-adjacent thematic ETFs, suggesting a broad repricing of risk sentiment toward digital assets.
What to Watch Today
Monday, October 19 brings the NAHB/Wells Fargo Housing Market Index for October at 10:00 AM ET, with the prior reading at 32, alongside 3-month and 6-month Treasury bill auctions at 3:30 PM ET. The Federal Reserve remains in its blackout period ahead of the October 27-28 FOMC meeting, meaning no Fed speakers will offer guidance this week. Earnings season continues with Cleveland-Cliffs, Fifth Third Bancorp, and SmartFinancial reporting before the open, while AGNC Investment, BOK Financial, Steel Dynamics, Western Alliance, and Zions Bancorporation report after the close. Overseas, China’s Q3 GDP printed at 4.5% year-over-year, above the 4.4% consensus, while Hong Kong markets remain closed for the Chung Yeung Day holiday, and ECB’s Lane is scheduled to speak.
U.S. equities absorbed a broad-based decline on Friday as the S&P 500 (IVV) fell 1.10%, pressured heavily by a technology-led rout even as the index remains up 12.85% year-to-date. Developed ex-U.S. markets (EFA) held up comparatively well, slipping just 0.12%, while Emerging Markets (EEM) dropped 1.74% on weakness across Asian constituents. Fixed income was largely stable, with the U.S. Aggregate Bond index (AGG) off a negligible 0.03% as Treasury yields eased from mid-week highs. Broad Commodities (DJP) gained 0.44%, extending a 40.18% year-to-date advance, driven by a seventh consecutive session of crude oil gains tied to persistent tanker-attack supply risk. The clear outlier of the day was Indonesia, where single-country exposure collapsed 14.90%, far exceeding the broader emerging-market decline.