Macro Overview
U.S. Size & Style
Growth-oriented segments bore the brunt of Friday’s selling across market capitalizations, with Large Growth (IVW) falling 1.93% versus a 0.08% decline in Large Value (IVE), underscoring the rotation away from technology-heavy names. Mid and small caps also lagged, with Small Cap (IJR) down 0.93% and Small Growth (IJT) off 1.27%, extending a difficult three-month stretch that has seen the latter decline 8.48%. RSI readings across growth categories moved into weaker territory, with Large Growth at 38 and Small Growth at 35, reflecting the deteriorating near-term momentum. Value’s relative outperformance was evident across the cap spectrum, with only 30-48% of constituents across size segments trading above their 50-day moving average, highlighting narrow underlying participation.
| 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) led all sectors with a 2.52% gain, pushing its RSI to 69 as oil prices climbed sharply, while Utilities (XLU) and Consumer Staples (XLP) added 1.34% and 1.08% respectively as defensive positioning took hold. Technology (XLK) was the session’s clear laggard, dropping 3.02% with RSI falling to 33, as chip-related weakness weighed heavily on the sector despite its 27.89% year-to-date gain. Communication Services (XLC) also declined 1.89%, with only 18% of constituents trading above their 50-day moving average, the weakest breadth reading among all sectors. Consumer Staples’ RSI of 72 marks overbought territory, suggesting the defensive rotation into staples may be due for consolidation.
| 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 the leaderboard, with the Alerian Energy Infrastructure ETF (ENFR) gaining 3.14% and the Global X MLP & Energy Infrastructure ETF (MLPX) up 3.00%, tracking the broader strength in crude oil benchmarks. On the opposite end, digital asset and technology-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) falling 9.85%. The Global X Blockchain ETF (BKCH) and VanEck Digital Transformation ETF (DAPP) also posted declines exceeding 7%, consistent with broader pressure on crypto-adjacent and semiconductor-linked themes seen across the technology complex.
| 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. showed relative resilience, with the U.K. (EWU) gaining 0.52% and Canada (EWC) adding 0.41%, consistent with reports of European and Asian markets closing higher while U.S. tech weighed on domestic indices. South Korea (EWY) was a notable laggard among developed markets, falling 3.70% and extending a 14.30% one-month decline despite remaining up 54.74% year-to-date. Within emerging markets, Indonesia’s (EIDO) 14.90% single-day drop stood apart, compounding a brutal 45.89% year-to-date loss. Taiwan (EWT) also declined 2.64% on the day, though it remains the standout performer in the group with a 67.26% year-to-date gain, while Mexico (EWW) bucked the regional trend with a 1.43% advance.
| 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 markets were largely range-bound Friday, with Short-Term Treasuries (BSV) edging up 0.09% while the Core Aggregate (AGG) slipped a marginal 0.03%, consistent with the prior session’s sharp drop in Treasury yields that had pushed the 10-year to its lowest level since late September. Credit-sensitive segments underperformed, with Preferred Stock (PFF) falling 1.06% and Convertibles (CWB) dropping 2.11%, reflecting their higher correlation to equity market volatility. High Yield (HYG) also declined 0.35% amid the broader risk-off tone. Longer-duration Treasuries showed modest strength relative to credit, with Intermediate Treasuries (SPTI) gaining 0.15%, underscoring a flight toward safer government debt as equities sold off.
| 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
Energy commodities surged as oil prices climbed, with Brent Crude (BNO) advancing 3.59% and WTI Crude (USO) up 2.83%, both now showing triple-digit year-to-date gains above 133%. Broad Commodities (DJP) rose 0.44% on the day, lifted by the energy complex despite weakness elsewhere. 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 Palladium (PALL) down 1.99% and Silver (SLV) off 0.79%, as Gold (GLD) also slipped 0.18%.
| 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 Friday, consistent with the broader risk-off tone that weighed on technology and growth-oriented assets. XRP (XRP) led the pullback with a 3.60% decline, followed by Solana (SOLZ) down 2.47% and Ethereum (ETHA) off 1.62%. Bitcoin (IBIT) showed relative resilience, declining just 0.94%, though it remains down 7.05% year-to-date. All five tracked crypto assets posted negative year-to-date returns, with Ethereum and Solana both down roughly 18-20%, underscoring the sector’s underperformance relative to broader equity and commodity markets this year.
What to Watch Today
Monday brings a relatively light macro calendar, headlined by the NAHB Housing Market Index for October at 2:00 PM ET, with consensus expectations near 31 following September’s reading of 32. No Federal Reserve speakers are scheduled, as the FOMC enters its blackout period ahead of the October 27-28 policy meeting. Treasury will conduct 13-week and 26-week bill auctions, with results announced at 3:30 PM ET. Overnight, China’s Q3 GDP, industrial production, and retail sales data for September are due in the early morning hours, which could influence risk sentiment at Monday’s open. Earnings activity picks up with regional bank reporters including Fifth Third Bancorp, Western Alliance, and Zions Bancorporation among the after-close releases.
U.S. equities retreated sharply Friday, with the S&P 500 (IVV) falling 1.10% as technology shares led broad-based declines, though the benchmark remains up 12.85% year-to-date. Developed ex-U.S. markets via (EFA) proved more resilient, slipping just 0.12%, while Emerging Markets (EEM) underperformed with a 1.74% drop, dragged lower by a sharp single-day decline in Indonesia. Fixed income was comparatively stable, with the U.S. Aggregate Bond (AGG) off a modest 0.03%, while Broad Commodities (DJP) advanced 0.44% on the back of a steep rise in oil prices. The clear outlier was Indonesia (EIDO), which plunged 14.90% on the day, standing in stark contrast to the broader emerging markets complex.