Macro Overview
U.S. Size & Style
Value and smaller-cap segments outperformed Growth and Large-Cap on the day, a reversal driven largely by the tech-led index drag. Large Value (IVE) rose 0.89% and carries an RSI of 72, signaling overbought conditions, while Large Growth (IVW) fell -1.46% as mega-cap technology weighed on the growth complex. Small Cap (IJR) gained 1.61% and Small Growth (IJT) added 1.81%, both still showing constructive RSI readings in the low-60s. Mid Value (IJJ) advanced 1.48%, reinforcing the day’s broad-based rotation away from the largest growth names and into smaller, value-oriented equities.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.89% | 5.24% | 4.29% | 15.14% | 17.12% |
| Large Cap (IVV) | -0.35% | 0.71% | 5.74% | 13.78% | 13.23% |
| Large Growth (IVW) | -1.46% | -2.96% | 6.95% | 12.37% | 9.80% |
| Mid Value (IJJ) | 1.48% | 5.13% | -0.89% | 12.21% | 15.45% |
| Mid Cap (IJH) | 1.16% | 2.53% | -0.40% | 13.31% | 15.22% |
| Mid Growth (IJK) | 0.87% | 0.07% | -0.05% | 14.00% | 14.67% |
| Small Value (IJS) | 1.38% | 3.89% | -0.97% | 18.99% | 22.16% |
| Small Cap (IJR) | 1.61% | 3.73% | -1.24% | 19.14% | 20.99% |
| Small Growth (IJT) | 1.81% | 3.48% | -1.64% | 18.90% | 19.33% |
U.S. Sectors & Industries
Health Care (XLV) led all sectors with a 2.40% gain, pushing its RSI to 71 and its YTD return to 20.35%, supported by strong individual earnings results including a raised forecast from a major constituent. Real Estate (XLRE) and Consumer Staples (XLP) also advanced more than 1.5% as lower yields benefited rate-sensitive and defensive names. On the downside, Communication Services (XLC) declined -1.87% with an RSI of just 25, firmly in oversold territory, following a steep single-day decline in a key constituent tied to weak core search results and elevated capital spending. Technology (XLK) also fell -1.18% as memory and semiconductor names came under pressure, though the sector retains a 31.56% YTD gain.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.38% | 0.68% | 5.73% | 13.70% | 13.13% |
| Health Care (XLV) | 2.40% | 7.80% | 11.13% | 20.35% | 29.95% |
| Real Estate (XLRE) | 2.21% | 4.16% | -5.53% | 9.26% | 9.63% |
| Consumer Staples (XLP) | 1.54% | 7.73% | 1.60% | 15.71% | 18.32% |
| Utilities (XLU) | 1.53% | 8.64% | -3.23% | 3.16% | -1.52% |
| Financials (XLF) | 1.44% | 5.42% | 0.81% | 5.23% | 11.02% |
| Materials (XLB) | 1.29% | 6.99% | 1.99% | 17.31% | 22.45% |
| Industrials (XLI) | 0.97% | 0.59% | -3.44% | 10.55% | 10.95% |
| Consumer Discretionary (XLY) | 0.75% | 6.46% | 4.34% | -2.09% | -2.03% |
| Energy (XLE) | 0.38% | 11.65% | 17.87% | 56.72% | 60.58% |
| Technology (XLK) | -1.18% | -2.96% | 13.44% | 31.56% | 24.75% |
| Communication Services (XLC) | -1.87% | -9.20% | -7.29% | -13.25% | -11.90% |
Global Thematic
Housing-related thematic ETFs led the day’s gainers, with the iShares U.S. Home Construction ETF (ITB) up 3.49% and the SPDR S&P Homebuilders ETF (XHB) rising 3.37%, likely aided by the pullback in Treasury yields. Alternative asset manager and defense-technology exposures also advanced, with the VanEck Alternative Asset Manager ETF (GPZ) gaining 2.94%. Conversely, technology-adjacent thematic funds were among the weakest performers, led by the Roundhill Photonics & Optics ETF (LYTE), down -6.28%, and the Roundhill Neocloud ETF (NCLD), off -5.49%, reflecting the broader pullback in cloud and AI-adjacent names following mixed mega-cap earnings.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| iShares U.S. Home Construction ETF (ITB) | 3.49% |
| State Street SPDR S&P Homebuilders ETF (XHB) | 3.37% |
| VanEck Alternative Asset Manager ETF (GPZ) | 2.94% |
| Global X Defense Tech ETF (SHLD) | 2.69% |
| Putnam BDC Income ETF (PBDC) | 2.50% |
| Laggards | |
| Roundhill Photonics & Optics ETF (LYTE) | -6.28% |
| Roundhill Neocloud ETF (NCLD) | -5.49% |
| CoinShares Bitcoin Mining and Digital Power ETF (WGMI) | -5.16% |
| Roundhill Memory ETF (DRAM) | -4.38% |
| Themes Humanoid Robotics ETF (BOTT) | -4.35% |
Developed ex-U.S. & Emerging Markets
Developed markets were broadly firmer, with Germany (EWG) up 1.46% and Switzerland (EWL) also gaining 1.46%, while Japan (EWJ) was roughly flat at -0.05% ahead of the Bank of Japan’s rate decision. Emerging markets saw more pronounced weakness, led by Indonesia (EIDO), which fell -3.54% and remains down -45.13% year-to-date, alongside Taiwan (EWT), off -2.71% despite a 66.83% YTD gain tied to semiconductor exposure. South Korea (EWY) declined -2.46%, extending a -13.51% one-month slide even as its YTD return remains the strongest in the group at 66.46%. India (INDA) was a notable exception, rising 1.33% against the broader emerging-market retreat.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.65% | -0.18% | 0.95% | 10.37% | 13.46% |
| Australia (EWA) | 0.14% | 4.44% | 1.79% | 14.74% | 13.21% |
| Canada (EWC) | 0.03% | 4.41% | 3.78% | 14.63% | 22.90% |
| France (EWQ) | 1.29% | -2.03% | -6.86% | -3.54% | -2.77% |
| Germany (EWG) | 1.46% | 1.22% | 1.12% | 1.77% | 4.80% |
| Hong Kong (EWH) | 0.87% | -0.90% | -3.84% | 5.28% | 5.28% |
| Japan (EWJ) | -0.05% | -1.63% | 6.26% | 18.21% | 19.02% |
| Netherlands (EWN) | 0.11% | -4.24% | 1.75% | 16.24% | 15.95% |
| South Korea (EWY) | -2.46% | -13.51% | 12.22% | 66.46% | 70.81% |
| Switzerland (EWL) | 1.46% | 6.95% | 2.15% | 8.86% | 17.27% |
| U.K. (EWU) | 0.87% | 1.81% | -0.42% | 10.02% | 15.17% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | -1.26% | -6.94% | 2.70% | 15.22% | 14.16% |
| Brazil (EWZ) | -1.43% | -9.13% | -6.57% | 5.31% | 11.16% |
| China (MCHI) | -0.16% | -6.03% | -11.09% | -17.96% | -23.82% |
| India (INDA) | 1.33% | 1.00% | -3.58% | -12.28% | -13.18% |
| Indonesia (EIDO) | -3.54% | -14.79% | -16.00% | -45.13% | -43.45% |
| Malaysia (EWM) | 0.04% | -1.61% | -3.73% | 0.01% | 7.28% |
| Mexico (EWW) | -0.21% | 3.36% | -1.46% | 8.99% | 14.23% |
| South Africa (EZA) | -0.42% | -1.17% | 3.24% | -4.87% | 6.63% |
| Taiwan (EWT) | -2.71% | -7.12% | 18.54% | 66.83% | 65.16% |
| Thailand (THD) | -1.80% | -3.30% | -2.20% | 19.96% | 18.78% |
Fixed Income
Fixed income posted modest gains across most segments as Treasury yields eased alongside the equity selloff in technology. Long-Term Treasuries (SPTL) led duration-sensitive categories with a 0.57% advance, while the Core Aggregate (AGG) added 0.27%. Credit-sensitive segments were more mixed, with High Yield (HYG) essentially flat at -0.01% and Preferred Stock (PFF) declining -0.21%. Convertible Bonds (CWB) fell -0.67%, reflecting their equity sensitivity and the drag from the technology-heavy selloff despite holding a 9.53% YTD gain.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.45% | 3.75% | -0.43% | -2.86% | -5.05% |
| Core (AGG) | 0.27% | 2.00% | -0.40% | -0.77% | -0.70% |
| Core Enhanced (IUSB) | 0.27% | 1.87% | -0.46% | -0.61% | -0.49% |
| Short-Term (BSV) | 0.18% | 1.06% | 0.12% | 0.60% | 1.38% |
| Government | |||||
| Long-Term (SPTL) | 0.57% | 4.19% | -0.43% | -3.00% | -5.29% |
| Intermediate (SPTI) | 0.33% | 1.70% | -0.62% | -1.22% | -0.70% |
| Inflation Protected (TIP) | 0.17% | 2.34% | -0.51% | 0.15% | -0.30% |
| Short-Term (SPTS) | 0.14% | 0.82% | 0.42% | 1.24% | 2.12% |
| Ultrashort (BIL) | 0.01% | 0.31% | 0.93% | 2.99% | 3.65% |
| Specialty | |||||
| Mortgage Backed (MBB) | 0.30% | 2.83% | -0.53% | -0.54% | 0.15% |
| Corporate (SPIB) | 0.18% | 1.40% | -0.38% | -0.20% | 0.46% |
| Bank Loans (BKLN) | 0.10% | 0.57% | 2.14% | 2.71% | 4.30% |
| High Yield (HYG) | -0.01% | 0.73% | -0.64% | 0.58% | 1.64% |
| Preferred Stock (PFF) | -0.21% | -2.22% | -3.22% | -3.55% | -3.99% |
| Convertible (CWB) | -0.67% | -4.62% | -1.40% | 9.53% | 4.83% |
| International & EM | |||||
| Emerging USD (EMB) | 0.50% | 1.56% | -1.10% | -0.32% | 0.57% |
| International Local (IGOV) | 0.10% | 0.65% | -1.37% | -3.70% | -4.15% |
| Emerging Local (EMLC) | 0.08% | 0.08% | -1.09% | 0.03% | 2.70% |
| International USD (BNDX) | 0.06% | 1.21% | -0.31% | 0.00% | -0.52% |
| Municipals | |||||
| Intermediate (MUB) | 0.10% | 3.86% | -0.99% | -0.66% | -0.14% |
| Short-Term (SUB) | 0.05% | 2.03% | 0.66% | 1.31% | 2.21% |
| High Yield (HYD) | -0.04% | 4.15% | -0.59% | 0.04% | 1.11% |
| Long-Term (MLN) | -0.30% | 4.43% | -2.52% | -1.26% | -1.27% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities were broadly lower, with Broad Commodities (DJP) down -0.58%, driven by declines in precious metals and natural gas even as crude oil benchmarks posted modest gains. Precious metals saw the sharpest pressure, with Platinum (PPLT) falling -3.65% and Silver (SLV) dropping -3.63%, while Gold (GLD) declined -1.32%. Natural Gas (UNG) fell -3.37%, extending its deeply negative YTD trend of -25.12%. In contrast, crude oil ETFs such as WTI Crude (USO) rose 0.97% at the fund level even as spot Brent and WTI prices declined intraday on reports of renewed diplomatic engagement with Iran easing supply concerns.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.58% | 0.72% | 8.88% | 37.22% | 43.05% |
| Agriculture | |||||
| Sugar (CANE) | 0.60% | 3.17% | 22.72% | 20.14% | 26.02% |
| Wheat (WEAT) | 0.23% | -11.50% | -9.51% | 11.02% | 4.33% |
| Broad (DBA) | 0.22% | -3.82% | -1.16% | 6.47% | 6.93% |
| Soybeans (SOYB) | 0.15% | -5.36% | 3.57% | 19.44% | 14.52% |
| Corn (CORN) | 0.11% | -10.56% | -2.19% | -1.64% | -2.66% |
| Energy | |||||
| WTI Crude (USO) | 0.97% | 17.33% | 30.07% | 143.19% | 134.25% |
| Brent Crude (BNO) | 0.88% | 20.44% | 40.31% | 149.86% | 141.21% |
| Broad (DBE) | -0.32% | 13.15% | 28.99% | 131.61% | 121.54% |
| Natural Gas (UNG) | -3.37% | -11.30% | -7.55% | -25.12% | -24.82% |
| Industrial Metals | |||||
| Broad (DBB) | -0.83% | -1.80% | 1.58% | 9.42% | 18.26% |
| Copper (CPER) | -1.49% | -0.50% | 3.60% | 13.64% | 23.39% |
| Precious Metals | |||||
| Gold (GLD) | -1.32% | -3.74% | -0.68% | -7.00% | 1.53% |
| Broad (DBP) | -1.66% | -6.34% | -2.97% | -12.48% | 1.78% |
| Palladium (PALL) | -1.67% | -17.71% | -20.37% | -37.34% | -28.78% |
| Silver (SLV) | -3.63% | -14.78% | -8.67% | -26.61% | 9.37% |
| Platinum (PPLT) | -3.65% | -12.86% | -7.61% | -27.69% | -7.19% |
Cryptocurrency
Digital assets declined broadly, with XRP (XRP) falling -4.22% and Solana (SOLZ) down -3.13%, extending negative year-to-date trends of -30.36% and -21.24%, respectively. Ethereum (ETHA) slipped -1.53% while Bitcoin (IBIT) declined a more modest -0.93%, maintaining relative resilience against its peers. The Multi-Coin basket (NCIQ) fell -0.65%, broadly tracking the sector’s risk-off tone alongside the equity market’s technology-led pullback.
What to Watch Today
Friday brings the Employment Cost Index for Q3 at 8:30 AM ET, followed by the Chicago PMI at 9:45 AM ET and the weekly Baker Hughes rig count at 1:00 PM ET. San Francisco Fed President Mary Daly is scheduled to speak at noon. Internationally, investors will watch the Bank of Japan’s rate decision, expected to hold at 1.25%, and the Eurozone’s preliminary Q3 GDP release. Exxon and Chevron both report Q3 earnings Friday, and markets will also see the effects of the MSCI USA quarterly review and Russell 1000/2000 semi-annual reconstitution in the closing auction.
U.S. equities slipped as the S&P 500 (IVV) fell -0.35%, snapping a recent advance after a sharp decline in mega-cap technology weighed on the index even as most sectors and smaller companies advanced. Developed ex-U.S. markets (EFA) outperformed, gaining 0.65% as European bourses firmed, while Emerging Markets (EEM) lagged, dropping -1.26% on weakness across Asian constituents. Fixed income was firmer, with the U.S. Aggregate Bond (AGG) up 0.27% as Treasury yields eased, while Broad Commodities (DJP) slipped -0.58% as oil prices retreated on prospects of renewed diplomatic talks. The clear outlier was Communication Services, which fell sharply at the sector level following a steep decline in a major index constituent tied to disappointing cloud and search results.