Macro Overview
U.S. equity markets surged to new records, propelled by a significant drop in oil prices that eased inflation concerns. The S&P 500 (IVV) gained 1.77%, with international markets following suit as Developed ex-U.S. (EFA) rose 1.23%. Emerging Markets (EEM) were a standout, advancing 2.61% on the day. In contrast, Broad Commodities (DJP) fell 1.65%, while the U.S. Aggregate Bond (AGG) index gained 0.41% as Treasury yields declined.
U.S. Size & Style
The rally in U.S. equities was broad-based, with growth-oriented stocks leading the charge across all market capitalizations. Large Growth (IVW) climbed 2.38%, significantly outpacing its value counterpart’s 1.11% gain. Mid-caps and small-caps also posted strong returns, with Small Growth (IJT) adding 1.85%. This performance continues a strong trend for smaller companies, with the Small Cap (IJR) index now up over 25% year-to-date.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 1.11% | 2.38% | 6.54% | 11.98% | 21.99% |
| Large Cap (IVV) | 1.77% | 3.52% | 7.69% | 13.72% | 23.63% |
| Large Growth (IVW) | 2.38% | 4.52% | 8.66% | 15.03% | 24.75% |
| Mid Value (IJJ) | 1.38% | 3.15% | 8.25% | 15.83% | 24.16% |
| Mid Cap (IJH) | 1.80% | 1.83% | 7.36% | 17.96% | 24.79% |
| Mid Growth (IJK) | 2.27% | 0.65% | 6.58% | 19.87% | 25.38% |
| Small Value (IJS) | 1.51% | 3.56% | 10.22% | 24.06% | 41.50% |
| Small Cap (IJR) | 1.72% | 2.68% | 10.79% | 25.73% | 38.16% |
| Small Growth (IJT) | 1.85% | 1.81% | 11.37% | 27.24% | 34.97% |
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U.S. Sectors & Industries
Sector performance showed a clear divergence, driven by earnings and commodity price action. Technology (XLK) was the day’s undisputed leader, surging 4.98% following strong results from AI-related companies. Industrials (XLI) also performed well, gaining 1.77% after a positive report from Caterpillar. Conversely, Energy (XLE) and Utilities (XLU) were the only sectors in the red, falling 0.46% and 0.56% respectively, as oil prices declined sharply.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 1.80% | 3.56% | 7.70% | 13.71% | 23.56% |
| Technology (XLK) | 4.98% | 3.49% | 15.47% | 30.13% | 43.25% |
| Materials (XLB) | 1.94% | -0.02% | 3.05% | 15.60% | 20.50% |
| Industrials (XLI) | 1.77% | 1.35% | 9.28% | 20.79% | 24.92% |
| Financials (XLF) | 0.87% | 4.06% | 12.60% | 6.59% | 13.22% |
| Communication Services (XLC) | 0.63% | 2.23% | -3.24% | -4.27% | 4.89% |
| Consumer Staples (XLP) | 0.60% | 0.45% | 2.90% | 11.29% | 8.94% |
| Consumer Discretionary (XLY) | 0.07% | 1.00% | 0.69% | -0.54% | 9.05% |
| Real Estate (XLRE) | -0.02% | 1.10% | 3.36% | 13.67% | 12.19% |
| Health Care (XLV) | -0.09% | -1.00% | 12.49% | 5.61% | 23.99% |
| Energy (XLE) | -0.46% | 9.96% | -0.76% | 32.67% | 41.28% |
| Utilities (XLU) | -0.56% | -3.61% | -4.27% | 4.70% | 3.83% |
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Global Thematic
The day’s top-performing thematic funds were heavily concentrated in high-growth technology, mirroring the broader sector leadership. Funds focused on Photonics, Memory, and Space Technology saw gains ranging from approximately 8% to over 10%, including the Spear Alpha ETF (SPRX) which advanced 9.17%. On the other side of the ledger, themes tied to energy and digital assets lagged. Energy infrastructure funds declined in line with falling oil prices, while the CoinShares Bitcoin Mining ETF (WGMI) fell 3.65%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Tuttle Capital Pure Play Photonics ETF (FOTO) | 10.47% |
| Tema Memory ETF (DISK) | 9.27% |
| Spear Alpha ETF (SPRX) | 9.17% |
| Defiance Drone and Modern Warfare ETF (JEDI) | 8.64% |
| Roundhill Space & Technology ETF (MARS) | 7.86% |
| Laggards | |
| CoinShares Bitcoin Mining ETF (WGMI) | -3.65% |
| VanEck Onchain Economy ETF (NODE) | -0.98% |
| Alerian Energy Infrastructure ETF (ENFR) | -0.59% |
| ALERIAN MLP INDEX ETNS DUE JANUARY 28, 2044 (AMJB) | -0.56% |
| ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) | -0.55% |
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Developed ex-U.S. & Emerging Markets
International markets participated in the global equity rally, with several countries posting exceptional gains. South Korea (EWY) was a significant outlier, climbing 6.80% and extending its remarkable year-to-date return to over 76%. In emerging markets, Taiwan (EWT) also showed notable strength with a 4.32% advance. The primary weak spot was Brazil (EWZ), which slipped 0.91% against the positive global trend.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 1.23% | 2.83% | 8.25% | 13.51% | 25.49% |
| Australia (EWA) | 2.45% | 7.23% | 5.77% | 16.63% | 18.23% |
| Canada (EWC) | 0.59% | 3.86% | 4.13% | 11.78% | 30.57% |
| France (EWQ) | 1.11% | 3.51% | 9.92% | 8.16% | 16.83% |
| Germany (EWG) | 1.06% | 3.62% | 7.79% | 5.20% | 8.26% |
| Hong Kong (EWH) | 0.00% | 9.51% | -0.65% | 9.59% | 16.37% |
| Japan (EWJ) | 1.83% | 1.58% | 7.94% | 17.80% | 31.11% |
| Netherlands (EWN) | 2.31% | 2.24% | 12.39% | 22.28% | 41.01% |
| South Korea (EWY) | 6.80% | -5.00% | 4.62% | 76.03% | 141.99% |
| Switzerland (EWL) | 0.92% | -0.36% | 7.55% | 8.20% | 21.70% |
| U.K. (EWU) | 0.23% | 2.50% | 5.64% | 11.50% | 24.32% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 2.61% | 0.46% | 3.48% | 21.24% | 38.17% |
| Brazil (EWZ) | -0.91% | 4.82% | -6.67% | 14.68% | 40.15% |
| China (MCHI) | 0.34% | 10.17% | -1.47% | -6.01% | -0.55% |
| India (INDA) | 0.74% | 1.96% | 3.91% | -6.51% | -3.72% |
| Indonesia (EIDO) | 2.00% | 11.09% | -12.04% | -30.76% | -25.68% |
| Malaysia (EWM) | 1.03% | 5.30% | -1.88% | 5.94% | 22.03% |
| Mexico (EWW) | 0.67% | 2.07% | 3.35% | 12.78% | 34.57% |
| South Africa (EZA) | 2.53% | 3.06% | 0.35% | -2.10% | 29.08% |
| Taiwan (EWT) | 4.32% | -2.53% | 13.05% | 60.88% | 81.71% |
| Thailand (THD) | 0.60% | 2.47% | 6.99% | 25.87% | 33.09% |
Explore the Global (ex-U.S.) Size & Style Explorer →
Fixed Income
Bond markets strengthened as Treasury yields declined amid easing inflation concerns and a flight to safety from commodities. Longer-duration bonds saw the largest price increases, with the Long-Term Treasury (SPTL) gaining 0.84%. Risk-on sentiment in equities also benefited credit-sensitive areas of the bond market, highlighted by a strong 1.98% gain for Convertible (CWB) bonds. High Yield (HYG) also posted a respectable 0.30% advance for the session.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.76% | -2.41% | -0.85% | -1.64% | 0.27% |
| Core Enhanced (IUSB) | 0.42% | -0.51% | 0.19% | 0.32% | 2.79% |
| Core (AGG) | 0.41% | -0.62% | 0.07% | 0.08% | 2.41% |
| Short-Term (BSV) | 0.19% | 0.07% | 0.48% | 0.72% | 2.63% |
| Government | |||||
| Long-Term (SPTL) | 0.84% | -2.33% | -1.03% | -2.10% | -0.79% |
| Intermediate (SPTI) | 0.36% | -0.23% | 0.03% | -0.25% | 1.61% |
| Inflation Protected (TIP) | 0.18% | -0.46% | -0.89% | 0.73% | 1.69% |
| Short-Term (SPTS) | 0.07% | 0.15% | 0.50% | 0.90% | 2.73% |
| Ultrashort (BIL) | 0.00% | 0.28% | 0.89% | 2.10% | 3.76% |
| Specialty | |||||
| Convertible (CWB) | 1.98% | 1.13% | 3.31% | 19.19% | 26.64% |
| Mortgage Backed (MBB) | 0.62% | -0.52% | 0.17% | 0.43% | 3.83% |
| Preferred Stock (PFF) | 0.36% | 1.29% | -0.34% | 2.22% | 3.71% |
| Corporate (SPIB) | 0.33% | -0.19% | 0.47% | 0.68% | 3.10% |
| High Yield (HYG) | 0.30% | 0.28% | 1.15% | 2.12% | 5.08% |
| Bank Loans (BKLN) | 0.10% | 1.03% | 0.79% | 0.95% | 4.24% |
| International & EM | |||||
| Emerging Local (EMLC) | 0.55% | 0.75% | 2.64% | 2.50% | 8.62% |
| Emerging USD (EMB) | 0.50% | -0.59% | 1.43% | 1.94% | 7.53% |
| International Local (IGOV) | 0.34% | 0.83% | -0.60% | -0.67% | -0.43% |
| International USD (BNDX) | 0.27% | -0.31% | 0.99% | 0.89% | 1.40% |
| Municipals | |||||
| Long-Term (MLN) | 0.58% | -1.57% | 0.20% | 1.65% | 7.49% |
| High Yield (HYD) | 0.38% | -2.20% | -0.17% | 0.87% | 6.28% |
| Intermediate (MUB) | 0.29% | -1.35% | -0.07% | 0.60% | 4.90% |
| Short-Term (SUB) | 0.09% | -0.01% | 0.44% | 0.90% | 1.91% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
The commodity complex was dominated by a sharp sell-off in energy markets, driven by geopolitical optimism regarding Middle East shipping lanes. WTI Crude (USO) plunged 5.19%, while Natural Gas (UNG) fell 3.36%. In stark contrast, precious and industrial metals rallied strongly, with Palladium (PALL) and Platinum (PPLT) surging 7.31% and 6.64%, respectively. Silver (SLV) also posted a solid 2.63% gain.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -1.65% | 5.30% | -9.66% | 22.04% | 36.86% |
| Agriculture | |||||
| Sugar (CANE) | 0.71% | 1.43% | -3.32% | 1.59% | -8.88% |
| Broad (DBA) | -0.47% | 3.44% | -2.23% | 8.39% | 11.36% |
| Soybeans (SOYB) | -0.75% | 2.50% | -0.67% | 14.59% | 17.30% |
| Corn (CORN) | -1.00% | 5.28% | -7.17% | 0.11% | 3.68% |
| Wheat (WEAT) | -1.65% | 6.47% | -1.40% | 19.48% | 10.72% |
| Energy | |||||
| Natural Gas (UNG) | -3.36% | -15.63% | -10.78% | -20.31% | -24.61% |
| Broad (DBE) | -4.28% | 11.01% | -15.62% | 63.93% | 55.57% |
| WTI Crude (USO) | -5.19% | 11.35% | -21.56% | 67.41% | 52.12% |
| Brent Crude (BNO) | -5.25% | 14.24% | -24.63% | 60.03% | 48.54% |
| Industrial Metals | |||||
| Copper (CPER) | 1.26% | 7.64% | 12.82% | 14.82% | 44.81% |
| Broad (DBB) | 0.40% | 5.55% | 3.27% | 10.24% | 34.73% |
| Precious Metals | |||||
| Palladium (PALL) | 7.31% | 6.94% | -8.87% | -15.74% | 12.48% |
| Platinum (PPLT) | 6.64% | 6.93% | -10.69% | -15.57% | 30.01% |
| Silver (SLV) | 2.63% | -2.14% | -18.35% | -16.42% | 58.45% |
| Broad (DBP) | 1.40% | -0.84% | -11.56% | -8.33% | 25.66% |
| Gold (GLD) | 0.66% | -1.05% | -9.78% | -5.59% | 20.34% |
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Cryptocurrency
The cryptocurrency space was notably quiet amidst the significant moves in traditional asset classes. Major digital assets posted marginal gains, with Bitcoin (IBIT) rising 0.64% and Ethereum (ETHA) adding 0.28%. This muted price action suggests investors were focused elsewhere, as the broader crypto market consolidated without a clear directional trend for the day. The Multi-Coin (NCIQ) index advanced by a modest 0.48%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | 0.08% | -0.33% | -22.81% | -41.13% | — |
| Solana (SOLZ) | 0.27% | -8.34% | -12.45% | -41.06% | -58.23% |
| Ethereum (ETHA) | 0.28% | 10.03% | -20.37% | -36.91% | -49.01% |
| Multi-Coin (NCIQ) | 0.48% | 4.64% | -19.73% | -29.52% | -47.45% |
| Bitcoin (IBIT) | 0.64% | 4.36% | -19.85% | -26.71% | -44.19% |
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What to Watch Today
Looking ahead to Wednesday, market participants will be closely watching the morning release of the ISM Services PMI for insights into the health of the U.S. service sector. Additionally, several Federal Reserve officials are scheduled to speak, including Governor Lisa Cook and Kansas City Fed President Jeff Schmid, whose comments on the economic outlook will be scrutinized. The earnings season also continues with reports from companies including Shopify (SHOP) and Prudential Financial (PRU).
