Macro Overview
The U.S. large-cap equity market advanced slightly on the day, with the S&P 500 (IVV) returning 0.27% to extend its year-to-date gain to 5.98%. Emerging markets demonstrated comparable daily strength as the MSCI Emerging Markets Index (EEM) rose 0.22%, maintaining a significant lead in 2026 with a 17.22% year-to-date advance. Conversely, developed international markets represented by the MSCI EAFE Index (EFA) lagged, giving back 0.22% on the session. Broad commodities, tracked by the Bloomberg Commodity Index (DJP), contracted by 0.54% during the session but remain highly elevated over the trailing twelve months with a 50.72% gain. Fixed income markets exhibited muted positivity as the core U.S. aggregate bond benchmark posted a 0.13% advance.
U.S. Size & Style
Growth-oriented equities outperformed their value counterparts across all market capitalization tiers during the trading session. Large-cap growth (IVW) paced the advances with a 0.59% return, significantly outpacing the -0.07% contraction in large-cap value (IVE). Small-cap benchmarks mirrored this dynamic, with small-cap growth (IJT) rising 0.33% while small-cap value (IJS) edged up just 0.06%. From a technical perspective, the core large-cap gauge currently screens as overbought with a 14-day RSI of 72.16.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Growth (IVW) | 0.59% | 13.93% | 5.49% | 6.03% | 36.91% |
| Large Cap (IVV) | 0.27% | 10.02% | 4.45% | 5.98% | 30.63% |
| Large Value (IVE) | -0.07% | 5.68% | 3.26% | 5.78% | 23.58% |
| Mid Growth (IJK) | 0.38% | 7.25% | 8.47% | 12.75% | 31.49% |
| Mid Cap (IJH) | 0.05% | 6.92% | 6.27% | 10.57% | 28.90% |
| Mid Value (IJJ) | -0.33% | 6.53% | 3.98% | 8.15% | 25.72% |
| Small Growth (IJT) | 0.33% | 10.92% | 9.76% | 14.96% | 33.82% |
| Small Cap (IJR) | 0.25% | 10.02% | 8.36% | 14.54% | 38.29% |
| Small Value (IJS) | 0.06% | 9.02% | 7.02% | 13.96% | 42.72% |
U.S. Sectors & Industries
The technology sector (XLK) dominated daily performance, surging 1.49% to bring its trailing one-year return to 52.81% while pushing its RSI to an overbought 74.00. Consumer discretionary (XLY) and communication services (XLC) followed with modest gains of 0.24% and 0.18%, respectively. Energy (XLE) presented the heaviest drag on broader indices, falling 1.34% as crude oil pricing faced intraday pressure. Industrials (XLI) also experienced notable weakness, retreating 0.93% following recent manufacturing data releases.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Technology (XLK) | 1.49% | 19.98% | 12.64% | 12.57% | 52.81% |
| Consumer Discretionary (XLY) | 0.24% | 8.04% | -1.90% | -0.46% | 20.55% |
| Communication Services (XLC) | 0.18% | 4.93% | -2.49% | -0.54% | 23.17% |
| Consumer Staples (XLP) | -0.17% | 3.33% | 1.36% | 8.96% | 6.63% |
| Real Estate (XLRE) | -0.18% | 8.23% | 7.69% | 10.57% | 10.69% |
| Materials (XLB) | -0.23% | 1.76% | 4.68% | 13.73% | 25.35% |
| Financial (XLF) | -0.40% | 5.02% | -2.35% | -4.72% | 8.13% |
| Health Care (XLV) | -0.57% | -1.74% | -5.81% | -5.84% | 8.13% |
| Utilities (XLU) | -0.64% | 0.95% | 8.38% | 9.80% | 20.97% |
| Industrials (XLI) | -0.93% | 5.19% | 4.84% | 11.81% | 32.57% |
| Energy (XLE) | -1.34% | -0.20% | 16.02% | 32.48% | 50.35% |
Global Thematic
Cloud computing strategies monopolized the top performance tier as software and infrastructure-as-a-service equities caught aggressive intraday bids. The WisdomTree Cloud Computing Fund (WCLD) and the Global X Cloud Computing ETF (CLOU) led all thematic categories with single-day surges of 6.38% and 5.41%. Conversely, uranium and nuclear-adjacent funds occupied the bottom of the ledger. The Sprott Uranium Miners ETF (URNM) retreated 2.07%, reflecting short-term consolidation after a prolonged period of elevated energy material pricing.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| WisdomTree Cloud Computing Fund (WCLD) | 6.38% |
| Global X Cloud Computing ETF (CLOU) | 5.41% |
| Fidelity Cloud Computing ETF (FCLD) | 4.99% |
| First Trust Cloud Computing ETF (SKYY) | 4.73% |
| State Street SPDR FactSet Innovative Technology ETF (XITK) | 4.49% |
| Laggards | |
| Sprott Uranium Miners ETF (URNM) | -2.07% |
| iShares U.S. Home Construction ETF (ITB) | -1.58% |
| Sprott Junior Uranium Miners ETF (URNJ) | -1.48% |
| Amplify Seymour Cannabis ETF (CNBS) | -1.42% |
| iShares MSCI Global Gold Miners ETF (RING) | -1.37% |
Developed ex-U.S. & Emerging Markets
South Korea (EWY) provided a massive focal point for global equity investors, advancing 0.77% on the day to extend its staggering 198.00% one-year return. European developed markets were highly mixed; Germany (EWG) advanced 0.17%, while the United Kingdom (EWU) shed 0.28%. In the broader emerging markets complex, India (INDA) and Brazil (EWZ) acted as primary detractors, falling 0.61% and 0.68% respectively. Japan (EWJ) marked the weakest performance among heavily weighted international benchmarks, dropping 0.90% during the trading session.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Australia (EWA) | -0.75% | 4.20% | 5.48% | 11.76% | 22.62% |
| Brazil (EWZ) | -0.68% | 2.76% | 6.45% | 24.11% | 54.72% |
| Canada (EWC) | -0.34% | 5.84% | 7.63% | 8.29% | 40.20% |
| China (MCHI) | 0.26% | 3.07% | -7.50% | -3.91% | 14.36% |
| Dev ex-U.S. (EFA) | -0.22% | 3.54% | 1.35% | 6.32% | 25.18% |
| Emerging (EEM) | 0.22% | 12.06% | 8.51% | 17.22% | 50.12% |
| France (EWQ) | 0.09% | 3.47% | 0.04% | 0.84% | 13.54% |
| Germany (EWG) | 0.17% | 5.30% | -1.81% | -0.40% | 9.04% |
| Hong Kong (EWH) | 0.25% | 2.28% | 1.71% | 11.91% | 43.53% |
| India (INDA) | -0.61% | 5.16% | -5.06% | -9.12% | -8.26% |
| Indonesia (EIDO) | 0.20% | -5.20% | -15.24% | -20.00% | -10.34% |
| Japan (EWJ) | -0.90% | 2.10% | 3.01% | 9.36% | 29.81% |
| Malaysia (EWM) | 0.48% | 3.00% | 1.13% | 7.86% | 26.93% |
| Mexico (EWW) | 0.29% | 0.38% | 2.05% | 10.57% | 40.40% |
| Netherlands (EWN) | 0.28% | 7.36% | 0.98% | 10.26% | 35.63% |
| South Africa (EZA) | -0.03% | -0.90% | -6.83% | -0.87% | 47.75% |
| South Korea (EWY) | 0.77% | 28.35% | 32.34% | 66.63% | 198.00% |
| Switzerland (EWL) | -0.15% | 2.99% | -0.42% | 2.20% | 16.68% |
| Taiwan (EWT) | 0.10% | 25.45% | 32.19% | 41.62% | 96.81% |
| Thailand (THD) | 0.28% | 2.92% | 12.27% | 18.84% | 34.66% |
| U.K. (EWU) | -0.28% | 1.45% | 1.86% | 6.91% | 29.13% |
Fixed Income
Extended duration profiles outperformed short-term instruments across the fixed income landscape as longer-dated Treasury yields compressed intraday. Taxable Long Term (BLV) bonds posted a 0.33% daily gain, while Taxable Ultrashort (BIL) instruments essentially traded flat with a 0.03% return. Within specialty credit categories, Convertible securities (CWB) benefited from the positive underlying equity market environment, rallying 0.94%. Emerging market dollar-denominated debt (EMB) added 0.19%, outpacing developed international sovereign debt which registered slight declines.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Taxable Long Term (BLV) | 0.33% | 0.11% | -0.36% | -0.19% | 4.26% |
| Taxable Core (AGG) | 0.13% | 0.23% | 0.08% | 0.33% | 4.51% |
| Taxable Core Enhanced (IUSB) | 0.09% | 0.35% | 0.19% | 0.43% | 5.02% |
| Taxable Short-Term (BSV) | 0.04% | 0.23% | 0.23% | 0.39% | 3.67% |
| Government | |||||
| Inflation Protected (TIP) | 0.31% | 1.41% | 1.30% | 1.82% | 4.49% |
| Government Long (SPTL) | 0.31% | -0.31% | -0.31% | -0.43% | 1.70% |
| Government Intermediate (SPTI) | 0.07% | 0.11% | 0.04% | 0.00% | 3.25% |
| Government Short (SPTS) | 0.04% | 0.18% | 0.30% | 0.47% | 3.30% |
| Taxable Ultrashort (BIL) | 0.03% | 0.30% | 0.88% | 1.18% | 3.95% |
| Specialty | |||||
| Convertible (CWB) | 0.94% | 10.30% | 9.59% | 14.75% | 33.23% |
| Preferred Stock (PFF) | 0.32% | 3.85% | 0.69% | 3.06% | 10.97% |
| Taxable High Yield (HYG) | 0.12% | 1.40% | 0.67% | 1.28% | 8.38% |
| Mortgage Backed (MBS) | 0.06% | 0.17% | 0.14% | 0.64% | 5.87% |
| Corporate (SPIB) | 0.04% | 0.37% | 0.06% | 0.36% | 5.58% |
| Bank Loans (BKLN) | 0.00% | 1.15% | 0.79% | 0.06% | 6.48% |
| International & EM | |||||
| Emerging USD (EMB) | 0.19% | 2.26% | 0.71% | 1.02% | 12.26% |
| International USD (BNDX) | 0.07% | 0.15% | -0.34% | 0.18% | 1.59% |
| Emerging (EMLC) | -0.01% | 1.78% | -1.38% | 0.46% | 11.01% |
| International (IGOV) | -0.14% | 1.59% | -1.39% | 0.38% | 1.96% |
| Municipals | |||||
| Municipal High Yield (HYD) | 0.10% | 1.53% | 1.20% | 1.18% | 6.08% |
| Municipal Long (MLN) | 0.03% | 0.94% | 1.42% | 1.56% | 7.00% |
| Municipal Intermediate (MUB) | -0.03% | 0.74% | 0.09% | 0.79% | 5.64% |
| Municipal Short (SUB) | -0.03% | 0.16% | -0.08% | 0.49% | 3.49% |
Commodities
Agricultural commodities and industrial metals diverged sharply from the broader energy complex. Sugar (CANE) and Silver (SLV) posted identical daily gains of 2.45%, serving as isolated pockets of strength against a broadly negative commodity tape. Crude oil contracts sustained severe intraday selling pressure, driving WTI Crude Oil (USO) down 2.92% and Brent Crude Oil (BNO) lower by 2.15%. Despite the daily energy weakness, the broader commodities basket (DJP) continues to hold onto massive 33.37% year-to-date returns.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.54% | 5.33% | 18.13% | 33.37% | 50.72% |
| Agriculture | |||||
| Sugar (CANE) | 2.45% | -2.24% | 8.77% | 3.02% | -10.90% |
| Corn (CORN) | 1.07% | 3.91% | 8.07% | 6.54% | 0.59% |
| Soybeans (SOYB) | 0.81% | 2.51% | 12.19% | 14.14% | 15.35% |
| Agriculture (DBA) | 0.29% | 3.73% | 9.55% | 10.15% | 9.38% |
| Wheat (WEAT) | -0.41% | 5.17% | 14.50% | 20.23% | 6.00% |
| Energy | |||||
| Gasoline (UGA) | -0.71% | 19.81% | 71.85% | 93.12% | 106.25% |
| Energy (DBE) | -1.91% | 13.09% | 60.28% | 86.30% | 96.66% |
| Brent Crude Oil (BNO) | -2.15% | 13.79% | 73.81% | 102.23% | 118.50% |
| WTI Crude Oil (USO) | -2.92% | 15.08% | 79.58% | 106.48% | 121.33% |
| Industrial Metals | |||||
| Industrial Metals (DBB) | -0.40% | 4.30% | 3.17% | 7.93% | 41.43% |
| Copper (CPER) | -0.82% | 5.50% | -0.55% | 3.63% | 25.71% |
| Precious Metals | |||||
| Silver (SLV) | 2.45% | 0.22% | -9.48% | 6.01% | 132.36% |
| Precious Metals (DBP) | 0.34% | -2.18% | -6.03% | 5.98% | 54.31% |
| Platinum (PPLT) | 0.12% | 0.88% | -7.71% | -3.44% | 103.91% |
| Gold (GLD) | -0.11% | -3.34% | -4.89% | 6.78% | 42.26% |
| Palladium (PALL) | -0.17% | 2.71% | -10.11% | -4.87% | 60.46% |
Cryptocurrency
Digital assets staged a coordinated rebound during the trading session, though performance varied materially across distinct protocols. Bitcoin (IBIT) led the primary cohort with a 2.65% daily jump, mildly offsetting its -10.43% year-to-date drawdown. Multi-Coin strategies (NCIQ) and Ethereum (ETHA) followed with advances of 2.16% and 1.99%, respectively. Solana (SOLZ) remained the relative laggard, gaining 0.96% on the day but continuing to face a steep 49.51% one-year deficit.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Solana (SOLZ) | 0.96% | -0.17% | -28.79% | -33.23% | -49.51% |
| XRP (XRP) | 1.57% | 3.04% | -19.99% | -24.12% | – |
| Ethereum (ETHA) | 1.99% | 7.80% | -13.63% | -22.34% | 24.79% |
| Multi-Coin (NCIQ) | 2.16% | 12.87% | -9.79% | -13.81% | -18.48% |
| Bitcoin (IBIT) | 2.65% | 15.09% | -6.36% | -10.43% | -19.07% |
What to Watch Today
Market participants are bracing for the upcoming Non-Farm Payrolls report, which will offer critical insight into domestic labor market resilience. Additionally, the latest ISM Services PMI figures will be scrutinized for indicators of sustained expansion in the tertiary sector. Several prominent central bank officials are scheduled to deliver remarks that may heavily influence short-term yield curve positioning. Finally, incoming crude oil inventory data could catalyze further volatility within the currently pressured energy commodity complex.
