Biotechnology IBB Jumped 3.16%

Tuesday reflected defensive rotation. Treasuries strengthened.

Defensives and Brazil led, Korea weakness deepened

Movers

Leaders: Brazil EWZ +2.41% (3M: +17.3%), Healthcare XLV +2.37% (3M: +13.2%)

Laggards: South Korea EWY -1.65% (3M: -9.6%), Copper Miners COPX -0.68% (3M: -1.1%)

3M Leaderboard

Strong: Brazil EWZ +17.3%, Energy XLE +15.5%, Healthcare XLV +13.2%

Weak: South Korea EWY -9.6%, Utilities XLU -8.1%, Industrials XLI -6.5%

Duration rebounded, lower-quality credit lagged

Movers

Leaders: Long Treasuries TLT +0.84% (3M: -2.8%), Investment Grade Credit LQD +0.33% (3M: -2.0%)

Laggards: High Yield Bonds JNK -0.02% (3M: -2.0%), Short Corporate VCSH unch. (3M: -0.3%)

3M Leaderboard (within FI scale)

Strong: Short TIPS VTIP unch., Short Corporate VCSH -0.3%, Global Bonds BNDX -0.7%

Weak: Preferred Stock PFF -3.8%, Long Treasuries TLT -2.8%, EM Sovereign Bonds EMB -2.8%

Risk-on specialties led, precious metals lagged

Movers

Leaders: Biotechnology IBB +3.16% (3M: +12.6%), Ethereum Trust ETHA +1.77% (3M: +26.4%)

Laggards: Gold GLD -0.54% (3M: -0.4%), Gold Miners GDX -0.43% (3M: +12.3%)

3M Leaderboard

Strong: Ethereum Trust ETHA +26.4%, Bitcoin Trust IBIT +25.1%, Biotechnology IBB +12.6%

Weak: Clean Energy ICLN -11.9%, Global REITs REET -7.5%, Infrastructure PAVE -7.0%

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Romain Gandon
CEO, Quantlake

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice. Past performance is not indicative of future results.