Biotechnology IBB Sank 2.17%

Thursday registered an inflation-hedge bid. Energy led, and leadership concentrated in real-asset and digital-asset expressions.

Cyclicals diverged, energy led and miners lagged

Movers

Leaders: Energy XLE +1.95% (3M: +18.5%), South Korea EWY +1.82% (3M: +3.3%)

Laggards: Intl High Dividend IDV -1.66% (3M: +0.4%), Copper Miners COPX -1.53% (3M: +8.8%)

3M Leaderboard

Strong: Energy XLE +18.5%, Technology XLK +9.7%, US Technology IYW +9.6%

Weak: Utilities XLU -12.6%, S&P SmallCap Growth SLYG -8.2%, Real Estate XLRE -8.2%

Safer duration rallied, credit lagged

Movers

Leaders: Int. Treasuries VGIT +0.30% (3M: -2.7%), TIPS TIP +0.26% (3M: -3.0%)

Laggards: EM Sovereign Bonds EMB -0.64% (3M: -5.3%), High Yield Bonds JNK -0.49% (3M: -2.8%)

3M Leaderboard

Strong: Short TIPS VTIP -0.5%, Short Corporate VCSH -1.0%, Global Bonds BNDX -2.3%

Weak: Long Treasuries TLT -8.4%, EM Sovereign Bonds EMB -5.3%, Investment Grade Credit LQD -5.3%

High-beta niches led, miners and biotech lagged

Movers

Leaders: Semiconductors SMH +1.45% (3M: +4.3%), Bitcoin Trust IBIT +1.31% (3M: +37.5%)

Laggards: Biotechnology IBB -2.17% (3M: +5.2%), Gold Miners GDX -1.21% (3M: +10.6%)

3M Leaderboard

Strong: Ethereum Trust ETHA +58.4%, Bitcoin Trust IBIT +37.5%, Gold Miners GDX +10.6%

Weak: Clean Energy ICLN -14.4%, Real Estate VNQ -8.2%, Global REITs REET -7.8%

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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.