Clean Energy ICLN Sank 2.58%

Thursday registered a duration sell-off. Long-duration Treasuries set the tone.

U.S. sectors led, North Asia weakness deepened

Movers

Leaders: Communication Services XLC +1.27% (3M: +8.3%), Healthcare XLV +0.63% (3M: +9.6%)

Laggards: South Korea EWY -1.68% (3M: -11.0%), Japan EWJ -1.28% (3M: +2.6%)

3M Leaderboard

Strong: Energy XLE +16.4%, Copper Miners COPX +13.2%, Healthcare XLV +9.6%

Weak: Utilities XLU -13.5%, South Korea EWY -11.0%, Industrials XLI -8.1%

Duration under pressure, shorter paper held up

Movers

Leaders: Short TIPS VTIP -0.06% (3M: -0.7%), Global Bonds BNDX -0.10% (3M: -2.6%)

Laggards: Long Treasuries TLT -1.29% (3M: -8.0%), Mortgage-Backed MBB -0.74% (3M: -4.3%)

3M Leaderboard

Strong: Short TIPS VTIP -0.7%, Preferred Stock PFF -0.8%, High Yield HYG -1.0%

Weak: Long Treasuries TLT -8.0%, Muni Bonds MUB -4.8%, Investment Grade Credit LQD -4.7%

Biotech and alternatives led, resource and clean-energy lagged

Movers

Leaders: Biotechnology IBB +1.28% (3M: +13.9%), Managed Futures DBMF +0.96% (3M: +7.9%)

Laggards: Clean Energy ICLN -2.58% (3M: -16.4%), Gold Miners GDX -1.29% (3M: +22.0%)

3M Leaderboard

Strong: Ethereum Trust ETHA +73.2%, Bitcoin Trust IBIT +42.6%, Gold Miners GDX +22.0%

Weak: Clean Energy ICLN -16.4%, Infrastructure PAVE -11.4%, Momentum Factor MTUM -6.3%

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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.