Daily Movers: Copper Miners COPX Fell 3.9%

Selective de-risking defined the session. Copper Miners COPX fell 3.90%, and the pressure broadened beyond cyclicals into credit-sensitive and hard-asset exposures. South Korea EWY fell 2.80%, Preferred Stock PFF dropped 1.12%, Investment Grade Credit LQD slid 0.93%, and Gold GLD lost 2.86%. Taiwan EWT rose 1.58%, Brazil EWZ gained 1.50%, Biotech IBB advanced 0.85%, and Managed Futures DBMF added 0.67%.

Equity: Country funds led

Movers

Leaders: Taiwan EWT +1.58% (3M: +2.5%), Brazil EWZ +1.50% (3M: +3.2%)

Laggards: Copper Miners COPX -3.90% (3M: -4.4%), South Korea EWY -2.80% (3M: -18.1%)

3M Leaderboard

Strong: Healthcare XLV +17.8%, Energy XLE +12.6%, Financials XLF +11.5%

Weak: South Korea EWY -18.1%, Technology XLK -7.2%, Russell Growth IWF -5.4%

Fixed Income: Inflation-protected debt held up, credit proxies lagged

Movers

Leaders: Short TIPS VTIP +0.04% (3M: -0.2%), TIPS TIP -0.01% (3M: -1.2%)

Laggards: Preferred Stock PFF -1.12% (3M: -3.4%), Investment Grade Credit LQD -0.93% (3M: -2.6%)

3M Leaderboard (within FI scale)

Strong: Short Corporate VCSH +0.1%, High Yield Bonds JNK +0.1%, High Yield HYG -0.1%

Weak: Long Treasuries TLT -3.7%, Preferred Stock PFF -3.4%, Investment Grade Credit LQD -2.6%

Specialty: Precious metals lagged

Movers

Leaders: Biotechnology IBB +0.85% (3M: +28.4%), Managed Futures DBMF +0.67% (3M: +1.1%)

Laggards: Gold Miners GDX -3.90% (3M: +7.5%), Gold GLD -2.86% (3M: -3.7%)

3M Leaderboard

Strong: Biotechnology IBB +28.4%, Ethereum Trust ETHA +26.8%, Bitcoin Trust IBIT +15.0%

Weak: Clean Energy ICLN -27.2%, Semiconductors SMH -13.8%, Momentum Factor MTUM -8.9%

Cross-Asset Read

Selective de-risking framed the cross-asset session, with pressure centered in cyclical, credit-sensitive, and hard-asset exposures. The 3M leadership stack sits in XLV, XLE, and XLF for equities, VCSH, JNK, and HYG for fixed income, and IBB, ETHA, and IBIT for specialty assets; Tuesday extended the weak trend in EWY, PFF, and LQD, and IBB also extended its 28.4% 3M uptrend. Volatility is compressed in ACWV, COPX, DIA, EMB, HYG, JNK, DBMF, FTLS, and GDX, XLE is overbought, and MUB is oversold; the regime is selective, with leadership concentrated in defensives and biotech while pressure sits in credit and hard assets.

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.