Daily Movers: Gold Miners GDX Surged 7.1%

Friday expressed a hard-asset bid. Gold Miners GDX surged 7.11% and centered the session on metals and resource sensitivity. Brazil EWZ fell 1.31%, Energy XLE lost 1.13%, and Managed Futures DBMF slipped 0.03%. Copper Miners COPX rose 2.25%, Mid-Cap Growth MDYG gained 1.97%, Biotech IBB climbed 2.46%, and Preferred Stock PFF added 0.39%.

Equity: Cyclicals led, Brazil weakness deepened

Movers

Outperformers: Copper Miners COPX +2.25% (3M: +6.9%), S&P MidCap Growth MDYG +1.97% (3M: +5.0%)

Underperformers: Brazil EWZ -1.31% (3M: -8.1%), Energy XLE -1.13% (3M: +3.5%)

3M Leaderboard

Strong: Healthcare XLV +15.0%, Value Factor VLUE +13.5%, Financials XLF +12.1%

Weak: Brazil EWZ -8.1%, South Korea EWY -6.0%, Communication Services XLC -5.0%

Fixed Income: Income-oriented credit led, defensive bond proxies lagged

Movers

Outperformers: Preferred Stock PFF +0.39% (3M: -1.4%), EM Sovereign Bonds EMB +0.31% (3M: +0.6%)

Underperformers: Short TIPS VTIP +0.08% (3M: +0.1%), Global Bonds BNDX +0.13% (3M: +0.4%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +1.2%, High Yield HYG +1.1%, Short Corporate VCSH +0.6%

Weak: Long Treasuries TLT -2.2%, Preferred Stock PFF -1.5%, Investment Grade Credit LQD -0.9%

Specialty: Miners and biotech rallied, momentum factor lagged

Movers

Outperformers: Gold Miners GDX +7.11% (3M: -2.0%), Biotechnology IBB +2.46% (3M: +16.2%)

Underperformers: Managed Futures DBMF -0.03% (3M: +1.8%), Momentum Factor MTUM +0.37% (3M: +5.4%)

3M Leaderboard

Strong: Biotechnology IBB +16.2%, Semiconductors SMH +7.9%, Min Volatility USMV +7.1%

Weak: Bitcoin Trust IBIT -18.9%, Ethereum Trust ETHA -16.4%, Clean Energy ICLN -11.4%

Cross-Asset Read

The hard-asset bid framed a session that paired metals strength with soft energy and muted fixed-income dispersion. The 3M leaderboard is net positive, with 9 of 15 cited slots above zero, led by IBB at 16.2%, XLV at 15.0%, and VLUE at 13.5%; Friday extended that structure through IBB, COPX, MDYG, and MTUM, while EWZ extended its 3M decline. Volatility is split, with expansion in DVY, SCHD, SDY, and FTLS and compression in EWG, EWU, EWZ, AGG, BNDX, EMB, ETHA, IBIT, and ICLN; the regime is selective, with 4 expansion flags against 9 compression flags.

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.