Daily Movers: Gold Miners GDX Surged 3.60%

Tuesday registered a hard-asset bid. Precious-metals exposure set the tone, and leadership concentrated in real-asset and commodity-linked expressions. Financials XLF fell 1.97%, Energy XLE lost 1.09%, Managed Futures DBMF slipped 0.50%, and Preferreds PFF declined 0.26%. Gold Miners GDX surged 3.60%, Copper Miners COPX rose 2.85%, Semiconductors SMH gained 1.92%, and South Korea EWY advanced 1.83%.

Equity: Copper miners and Korea led, financials and energy lagged

Movers

Leaders: Copper Miners COPX +2.85% (3M: +13.6%), South Korea EWY +1.83% (3M: +0.2%)

Laggards: Financials XLF -1.97% (3M: +2.1%), Energy XLE -1.09% (3M: +14.1%)

3M Leaderboard

Strong: Energy XLE +14.1%, Copper Miners COPX +13.6%, Healthcare XLV +12.1%

Weak: Utilities XLU -9.4%, Industrials XLI -4.2%, Real Estate XLRE -4.0%

Fixed Income: Core bonds led, preferreds and mortgages lagged

Movers

Leaders: Global Bonds BNDX +0.11% (3M: -1.6%), Aggregate Bonds AGG +0.04% (3M: -1.5%)

Laggards: Preferred Stock PFF -0.26% (3M: -0.7%), Mortgage-Backed MBB -0.15% (3M: -2.0%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +0.1%, High Yield HYG unch., Short TIPS VTIP -0.2%

Weak: Long Treasuries TLT -4.1%, Muni Bonds MUB -3.4%, Investment Grade Credit LQD -2.3%

Specialty: Miners and semis led, crypto eased

Movers

Leaders: Gold Miners GDX +3.60% (3M: +26.0%), Semiconductors SMH +1.92% (3M: -2.3%)

Laggards: Managed Futures DBMF -0.50% (3M: +4.9%), Ethereum Trust ETHA -0.43% (3M: +65.8%)

3M Leaderboard

Strong: Ethereum Trust ETHA +65.8%, Bitcoin Trust IBIT +38.3%, Gold Miners GDX +26.0%

Weak: Clean Energy ICLN -13.7%, Infrastructure PAVE -7.2%, Real Estate VNQ -3.5%

Cross-Asset Read

COPX and GDX extended strong 3M uptrends; MBB extended a moderate 3M decline; XLE and ETHA fell after strong 3M advances; EWY, XLF, BNDX, AGG, PFF, SMH, and DBMF moved without a standing 3M trend.

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.