South Korea EWY Sank 4.02%

Monday marked a growth unwind. South Korea EWY and technology-linked exposures weakened and set the tone.

Old-economy sectors led, tech lagged

Movers

Leaders: Energy XLE +1.43% (3M: +16.6%), Consumer Staples XLP +1.17% (3M: +1.9%)

Laggards: South Korea EWY -4.02% (3M: -3.9%), Technology XLK -1.22% (3M: +7.1%)

3M Leaderboard

Strong: Brazil EWZ +20.8%, Energy XLE +16.6%, Taiwan EWT +12.2%

Weak: Utilities XLU -8.2%, S&P SmallCap Growth SLYG -6.1%, Industrials XLI -6.0%

Counter-trend bounce in corporate credit

Movers

Leaders: Investment Grade Credit LQD +0.17% (3M: -3.1%), Corporate Credit VCIT +0.11% (3M: -2.7%)

Laggards: Preferred Stock PFF -0.65% (3M: -2.9%), EM Sovereign Bonds EMB -0.10% (3M: -3.4%)

3M Leaderboard

Strong: Short TIPS VTIP -0.4%, Short Corporate VCSH -0.4%, Global Bonds BNDX -1.3%

Weak: Long Treasuries TLT -6.1%, Muni Bonds MUB -4.6%, 7-10yr Treasuries IEF -3.4%

Alternative assets led, growth proxies lagged

Movers

Leaders: Ethereum Trust ETHA +1.71% (3M: +33.9%), Real Estate VNQ +0.78% (3M: -5.6%)

Laggards: Semiconductors SMH -2.05% (3M: -1.6%), Momentum Factor MTUM -1.53% (3M: -1.3%)

3M Leaderboard

Strong: Ethereum Trust ETHA +33.9%, Bitcoin Trust IBIT +28.1%, Gold Miners GDX +18.2%

Weak: Clean Energy ICLN -10.2%, Global REITs REET -6.7%, Infrastructure PAVE -5.9%

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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.