I

Summary of Day Synthesis

Equities close higher with QQQ and IWM outpacing SPY while commodities slip

▶

Equities close higher with QQQ and IWM outpacing SPY while commodities slip

All three index proxies finished green: QQQ +0.94% to 749.03, IWM +0.9% to 281.52 and SPY +0.67% to 769.13.
Commodity proxies all fell, led by WTI crude: USO -1.77% to 147.37, GLD -0.68% to 380.14 and SLV -0.51% to 54.74.
Chip names crowded the gainers list: MXL +15%, IMOS +14.6%, SYNA +14.1%, TER +8%, STM +7%, ON +6% and MPWR +5.8%, with ARM, AVGO, KLAC and ASML each up at least 3.3%.
Storage and memory names went the other way: WDC and STX each fell 10.2%, SNDK lost 3.8% and MU 2.1%.
Other notable decliners included ACN -6.3%, APP -4.7%, NKE -3.6% and COIN -3.3%.

▶Context & Source Read

·The day's largest single-name moves were XRPN +68.2% to $39.42 on the upside and RZAI -24.4% and IART -21.2% on the downside.

·Beyond semis, gainers included HPE +7.4%, TSLA +4.7% to $370.59, NTAP +5.2% and DELL +3.8%.

·Optical and connectivity names also rose: AAOI +7.7% and COHR +5.6%.

II

Price Performance Data

Benchmark: RSP (S&P 500 Equal Weight). Its VARS is zero by definition, since it is what everything else is measured against.

▶

Sort by

Component	RS	VARS 21	1D %	1W %	1M %	% 52W H	ATR Ext	VARS 5
Broad Indicesfixed order, not sorted
SPYS&P 500	61	+5.22	+0.7	−0.2	+0.6	−1.2	+0.9	+0.49
RSPS&P 500 Equal WeightBENCHMARK	50	+0.00	+0.3	−0.7	−4.1	−6.1	−3.8	+0.00
QQQNasdaq 100	77	+8.91	+0.9	+0.7	+5.7	−0.7	+3.5	+1.34
IWMRussell 2000	54	+1.10	+0.9	−0.2	−4.2	−7.8	−3.0	+0.60
DIADow 30	49	+0.85	+0.5	−1.2	−3.7	−6.5	−3.1	−0.53
Market Segmentssorted by RS, highest to lowest
SPHBHigh Beta	85	+8.29	+1.3	+1.2	+7.3	−1.7	+2.6	+1.39
MTUMMomentum	79	+9.17	+0.6	+1.4	+8.7	−6.6	+3.0	+1.63
IWDLarge-cap Value	64	+0.89	+0.5	−1.0	−3.0	−4.2	−2.6	−0.53
IWFLarge-cap Growth	57	+7.94	+1.1	+0.6	+4.3	−1.6	+2.8	+1.30
IWNSmall-cap Value	57	+0.12	+0.9	−0.5	−4.8	−6.8	−3.4	+0.21
IWOSmall-cap Growth	50	+2.13	+0.9	+0.2	−3.8	−9.0	−2.7	+0.89
SPLVLow Volatility	23	−0.71	+0.4	−0.6	−5.0	−10.1	−5.6	+0.12
Unranked
Sector SPDRssorted by RS, highest to lowest
XLKTechnology	89	+9.53	+1.0	+1.8	+8.8	−0.8	+4.2	+1.90
XLEEnergy	86	+3.19	+0.2	+1.3	−3.5	−5.1	+0.6	+1.40
XLVHealth Care	57	+2.31	+0.0	−2.6	−3.9	−5.9	−1.0	−1.09
XLBMaterials	38	−0.30	+0.7	−1.9	−7.7	−9.8	−3.6	−0.51
XLIIndustrials	38	+3.64	+0.8	−0.3	−1.6	−9.7	−2.9	+0.53
XLFFinancials	32	−0.98	+0.1	−2.5	−7.2	−8.7	−4.7	−1.14
XLPConsumer Staples	32	+0.05	+0.2	−1.9	−5.8	−10.7	−4.0	−0.72
XLCCommunication Svcs	27	+3.57	+0.3	−2.3	−1.9	−8.4	−0.7	−0.68
XLREReal Estate	24	−0.75	+0.3	−1.8	−6.7	−12.2	−5.9	−0.70
XLYConsumer Discretionary	21	+1.91	+1.1	−0.5	−4.2	−12.0	−2.9	+0.46
XLUUtilities	12	+0.36	+0.4	+0.8	−6.7	−16.7	−4.8	+1.28
Unranked
Commoditiessorted by RS, highest to lowest
USOWTI Crude	98	+6.61	−1.8	−0.6	+4.4	−9.8	+1.8	+0.62
DBCBroad Commodity Index	89	+6.40	−0.6	−0.2	+1.9	−3.7	+2.6	+0.60
ETHEthereum	85	+7.05	+0.8	+0.7	+11.9	−43.2	+3.8	+0.86
BTCBitcoin	74	+7.12	+1.5	+0.5	+9.6	−32.8	+3.9	+0.87
UUPUS Dollar Index	49	+11.72	−0.2	+0.9	+2.6	−0.4	+5.5	+3.24
SLVSilver	30	+2.59	−0.5	−5.8	−7.3	−50.2	−1.8	−1.05
GLDGold	27	+1.85	−0.7	−3.4	−5.6	−25.4	−2.3	−0.98
HYGHigh Yield Corp Bond	24	−3.82	+0.0	−1.2	−2.8	−5.4	−6.2	−2.50
TLT20+ Year Treasury	14	−1.18	−0.3	−2.3	−5.5	−16.0	−5.1	−1.61
URAUranium	11	+1.99	+0.5	−2.7	−10.2	−36.1	−2.5	+0.01
UNGNatural Gas	9	+4.32	+3.1	−5.9	−2.6	−38.5	+0.5	−0.98
Unranked
Thematic ETFs83 tracked · sorted by RS, highest to lowest
1ARKGARK Genomics	99	+8.72	+1.6	+1.2	+14.5	−2.4	+4.1	+1.11
2USOUS Oil Fund	98	+6.61	−1.8	−0.6	+4.4	−9.8	+1.8	+0.62
3EWYSouth Korea Equities	97	+6.95	+3.1	+2.5	+7.3	−13.1	+2.5	+1.56
4SMHVanEck Semiconductor	95	+9.81	+2.1	+4.0	+14.6	−6.1	+4.0	+2.35
5BOATGlobal Shipping	94	+8.18	+1.4	+3.0	+6.6	−2.9	+3.8	+2.23
6DRAMMemory	93	+6.87	−0.4	−0.2	+9.9	−24.0	+2.2	+0.73
7CIBRCybersecurity Software & Infra	92	+8.87	+0.9	+3.7	+11.9	−0.9	+2.9	+2.22
8SVIXShort VIX Futures (Volatility)	91	+5.52	+2.3	−0.8	+2.5	−1.8	+2.7	+0.46
9SKYYCloud Computing	89	+7.21	+0.7	+2.1	+5.5	−1.0	+2.7	+1.76
10QTUMDefiance Quantum Computing & AI	88	+8.48	+1.8	+1.5	+7.8	−8.2	+2.5	+1.61
11XOPOil & Gas E&P	87	+3.28	+0.3	+1.9	−4.3	−7.9	+0.4	+1.52
12WCLDCloud Tech	86	+5.07	−0.6	+2.4	+0.7	−5.3	+1.4	+1.60
13AIQAI Software & Data Processing	85	+7.56	+0.9	+0.4	+5.0	−5.7	+2.9	+1.09
14DXYZPre-IPO & Private Unicorn Equity	83	+5.33	+5.0	+7.1	+0.3	−55.0	+1.9	+2.28
15COPXCopper Miners	82	+3.74	+3.0	−0.9	−4.4	−14.1	−0.5	+0.48
16IBBBiotech Megacap	81	+2.83	−0.3	−2.1	−4.0	−5.4	+0.4	−0.35
17XBIBiotech (Equal-Weight)	80	+2.26	−0.1	−0.4	−6.6	−9.1	−0.9	+0.61
18OIHLarge-Cap Oil Services	79	−0.02	+0.4	−2.8	−12.3	−16.7	−2.2	−0.33
19XHSHealthcare Facilities & Services	77	+3.64	+1.4	−1.1	−1.7	−4.5	−0.8	+0.01
20ETHAEther Spot	76	+7.82	−1.3	−1.0	+11.4	−44.2	+4.2	+0.48
21PBEDynamic Biotech	75	+2.32	+0.0	−2.3	−3.7	−3.8	+0.2	−0.68
22SOLZSolana Spot	74	+8.75	−0.1	−3.5	+18.5	−53.4	+4.9	−0.12
23BUZZSocial Media	73	+7.85	+1.1	−1.2	+7.2	−5.8	+2.9	+0.23
24MAGSMagnificent 7	72	+8.28	+1.6	−0.1	+5.6	−1.2	+3.4	+0.71
25GNRNatural Resources	70	+0.54	+0.9	−1.6	−5.9	−7.6	−1.6	−0.41
26EWZBrazil Equities	69	+4.97	+2.8	+3.7	+0.3	−9.1	+2.2	+2.45
27XSWSoftware (Equal-Weight)	68	+4.00	−0.8	+1.2	−2.0	−6.3	+0.3	+1.31
28FCGNatural Gas E&P	67	+1.28	+0.3	−0.1	−8.7	−11.7	−1.4	+0.76
29DTCRGlobal X Data Center & Digital Infrastructure	66	+4.50	+0.7	−2.0	−0.6	−16.8	−1.4	−0.29
30IGVUS Tech/Software	64	+6.67	+0.2	+2.3	+4.8	−7.9	+2.2	+1.76
31IBITBitcoin Spot	63	+7.64	−0.5	+0.3	+9.0	−33.5	+4.3	+0.90
32ROBOROBO Global Robotics & Automation	62	+7.78	+2.2	+2.2	+5.0	−8.5	+1.6	+2.15
33FDNUS Internet Giants	61	+5.80	+0.8	+0.0	+1.5	−2.4	+1.2	+0.86
34XPHPharmaceuticals (Equal-Weight)	60	−1.07	−0.2	−3.7	−11.0	−14.4	−4.2	−1.05
35GUNRUpstream Natural Resources	58	−0.34	+0.9	−1.3	−6.9	−8.5	−2.1	−0.20
36GRIDFirst Trust Smart Grid Infrastructure	57	+7.37	+2.3	+1.9	+4.2	−8.5	+0.9	+1.86
37SILSilver Miners	56	+1.66	+1.0	−5.5	−12.4	−27.5	−1.2	−0.55
38KUREChina Health	55	+5.71	−1.1	+2.2	+2.6	−11.0	+1.8	+1.81
39GDXGold Miners	54	+2.02	+1.2	−5.5	−10.1	−25.1	−1.2	−0.70
40AMLPEnergy MLPs	52	+0.15	+0.7	−0.8	−5.6	−6.7	−2.8	+0.15
41XHEHealth Devices	51	+1.01	−0.5	−2.7	−6.1	−9.0	−2.7	−1.04
42ARKXARK Space & Defense Innovation	50	+6.09	+2.2	+0.0	+2.6	−13.8	+0.3	+0.77
43PPHLarge-Cap Pharmaceutical	49	+1.02	−0.1	−3.0	−6.5	−8.4	−2.3	−1.11
44MOOGlobal Agricultural Producers	48	−1.69	+0.8	−2.3	−8.5	−8.9	−2.3	−0.97
45BLOKBlockchain	46	+4.75	+0.7	−3.7	+0.5	−18.5	−0.1	−0.49
46PAVEGlobal X US Infrastructure Development	45	+4.39	+1.6	+0.8	−0.7	−10.8	−1.9	+1.22
47DRIVGlobal X Autonomous & Electric Vehicles	44	+3.84	+1.5	−0.4	−1.7	−21.6	−1.2	+0.59
48KRESPDR S&P Regional Banking	43	+1.95	+1.2	−1.1	−4.7	−9.7	−2.8	+0.05
49KCECapital Markets & Financial Services	42	−0.26	−0.6	−1.8	−7.6	−11.0	−3.9	−0.41
50ARKFARK Fintech	40	+4.88	+0.0	−2.9	+0.4	−23.1	+1.0	−0.44
51GENZGlobal Gaming & Casinos	39	−0.54	+0.2	−1.8	−7.2	−11.2	−4.9	−0.61
52XMEMetals & Mining	38	+0.96	+1.4	−2.4	−11.5	−22.1	−2.0	−0.01
53LITLithium & Battery	37	+1.12	+1.6	+0.4	−6.7	−24.7	−2.4	+0.99
54PEJLeisure & Travel	36	+1.67	+1.1	+0.4	−4.2	−10.0	−3.2	+1.01
55AGNGGlobal X Aging Population	34	−1.24	−0.5	−2.6	−6.5	−9.0	−4.4	−1.82
56JETSUS Global Jets (Airlines)	33	+4.58	+0.2	−2.9	−0.7	−17.4	−2.3	−0.40
57BOTZGlobal X Robotics & AI	32	+6.38	+1.7	+1.8	+2.4	−13.6	+0.5	+2.00
58HEROGlobal X Video Games & Esports	31	+6.10	+0.9	+1.5	+2.0	−19.8	+0.8	+1.66
59SLVSilver	30	+2.59	−0.5	−5.8	−7.3	−50.2	−1.8	−1.05
60IAIBroker-Dealers	28	+0.18	−0.2	−2.8	−7.8	−11.2	−4.0	−0.81
61GLDGold	27	+1.85	−0.7	−3.4	−5.6	−25.4	−2.3	−0.98
62PPLTPlatinum	26	+3.97	−0.5	−4.1	−3.4	−41.0	−1.1	−0.65
63CNBSCannabis	25	+2.19	−0.6	−11.5	−9.4	−40.5	−1.4	−2.70
64XRTSPDR S&P Retail	24	+2.44	+0.0	+0.2	−4.3	−11.6	−2.9	+0.87
65ICLNiShares Global Clean Energy	23	+4.48	+2.1	−0.2	−1.0	−27.7	−1.3	+0.70
66XRPIXRP Spot	21	+6.56	−2.0	−6.6	+8.6	−56.8	+2.3	−0.52
67IPAYDigital Payments & Fintech	20	−0.51	−0.1	−3.1	−9.7	−21.2	−4.2	−1.00
68MILNGlobal X Millennial Consumer	19	−1.21	+0.1	−1.5	−8.0	−15.2	−5.2	−0.35
69FXILarge Cap China	18	−0.13	−2.2	−2.3	−6.6	−20.1	−4.2	−0.89
70EBIZGlobal X E-Commerce	17	+0.30	−0.2	−0.9	−6.2	−22.5	−5.1	+0.08
71XHBSPDR S&P Homebuilders	15	+2.84	−0.1	−1.6	−4.4	−21.5	−2.9	+0.00
72ORBXGlobal X Space Tech	14	+6.17	+3.9	−0.8	+4.5	−45.6	+0.2	+0.47
73SHLDGlobal X Defense Tech	13	+1.98	+0.1	−2.0	−4.6	−23.3	−5.1	−0.54

74XARSPDR S&P Aerospace & Defense	12	+1.76	+0.6	−2.7	−6.8	−21.7	−5.4	−0.41
75URAUranium	11	+1.99	+0.5	−2.7	−10.2	−36.1	−2.5	+0.01
76UNGNatural Gas	9	+4.32	+3.1	−5.9	−2.6	−38.5	+0.5	−0.98
77PALLPalladium	8	+0.53	−1.0	−7.5	−13.5	−46.2	−3.7	−1.64
78TANInvesco Solar	7	+2.51	+2.3	+0.0	−6.8	−41.7	−3.3	+0.79
79URNMUranium Miners	6	+0.96	+0.4	−3.5	−13.7	−44.2	−3.4	−0.18
80NLRNuclear Power	5	+1.04	+0.0	−2.9	−12.2	−38.9	−3.4	−0.14
81BETZSports Betting	3	−4.35	−0.5	−6.5	−15.3	−31.3	−8.2	−2.56
82REMXRare Earths	2	−1.56	+0.4	−5.2	−17.1	−43.3	−5.1	−1.04
83KWEBKraneShares CSI China Internet	1	+0.96	−1.9	−2.9	−7.2	−44.6	−5.5	−0.93
Unranked
Biggest Moverslargest RS rank changes across all 83, incl. names outside the visible listMeasures RS rank
CLIMBING FASTEST ▲DRAMMemory29 spots35 → 6 ▲EWZBrazil Equities8 spots34 → 26 ▲PAVEGlobal X US Infrastructure Development5 spots51 → 46 ▲PEJLeisure & Travel5 spots59 → 54 ▲GNRNatural Resources4 spots29 → 25 FALLING FASTEST ▼XRPIXRP Spot12 spots54 → 66 ▼IBITBitcoin Spot8 spots23 → 31 ▼ETHAEther Spot6 spots14 → 20 ▼IAIBroker-Dealers5 spots55 → 60 ▼IGVUS Tech/Software5 spots25 → 30

Price Performance

Sorted by RS, strongest first

Broad Indicesfixed order

SPYS&P 50061+5.22+0.7−0.2+0.6−1.2+0.9+0.49

RSPS&P 500 Equal Weight50+0.00+0.3−0.7−4.1−6.1−3.8+0.00

QQQNasdaq 10077+8.91+0.9+0.7+5.7−0.7+3.5+1.34

IWMRussell 200054+1.10+0.9−0.2−4.2−7.8−3.0+0.60

DIADow 3049+0.85+0.5−1.2−3.7−6.5−3.1−0.53

Market Segmentssorted

SPHBHigh Beta85+8.29+1.3+1.2+7.3−1.7+2.6+1.39

MTUMMomentum79+9.17+0.6+1.4+8.7−6.6+3.0+1.63

IWDLarge-cap Value64+0.89+0.5−1.0−3.0−4.2−2.6−0.53

IWFLarge-cap Growth57+7.94+1.1+0.6+4.3−1.6+2.8+1.30

IWNSmall-cap Value57+0.12+0.9−0.5−4.8−6.8−3.4+0.21

IWOSmall-cap Growth50+2.13+0.9+0.2−3.8−9.0−2.7+0.89

SPLVLow Volatility23−0.71+0.4−0.6−5.0−10.1−5.6+0.12

Unranked

Sector SPDRssorted

XLKTechnology89+9.53+1.0+1.8+8.8−0.8+4.2+1.90

XLEEnergy86+3.19+0.2+1.3−3.5−5.1+0.6+1.40

XLVHealth Care57+2.31+0.0−2.6−3.9−5.9−1.0−1.09

XLBMaterials38−0.30+0.7−1.9−7.7−9.8−3.6−0.51

XLIIndustrials38+3.64+0.8−0.3−1.6−9.7−2.9+0.53

XLFFinancials32−0.98+0.1−2.5−7.2−8.7−4.7−1.14

XLPConsumer Staples32+0.05+0.2−1.9−5.8−10.7−4.0−0.72

XLCCommunication Svcs27+3.57+0.3−2.3−1.9−8.4−0.7−0.68

XLREReal Estate24−0.75+0.3−1.8−6.7−12.2−5.9−0.70

XLYConsumer Discretionary21+1.91+1.1−0.5−4.2−12.0−2.9+0.46

XLUUtilities12+0.36+0.4+0.8−6.7−16.7−4.8+1.28

Unranked

Commoditiessorted

USOWTI Crude98+6.61−1.8−0.6+4.4−9.8+1.8+0.62

DBCBroad Commodity Index89+6.40−0.6−0.2+1.9−3.7+2.6+0.60

ETHEthereum85+7.05+0.8+0.7+11.9−43.2+3.8+0.86

BTCBitcoin74+7.12+1.5+0.5+9.6−32.8+3.9+0.87

UUPUS Dollar Index49+11.72−0.2+0.9+2.6−0.4+5.5+3.24

SLVSilver30+2.59−0.5−5.8−7.3−50.2−1.8−1.05

GLDGold27+1.85−0.7−3.4−5.6−25.4−2.3−0.98

HYGHigh Yield Corp Bond24−3.82+0.0−1.2−2.8−5.4−6.2−2.50

TLT20+ Year Treasury14−1.18−0.3−2.3−5.5−16.0−5.1−1.61

URAUranium11+1.99+0.5−2.7−10.2−36.1−2.5+0.01

UNGNatural Gas9+4.32+3.1−5.9−2.6−38.5+0.5−0.98

Unranked

Thematic ETFs83 tracked

1ARKGARK Genomics99+8.72+1.6+1.2+14.5−2.4+4.1+1.11

2USOUS Oil Fund98+6.61−1.8−0.6+4.4−9.8+1.8+0.62

3EWYSouth Korea Equities97+6.95+3.1+2.5+7.3−13.1+2.5+1.56

4SMHVanEck Semiconductor95+9.81+2.1+4.0+14.6−6.1+4.0+2.35

5BOATGlobal Shipping94+8.18+1.4+3.0+6.6−2.9+3.8+2.23

6DRAMMemory93+6.87−0.4−0.2+9.9−24.0+2.2+0.73

7CIBRCybersecurity Software & Infra92+8.87+0.9+3.7+11.9−0.9+2.9+2.22

8SVIXShort VIX Futures (Volatility)91+5.52+2.3−0.8+2.5−1.8+2.7+0.46

9SKYYCloud Computing89+7.21+0.7+2.1+5.5−1.0+2.7+1.76

10QTUMDefiance Quantum Computing & AI88+8.48+1.8+1.5+7.8−8.2+2.5+1.61

11XOPOil & Gas E&P87+3.28+0.3+1.9−4.3−7.9+0.4+1.52

12WCLDCloud Tech86+5.07−0.6+2.4+0.7−5.3+1.4+1.60

13AIQAI Software & Data Processing85+7.56+0.9+0.4+5.0−5.7+2.9+1.09

14DXYZPre-IPO & Private Unicorn Equity83+5.33+5.0+7.1+0.3−55.0+1.9+2.28

15COPXCopper Miners82+3.74+3.0−0.9−4.4−14.1−0.5+0.48

16IBBBiotech Megacap81+2.83−0.3−2.1−4.0−5.4+0.4−0.35

17XBIBiotech (Equal-Weight)80+2.26−0.1−0.4−6.6−9.1−0.9+0.61

18OIHLarge-Cap Oil Services79−0.02+0.4−2.8−12.3−16.7−2.2−0.33

19XHSHealthcare Facilities & Services77+3.64+1.4−1.1−1.7−4.5−0.8+0.01

20ETHAEther Spot76+7.82−1.3−1.0+11.4−44.2+4.2+0.48

21PBEDynamic Biotech75+2.32+0.0−2.3−3.7−3.8+0.2−0.68

22SOLZSolana Spot74+8.75−0.1−3.5+18.5−53.4+4.9−0.12

23BUZZSocial Media73+7.85+1.1−1.2+7.2−5.8+2.9+0.23

24MAGSMagnificent 772+8.28+1.6−0.1+5.6−1.2+3.4+0.71

25GNRNatural Resources70+0.54+0.9−1.6−5.9−7.6−1.6−0.41

26EWZBrazil Equities69+4.97+2.8+3.7+0.3−9.1+2.2+2.45

27XSWSoftware (Equal-Weight)68+4.00−0.8+1.2−2.0−6.3+0.3+1.31

28FCGNatural Gas E&P67+1.28+0.3−0.1−8.7−11.7−1.4+0.76

29DTCRGlobal X Data Center & Digital Infrastructure66+4.50+0.7−2.0−0.6−16.8−1.4−0.29

30IGVUS Tech/Software64+6.67+0.2+2.3+4.8−7.9+2.2+1.76

31IBITBitcoin Spot63+7.64−0.5+0.3+9.0−33.5+4.3+0.90

32ROBOROBO Global Robotics & Automation62+7.78+2.2+2.2+5.0−8.5+1.6+2.15

33FDNUS Internet Giants61+5.80+0.8+0.0+1.5−2.4+1.2+0.86

34XPHPharmaceuticals (Equal-Weight)60−1.07−0.2−3.7−11.0−14.4−4.2−1.05

35GUNRUpstream Natural Resources58−0.34+0.9−1.3−6.9−8.5−2.1−0.20

36GRIDFirst Trust Smart Grid Infrastructure57+7.37+2.3+1.9+4.2−8.5+0.9+1.86

37SILSilver Miners56+1.66+1.0−5.5−12.4−27.5−1.2−0.55

38KUREChina Health55+5.71−1.1+2.2+2.6−11.0+1.8+1.81

39GDXGold Miners54+2.02+1.2−5.5−10.1−25.1−1.2−0.70

40AMLPEnergy MLPs52+0.15+0.7−0.8−5.6−6.7−2.8+0.15

41XHEHealth Devices51+1.01−0.5−2.7−6.1−9.0−2.7−1.04

42ARKXARK Space & Defense Innovation50+6.09+2.2+0.0+2.6−13.8+0.3+0.77

43PPHLarge-Cap Pharmaceutical49+1.02−0.1−3.0−6.5−8.4−2.3−1.11

44MOOGlobal Agricultural Producers48−1.69+0.8−2.3−8.5−8.9−2.3−0.97

45BLOKBlockchain46+4.75+0.7−3.7+0.5−18.5−0.1−0.49

46PAVEGlobal X US Infrastructure Development45+4.39+1.6+0.8−0.7−10.8−1.9+1.22

47DRIVGlobal X Autonomous & Electric Vehicles44+3.84+1.5−0.4−1.7−21.6−1.2+0.59

48KRESPDR S&P Regional Banking43+1.95+1.2−1.1−4.7−9.7−2.8+0.05

49KCECapital Markets & Financial Services42−0.26−0.6−1.8−7.6−11.0−3.9−0.41

50ARKFARK Fintech40+4.88+0.0−2.9+0.4−23.1+1.0−0.44

51GENZGlobal Gaming & Casinos39−0.54+0.2−1.8−7.2−11.2−4.9−0.61

52XMEMetals & Mining38+0.96+1.4−2.4−11.5−22.1−2.0−0.01

53LITLithium & Battery37+1.12+1.6+0.4−6.7−24.7−2.4+0.99

54PEJLeisure & Travel36+1.67+1.1+0.4−4.2−10.0−3.2+1.01

55AGNGGlobal X Aging Population34−1.24−0.5−2.6−6.5−9.0−4.4−1.82

56JETSUS Global Jets (Airlines)33+4.58+0.2−2.9−0.7−17.4−2.3−0.40

57BOTZGlobal X Robotics & AI32+6.38+1.7+1.8+2.4−13.6+0.5+2.00

58HEROGlobal X Video Games & Esports31+6.10+0.9+1.5+2.0−19.8+0.8+1.66

59SLVSilver30+2.59−0.5−5.8−7.3−50.2−1.8−1.05

60IAIBroker-Dealers28+0.18−0.2−2.8−7.8−11.2−4.0−0.81

61GLDGold27+1.85−0.7−3.4−5.6−25.4−2.3−0.98

62PPLTPlatinum26+3.97−0.5−4.1−3.4−41.0−1.1−0.65

63CNBSCannabis25+2.19−0.6−11.5−9.4−40.5−1.4−2.70

64XRTSPDR S&P Retail24+2.44+0.0+0.2−4.3−11.6−2.9+0.87

65ICLNiShares Global Clean Energy23+4.48+2.1−0.2−1.0−27.7−1.3+0.70

66XRPIXRP Spot21+6.56−2.0−6.6+8.6−56.8+2.3−0.52

67IPAYDigital Payments & Fintech20−0.51−0.1−3.1−9.7−21.2−4.2−1.00

68MILNGlobal X Millennial Consumer19−1.21+0.1−1.5−8.0−15.2−5.2−0.35

69FXILarge Cap China18−0.13−2.2−2.3−6.6−20.1−4.2−0.89

70EBIZGlobal X E-Commerce17+0.30−0.2−0.9−6.2−22.5−5.1+0.08

71XHBSPDR S&P Homebuilders15+2.84−0.1−1.6−4.4−21.5−2.9+0.00

72ORBXGlobal X Space Tech14+6.17+3.9−0.8+4.5−45.6+0.2+0.47

73SHLDGlobal X Defense Tech13+1.98+0.1−2.0−4.6−23.3−5.1−0.54

74XARSPDR S&P Aerospace & Defense12+1.76+0.6−2.7−6.8−21.7−5.4−0.41

75URAUranium11+1.99+0.5−2.7−10.2−36.1−2.5+0.01

76UNGNatural Gas9+4.32+3.1−5.9−2.6−38.5+0.5−0.98

77PALLPalladium8+0.53−1.0−7.5−13.5−46.2−3.7−1.64

78TANInvesco Solar7+2.51+2.3+0.0−6.8−41.7−3.3+0.79

79URNMUranium Miners6+0.96+0.4−3.5−13.7−44.2−3.4−0.18

80NLRNuclear Power5+1.04+0.0−2.9−12.2−38.9−3.4−0.14

81BETZSports Betting3−4.35−0.5−6.5−15.3−31.3−8.2−2.56

82REMXRare Earths2−1.56+0.4−5.2−17.1−43.3−5.1−1.04

83KWEBKraneShares CSI China Internet1+0.96−1.9−2.9−7.2−44.6−5.5−0.93

Unranked

Biggest Moversrank change vs yesterday

CLIMBING FASTEST

▲DRAMMemory29 spots35 → 6

▲EWZBrazil Equities8 spots34 → 26

▲PAVEGlobal X US Infrastructure Development5 spots51 → 46

▲PEJLeisure & Travel5 spots59 → 54

▲GNRNatural Resources4 spots29 → 25

FALLING FASTEST

▼XRPIXRP Spot12 spots54 → 66

▼IBITBitcoin Spot8 spots23 → 31

▼ETHAEther Spot6 spots14 → 20

▼IAIBroker-Dealers5 spots55 → 60

▼IGVUS Tech/Software5 spots25 → 30

Legend

% 52W Hgreen at or above −2.9%, red at or below −18.0%, neutral in between. A LONG bar means FAR from the high.

ATR Extneutral below 3.0, yellow from 3.0 to 4.9, red at 5.0 and beyond, on the absolute value.

Movesgreen above zero, red below, neutral at exactly zero. Bars scale to the largest absolute value in that column within that group.

RSRS is a percentile rank of an IBD-style weighted composite (40% three-month, 20% each at six, nine and twelve months) measured against the benchmark. The composite subtracts the benchmark's return rather than dividing by it: dividing breaks when the benchmark return is near zero and inverts when it is negative. VARS uses the ATR as it stood on each historical bar, not today’s ATR.

III

Review of Key Themes Synthesis

4 themes: Broad index gains, Nasdaq 100 in front · Semiconductor names dominate the gainers list · Storage and memory on the losers list · Commodity ETFs lower across the board

▶

Broad index gains, Nasdaq 100 in front

All three major index ETFs closed higher. QQQ led at +0.94% to 749.03, IWM was close behind at +0.9% to 281.52, and SPY lagged at +0.67% to 769.13.

▶

Context & Source Read

·QQQ +0.94% to 749.03.

·IWM +0.9% to 281.52.

·SPY +0.67% to 769.13.

Semiconductor names dominate the gainers list

Chip and chip-equipment names make up most of the day's top gainers, from double-digit moves in MaxLinear, ChipMOS and Synaptics to 3%+ gains in the large caps.

▶

Context & Source Read

·MXL +15% at $105.93, IMOS +14.6% at $83.30, SYNA +14.1% at $121.10.

·TER +8%, STM +7%, ON +6%, MPWR +5.8%.

·Optical names: AAOI +7.7%, COHR +5.6%.

·ARM +5.2%, TXN +4.4%, AVGO, KLAC and ASML each +3.3%.

Storage and memory on the losers list

Storage and memory names went the other way. Western Digital and Seagate each fell 10.2%, with Sandisk and Micron also lower.

▶

Context & Source Read

·WDC -10.2% at $415.29, STX -10.2% at $848.99.

·SNDK -3.8% at $1719.99, MU -2.1% at $1074.89.

Commodity ETFs lower across the board

Commodity ETFs fell while stocks rose. Crude was the weakest, and gold and silver also slipped.

▶

Context & Source Read

·USO -1.77% to 147.37.

·GLD -0.68% to 380.14.

·SLV -0.51% to 54.74.

IV

LLM Unfiltered Off-Leash

A broad, source-free read on the day — the unconstrained second opinion. ~5 min.

▶

≈ 5 min read · no curated sources · Open-web off-leash read: Claude with live web search across CNBC, Yahoo Finance, Benzinga, BofA/EPFR, AAII, The National, Washington Post and others. These figures were not cross-checked against the brief's curated feeds.

The payrolls put the hike on ice

One number drove the day. September nonfarm payrolls came in at just 29,000 against a consensus near 90,000. August was revised down to 133,000 from 162,000, unemployment ticked up to 4.2%, and average hourly earnings rose only 0.1% on the month (3.0% year over year). The FOMC lifted the policy range to 3.75%–4.00% last month under Chair Kevin Warsh, and September was spent pricing a Fed that is still hiking. Against that backdrop, a weak jobs print was the relief the market wanted. Per CME FedWatch figures cited by Yahoo Finance and CNBC, the odds of a hike at the October 28 meeting collapsed to roughly 16–17% from about 64% a week earlier. Lazard's Ronald Temple summed it up: markets "dodged a bullet."

Stocks took the gift. SPY closed up 0.67% at 769.13. QQQ gained 0.94% to 749.03, with the Nasdaq 100 printing fresh records, and IWM rose 0.9% to 281.52. The Dow added about 0.5% and the Nasdaq Composite about 1.2%. Zoom out, though, and the picture is weaker: the S&P 500 and the Dow still finished the week lower. Only the Nasdaq closed the week green.

The bond market didn't sign off

This is the part the tape hides. Treasury yields fell on the release and then reversed. CNBC had the 10-year up roughly 5 basis points to near 5.28%, the 2-year near 4.84% and the 30-year near 5.63%. On Thursday the 10-year touched 5.34%, its highest since 2002. That came during a global rout that pushed 30-year gilts above 6% for the first time since 1998 and took the 10-year JGB to about 3.13%, its highest since 1996 (Irish Times, BOE Report).

If a jobs print this soft cannot pull the long end lower, the pressure is coming from term premium, Treasury supply and energy-driven inflation rather than from the Fed path. Equities rallied on relief at the short end, while the long end is still voting the other way. Core PCE has run above 3% all year and wage growth has now slowed to 3%. The next chapter therefore risks reading as stagflation rather than a soft landing, and "bad news is good news" stops working once growth fear outruns inflation fear.

A semis day, not a broad day

Leadership was narrow and specific. Benzinga had the VanEck semiconductor ETF up about 2.7% at midday, and Nvidia hit a record near $237.88. The gainers list reads like a roll call of chip and connectivity names:

MaxLinear rose 15% on its Puma 9 broadband SoC launch and demand for optical data-center chips.
Synaptics gained 14.1% to $121.10 after ON Semiconductor switched its bid to an all-cash $123 a share. ON itself rose 6%, plausibly on relief at avoiding share dilution.
Teradyne rose 8%, STMicro 7% and Monolithic Power 5.8%.
Coherent added 5.6% on top of Thursday's 10% jump, which followed Bernstein starting coverage at Outperform. Applied Optoelectronics rose 7.7%.
Arm, Broadcom, KLA and ASML each gained 3% or more.
Tesla rose 4.7% after Q3 deliveries of 486,532 beat an estimate of roughly 463,000.

The losers list is just as instructive. Seagate and Western Digital each fell 10.2% on reports that Toshiba plans to double hard-drive output for AI customers in its fiscal year ending March 2027. Yahoo Finance and Invezz put this year's gains at roughly 240% for Seagate and 170% for Western Digital, and this is the first credible supply threat to that run. Sandisk (-3.8%) and Micron (-2.1%) slipped in sympathy.

Accenture fell 6.3%. Its FY27 guidance of 3–6% local-currency growth flagged pricing pressure and a roughly $1B Middle East headwind. ServiceNow (-2.5%) kept bleeding. The market is still paying for AI picks-and-shovels and selling the services and seat-based software it expects AI to displace.

Nike closed down 3.6% at $33.87. It guided full-year revenue down by a high-single-digit percentage and unveiled its "Pace" restructuring. Still, the close was well above the roughly $32 the stock traded at after hours on Thursday.

Oil, metals and the G7 put

The other macro catalyst was political. G7 members agreed to release 100 million barrels of crude and diesel through the IEA over four months, with diesel front-loaded into the first 20 days. US diesel had hit about $6.50 a gallon ahead of next month's midterms (The National, Washington Post, UPI). USO fell 1.77% to 147.37, and Brent slipped toward $100.

The inflation-hedge complex sold off together: GLD fell 0.68% and SLV 0.51%. That reads as the market marking down the energy-inflation impulse rather than a flight to safety. Bitcoin hovered near $84,500, while Coinbase (-3.3%) faded hard from an intraday high near $200. Crypto-linked stocks did not join the rally.

In Europe, the STOXX 600 rose about 0.8% off Thursday's three-month low but still lost ground on the week.

Positioning: records on top of a wall of worry

Sentiment is not euphoric. The AAII survey of October 1 showed 34.6% bulls and 46.5% bears. That -11.9-point spread sits far below the long-run average of +6.5, which is striking with the Nasdaq 100 at records.

BofA/EPFR data for the week to September 30 showed $18.8B flowing into bond funds and $15.8B into equity funds. Within equities, US funds saw a second straight week of outflows (-$2.7B). Europe drew its biggest inflow since February, Japan its sixth straight weekly inflow, China its largest in nine weeks and tech its biggest in five. Money is rotating away from broad US exposure toward global equities and thematic tech, which is exactly the shape of Friday's tape.

What to watch

Whether the 10-year holds below Thursday's 5.34% high. A break above it would put renewed pressure on small caps and long-duration growth stocks.
How Fed speakers weigh a 29,000 payroll print against core inflation running above 3% before the October 28 meeting.
Pump prices and diesel spreads as the G7 barrels reach the market.
Storage and memory pricing commentary following the Toshiba headline.

Sub-Theme Drill-Down

Semiconductors

Leadership spread beyond the AI-compute core into analog, power, mixed-signal and test, so the cyclical end of the chip complex joined the compute end, helped by M&A and easing fear of a near-term Fed hike. The one crack was storage and memory, where a credible supply-expansion headline hit a crowded winner.

AI Infrastructure

The market is drawing a hard line between AI suppliers (compute, networking, power delivery, test) and companies it sees as AI losers (IT services, seat-based software). Capex beneficiaries got paid, while anything whose revenue AI could compress kept losing valuation.

Photonics

Optical components extended a parabolic 2026 run after fresh sell-side coverage called optical suppliers structural AI winners. Momentum is extreme and the group trades as one, with a history of violent, synchronized resets, so a single disappointing datapoint could reprice the whole basket.

Optics

Data-center interconnect and broadband optical silicon rallied as investors chase the bandwidth bottleneck between AI clusters, with next-generation product launches feeding the story. For some smaller names, valuations now sit far ahead of profitability.

Out-of-Favor · Perking Up

Small caps / rate-sensitive domestic cyclicals

Small caps underperformed large caps by roughly 10 points in Q3 and saw one of the year's largest ETF outflows, but they beat the S&P on the collapse in hike odds. It is a first step, not a turn: real follow-through needs the long end to stop rising.

European equities

Europe bounced off a three-month low just after logging its biggest weekly fund inflow since February, and the G7 diesel release eases the region's most acute pressure point. Prices are still down on the week, so this is an early-stage signal.

China equities

Flows into China funds hit a nine-week high even though prices have not followed. Money arriving ahead of price is a classic early-turn signal, but there is no price confirmation yet.

V

Top Movers Data

Top gainer XRPN +68.2%·worst RZAI −24.4%·across 3 cap bands

▶

Small/Mid$500M–$10B

Gainers

+68.2%

XRPNXRP treasury SPAC

$39.42·$740M

+15.0%

MXLbroadband connectivity chips

$105.93·$8.4B

+14.6%

IMOSchip packaging/testing

$83.30·$2.5B

+14.1%

SYNAIoT/interface chips

$121.10·$4.2B

+13.9%

IMCrare earths developer

$9.11·$846M

+7.7%

AAOIoptical transceivers

$115.59·$9.1B

+1.7%

QRVORF chips

$114.17·$9.9B

Losers

−24.4%

RZAIAI company

$19.90·$1.5B

−21.2%

IARTsurgical devices

$12.68·$1.3B

−14.3%

LUChina fintech lender

$1.02·$1.0B

−5.2%

CTVAseeds & crop chemicals

$11.92·$8.4B

−1.4%

AALairline

$12.94·$8.7B

Large$10B–$100B

Gainers

+8.0%

TERchip test equipment

$449.04·$65.0B

+7.4%

HPEservers & networking

$69.33·$85.7B

+7.0%

STMauto/industrial chips

$57.26·$47.7B

+6.0%

ONpower semis

$84.89·$31.2B

+5.8%

MPWRpower chips

$1,439.73·$66.9B

+5.6%

COHRoptical components

$337.04·$62.5B

+5.2%

NTAPdata storage

$226.27·$42.2B

+4.9%

RKLBrockets & spacecraft

$73.92·$45.1B

Losers

−4.7%

APPmobile ad tech

$268.22·$94.1B

−3.6%

NKEathletic apparel

$33.87·$52.1B

−3.3%

COINcrypto exchange

$183·$49.9B

−3.1%

RIVNEV maker

$14.30·$21.4B

−2.2%

TWLOcloud communications

$294.58·$46.3B

−2.0%

CRCLUSDC stablecoin issuer

$81.25·$21.0B

−1.8%

CBRSAI chips

$166.43·$40.3B

−1.7%

BMNRETH treasury

$26.27·$16.1B

Mega$100B+

Gainers

+7.4%

SPCXrockets & Starlink

$158.96·$2.0T

+5.2%

ARMchip IP licensing

$307.49·$312.2B

+4.7%

TSLAEV maker

$370.59·$1.4T

+4.4%

TXNanalog chips

$293.80·$256.9B

+3.8%

DELLPCs & AI servers

$562.52·$344.4B

+3.3%

AVGOcustom AI chips

$355.14·$1.6T

+3.3%

KLACchip inspection tools

$206.89·$261.4B

+3.3%

ASMLlithography tools

$1,867.31·$694.6B

Losers

−10.2%

WDChard drives

$415.29·$166.8B

−10.2%

STXhard drives

$848.99·$215.0B

−6.3%

ACNIT consulting

$198.90·$129.9B

−3.8%

SNDKflash memory

$1,719.99·$261.8B

−3.8%

SPOTmusic streaming

$472.89·$101.0B

−2.5%

NOWworkflow software

$134.38·$142.4B

−2.1%

MUmemory chips

$1,074.89·$1.2T

−1.5%

BABAChina e-commerce

$105.85·$267.3B

VI

Vital & Hammerstone Analysis Awaiting Source

Awaiting Vital Knowledge (Gmail inbox).

▶

AWAITING SOURCE · Vital Knowledge (Gmail inbox)

VII

RIP Analysis Compile · RIP

RIP cut — TER · AMZN · NVDA · HPE · NTAP · ON · WDC · STX · APP.

▶

Closing Bell: 29K jobs kill the October hike
Stocks finished higher Friday after September payrolls rose just 29,000, well below the 84k estimate, knocking October rate-hike odds down to 24%. The S&P 500 and Dow rose 0.5%, the Nasdaq gained 1.2% to a record, and the Russell 2000 added 0.9%. The 10-year Treasury yield dipped to 5.16% right after the print, then reversed to close at 5.28%, and stocks faded from their highs.
Oil slides on G7 release; 10 of 11 sectors up
Ten of 11 sectors rose. Consumer discretionary led at +1.1%, and health care finished barely red. Brent's 2.5% drop below $100 helped after the G7 said it would jointly dump 100M barrels of oil to address the supply shock; the IEA dropped 400M barrels when the Iran war began in March, but only a third has arrived to the market so far.
TERAfter the Bell: Teradyne's AI memory-test jolt
Teradyne jumped 8.0% to $449.04 on 1.8 times recent volume, extending its five-session gain to 12.7%. The stock is up 132.3% this year, 36 points ahead of the chip-sector proxy. Its Magnum E2 handles DDR6, GDDR7, LPDDR6 and NAND on one platform, and Semiconductor Test generated $1.12B of its $1.33B in second-quarter revenue; at 61.6 times earnings, RIP notes the bar is no longer low.
AMZNNVDAAmazon shops an $8B Nvidia chip sale-leaseback
According to the Financial Times, Amazon is in talks to move about $8B of Nvidia Grace Blackwell chips it already owns into a separate vehicle funded by outside investors, then lease the hardware back for its own data centers. Amazon closed up 1.3% at $251.52, and Nvidia rose 1.3% to $233.95. Amazon also raised EC2 Capacity Blocks prices about 15% against a $220B capex plan for 2026.
HPENTAPONAI-infrastructure names hit records
HPE rose 7.36% to a record high, extending its post-investor-day rally after management projected stronger long-term growth from networking and AI infrastructure. NetApp gained 5.22% to a record after unveiling its AI Factory architecture and Keystone Sovereign offering, and Loop Capital raised its price target to $260. Onsemi rose 6.01% after revising its Synaptics acquisition agreement to $123 per share.
WDCSTXAPPHard drives flattened; AppLovin's slide hits nine
WDC and STX fell about 10% apiece on Toshiba's reported plan to double AI hard-disk capacity, though analysts called the drop overdone. AppLovin fell 4.65% for a ninth straight session after a San Francisco judge denied its request to block Unity's Ad Quality software in their ad-data dispute.

▶Context & Source Read

·The labor data was weaker than the headline. Unemployment rose to 4.2%, August was cut from 162,000 to 133,000, and July flipped from a 21,000 gain to a 10,000 loss. The Fed raised rates on September 16 with the old numbers in hand.

·RIP RIP's read is that the Fed now has to govern through a split: hiring is cooling, but the inflation that forced September's hike has not cleared. That is why the 10-year closed at 5.28% instead of holding its post-print dip. Growth stocks can live with a pause, and they priced one Friday.

·AI infrastructure tied the single names together: memory testing (Teradyne), chip financing (Amazon/Nvidia), and networking and storage records (HPE, NetApp). Hard-drive makers were the exception, sinking on Toshiba's reported capacity plan.

·Retail ran its own party alongside the macro tape, with XRPN jumping 68% and IBRX gaining 12%.

▶ Raw Source Quotes · all mentions

RIP

Stocks finished higher Friday after September payrolls rose just 29,000, well below the 84k estimate, knocking October rate-hike odds down to 24%.

No one is hiking rates when the job market is properly dragging.

September’s 29,000 gain trailed the prior 12-month average of 45,000 and was barely a quarter of September 2025’s 119,000.

https://www.bls.gov/news.release/archives/empsit_10022026.htm

The revisions were worse than the headline.

That is the split the Fed has to govern through: hiring is cooling while the inflation that forced September's hike has not cleared.

In plain English, every faster generation of AI memory creates another expensive exam, and Teradyne sells the proctor.

The financing is getting as creative as the buildout.

VIII

Gappers / Stocks in Play Awaiting Source

Awaiting gappers / stocks-in-play feed (from Jared).

▶

AWAITING SOURCE · gappers / stocks-in-play feed (from Jared)

IX

TL;DR Capstone

Chips lead a green close: QQQ +0.94% and IWM +0.9% beat SPY +0.67%, while commodities slipped.

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Chips lead a green close: QQQ +0.94% and IWM +0.9% beat SPY +0.67%, while commodities slipped.

All three index proxies closed higher (QQQ +0.94% to 749.03, IWM +0.9% to 281.52, SPY +0.67% to 769.13). Semiconductors filled the gainers list, from double-digit moves in MXL, IMOS and SYNA to gains of 3.3% or more in ARM, AVGO, KLAC and ASML.
Storage and memory broke the other way (WDC and STX each -10.2%, SNDK -3.8%, MU -2.1%). Commodity ETFs also fell, led by USO -1.77%, with GLD -0.68% and SLV -0.51%.

Themes in play

Semiconductors dominate the gainers listStorage and memory sell-offBroad index gains, Nasdaq 100 in frontCommodity ETFs lower across the board

Stocks that matter

MXLBroadband connectivity chips

Rose 15% to $105.93 on its Puma 9 broadband SoC launch and demand for optical data-center chips, leading the semis rally.

TERChip test equipment

Up 8% to $449.04, the largest-cap chip-equipment gain of the day and a sign the semis bid reached the tools layer.

SYNAIoT/interface chips

Rose 14.1% to $121.10, one of three double-digit chip gainers that set the day's leadership.

WDCHard drives

Fell 10.2% to $415.29 and led the storage/memory sell-off, the sharpest split from the chip rally.

STXHard drives

Matched WDC at -10.2% to $848.99, which points to pressure on the whole storage group rather than one stock.

ACNIT consulting

Down 6.3% to $198.90, one of the day's biggest large-cap losers outside the storage group.