Thu, Jan 29, 2026 | U.S. Morning Setup
Macro & Equity Setup
S&P 500 futures +0.2% in early Thursday trading after U.S. equities finished flattish/mixed on Wednesday. Tech is leading again pre-market, while defensives and some consumer-facing groups are softer. Overseas, Asian equities were mixed (South Korea and Hong Kong stronger; Taiwan/India/Indonesia weaker) and Europe is higher (~+0.4%).
Cross-asset: Treasuries are unchanged to slightly weaker at the back end (yields +1–2 bp), DXY -0.2% (after a brief rebound Wednesday), gold +3.8% (after a near +4.5% jump Wednesday), silver +3.4% (after +7%+ Wednesday), copper +6%, bitcoin -1.4%, and WTI +2.4% amid renewed Iran-risk premium.
Prior Session Recap (Wed, Jan 28)
U.S. equities were narrowly mixed: Dow +0.02%, S&P 500 -0.01%, Nasdaq +0.17%, Russell 2000 -0.49%. The S&P briefly cleared 7,000 intraday before fading. Semiconductors extended leadership (again outperforming software by a wide margin), while precious metals and energy stayed firm. Treasuries weakened modestly (curve steepening), and the dollar stabilized after Tuesday’s sharp drop.
Macro Data & Key Events (Today / Near-term)
- Today: final Q3 unit labor costs, initial claims, Nov trade balance, factory orders, and a $44B 7-year auction.
- Narratives in play: markets continuing to look through headline risk, precious metals strength despite intermittent USD stabilization, and oil bid on Iran risk.
- Earnings tone: “AI capex + monetization + capacity constraints” remains the dominant macro-to-micro bridge, with MSFT Azure/guide viewed as underwhelming, META guidance notably strong, and semi/memory complex supported by AI infrastructure demand signals.
Tail of the Tape
Thematic leadership continues to cluster around AI infrastructure and real assets. Semiconductors, memory, and networking ETFs are showing strong price momentum alongside sustained inflows, reflecting confidence in durable AI capex and near-term monetization. Uranium and nuclear themes remain standout performers across short- and intermediate-term horizons, supported by energy security concerns and power-demand growth tied to AI. Precious metals, led by gold, are acting as macro hedges with prices outpacing flows. In contrast, biotech, genomics, cannabis, and broad clean energy remain under pressure, with weak returns and persistent outflows, underscoring investor preference for scarcity, infrastructure, and cash-flow visibility over long-duration policy-dependent themes.
Performance & Flow Tables (Unlevered ETFs)
Top 10 / Bottom 10 — Daily Performance (1D %)
Top 10 daily gainers
| Ticker | Fund | 1D % | 1M % | 3M % | Flow 1D | Flow 1M | Flow YTD |
| URNM | Sprott Uranium Miners ETF | 8.49% | 50.04% | 37.67% | -13.0M | 69.6M | 69.1M |
| URA | Global X Uranium ETF | 6.85% | 41.28% | 17.81% | -14.6M | 623.4M | 384.1M |
| NLR | VanEck Uranium and Nuclear ETF | 5.57% | 29.71% | 9.86% | 34.7M | 318.9M | 318.9M |
| SLV | iShares Silver Trust | 3.95% | 48.48% | 147.31% | -758.4M | -2.39B | -2.53B |
| GLD | SPDR Gold Shares | 3.88% | 18.67% | 35.73% | 419.0M | 2.98B | 3.06B |
| FTXL | First Trust Nasdaq Semiconductor ETF | 3.54% | 20.58% | 25.68% | 0 | 12.3M | 12.3M |
| SOXX | iShares Semiconductor ETF | 2.67% | 17.78% | 18.57% | 210.8M | 973.0M | 759.2M |
| GDX | VanEck Gold Miners ETF | 2.63% | 22.86% | 59.04% | -48.9M | 113.3M | 139.5M |
| QCLN | First Trust Nasdaq Clean Edge Green Energy Index Fund | 2.61% | 11.84% | 12.90% | 0 | 2.7M | 2.7M |
| HYDR | Global X Hydrogen ETF | 2.54% | 23.54% | -1.51% | 2.6K | -2.1M | -2.1M |
Bottom 10 daily decliners
| Ticker | Fund | 1D % | 1M % | 3M % | Flow 1D | Flow 1M | Flow YTD |
| ARKG | ARK Genomic Revolution ETF | -2.90% | -9.21% | -12.26% | -18.8M | -93.7M | -97.1M |
| CNBS | Amplify Seymour Cannabis ETF | -2.71% | -7.63% | -6.25% | -2.7M | -4.0M | -2.7M |
| IDNA | iShares Genomics Immunology and Healthcare ETF | -2.53% | -5.56% | -6.27% | -0.4M | -2.4M | -1.1M |
| MJ | Amplify Alternative Harvest ETF | -2.30% | -8.08% | -15.72% | 0 | -3.1M | -3.1M |
| MSOS | AdvisorShares Pure US Cannabis ETF | -2.29% | -8.43% | -4.24% | 0 | 0 | 0 |
| XBI | SPDR S&P Biotech ETF | -2.19% | -4.94% | -7.64% | -64.8M | -547.8M | -389.7M |
| IBB | iShares Biotechnology ETF | -1.83% | -3.67% | -6.12% | -12.0M | -223.6M | -132.5M |
| ITA | iShares U.S. Aerospace & Defense ETF | -1.41% | -2.66% | -0.92% | -33.2M | -278.8M | -244.5M |
| PBW | Invesco WilderHill Clean Energy ETF | -1.40% | -6.33% | -14.58% | -0.3M | -5.8M | -18.8M |
| TAN | Invesco Solar ETF | -1.29% | -5.76% | -10.36% | -2.8M | -36.8M | -35.1M |
Top 10 / Bottom 10 — 1-Month Performance (1M %)
Top 10 (1M return)
| Ticker | Fund | 1D % | 1M % | 3M % | Flow 1D | Flow 1M | Flow YTD |
| URNM | Sprott Uranium Miners ETF | 8.49% | 50.04% | 37.67% | -13.0M | 69.6M | 69.1M |
| SLV | iShares Silver Trust | 3.95% | 48.48% | 147.31% | -758.4M | -2.39B | -2.53B |
| URA | Global X Uranium ETF | 6.85% | 41.28% | 17.81% | -14.6M | 623.4M | 384.1M |
| SIL | Global X Silver Miners ETF | 2.23% | 32.56% | 86.66% | 3.0M | 39.8M | 9.0M |
| NLR | VanEck Uranium and Nuclear ETF | 5.57% | 29.71% | 9.86% | 34.7M | 318.9M | 318.9M |
| GDX | VanEck Gold Miners ETF | 2.63% | 22.86% | 59.04% | -48.9M | 113.3M | 139.5M |
| SOXX | iShares Semiconductor ETF | 2.67% | 17.78% | 18.57% | 210.8M | 973.0M | 759.2M |
| GLD | SPDR Gold Shares | 3.88% | 18.67% | 35.73% | 419.0M | 2.98B | 3.06B |
| SMH | VanEck Semiconductor ETF | 2.27% | 17.50% | 20.11% | 172.6M | 1.70B | 1.80B |
| SOXQ | Invesco PHLX Semiconductor ETF | 2.43% | 17.07% | 18.84% | 3.6M | 60.9M | 65.2M |
Bottom 10 (1M return)
| Ticker | Fund | 1D % | 1M % | 3M % | Flow 1D | Flow 1M | Flow YTD |
| ARKG | ARK Genomic Revolution ETF | -2.90% | -9.21% | -12.26% | -18.8M | -93.7M | -97.1M |
| MSOS | AdvisorShares Pure US Cannabis ETF | -2.29% | -8.43% | -4.24% | 0 | 0 | 0 |
| MJ | Amplify Alternative Harvest ETF | -2.30% | -8.08% | -15.72% | 0 | -3.1M | -3.1M |
| CNBS | Amplify Seymour Cannabis ETF | -2.71% | -7.63% | -6.25% | -2.7M | -4.0M | -2.7M |
| TAN | Invesco Solar ETF | -1.29% | -5.76% | -10.36% | -2.8M | -36.8M | -35.1M |
| ICLN | iShares Global Clean Energy ETF | -0.66% | -4.08% | -4.65% | -1.1M | -5.8M | -2.3M |
| XBI | SPDR S&P Biotech ETF | -2.19% | -4.94% | -7.64% | -64.8M | -547.8M | -389.7M |
| IBB | iShares Biotechnology ETF | -1.83% | -3.67% | -6.12% | -12.0M | -223.6M | -132.5M |
| PBW | Invesco WilderHill Clean Energy ETF | -1.40% | -6.33% | -14.58% | -0.3M | -5.8M | -18.8M |
| ARKK | ARK Innovation ETF | -0.58% | -4.32% | -4.42% | -25.0M | -190.3M | -200.6M |
Top 10 / Bottom 10 — YTD Fund Flows
Top 10 YTD inflows
| Ticker | Fund | 1D % | 1M % | 3M % | Flow 1D | Flow 1M | Flow YTD |
| VTI | Vanguard Total Stock Market ETF | 0.17% | 1.17% | 1.89% | 269.4M | 5.26B | 4.79B |
| GLD | SPDR Gold Shares | 3.88% | 18.67% | 35.73% | 419.0M | 2.98B | 3.06B |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | -0.05% | 0.02% | 0.08% | 167.3M | 3.44B | 3.44B |
| BND | Vanguard Total Bond Market ETF | -0.04% | 0.08% | -0.05% | 69.1M | 3.55B | 3.18B |
| SGOV | iShares 0-3 Month Treasury Bond ETF | 0.01% | 0.03% | 0.16% | 40.7M | 2.88B | 2.52B |
| SMH | VanEck Semiconductor ETF | 2.27% | 17.50% | 20.11% | 172.6M | 1.70B | 1.80B |
| AGG | iShares Core U.S. Aggregate Bond ETF | -0.06% | 0.05% | -0.11% | 132.0M | 2.31B | 1.36B |
| SOXX | iShares Semiconductor ETF | 2.67% | 17.78% | 18.57% | 210.8M | 973.0M | 759.2M |
| URA | Global X Uranium ETF | 6.85% | 41.28% | 17.81% | -14.6M | 623.4M | 384.1M |
| NLR | VanEck Uranium and Nuclear ETF | 5.57% | 29.71% | 9.86% | 34.7M | 318.9M | 318.9M |
Bottom 10 YTD flows
| Ticker | Fund | 1D % | 1M % | 3M % | Flow 1D | Flow 1M | Flow YTD |
| SPY | State Street SPDR S&P 500 ETF | -0.01% | 0.74% | 1.22% | 3.58B | -3.79B | -11.78B |
| QQQ | Invesco QQQ Trust Series I | 0.17% | 0.80% | 0.20% | -1.21B | -3.22B | -6.42B |
| IWM | iShares Russell 2000 ETF | -0.49% | 4.85% | 4.21% | -388.3M | -2.95B | -2.73B |
| SLV | iShares Silver Trust | 3.95% | 48.48% | 147.31% | -758.4M | -2.39B | -2.53B |
| EFA | iShares MSCI EAFE ETF | 1.10% | 6.84% | 4.83% | 0 | 0 | -3.02B |
| TLT | iShares 20+ Year Treasury Bond ETF | -0.06% | 0.18% | -1.09% | -96.3M | -1.03B | -1.19B |
| VNQ | Vanguard Real Estate ETF | -0.21% | 0.41% | 1.63% | -84.5M | -361.8M | -832.9M |
| XBI | SPDR S&P Biotech ETF | -2.19% | -4.94% | -7.64% | -64.8M | -547.8M | -389.7M |
| ARKK | ARK Innovation ETF | -0.58% | -4.32% | -4.42% | -25.0M | -190.3M | -200.6M |
| IYR | iShares U.S. Real Estate ETF | -0.23% | 0.35% | 1.64% | -41.9M | -206.2M | -520.3M |
