Tuesday, Feb 4, 2026
S&P 500 futures +0.1% early Wednesday, reversing some initial weakness after Tuesday’s pullback. The overnight setup keeps the market’s focus on AI/tech earnings (GOOGL-US tonight; AMZN-US tomorrow) and macro prints that can validate (or challenge) the “run-it-hot” growth narrative that re-emerged after Monday’s strong ISM manufacturing surprise. ADP private payrolls, ISM services, and the Treasury quarterly refunding announcement are the key scheduled catalysts today. Positioning-sensitive assets remain choppy: precious metals are rebounding sharply after last week’s washout, while crypto remains volatile (BTC under pressure), keeping risk appetite uneven beneath the surface.
Thematic Lens on the Tape (100 words)
Thematic trading remained bifurcated: real assets and “hard-asset” complex (gold, silver, copper, uranium/nuclear) led as inflation-sensitive hedges rebounded and the dollar impulse stabilized after recent swings. At the same time, software and cloud stayed under pressure as AI competition narratives continued to weigh on perceived pricing power and business-model durability. The result was a classic rotation day inside the thematic universe—AI infrastructure and tangible scarcity themes attracted attention while AI-exposed application layers lagged. Flows largely echoed that split, with strong 1-month/YTD accumulation in several metals-linked vehicles despite day-to-day volatility.
Theme Tape — Performance & Flows (FactSet; levered/inverse ETFs excluded)
Top 10 — Daily Performers
| Ticker | Theme | 1D % | 1M % | 1D Flow ($M) | 1M Flow ($M) | YTD Flow ($M) |
| SILJ | Amplify Junior Silver Miners ETF | 7.01% | 22.88% | -11.0 | 648.2 | 648.2 |
| URNM | Sprott Uranium Miners ETF | 6.62% | 26.47% | 0.0 | 160.4 | 160.4 |
| KOPX | Global X Copper Miners ETF | 6.53% | 24.23% | -53.9 | 1,724.5 | 1,804.7 |
| GLD | SPDR Gold Shares | 6.36% | 14.06% | -563.4 | 2,759.8 | 2,007.2 |
| SLV | iShares Silver Trust | 6.24% | 17.05% | -267.4 | 192.2 | 192.2 |
| URA | Global X Uranium ETF | 5.65% | 22.19% | 26.6 | 672.3 | 672.5 |
| NLR | VanEck Uranium and Nuclear ETF | 4.82% | 14.02% | 0.0 | 434.5 | 434.5 |
| GDX | VanEck Gold Miners ETF | 4.28% | 14.57% | 108.1 | 926.9 | 926.9 |
| ARKX | ARK Space & Defense Innovation ETF | 3.73% | 9.43% | 0.0 | 260.9 | 269.6 |
| TAN | Invesco Solar ETF | 3.54% | 7.73% | 0.0 | 277.2 | 289.0 |
Bottom 10 — Daily Performers
| Ticker | Theme | 1D % | 1M % | 1D Flow ($M) | 1M Flow ($M) | YTD Flow ($M) |
| CRPT | First Trust SkyBridge Crypto Industry & Digital Economy ETF | -6.49% | -13.53% | 0.0 | 0.0 | 0.0 |
| WCLD | WisdomTree Cloud Computing Fund | -6.48% | -16.83% | -1.5 | -5.7 | -7.5 |
| XSW | State Street SPDR S&P Software & Services ETF | -5.69% | -14.80% | -6.6 | -87.2 | -89.1 |
| CLOU | Global X Cloud Computing ETF | -5.62% | -11.77% | 0.0 | -17.0 | -17.1 |
| BUG | Global X Cybersecurity ETF | -5.09% | -8.54% | -6.2 | -16.9 | 185.4 |
| AWAY | Amplify Travel Tech ETF | -5.01% | -9.59% | 0.0 | -1.1 | -2.1 |
| IGV | iShares Expanded Tech-Software Sector ETF | -4.61% | -16.79% | 44.8 | -684.8 | -695.3 |
| SKYY | First Trust Cloud Computing ETF | -4.46% | -10.79% | 0.0 | -101.2 | -107.7 |
| PNQI | Invesco NASDAQ Internet ETF | -3.88% | -7.35% | -4.1 | -60.9 | -60.9 |
| OGIG | ALPS O’Shares Global Internet Giants ETF | -3.83% | -11.74% | 0.0 | 0.0 | 0.0 |
Top 10 — 1-Month Performers
| Ticker | Theme | 1D % | 1M % | 1D Flow ($M) | 1M Flow ($M) | YTD Flow ($M) |
| URNM | Sprott Uranium Miners ETF | 6.62% | 26.47% | 0.0 | 160.4 | 160.4 |
| KOPX | Global X Copper Miners ETF | 6.53% | 24.23% | -53.9 | 1,724.5 | 1,804.7 |
| SILJ | Amplify Junior Silver Miners ETF | 7.01% | 22.88% | -11.0 | 648.2 | 648.2 |
| URA | Global X Uranium ETF | 5.65% | 22.19% | 26.6 | 672.3 | 672.5 |
| SLV | iShares Silver Trust | 6.24% | 17.05% | -267.4 | 192.2 | 192.2 |
| ROKT | State Street SPDR S&P Kensho Final Frontiers ETF | 2.23% | 14.98% | 5.0 | 21.8 | 22.7 |
| GDX | VanEck Gold Miners ETF | 4.28% | 14.57% | 108.1 | 926.9 | 926.9 |
| GLD | SPDR Gold Shares | 6.36% | 14.06% | -563.4 | 2,759.8 | 2,007.2 |
| NLR | VanEck Uranium and Nuclear ETF | 4.82% | 14.02% | 0.0 | 434.5 | 434.5 |
| NANR | State Street SPDR S&P North American Natural Resources ETF | 3.33% | 13.64% | 0.0 | -1.9 | -1.9 |
Bottom 10 — 1-Month Performers
| Ticker | Theme | 1D % | 1M % | 1D Flow ($M) | 1M Flow ($M) | YTD Flow ($M) |
| ETHA | iShares Ethereum Trust ETF | -0.91% | -26.46% | -82.1 | -407.7 | -429.2 |
| ETHE | Grayscale Ethereum Staking ETF | -0.97% | -26.44% | 0.0 | -95.4 | -95.4 |
| FETH | Fidelity Ethereum Fund ETF | -0.99% | -26.38% | 66.6 | -5.8 | -8.0 |
| WCLD | WisdomTree Cloud Computing Fund | -6.48% | -16.83% | -1.5 | -5.7 | -7.5 |
| IGV | iShares Expanded Tech-Software Sector ETF | -4.61% | -16.79% | 44.8 | -684.8 | -695.3 |
| BITO | ProShares Bitcoin ETF | -2.04% | -15.16% | -46.1 | 346.9 | 352.3 |
| BITB | Bitwise Bitcoin ETF Trust | -2.05% | -15.02% | 96.5 | 35.4 | 21.6 |
| GBTC | Grayscale Bitcoin Trust ETF | -1.99% | -15.01% | 0.0 | -449.6 | -518.7 |
| WEED | Roundhill Cannabis ETF | 2.61% | -15.00% | 0.0 | 0.0 | 0.0 |
| IBIT | iShares Bitcoin Trust ETF | -2.08% | -15.00% | 142.0 | 5.4 | -93.6 |
Top 10 — YTD Fund Flows
| Ticker | Theme | 1D % | 1M % | 1D Flow ($M) | 1M Flow ($M) | YTD Flow ($M) |
| VTI | Vanguard Total Stock Market ETF | -0.77% | 1.05% | 280.3 | 5,676.4 | 5,976.3 |
| EEM | iShares MSCI Emerging Markets ETF | 0.54% | 5.97% | 0.0 | 4,273.0 | 4,273.0 |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | 0.02% | 0.16% | 116.9 | 3,777.0 | 3,777.0 |
| BND | Vanguard Total Bond Market ETF | 0.03% | 0.18% | 0.0 | 3,263.5 | 3,470.9 |
| SGOV | iShares 0-3 Month Treasury Bond ETF | 0.02% | 0.29% | 1,304.9 | 2,700.0 | 3,011.2 |
| VUG | Vanguard Growth ETF | -1.94% | -2.62% | 104.4 | 2,822.4 | 2,762.8 |
| AGG | iShares Core U.S. Aggregate Bond ETF | 0.01% | 0.17% | 0.0 | 2,359.9 | 2,679.5 |
| SMH | VanEck Semiconductor ETF | -2.52% | 6.53% | 0.0 | 2,307.3 | 2,343.3 |
| GLD | SPDR Gold Shares | 6.36% | 14.06% | -563.4 | 2,759.8 | 2,007.2 |
| KOPX | Global X Copper Miners ETF | 6.53% | 24.23% | -53.9 | 1,724.5 | 1,804.7 |
Bottom 10 — YTD Fund Flows
| Ticker | Theme | 1D % | 1M % | 1D Flow ($M) | 1M Flow ($M) | YTD Flow ($M) |
| SPY | State Street SPDR S&P 500 ETF | -0.85% | 0.93% | -4,520.1 | -14,960.6 | -15,199.2 |
| IWM | iShares Russell 2000 ETF | 0.23% | 5.63% | 1,428.2 | -3,380.6 | -3,491.4 |
| TLT | iShares 20+ Year Treasury Bond ETF | 0.24% | 0.07% | 103.9 | -2,519.8 | -2,659.3 |
| QQQ | Invesco QQQ Trust Series I | -1.54% | 0.55% | -1,878.5 | -2,236.2 | -1,714.1 |
| VIG | Vanguard Dividend Appreciation ETF | -0.40% | 2.14% | -16.2 | -866.3 | -794.1 |
| FBTC | Fidelity Wise Origin Bitcoin Fund | -1.93% | -14.85% | 153.3 | -688.6 | -755.2 |
| IGV | iShares Expanded Tech-Software Sector ETF | -4.61% | -16.79% | 44.8 | -684.8 | -695.3 |
| IYR | iShares U.S. Real Estate ETF | -0.24% | 1.07% | -200.0 | -600.3 | -684.8 |
| KLMN | Invesco MSCI North America Climate ETF | -1.05% | 0.44% | -8.6 | -672.3 | -672.3 |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | 0.19% | 3.90% | 0.0 | -603.0 | -603.0 |
Data sourced from FactSet Research Systems, Inc.
