Macro Card
Last updated: 14 April 2026
What is a Macro Card?
The Macro Card is the widest lens in the analysis stack. It shows the global market pulse, US equity breadth, interest rate environment, credit conditions, and gold — all in one place. Unlike the Sector Card which tracks where money is rotating within US equities, the Macro Card tells you what kind of environment you are operating in.
World Bar
A single line at the top showing the day change of a global equity index. It gives immediate context before reading any US-specific row — if global markets are under pressure, US weakness is less surprising; if global markets are green while the US is red, something US-specific is at play.
Macro Rows
Each row represents one dimension of the macro environment. Unlike the Sector Card, rows are in a fixed order — they are not sorted by performance. Each row is a different story, and the order is designed to be read top to bottom as a narrative.
| Row | What it shows |
|---|---|
| Market | S&P500 day change. The broadest measure of US equity health. Every other row is read relative to this one. |
| Growth | Nasdaq day change. Reflects growth and tech appetite specifically. When Growth diverges from Market — one up while the other is down — it signals rotation between growth and value. |
| Small Cap | Russell 2000 day change. Small caps are more sensitive to domestic economic conditions and credit availability. When Small Cap lags the S&P500 significantly, it often signals risk-off sentiment or tightening credit. |
Rates & Credit
The Rates and Credit rows work differently from the others. The percentages shown are already adjusted so that a positive number always means tightening conditions and a negative number means easing. You do not need to think about whether the underlying ETF price went up or down.
| Row | What it shows |
|---|---|
| Rates | Shows as Yields +/–. A positive number means yields rose — borrowing is getting more expensive, and growth stocks face more pressure. A negative number means yields fell — easier financial conditions, typically supportive for equities. |
| Credit | Shows as Spread +/–. A positive number means credit spreads widened — lenders are demanding more premium for risk, a sign of stress or uncertainty. A negative number means spreads tightened — a risk-on signal. |
| Gold | GLD day change, read directly. Gold rising alongside falling equities signals defensive rotation. Gold rising alongside equities may signal inflation expectations rather than fear. |
How to Read a Macro Card
Read it as a story, top to bottom.
Is the global market up or down today? This sets the broadest context. US weakness on a green global day is more concerning than US weakness on a global red day.
These three rows tell you the risk appetite story. All three up = broad risk-on. Market up but Small Cap down = selective, large-cap only. Growth up but Market flat = tech-driven day. All three down = broad risk-off.
Yields up + Spread up = tightening on both fronts, a tough environment for risk assets. Yields down + Spread down = easing conditions, supportive for equities. When they diverge, credit usually leads — the bond market is often ahead of equities.
Gold up on a red day = defensive rotation, investors are genuinely concerned. Gold up on a green day = inflation hedge demand, not necessarily fear. Gold flat or down on a red day = the selloff may not be panic yet — investors haven't moved to safe havens.