Thirty minutes after the open the DWCPF (S-fund) was trading down nearly 0.9% piled on to the 2.1% price cut on Wednesday. Yet, as yields slipped lower in the morning unfold, the price pressure lightened from the steep borrowing costs that has weighed down small caps for weeks. Investors were not only buying bonds but were picking up the laggard stocks discounted through the yield uprising.
10-year Treasury Yield
Before we reached the TSP noon allocation transfer deadline, the DWPCPF was holding a gain of over 0.7%. The inertia of the rotation maintained the rest of the trading day, and the S-fund saw a gain of 1.37%.
Large caps also had their own morning comeback story, though a vast amount of money flowing into discounted small caps was coming from the AI-related stocks that had been viewed as the safe haven against the higher yield economy. Rotation within the S&P 500 kept its overall price muted against the gains in the S-fund. The C-fund price rose 0.33%
Three-Month Chart of the S&P 500 (C-fund)
Top Movers from the Top 20 Stocks of the S&P 500
The overall breadth of the market was 65% positive. The indices are still below their Tuesday prices but there was a promising change in market character. TSP investors witnessed the morning rebound but Thursday’s AutoTracker activity saw more members moving to the G-fund than out, a pivot to the recent trend.
**Administrative Note!
We have a quick promotion for those of you who read these Daily Market
Commentaries.
We bought several dozen of these double sided logo mugs. We are offering them on a first come, first serve basis to anyone who signs up for, or renews, a full price annual subscription* this week (5 PM ET on Friday.)
That is RevShark's TSP Timing, TSP Talk Plus, or The Last Look Report. (Intrepid Timer does not offer annual subscriptions at this time. By the way, Intrepid is having a great year!)
Important: Once you subscribe, please send an email to 
from the email address you use in your premium account (so we know it's you) with the following information so we can confirm your purchase:
Put "TSP Talk Mug" in the Subject line:
We'll need your: Premium Service username, the service you paid for, and where you want the mug shipped
We don't have too many so if we have sold out before COB Friday (5 PM ET) we will order more to fill the orders.
If we have some left over we will email our contacts next week with the offer - so don't delay! :)
If you wish to convert your monthly subscription to an annual subscription, use one of these links:
Convert RevShark | Convert TSP Talk Plus | Convert Last Look
Thanks!
* Monthly subscriptions not included
Additional TSP Fund Charts:
DWCPF (S-fund) jumped back above its 200-day EMA after ending Wednesday below the moving average:
Three-Month Chart of the DWCPF (S-fund)
The last time the DWPCF tangled with its 200-day EMA was back in the March sell-off sparked by the U.S and Isreal attacks on Iran. The price jumped between the moving average through the month but did not trend lower from there. Instead its price momentum rebounded higher heading into the summer.
DWCPF (S-fund) February through May of 2026
ACWX (I-fund) was set up to trend lower but snapped back with the rest of the market reducing its recent losses. The TSP gave the I-fund a gain of 0.12%.
ACWX (I-fund) Three-Month Chart
BND (Bonds / F-fund) opened above its 50-day EMA opening a gap in the process. As demand for bonds grew through the day the BND price settled back below its 50-day EMA though with a gain of 0.54% for the day.
BND (F-fund) Three-Month Chart
Thanks so much for reading! We'll see you back here on Monday.
Thomas Crowley
Read more in today's TSP Talk Plus Report. We post more charts, indicators and analysis, plus discuss the allocations of the TSP and ETF Systems. For more information on how to gain access and a list of the benefits of being a subscriber, please go to:
www.tsptalk.com/plus.php
