Macro Overview
U.S. equity markets surged on Monday, with the S&P 500 (IVV) closing up 1.55%. The rally was driven by widespread optimism that lawmakers are nearing a deal to end the recent government shutdown. This “risk-on” sentiment snapped a multi-week losing streak for the major indices, with the tech-heavy Nasdaq leading the charge with a 2.3% gain.
U.S. Size & Style
Yesterday’s rally clearly favored growth and large-cap stocks, reflecting the market’s “risk-on” mood. Large Growth (IVW) led the way, gaining 2.29%. While all size and style segments finished in the green, smaller-cap stocks posted more modest gains, with Mid Value (IJJ) up 0.30%.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.71% | 0.71% | 3.38% | 5.78% | 11.06% | 5.61% |
| Large Cap (IVV) | +1.55% | 1.55% | 4.36% | 7.28% | 17.41% | 15.38% |
| Large Growth (IVW) | +2.29% | 2.29% | 5.10% | 8.48% | 22.87% | 23.50% |
| Mid Value (IJJ) | +0.30% | 0.30% | 2.62% | 4.44% | 4.31% | -0.34% |
| Mid Cap (IJH) | +0.65% | 0.65% | 3.32% | 4.85% | 5.84% | 0.44% |
| Mid Growth (IJK) | +0.77% | 0.77% | 3.87% | 5.05% | 6.87% | 0.69% |
| Small Value (IJS) | +1.30% | 1.30% | 5.57% | 10.39% | 4.26% | -1.31% |
| Small Cap (IJR) | +0.98% | 0.98% | 4.24% | 7.82% | 4.46% | -2.21% |
| Small Growth (IJT) | +0.60% | 0.60% | 3.02% | 5.28% | 4.59% | -3.35% |
U.S. Sectors & Industries
The sector landscape illustrated the “risk-on” rotation, as cyclical sectors that benefit from economic optimism led the way. Technology (XLK) was the day’s clear winner, surging 2.56%. Defensive sectors lagged, with Utilities (XLU) (-0.03%) and Consumer Staples (XLP) (-0.37%) finishing as the only sectors in the red.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Technology (XLK) | +2.56% | 2.56% | 6.16% | 11.28% | 27.69% | 25.39% |
| Consumer Discretionary (XLY) | +1.31% | 1.31% | 4.46% | 6.97% | 7.21% | 12.02% |
| Communication Services (XLC) | +1.04% | 1.04% | 0.43% | 5.62% | 18.05% | 19.13% |
| Materials (XLB) | +0.94% | 0.94% | -0.25% | -1.48% | 4.46% | -6.48% |
| Energy (XLE) | +0.90% | 0.90% | 6.02% | 7.29% | 8.09% | -0.41% |
| Health Care (XLV) | +0.78% | 0.78% | 3.64% | 13.67% | 8.48% | -0.19% |
| Industrials (XLI) | +0.57% | 0.57% | 2.87% | 2.66% | 18.22% | 10.18% |
| Financial (XLF) | +0.36% | 0.36% | 1.55% | 2.50% | 10.73% | 9.26% |
| Utilities (XLU) | -0.03% | -0.03% | -0.60% | 4.73% | 20.92% | 16.54% |
| Real Estate (XLRE) | -0.07% | -0.07% | 1.38% | 0.74% | 3.73% | -2.89% |
| Consumer Staples (XLP) | -0.37% | -0.37% | -2.14% | -6.69% | -0.91% | -2.89% |
Global Thematic
Thematic strategies saw significant divergence. Cannabis-related funds were the day’s biggest winners, with AdvisorShares Pure US Cannabis ETF (MSOS) soaring 11.43%. Precious metals miners also performed well. At the bottom, crypto-related themes lagged, with the CoinShares Bitcoin Mining ETF (WGMI) falling -2.74%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| AdvisorShares Pure US Cannabis ETF (MSOS) | +11.43% |
| Amplify Seymour Cannabis ETF (CNBS) | +10.53% |
| Amplify Alternative Harvest ETF (MJ) | +8.26% |
| Sprott Silver Miners & Physical Silver ETF (SLVR) | +6.76% |
| F/M Emerald Life Sciences Innovation ETF (LFSC) | +6.51% |
| VanEck Digital Transformation ETF (DAPP) | -0.50% |
| Bitwise Crypto Industry Innovators ETF (BITQ) | -0.72% |
| Global X Blockchain ETF (BKCH) | -1.39% |
| Schwab Crypto Thematic ETF (STCE) | -1.75% |
| CoinShares Bitcoin Mining ETF (WGMI) | -2.74% |
Developed Markets ex-U.S.
Developed international markets joined the global rally. South Korea (EWY) was a notable outperformer, jumping 4.22%. The broad Dev ex-U.S. (EFA) index saw a solid gain of 1.05%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +1.05% | 1.05% | 3.31% | 5.44% | 28.20% | 24.13% |
| Australia (EWA) | +1.40% | 1.40% | 1.40% | 0.68% | 14.08% | 6.69% |
| Canada (EWC) | +1.58% | 1.58% | 2.07% | 7.50% | 27.12% | 24.53% |
| France (EWQ) | +0.94% | 0.94% | 2.08% | 3.54% | 25.95% | 21.86% |
| Germany (EWG) | +1.19% | 1.19% | -1.35% | -3.26% | 30.85% | 29.71% |
| Hong Kong (EWH) | +1.35% | 1.35% | 9.29% | 7.27% | 38.43% | 30.83% |
| Japan (EWJ) | +0.47% | 0.47% | 6.79% | 7.38% | 25.72% | 23.40% |
| Netherlands (EWN) | +1.42% | 1.42% | 3.39% | 11.50% | 33.38% | 30.29% |
| South Korea (EWY) | +4.22% | 4.22% | 18.52% | 30.16% | 87.99% | 65.52% |
| Switzerland (EWL) | +1.11% | 1.11% | 0.46% | 5.15% | 24.96% | 17.81% |
| U.K. (EWU) | +1.33% | 1.33% | 4.10% | 7.18% | 30.76% | 28.11% |
Emerging Markets
Emerging markets also posted strong gains, with the broad Emerging (EEM) index rising 1.76%. South Africa (EZA) was a top performer, climbing 3.70%, while China (MCHI) also contributed with a 1.71% gain.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +1.76% | 1.76% | 6.87% | 12.28% | 34.00% | 27.64% |
| Brazil (EWZ) | +1.30% | 1.30% | 13.65% | 17.66% | 48.00% | 25.70% |
| China (MCHI) | +1.71% | 1.71% | 5.39% | 11.19% | 39.42% | 34.58% |
| India (INDA) | +0.74% | 0.74% | 2.62% | 3.89% | 2.87% | 0.34% |
| Indonesia (EIDO) | +0.11% | 0.11% | 7.16% | 4.04% | 3.08% | -6.26% |
| Malaysia (EWM) | +0.91% | 0.91% | 4.50% | 8.00% | 10.20% | 10.51% |
| Mexico (EWW) | +0.13% | 0.13% | 5.47% | 10.17% | 47.67% | 36.70% |
| South Africa (EZA) | +3.70% | 3.70% | 5.21% | 18.02% | 60.83% | 44.87% |
| Taiwan (EWT) | +1.76% | 1.76% | 6.70% | 9.06% | 27.03% | 21.27% |
| Thailand (THD) | +0.80% | 0.80% | 4.36% | 4.58% | 2.84% | -3.13% |
Fixed Income
In fixed income markets, risk-on assets performed well, with Convertible (CWB) bonds gaining 0.84% and Taxable High Yield (HYG) rising 0.34%. Core bond categories were more subdued, with the Taxable Core (AGG) index ticking down -0.04%. The U.S. bond market is closed today, November 11, in observance of Veterans Day.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Convertible (CWB) | +0.84% | 0.84% | 2.01% | 10.03% | 20.65% | 19.72% |
| Preferred Stock (PFF) | +0.55% | 0.55% | 0.71% | 1.68% | 4.79% | 0.01% |
| Taxable High Yield (HYG) | +0.34% | 0.34% | 1.33% | 1.95% | 7.54% | 7.03% |
| Emerging (EMLC) | +0.27% | 0.27% | 1.62% | 2.88% | 16.31% | 13.04% |
| Emerging USD (EMB) | +0.23% | 0.23% | 2.14% | 4.39% | 12.92% | 10.88% |
| Municipal Long (MLN) | +0.23% | 0.23% | 0.92% | 6.11% | 1.93% | 1.98% |
| Bank Loans (BKLN) | +0.14% | 0.14% | 1.40% | 1.83% | 5.54% | 6.41% |
| Municipal High Yield (HYD) | +0.10% | 0.10% | 0.57% | 4.53% | 1.62% | 1.71% |
| International (IGOV) | +0.05% | 0.05% | -0.26% | -0.38% | 9.71% | 6.18% |
| Municipal Intermediate (MUB) | +0.05% | 0.05% | 0.65% | 3.95% | 3.38% | 3.03% |
| International USD (BNDX) | +0.04% | 0.04% | 0.28% | 1.23% | 3.38% | 3.94% |
| Taxable Multisector (PYLD) | +0.04% | 0.04% | 0.71% | 2.62% | 8.40% | 8.73% |
| Taxable Ultrashort (BIL) | +0.02% | 0.02% | 0.31% | 1.04% | 3.61% | 4.25% |
| Inflation Protected (TIP) | +0.02% | 0.02% | -0.21% | 1.40% | 7.10% | 5.45% |
| Taxable Long Term (BLV) | 0.00% | 0.00% | -0.57% | 3.32% | 7.29% | 3.12% |
| Government Long (SPTL) | 0.00% | 0.00% | -0.69% | 3.49% | 6.66% | 2.36% |
| Municipal Short (SUB) | -0.01% | -0.01% | -0.03% | 0.25% | 2.92% | 3.25% |
| Corporate (SPIB) | -0.03% | -0.03% | 0.22% | 1.77% | 7.03% | 6.70% |
| Taxable Core (AGG) | -0.04% | -0.04% | 0.06% | 2.23% | 6.79% | 5.73% |
| Taxable Short-Term (BSV) | -0.05% | -0.05% | 0.20% | 1.33% | 5.26% | 5.67% |
| Government Short (SPTS) | -0.07% | -0.07% | 0.13% | 1.17% | 4.30% | 5.06% |
| Taxable Core Enhanced (IUSB) | -0.09% | -0.09% | 0.25% | 2.32% | 6.99% | 6.10% |
| Mortgage Backed (MBS) | -0.12% | -0.12% | 0.37% | 2.95% | 7.69% | 6.75% |
| Government Intermediate (SPTI) | -0.17% | -0.17% | 0.01% | 1.66% | 6.93% | 6.46% |
Commodities
Commodities were broadly higher, led by a sharp move in precious metals. Silver (SLV) surged 4.26%, while Gold (GLD) posted a strong gain of 2.73%. Energy markets also firmed up, with WTI Crude Oil (USO) rising 0.59%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +1.80% | 1.80% | 5.59% | 10.90% | 16.05% | 17.77% |
| Energy (DBE) | +0.72% | 0.72% | 6.62% | 3.77% | 4.38% | 7.53% |
| WTI Crude Oil (USO) | +0.59% | 0.59% | 3.30% | -2.21% | -5.12% | -1.98% |
| Brent Crude Oil (BNO) | +0.69% | 0.69% | 2.91% | -0.78% | -2.10% | -0.44% |
| Natural Gas (UNG) | +1.08% | 1.08% | 14.36% | 6.82% | -16.12% | 12.53% |
| Gasoline (UGA) | +1.02% | 1.02% | 11.85% | 10.12% | 8.14% | 9.43% |
| Precious Metals (DBP) | +3.09% | 3.09% | 3.00% | 21.84% | 56.07% | 52.29% |
| Gold (GLD) | +2.73% | 2.73% | 2.51% | 20.87% | 56.27% | 52.60% |
| Silver (SLV) | +4.26% | 4.26% | 0.79% | 31.28% | 73.91% | 60.78% |
| Platinum (PPLT) | +2.51% | 2.51% | -1.10% | 19.04% | 73.62% | 62.47% |
| Palladium (PALL) | +2.68% | 2.68% | 0.27% | 26.77% | 55.51% | 42.69% |
| Industrial Metals (DBB) | +0.79% | 0.79% | 4.56% | 11.13% | 15.49% | 11.88% |
| Copper (CPER) | +3.06% | 3.06% | 4.43% | 13.83% | 25.64% | 16.60% |
| Agriculture (DBA) | +1.56% | 1.56% | 1.10% | 1.53% | 0.08% | 8.77% |
| Corn (CORN) | +0.65% | 0.65% | 3.36% | 4.93% | -4.74% | -3.24% |
| Soybeans (SOYB) | +0.91% | 0.91% | 8.37% | 10.87% | 8.75% | 5.60% |
| Wheat (WEAT) | +1.67% | 1.67% | 5.45% | -0.93% | -11.62% | -16.63% |
| Sugar (CANE) | +0.59% | 0.59% | -10.52% | -15.73% | -19.56% | -28.34% |
Cryptocurrency
Digital assets participated in the “risk-on” rally, with Ethereum (ETHA) leading major assets with a 3.02% gain. Bitcoin (IBIT) also advanced, rising 2.22% as investors embraced risk assets across the board.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Bitcoin (IBIT) | +2.22% | 2.22% | -9.08% | -8.98% | 13.46% | 37.77% |
| Multi-Coin (NCIQ) | +2.48% | 2.48% | -9.75% | -10.67% | ||
| Solana (SOLZ) | +2.53% | 2.53% | -19.03% | -10.42% | ||
| Ethereum (ETHA) | +3.02% | 3.02% | -10.66% | -12.37% | 6.68% | 20.82% |
What to Watch Today
Today, Tuesday, November 11, is Veterans Day. While the U.S. equity markets (NYSE and Nasdaq) are open for trading, the U.S. bond market is closed in observance of the holiday. On the economic front, the key release is the NFIB Business Optimism Index for October. Investors will monitor this report for insights into how small businesses are navigating the recent economic and political uncertainty, especially in the wake of the government shutdown.
For a deeper dive into the data, access today’s full Daily ETF Data Pack.
This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
