Macro Overview
Wall Street kicked off the holiday-shortened Christmas week in a “jolly” mood, with major indices recording their third consecutive session of gains. The S&P 500 (IVV) climbed +0.63% on Monday, Dec. 22, driven by a rebound in technology and a surge in commodities as gold and silver touched fresh record highs. Despite geopolitical anxieties regarding tensions in the Caribbean and thin holiday liquidity, sentiment remained risk-on. Investors balanced a quiet corporate news cycle with fresh analyst optimism for mega-cap tech, specifically Microsoft (MSFT), which helped keep the benchmark index within striking distance of its all-time high.
U.S. Size & Style
Growth was the clear winner across market caps on Monday. Small Growth (IJT) led the broad style categories with a gain of +1.19%, followed closely by Mid Growth (IJK) at +1.08%. Meanwhile, the Large Cap (IVV) added +0.63%. Value stocks generally trailed their growth counterparts but remained in positive territory, with Small Value (IJS) logging a modest +0.33% advance as momentum in cyclicals remained steady.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Cap (IVV) | +0.63% | 0.63% | 4.23% | 3.01% | 18.35% | 17.42% |
| Large Value (IVE) | +0.51% | 0.51% | 3.90% | 4.49% | 13.60% | 13.11% |
| Large Growth (IVW) | +0.74% | 0.74% | 4.48% | 1.77% | 22.35% | 20.89% |
| Mid Cap (IJH) | +0.85% | 0.85% | 6.27% | 3.30% | 9.74% | 9.65% |
| Mid Value (IJJ) | +0.69% | 0.69% | 5.95% | 3.90% | 9.27% | 10.06% |
| Mid Growth (IJK) | +1.08% | 1.08% | 6.48% | 2.83% | 9.92% | 9.12% |
| Small Cap (IJR) | +0.75% | 0.75% | 7.18% | 3.60% | 8.64% | 8.07% |
| Small Value (IJS) | +0.33% | 0.33% | 7.61% | 4.82% | 8.49% | 8.24% |
| Small Growth (IJT) | +1.19% | 1.19% | 6.58% | 2.43% | 8.71% | 7.50% |
U.S. Sectors & Industries
Financials led the GICS sectors on Monday as the Financial Select Sector SPDR Fund (XLF) rose +1.22%, followed by Materials (XLB) at +1.17%. On the industry level, Aerospace & Defense was a standout performer, with the SPDR S&P Aerospace & Defense ETF (XAR) soaring +3.58%. Defensive sectors were the primary laggards, with Consumer Staples (XLP) being the only sector to finish in the red, down -0.35%.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Financial (XLF) | +1.22% | 1.22% | 7.43% | 2.80% | 16.04% | 16.10% |
| Materials (XLB) | +1.17% | 1.17% | 6.32% | 1.59% | 10.70% | 9.40% |
| Industrials (XLI) | +1.10% | 1.10% | 5.31% | 2.99% | 20.81% | 19.55% |
| Energy (XLE) | +1.03% | 1.03% | -0.28% | 1.71% | 6.68% | 9.51% |
| Real Estate (XLRE) | +0.73% | 0.73% | -0.67% | -2.51% | 2.19% | 2.98% |
| Health Care (XLV) | +0.66% | 0.66% | 0.87% | 14.15% | 14.87% | 15.02% |
| S&P 500 (SPY) | +0.62% | 0.62% | 4.22% | 3.00% | 18.22% | 17.20% |
| Consumer Discretionary (XLY) | +0.60% | 0.60% | 8.72% | 2.07% | 9.99% | 8.00% |
| Technology (XLK) | +0.54% | 0.54% | 6.43% | 2.86% | 25.63% | 23.99% |
| Communication Services (XLC) | +0.44% | 0.44% | 4.59% | -1.30% | 21.96% | 20.84% |
| Utilities (XLU) | +0.37% | 0.37% | -2.92% | 0.44% | 15.41% | 15.23% |
| Consumer Staples (XLP) | -0.35% | -0.35% | 0.78% | 0.70% | 1.78% | 0.85% |
Global Thematic
Thematic performance saw massive divergence, specifically within the “green” and “vice” categories. The Invesco Solar ETF (TAN) jumped +4.92%, while silver and gold mining themes also surged over +3%. Conversely, cannabis themes were crushed; the Amplify Seymour Cannabis ETF (CNBS) plummeted -8.99%, and the AdvisorShares Pure US Cannabis ETF (MSOS) fell -6.97%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Procure Space ETF (UFO) | +5.11% |
| Invesco Solar ETF (TAN) | +4.92% |
| iShares MSCI Global Silver Miners ETF (SLVP) | +4.79% |
| Sprott Silver Miners & Physical Silver ETF (SLVR) | +4.54% |
| VanEck Junior Gold Miners ETF (GDXJ) | +4.27% |
| Putnam BDC Income ETF (PBDC) | -0.33% |
| State Street SPDR S&P Homebuilders ETF (XHB) | -0.31% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -6.97% |
| Amplify Alternative Harvest ETF (MJ) | -7.25% |
| Amplify Seymour Cannabis ETF (CNBS) | -8.99% |
Developed Markets ex-U.S.
International developed markets saw a broadly positive session, with the iShares MSCI EAFE ETF (EFA) rising +0.25%. Australia (EWA) was a top performer among major countries, gaining +1.04%, while Japan (EWJ) was a notable laggard, slipping -0.15% on concerns regarding a potential Bank of Japan rate hike regime.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +0.25% | 0.25% | 5.17% | 4.44% | 31.10% | 31.99% |
| Australia (EWA) | +1.04% | 1.04% | 5.01% | -1.19% | 13.18% | 13.61% |
| Canada (EWC) | +0.91% | 0.91% | 8.38% | 7.42% | 36.53% | 37.79% |
| France (EWQ) | +0.11% | 0.11% | 3.43% | 3.22% | 28.79% | 29.66% |
| Germany (EWG) | +0.57% | 0.57% | 7.46% | 2.67% | 35.26% | 34.50% |
| Hong Kong (EWH) | +0.14% | 0.14% | 2.96% | 4.50% | 36.97% | 37.79% |
| Japan (EWJ) | -0.15% | -0.15% | 2.85% | 2.78% | 25.46% | 27.14% |
| Netherlands (EWN) | +0.71% | 0.71% | 5.85% | 3.20% | 34.83% | 34.10% |
| South Korea (EWY) | +0.45% | 0.45% | 5.18% | 15.05% | 84.39% | 79.29% |
| Switzerland (EWL) | +0.60% | 0.60% | 5.72% | 7.85% | 32.88% | 32.99% |
| U.K. (EWU) | +0.57% | 0.57% | 6.13% | 7.28% | 34.38% | 35.21% |
Emerging Markets
Emerging markets broadly outperformed developed peers, with the iShares MSCI Emerging Markets ETF (EEM) rising +0.54%. Thailand (THD) led the major emerging country ETFs with a gain of +1.83%, while Brazil (EWZ) lagged the group, falling -0.64% as volatility in Latin American commodity exporters spiked.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +0.54% | 0.54% | 3.18% | 2.85% | 32.26% | 30.85% |
| Brazil (EWZ) | -0.64% | -0.64% | -0.17% | 3.85% | 44.64% | 41.01% |
| China (MCHI) | +0.43% | 0.43% | 1.18% | -4.33% | 32.82% | 32.14% |
| India (INDA) | +0.07% | 0.07% | -0.04% | 1.29% | 2.94% | 1.44% |
| Indonesia (EIDO) | +0.54% | 0.54% | 2.57% | 6.27% | 4.70% | 5.26% |
| Malaysia (EWM) | +0.77% | 0.77% | 5.92% | 7.97% | 15.92% | 19.78% |
| Mexico (EWW) | +1.60% | 1.60% | 7.98% | 6.59% | 55.06% | 48.56% |
| South Africa (EZA) | +1.76% | 1.76% | 11.89% | 16.19% | 75.20% | 67.99% |
| Taiwan (EWT) | +0.55% | 0.55% | 4.91% | 1.27% | 25.26% | 24.16% |
| Thailand (THD) | +1.83% | 1.83% | 6.35% | 1.49% | 4.17% | 6.14% |
Fixed Income
The fixed income market saw mild consolidation on Monday as U.S. Treasury yields drifted higher. The iShares Core U.S. Aggregate Bond ETF (AGG) slipped -0.04%. Higher-beta fixed income like Convertible (CWB) was the day’s clear standout, jumping +0.83% on the back of the tech-led equity rally. Conversely, inflation-sensitive bonds underperformed, with Inflation Protected (TIP) falling -0.15%.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.04% | -0.04% | 0.02% | 0.94% | 7.11% | 7.04% |
| Taxable Core Enhanced (IUSB) | -0.04% | -0.04% | 0.07% | 1.06% | 7.29% | 7.29% |
| Taxable Multisector (PYLD) | +0.06% | 0.06% | 0.85% | 1.64% | 9.33% | 9.62% |
| Taxable Ultrashort (BIL) | 0.00% | 0.00% | 0.31% | 0.95% | 4.06% | 4.17% |
| Taxable Short-Term (BSV) | -0.04% | -0.04% | 0.21% | 1.03% | 5.83% | 6.09% |
| Taxable Long Term (BLV) | -0.07% | -0.07% | -0.86% | 0.00% | 6.40% | 5.72% |
| Government Short (SPTS) | 0.00% | 0.00% | 0.26% | 1.03% | 4.90% | 5.30% |
| Government Intermediate (SPTI) | -0.07% | -0.07% | -0.13% | 0.98% | 7.38% | 7.38% |
| Government Long (SPTL) | -0.08% | -0.08% | -1.33% | 0.19% | 5.28% | 4.44% |
| Inflation Protected (TIP) | -0.15% | -0.15% | -0.52% | -0.15% | 6.64% | 6.65% |
| Corporate (SPIB) | -0.03% | -0.03% | 0.32% | 0.97% | 7.72% | 7.85% |
| Taxable High Yield (HYG) | +0.09% | 0.09% | 1.02% | 0.82% | 8.33% | 8.42% |
| Bank Loans (BKLN) | +0.16% | 0.16% | 1.12% | 1.75% | 6.57% | 6.92% |
| Preferred Stock (PFF) | +0.03% | 0.03% | 3.03% | -1.07% | 5.51% | 4.81% |
| Convertible (CWB) | +0.83% | 0.83% | 5.25% | 0.79% | 18.93% | 17.31% |
| Mortgage Backed (MBS) | 0.00% | 0.00% | 0.30% | 1.53% | 8.23% | 8.26% |
| International USD (BNDX) | 0.00% | 0.00% | -0.52% | 0.25% | 2.67% | 2.50% |
| International (IGOV) | +0.41% | 0.41% | 0.88% | -1.22% | 9.65% | 8.64% |
| Emerging USD (EMB) | +0.04% | 0.04% | 0.95% | 2.84% | 13.89% | 13.55% |
| Emerging (EMLC) | +0.12% | 0.12% | 2.00% | 2.26% | 18.21% | 17.06% |
| Municipal Short (SUB) | -0.01% | -0.01% | 0.34% | 0.35% | 3.47% | 3.79% |
| Municipal Intermediate (MUB) | +0.02% | 0.02% | 0.13% | 1.31% | 3.41% | 3.75% |
| Municipal Long (MLN) | +0.06% | 0.06% | 0.87% | 1.99% | 2.18% | 3.31% |
| Municipal High Yield (HYD) | +0.11% | 0.11% | 0.70% | 1.78% | 2.62% | 4.05% |
Commodities
Commodities were the story of the day as geopolitical tensions and a falling dollar propelled precious metals to records. Platinum (PPLT) led the complex with a +6.74% surge, while Silver (SLV) and Gold (GLD) climbed +2.53% and +2.31%, respectively. Energy was mixed; while WTI Crude Oil (USO) gained +2.50%, Natural Gas (UNG) fell -2.79%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +1.32% | 1.32% | 3.01% | 8.62% | 17.48% | 19.49% |
| Energy (DBE) | +1.59% | 1.59% | -3.04% | -3.08% | -1.67% | 1.35% |
| WTI Crude Oil (USO) | +2.50% | 2.50% | 0.62% | -5.06% | -7.70% | -4.61% |
| Brent Crude Oil (BNO) | +2.40% | 2.40% | 0.28% | -4.51% | -4.51% | -2.32% |
| Natural Gas (UNG) | -2.79% | -2.79% | -19.11% | -2.47% | -29.51% | -25.33% |
| Gasoline (UGA) | +1.99% | 1.99% | -3.30% | -1.66% | 0.01% | 3.21% |
| Precious Metals (DBP) | +2.75% | 2.75% | 15.47% | 25.09% | 77.28% | 77.56% |
| Gold (GLD) | +2.31% | 2.31% | 9.07% | 18.31% | 68.60% | 68.62% |
| Silver (SLV) | +2.53% | 2.53% | 37.90% | 56.02% | 137.26% | 132.06% |
| Platinum (PPLT) | +6.74% | 6.74% | 39.03% | 47.78% | 130.91% | 125.82% |
Cryptocurrency
Digital assets were broadly flat to lower as the “risk-on” sentiment focused more on equities and metals. Bitcoin (IBIT) managed a small gain of +0.36%, while Solana (SOLZ) and Ethereum (ETHA) struggled, falling -2.08% and -0.71%, respectively.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -2.08% | -2.08% | -2.71% | -44.42% | N/A | N/A |
| Ethereum (ETHA) | -0.71% | -0.71% | 8.60% | -28.16% | -11.11% | -13.84% |
| Multi-Coin (NCIQ) | +0.16% | 0.16% | 4.14% | -24.65% | N/A | N/A |
| Bitcoin (IBIT) | +0.36% | 0.36% | 4.42% | -21.30% | -5.58% | -8.61% |
What to Watch Today
Investors are bracing for a massive dump of economic data this morning, Dec. 23, at 8:30 AM ET. The headline event is the second estimate for Q3 2025 GDP, which is expected to confirm robust economic expansion with a consensus forecast of 3.3%. Simultaneously, the Durable Goods Orders report for October will provide a fresh look at business investment, though expectations for the headline number are skewed lower (consensus -1.5%) due to transportation volatility. These reports are critical as they provide the final major macro signals before the market thins out for the Christmas holiday, potentially setting the tone for a year-end “Santa Claus” rally.
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.
