Macro Overview
U.S. equities finished a strong month on a high note, with the S&P 500 (IVV) gaining 0.29% to close out the week. The primary driver was a blowout earnings report from Amazon, which sent its shares soaring and single-handedly propelled the Consumer Discretionary sector to the top of the leaderboard. This tech-led enthusiasm helped offset renewed caution after the Federal Reserve signaled that a December rate cut was not a certainty.
U.S. Size & Style
Performance was mixed across size and style on Friday. Large-caps led the way, driven by the Large Growth (IVW) segment, which climbed 0.31%. Mid-caps also posted solid gains, with Mid Growth (IJK) up 0.69%. Small-caps, however, lagged, as Small Cap (IJR) rose only 0.17%, reflecting a continued preference for larger, more established names.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.22% | -0.51% | 1.10% | 6.45% | 10.75% | 9.20% |
| Large Cap (IVV) | +0.29% | 0.69% | 2.38% | 8.25% | 17.48% | 21.49% |
| Large Growth (IVW) | +0.31% | 1.73% | 3.37% | 9.69% | 23.33% | 31.82% |
| Mid Value (IJJ) | +0.47% | -2.27% | -1.46% | 3.00% | 3.57% | 5.18% |
| Mid Cap (IJH) | +0.62% | -1.61% | -0.51% | 3.35% | 5.16% | 6.29% |
| Mid Growth (IJK) | +0.69% | -1.23% | 0.22% | 3.48% | 6.20% | 6.75% |
| Small Value (IJS) | +0.21% | -2.63% | -0.35% | 9.77% | 2.75% | 6.01% |
| Small Cap (IJR) | +0.17% | -2.76% | -0.87% | 7.22% | 3.31% | 5.48% |
| Small Growth (IJT) | +0.18% | -2.83% | -1.32% | 4.68% | 3.82% | 4.73% |
U.S. Sectors & Industries
The sector story was all about Consumer Discretionary (XLY), which surged 2.64% on the back of Amazon’s powerful earnings. This move lifted related industries, with Transportation and Retail showing strength. Energy (XLE) also had a strong day, rising 0.73%. Defensive sectors lagged, with Utilities (XLU) (-0.69%) and Materials (XLB) (-0.58%) seeing the largest declines.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Consumer Discretionary (XLY) | +2.64% | 0.96% | 0.12% | 8.55% | 7.64% | 22.89% |
| Energy (XLE) | +0.73% | 0.07% | -1.35% | 1.92% | 5.44% | 2.80% |
| Communication Services (XLC) | +0.43% | -0.64% | -3.01% | 7.26% | 19.64% | 26.17% |
| Financial (XLF) | +0.27% | -1.39% | -2.78% | 0.33% | 9.47% | 14.32% |
| Industrials (XLI) | +0.24% | 0.10% | 0.54% | 2.43% | 18.88% | 17.63% |
| Technology (XLK) | +0.10% | 2.42% | 6.68% | 14.59% | 29.91% | 36.14% |
| Real Estate (XLRE) | +0.05% | -4.10% | -2.92% | -0.48% | 2.88% | -2.11% |
| Health Care (XLV) | -0.03% | -1.22% | 3.65% | 11.10% | 6.24% | -0.04% |
| Consumer Staples (XLP) | -0.29% | -3.55% | -2.67% | -3.72% | -1.11% | -2.23% |
| Materials (XLB) | -0.58% | -3.75% | -4.41% | -1.88% | 3.30% | -6.45% |
| Utilities (XLU) | -0.69% | -2.51% | 2.17% | 4.70% | 20.16% | 14.76% |
Global Thematic
The “risk-on” sentiment was evident in thematic performance. High-growth and speculative themes dominated the top performers, with ARK Genomic Revolution ETF (ARKG) up 4.50% and AdvisorShares Pure US Cannabis ETF (MSOS) gaining 4.42%. Conversely, natural resources themes, particularly uranium and metals miners, saw significant pullbacks.
| Top 5 Performers (Ticker) | 1-Day % Change |
|---|---|
| ARK Genomic Revolution ETF (ARKG) | +4.50% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | +4.42% |
| First Trust SkyBridge Crypto Industry & Digital Economy… (CRPT) | +4.20% |
| ARK Innovation ETF (ARKK) | +3.85% |
| Spear Alpha ETF (SPRX) | +3.65% |
| Bottom 5 Performers (Ticker) | 1-Day % Change |
| Sprott Junior Uranium Miners ETF (URNJ) | -3.09% |
| Sprott Uranium Miners ETF (URNM) | -2.07% |
| Sprott Copper Miners ETF (COPP) | -2.02% |
| Global X Uranium ETF (URA) | -1.90% |
| VanEck Uranium and Nuclear ETF (NLR) | -1.75% |
Developed Markets ex-U.S.
Developed international markets were generally lower, with the broad Dev ex-U.S. (EFA) index down 0.22%. South Korea (EWY) was a notable outlier, surging 1.83%, while Netherlands (EWN) fell 1.14%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | -0.22% | -0.58% | 1.20% | 7.96% | 27.13% | 22.99% |
| Australia (EWA) | -0.45% | -1.51% | -0.85% | 2.88% | 13.90% | 9.01% |
| Canada (EWC) | +0.14% | -0.20% | 0.38% | 9.87% | 26.75% | 27.41% |
| France (EWQ) | -0.36% | -1.84% | 0.80% | 5.58% | 26.20% | 20.34% |
| Germany (EWG) | -0.66% | -2.07% | -2.11% | -1.02% | 30.12% | 28.10% |
| Hong Kong (EWH) | +0.47% | 0.61% | -0.05% | 4.06% | 32.05% | 25.64% |
| Japan (EWJ) | +0.29% | 1.15% | 4.04% | 13.35% | 25.37% | 25.52% |
| Netherlands (EWN) | -1.14% | -0.19% | 1.36% | 14.71% | 33.93% | 28.78% |
| South Korea (EWY) | +1.83% | 5.38% | 21.10% | 33.22% | 90.61% | 65.83% |
| Switzerland (EWL) | -0.43% | -3.08% | 0.22% | 5.01% | 22.74% | 14.31% |
| U.K. (EWU) | -0.19% | -0.26% | 1.67% | 7.18% | 28.45% | 25.06% |
Emerging Markets
Emerging markets were also slightly down, with the Emerging (EEM) index ticking down 0.23%. Data showing a contraction in China’s factory activity weighed on sentiment, sending China (MCHI) down 1.26%. Brazil (EWZ) bucked the trend, gaining 0.39%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | -0.23% | 0.36% | 3.56% | 13.88% | 33.50% | 27.73% |
| Brazil (EWZ) | +0.39% | 2.26% | 0.55% | 17.40% | 40.99% | 19.44% |
| China (MCHI) | -1.26% | -1.46% | -3.46% | 10.69% | 36.98% | 32.79% |
| India (INDA) | -0.55% | -0.99% | 3.67% | 2.53% | 2.53% | -0.83% |
| Indonesia (EIDO) | +0.05% | -0.11% | 4.16% | 5.85% | 1.58% | -11.15% |
| Malaysia (EWM) | -0.12% | 0.62% | -0.27% | 10.05% | 7.62% | 9.15% |
| Mexico (EWW) | -0.30% | 1.77% | -2.46% | 10.63% | 44.67% | 34.61% |
| South Africa (EZA) | -0.93% | -2.16% | -0.51% | 20.21% | 53.95% | 37.69% |
| Taiwan (EWT) | +0.17% | 0.26% | 4.76% | 14.20% | 28.77% | 26.94% |
| Thailand (THD) | -0.10% | -0.54% | 3.07% | 7.59% | 2.76% | -5.00% |
Fixed Income
The fixed income market was quiet as investors digested the Fed’s latest comments. Taxable Core (AGG) was nearly flat, down just 0.06%. The standout performer was Convertible (CWB), which rose 0.69%, benefiting from the rally in its underlying equities. Long-duration bonds were the laggards, with Taxable Long Term (BLV) falling 0.36%.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.06% | -0.59% | 0.61% | 2.96% | 6.84% | 6.20% |
| Taxable Core Enhanced (IUSB) | -0.09% | -0.53% | 0.62% | 2.92% | 6.93% | 6.52% |
| Taxable Multisector (PYLD) | -0.11% | -0.26% | 0.67% | 3.28% | 8.32% | 9.24% |
| Taxable Ultrashort (BIL) | +0.02% | 0.07% | 0.35% | 1.06% | 3.50% | 4.30% |
| Taxable Short-Term (BSV) | +0.04% | -0.27% | 0.38% | 1.73% | 5.15% | 5.61% |
| Taxable Long Term (BLV) | -0.36% | -1.40% | 0.91% | 4.65% | 7.79% | 4.81% |
| Government Short (SPTS) | +0.07% | -0.17% | 0.36% | 1.55% | 4.21% | 4.97% |
| Government Intermediate (SPTI) | +0.03% | -0.45% | 0.52% | 2.33% | 6.89% | 6.38% |
| Government Long (SPTL) | -0.26% | -1.13% | 1.26% | 4.70% | 7.09% | 3.11% |
| Inflation Protected (TIP) | +0.16% | -0.53% | 0.32% | 2.37% | 7.20% | 5.89% |
| Corporate (SPIB) | -0.06% | -0.50% | 0.34% | 2.29% | 6.95% | 7.18% |
| Taxable High Yield (HYG) | 0.00% | -0.35% | -0.01% | 1.99% | 7.26% | 8.18% |
| Bank Loans (BKLN) | +0.05% | 0.24% | 0.43% | 1.63% | 5.24% | 6.91% |
| Preferred Stock (PFF) | -0.32% | -1.36% | -0.77% | 1.45% | 4.32% | 1.45% |
| Convertible (CWB) | +0.69% | 0.36% | 3.03% | 10.15% | 21.21% | 23.79% |
| Mortgage Backed (MBS) | +0.05% | -0.51% | 0.78% | 3.77% | 7.60% | 7.30% |
| International USD (BNDX) | +0.12% | 0.14% | 1.00% | 1.67% | 3.59% | 4.50% |
| International (IGOV) | -0.35% | -0.80% | -1.01% | 1.76% | 9.76% | 5.67% |
| Emerging USD (EMB) | +0.19% | 0.39% | 1.97% | 5.44% | 12.93% | 12.44% |
| Emerging (EMLC) | +0.04% | -0.16% | 0.42% | 4.10% | 15.49% | 12.36% |
| Municipal Short (SUB) | +0.10% | 0.06% | -0.01% | 0.45% | 2.83% | 3.37% |
| Municipal Intermediate (MUB) | +0.11% | -0.11% | 1.20% | 4.31% | 3.31% | 3.63% |
| Municipal Long (MLN) | 0.00% | -0.28% | 1.56% | 7.45% | 1.83% | 2.60% |
| Municipal High Yield (HYD) | +0.02% | -0.06% | 0.82% | 5.23% | 1.78% | 2.21% |
Commodities
Commodities were broadly higher, led by a sharp 3.35% jump in Natural Gas (UNG). Crude oil (USO) also rose, gaining 1.19%. Precious metals were the weak spot, as Gold (GLD) fell 0.54% and Platinum (PPLT) dropped 2.26%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +0.63% | 0.36% | 3.13% | 8.26% | 13.90% | 15.12% |
| Energy (DBE) | +0.77% | 0.34% | 0.61% | -3.44% | 3.16% | 6.40% |
| WTI Crude Oil (USO) | +1.19% | -0.85% | -1.61% | -8.83% | -3.96% | -0.71% |
| Brent Crude Oil (BNO) | +1.09% | -0.74% | -1.60% | -7.13% | -1.27% | 0.27% |
| Natural Gas (UNG) | +3.35% | 2.16% | 1.38% | -2.50% | -21.18% | 4.25% |
| Gasoline (UGA) | +0.91% | 1.76% | 1.69% | 1.85% | 4.10% | 5.99% |
| Precious Metals (DBP) | -0.65% | -2.21% | 3.34% | 22.61% | 51.32% | 43.88% |
| Gold (GLD) | -0.54% | -2.49% | 3.56% | 21.51% | 52.03% | 45.21% |
| Silver (SLV) | -0.74% | 0.05% | 3.87% | 32.08% | 67.15% | 47.64% |
| Platinum (PPLT) | -2.26% | -1.86% | 0.46% | 21.84% | 72.84% | 57.81% |
| Palladium (PALL) | -0.54% | 1.07% | 15.33% | 21.18% | 57.65% | 27.96% |
| Industrial Metals (DBB) | +1.15% | 1.62% | 6.86% | 13.97% | 16.45% | 12.26% |
| Copper (CPER) | -0.13% | -0.19% | 5.10% | 14.86% | 25.32% | 15.24% |
| Agriculture (DBA) | +0.42% | -0.83% | -1.46% | 1.81% | -0.83% | 7.66% |
| Corn (CORN) | -0.20% | 1.02% | 1.97% | 3.07% | -5.20% | -0.51% |
| Soybeans (SOYB) | +0.74% | 3.98% | 7.83% | 9.08% | 7.73% | 7.40% |
| Wheat (WEAT) | +0.95% | 3.16% | 3.16% | -2.53% | -12.03% | -17.51% |
| Sugar (CANE) | +0.65% | -2.41% | -12.26% | -14.75% | -18.64% | -29.17% |
Cryptocurrency
Digital assets participated in the risk-on rally. Bitcoin (IBIT) gained 3.15%, but was outpaced by Ethereum (ETHA), which jumped 5.50%.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Bitcoin (IBIT) | +3.15% | -0.84% | -4.15% | -6.06% | 17.44% | 56.61% |
| Multi-Coin (NCIQ) | +3.59% | -0.85% | -5.56% | -5.92% | N/A | N/A |
| Solana (SOLZ) | +5.31% | -2.95% | -11.11% | 2.74% | N/A | N/A |
| Ethereum (ETHA) | +5.50% | -1.18% | -6.82% | 3.86% | 16.09% | 54.36% |
What to Watch Today
With the official government nonfarm payrolls report delayed due to the ongoing shutdown, all eyes will be on private-sector data for clues about the economy. The main event today is the **ISM Manufacturing PMI** for October, scheduled for release at 10:00 AM ET. The previous reading was 49.1, and the index has remained in contraction territory (below 50) for several months. A significant deviation from expectations could move markets, as investors weigh manufacturing health against the Fed’s next potential move.
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.
