Macro Overview
U.S. equities climbed to fresh records on Tuesday, driven by a surge in technology shares following strong earnings and M&A news. The S&P 500 (IVV) posted a modest gain of 0.25%, but this masked significant underlying divergence. A major rally in tech, fueled by strong results from companies like UPS and PayPal and a merger in the semiconductor space, was offset by a sharp plunge in REIT Alexandria Real Estate Equities (ARE) after it cut guidance. This dragged the entire Real Estate sector down and highlighted investor caution ahead of this afternoon’s key FOMC interest rate decision.
U.S. Size & Style
The market’s split personality was evident in the size and style breakdown. Large Growth (IVW) led the charge, advancing 0.78%, tapping into the strength from the tech sector. Meanwhile, smaller caps and value-oriented segments lagged significantly. Mid Value (IJJ) was the worst performer, dropping 0.97%, and Small Cap (IJR) fell 0.58%.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | -0.35% | 0.39% | 2.53% | 5.96% | 11.74% | 8.69% |
| Large Cap (IVV) | +0.25% | 1.44% | 3.83% | 8.20% | 18.36% | 19.80% |
| Large Growth (IVW) | +0.78% | 2.36% | 4.86% | 10.05% | 24.10% | 29.18% |
| Mid Value (IJJ) | -0.97% | -0.83% | -0.07% | 2.18% | 5.10% | 5.60% |
| Mid Cap (IJH) | -0.91% | -0.53% | 0.46% | 2.53% | 6.31% | 6.02% |
| Mid Growth (IJK) | -0.96% | -0.35% | 1.00% | 2.88% | 7.15% | 6.24% |
| Small Value (IJS) | -0.57% | -0.67% | 1.95% | 8.87% | 4.82% | 6.34% |
| Small Cap (IJR) | -0.58% | -0.57% | 1.67% | 7.18% | 5.64% | 5.74% |
| Small Growth (IJT) | -0.57% | -0.31% | 1.50% | 5.69% | 6.51% | 4.79% |
U.S. Sectors & Industries
The sector map showed a stark performance gap. Technology (XLK) was the standout leader, gaining 0.99%, with industry charts showing strength in Metals & Mining and Biotech as well. At the bottom, Real Estate (XLRE) plummeted 2.22% on poor earnings, followed by defensive sectors like Utilities (XLU) (-1.65%) and Consumer Staples (XLP) (-1.00%).
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Technology (XLK) | +0.99% | 2.85% | 8.29% | 14.49% | 30.47% | 31.98% |
| Materials (XLB) | +0.13% | 0.09% | 0.28% | -1.67% | 7.42% | -4.10% |
| Consumer Discretionary (XLY) | +0.02% | 1.46% | 0.60% | 6.80% | 8.18% | 20.81% |
| Communication Services (XLC) | -0.50% | 0.89% | -1.35% | 9.29% | 21.49% | 28.97% |
| Health Care (XLV) | -0.63% | -0.40% | 7.34% | 8.00% | 7.13% | -0.52% |
| Financial (XLF) | -0.64% | -0.23% | -1.62% | 0.18% | 10.77% | 13.88% |
| Industrials (XLI) | -0.71% | -0.15% | 1.38% | 0.52% | 18.59% | 15.64% |
| Consumer Staples (XLP) | -1.00% | -0.83% | 0.60% | -2.09% | 1.68% | -0.83% |
| Energy (XLE) | -1.04% | -0.81% | -5.03% | 0.02% | 4.51% | 1.20% |
| Utilities (XLU) | -1.65% | -1.38% | 3.82% | 8.50% | 21.55% | 14.51% |
| Real Estate (XLRE) | -2.22% | -2.02% | -0.21% | 0.14% | 5.12% | -2.27% |
Global Thematic
Thematic investing saw extreme divergence, dominated by a massive rally in uranium-related ETFs. The Sprott Junior Uranium Miners ETF (URNJ) soared an incredible 10.41%. In stark contrast, cannabis and crypto-related themes crumbled; the Amplify Seymour Cannabis ETF (CNBS) was the day’s worst performer, down 4.52%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Sprott Junior Uranium Miners ETF (URNJ) | +10.41% |
| Sprott Uranium Miners ETF (URNM) | +9.97% |
| Global X Uranium ETF (URA) | +8.39% |
| VanEck Uranium and Nuclear ETF (NLR) | +4.92% |
| Sprott Critical Materials ETF (SETM) | +3.13% |
| First Trust SkyBridge Crypto Industry & Digital Econo.. (CRPT) | -3.52% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -3.92% |
| Schwab Crypto Thematic ETF (STCE) | -4.07% |
| Amplify Alternative Harvest ETF (MJ) | -4.28% |
| Amplify Seymour Cannabis ETF (CNBS) | -4.52% |
Developed Markets ex-U.S.
Developed international markets were broadly flat, with the Dev ex-U.S. (EFA) benchmark slipping just 0.04%. Canada (EWC) was a bright spot, rising 1.22%, and Hong Kong (EWH) gained 1.20%. Switzerland (EWL) lagged, falling 1.35%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | -0.04% | 0.65% | 3.27% | 7.13% | 28.70% | 22.50% |
| Australia (EWA) | +0.55% | 1.25% | 3.19% | 4.96% | 17.10% | 9.68% |
| Canada (EWC) | +1.22% | 1.12% | 2.78% | 10.04% | 28.42% | 26.60% |
| France (EWQ) | -0.42% | 0.07% | 3.56% | 5.47% | 28.65% | 19.80% |
| Germany (EWG) | -0.14% | 0.31% | 1.26% | 0.12% | 33.28% | 28.40% |
| Hong Kong (EWH) | +1.20% | 2.20% | 3.65% | 3.84% | 34.14% | 25.52% |
| Japan (EWJ) | +0.48% | 1.73% | 4.34% | 13.01% | 26.09% | 26.94% |
| Netherlands (EWN) | -0.93% | 0.17% | 3.31% | 11.53% | 34.41% | 26.00% |
| South Korea (EWY) | +0.15% | 2.61% | 19.75% | 29.90% | 85.60% | 56.74% |
| Switzerland (EWL) | -1.35% | -1.66% | 3.52% | 3.71% | 24.54% | 11.79% |
| U.K. (EWU) | -0.14% | 0.33% | 3.22% | 6.98% | 29.20% | 22.55% |
Emerging Markets
Emerging markets also finished unchanged in aggregate, as Emerging (EEM) ticked down 0.04%. Country performance was mixed, with South Africa (EZA) gaining 1.60% and Mexico (EWW) rising 1.16%. China (MCHI) continued to lag, posting a 0.72% loss.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | -0.04% | 1.07% | 5.65% | 13.24% | 34.44% | 26.16% |
| Brazil (EWZ) | +0.49% | 1.44% | 0.62% | 16.59% | 39.86% | 15.33% |
| China (MCHI) | -0.72% | 0.95% | 1.24% | 10.94% | 40.32% | 32.51% |
| India (INDA) | -0.33% | 0.06% | 4.38% | 2.46% | 3.61% | -0.42% |
| Indonesia (EIDO) | -0.22% | -1.37% | 2.56% | 1.69% | 0.30% | -13.36% |
| Malaysia (EWM) | +0.19% | 1.25% | 1.09% | 8.15% | 8.28% | 8.24% |
| Mexico (EWW) | +1.16% | 2.65% | -0.06% | 11.72% | 45.91% | 34.06% |
| South Africa (EZA) | +1.60% | 0.08% | 3.05% | 20.31% | 57.48% | 38.38% |
| Taiwan (EWT) | +0.16% | 0.92% | 6.93% | 13.60% | 29.62% | 24.88% |
| Thailand (THD) | +0.29% | 0.59% | 3.16% | 9.16% | 3.93% | -3.39% |
Fixed Income
The fixed income market was mixed as investors awaited the Fed’s decision. Longer-duration government bonds caught a bid, with Government Long (SPTL) rising 0.22%. Riskier credit segments like Taxable High Yield (HYG) (-0.10%) and Convertible (CWB) (-0.25%) declined as traders moved to safety.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EMLC) | +0.27% | 0.47% | 1.16% | 3.96% | 16.21% | 12.88% |
| Government Long (SPTL) | +0.22% | 0.55% | 3.51% | 7.70% | 8.90% | 5.39% |
| Taxable Long Term (BLV) | +0.15% | 0.46% | 3.28% | 7.65% | 9.82% | 6.83% |
| International (IGOV) | +0.14% | 0.35% | 0.76% | 1.44% | 11.04% | 7.01% |
| Mortgage Backed (MBS) | +0.10% | 0.20% | 1.66% | 4.67% | 8.36% | 8.11% |
| Bank Loans (BKLN) | +0.10% | 0.29% | 0.63% | 1.73% | 5.29% | 6.76% |
| Taxable Core Enhanced (IUSB) | +0.08% | 0.17% | 1.52% | 3.90% | 7.69% | 7.16% |
| Inflation Protected (TIP) | +0.08% | 0.05% | 1.01% | 2.95% | 7.82% | 6.75% |
| Taxable Multisector (PYLD) | +0.07% | 0.26% | 1.39% | 3.86% | 8.89% | 9.85% |
| Government Intermediate (SPTI) | +0.07% | 0.03% | 1.21% | 2.97% | 7.40% | 6.74% |
| International USD (BNDX) | +0.06% | 0.24% | 1.25% | 1.86% | 3.70% | 4.15% |
| Taxable Core (AGG) | +0.06% | 0.13% | 1.53% | 4.02% | 7.62% | 6.97% |
| Taxable Short-Term (BSV) | +0.04% | 0.00% | 0.77% | 2.00% | 5.43% | 5.76% |
| Government Short (SPTS) | +0.03% | 0.00% | 0.63% | 1.73% | 4.39% | 5.08% |
| Corporate (SPIB) | +0.03% | 0.09% | 1.08% | 2.99% | 7.58% | 7.59% |
| Taxable Ultrashort (BIL) | +0.01% | 0.01% | 0.31% | 1.03% | 3.45% | 4.30% |
| Emerging USD (EMB) | 0.00% | 0.77% | 2.31% | 6.07% | 13.35% | 12.33% |
| Municipal Short (SUB) | -0.01% | -0.01% | -0.06% | 0.48% | 2.77% | 3.28% |
| Municipal High Yield (HYD) | -0.04% | 0.04% | 1.33% | 5.65% | 1.88% | 2.45% |
| Municipal Intermediate (MUB) | -0.06% | -0.05% | 1.49% | 4.62% | 3.38% | 3.64% |
| Taxable High Yield (HYG) | -0.10% | 0.15% | 0.62% | 2.41% | 7.79% | 8.25% |
| Municipal Long (MLN) | -0.14% | -0.11% | 2.14% | 8.22% | 2.00% | 2.78% |
| Preferred Stock (PFF) | -0.22% | 0.06% | 0.13% | 3.31% | 5.82% | 2.76% |
| Convertible (CWB) | -0.25% | 0.38% | 4.15% | 9.94% | 21.24% | 22.40% |
Commodities
Commodities pulled back, weighed down by a sharp drop in energy prices. Natural Gas (UNG) plunged 4.27%, and WTI Crude Oil (USO) fell 2.37%. Precious metals were a mixed bag, with Gold (GLD) down 0.72% while Silver (SLV) bucked the trend, gaining 0.71%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.77% | -1.29% | 1.61% | 3.90% | 12.03% | 13.44% |
| Energy (DBE) | -1.70% | -1.65% | -4.26% | -3.72% | 1.11% | 7.81% |
| WTI Crude Oil (USO) | -2.37% | -2.45% | -7.31% | -7.49% | -5.51% | 1.36% |
| Brent Crude Oil (BNO) | -2.09% | -2.38% | -6.91% | -6.13% | -2.90% | 2.18% |
| Natural Gas (UNG) | -4.27% | -4.86% | -1.04% | -9.73% | -26.59% | -7.50% |
| Gasoline (UGA) | -0.75% | -0.55% | -3.21% | 2.10% | 1.74% | 7.09% |
| Precious Metals (DBP) | -0.38% | -3.32% | 4.30% | 19.50% | 49.62% | 41.46% |
| Gold (GLD) | -0.72% | -3.48% | 5.09% | 19.31% | 50.49% | 43.84% |
| Silver (SLV) | +0.71% | -2.93% | 2.01% | 23.27% | 62.17% | 38.95% |
| Platinum (PPLT) | +0.28% | -1.08% | 0.59% | 15.03% | 74.21% | 52.63% |
| Palladium (PALL) | +0.36% | -1.84% | 10.33% | 13.70% | 53.11% | 14.49% |
| Industrial Metals (DBB) | 0.00% | 0.97% | 7.81% | 11.56% | 15.70% | 9.88% |
| Copper (CPER) | +0.28% | 1.27% | 8.92% | -8.05% | 27.15% | 16.54% |
| Agriculture (DBA) | -0.49% | -1.62% | -3.04% | -0.27% | -1.62% | 8.76% |
| Corn (CORN) | +0.22% | 1.67% | 1.65% | 3.33% | -4.58% | 0.56% |
| Soybeans (SOYB) | +0.93% | 2.68% | 5.11% | 5.45% | 6.38% | 7.13% |
| Wheat (WEAT) | +0.95% | 3.41% | 1.43% | -4.49% | -11.83% | -15.67% |
| Sugar (CANE) | -0.11% | -2.41% | -11.05% | -14.89% | -18.64% | -27.12% |
Cryptocurrency
Digital assets saw a broad sell-off, tracking weakness in other risk assets. Ethereum (ETHA) led the losses with a 3.65% drop, while Bitcoin (IBIT) fell 1.21%.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Ethereum (ETHA) | -3.65% | 2.96% | 0.43% | 6.25% | 20.96% | 61.00% |
| Solana (SOLZ) | -2.45% | 1.04% | -4.26% | 0.42% | ||
| Multi-Coin (NCIQ) | -1.64% | 2.75% | 2.14% | -3.61% | ||
| Bitcoin (IBIT) | -1.21% | 2.64% | 4.12% | -3.89% | 21.56% | 62.57% |
What to Watch Today
The main event for today, October 29, 2025, is the Federal Reserve’s FOMC interest rate decision at 2:00 PM ET, followed by the press conference. The market is overwhelmingly pricing in a 25 basis point rate cut, the second this year. Investors will be parsing the Fed’s statement and Chairman Powell’s comments for any changes in language regarding future policy, as stubborn inflation remains a concern. Major tech earnings are also on deck, with Alphabet, Microsoft, and Meta set to report after the bell.
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.
