Macro Overview
Markets closed a volatile week on a quiet note, with the S&P 500 (IVV) eking out a +0.12% gain on Friday. Beneath the calm surface, a distinct “risk-off” rotation took hold, as investors bid up defensive sectors while taking profits in high-flying technology names.
U.S. Size & Style
The rotation was evident across size and style boxes, with smaller companies and value stocks significantly outperforming. Mid Cap (IJH) led the pack, gaining +1.20%, followed closely by Small Value (IJS) at +1.14%. Conversely, Large Growth (IVW) was the lone decliner, slipping -0.19%.
| Name (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.44% | -0.43% | 0.00% | 5.82% | 10.28% | 5.51% |
| Large Cap (IVV) | +0.12% | -1.59% | 0.29% | 6.44% | 15.61% | 14.12% |
| Large Growth (IVW) | -0.19% | -2.60% | 0.46% | 6.84% | 20.12% | 21.11% |
| Mid Value (IJJ) | +1.18% | 0.41% | -1.10% | 4.27% | 3.99% | -0.11% |
| Mid Cap (IJH) | +1.20% | 0.00% | -0.34% | 4.16% | 5.16% | 0.28% |
| Mid Growth (IJK) | +1.16% | -0.14% | 0.43% | 4.15% | 6.05% | 0.43% |
| Small Value (IJS) | +1.14% | 0.16% | 0.13% | 9.46% | 2.92% | -2.12% |
| Small Cap (IJR) | +0.86% | 0.13% | -0.25% | 7.06% | 3.44% | -2.60% |
| Small Growth (IJT) | +0.68% | 0.14% | -0.60% | 4.80% | 3.97% | -3.23% |
U.S. Sectors & Industries
The flight to safety was most apparent in sector performance, with defensive areas seeing strong inflows. Consumer Staples (XLP) took the top spot, rising +1.47%, followed by Energy (XLE) at +1.44% and Utilities (XLU) at +1.39%. On the flip side, Technology (XLK) lagged significantly, dropping -0.35%.
| Sector (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Consumer Staples (XLP) | +1.47% | 0.56% | -1.88% | -6.08% | -0.55% | -1.35% |
| Energy (XLE) | +1.44% | 1.60% | 0.06% | 7.01% | 7.12% | -0.65% |
| Utilities (XLU) | +1.39% | 0.66% | -0.54% | 4.32% | 20.96% | 18.82% |
| Real Estate (XLRE) | +1.33% | 0.90% | -0.63% | -0.02% | 3.81% | -1.16% |
| Materials (XLB) | +1.20% | 0.18% | -4.03% | -1.91% | 3.48% | -8.20% |
| Financial (XLF) | +0.71% | 0.78% | -1.84% | 3.08% | 10.33% | 9.85% |
| Industrials (XLI) | +0.48% | -1.12% | -0.60% | 2.16% | 17.55% | 10.73% |
| Consumer Discretionary (XLY) | +0.16% | -1.70% | 0.07% | 5.77% | 5.82% | 12.13% |
| Health Care (XLV) | +0.14% | 1.31% | 1.32% | 13.80% | 7.64% | -0.25% |
| Communication Services (XLC) | -0.26% | -2.35% | -3.40% | 4.88% | 16.83% | 17.32% |
| Technology (XLK) | -0.35% | -4.16% | 0.87% | 9.58% | 24.50% | 22.13% |
Global Thematic
In thematics, cannabis stocks saw massive gains on Friday fueled by renewed regulatory optimism, with U.S. Cannabis (MSOS) surging +7.42%. Conversely, crypto-linked equities faced headwinds, with Bitcoin Miners (WGMI) falling -2.58%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| AdvisorShares Pure US Cannabis ETF (MSOS) | +7.42% |
| Amplify Seymour Cannabis ETF (CNBS) | +6.47% |
| Amplify Alternative Harvest ETF (MJ) | +3.46% |
| Sprott Critical Materials ETF (SETM) | +3.41% |
| Sprott Silver Miners ETF (SLVR) | +3.04% |
| ARK Genomic Revolution ETF (ARKG) | -1.16% |
| First Trust DJ International Internet ETF (FDNI) | -1.50% |
| Global X HealthTech ETF (HEAL) | -1.69% |
| Fidelity Disruptive Medicine ETF (FMED) | -1.73% |
| CoinShares Bitcoin Mining ETF (WGMI) | -2.58% |
Developed Markets ex-U.S.
Developed international markets posted modest gains, with broad exposure via Developed Markets (EFA) rising +0.37%. Switzerland (EWL) was a standout performer, adding +0.94%.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +0.37% | -0.20% | -0.18% | 4.99% | 26.87% | 21.14% |
| Australia (EWA) | -0.08% | -1.23% | -2.58% | -0.60% | 12.50% | 3.11% |
| Canada (EWC) | +0.70% | -1.26% | -1.65% | 5.83% | 25.15% | 21.23% |
| France (EWQ) | +0.83% | -1.13% | -0.02% | 3.04% | 24.78% | 18.26% |
| Germany (EWG) | +0.22% | -0.61% | -3.78% | -4.37% | 29.32% | 25.95% |
| Hong Kong (EWH) | +0.36% | 3.44% | 4.06% | 5.79% | 36.59% | 25.94% |
| Japan (EWJ) | +0.40% | -0.19% | 1.62% | 8.71% | 25.13% | 21.86% |
| Netherlands (EWN) | -0.38% | -1.80% | -1.40% | 10.61% | 31.51% | 26.46% |
| South Korea (EWY) | -1.83% | -5.36% | 10.14% | 25.00% | 80.39% | 54.85% |
| Switzerland (EWL) | +0.94% | 0.69% | -1.43% | 3.84% | 23.59% | 14.96% |
| U.K. (EWU) | +0.59% | 0.47% | 0.99% | 5.88% | 29.05% | 24.28% |
Emerging Markets
Emerging markets lagged their developed counterparts, with Emerging Markets (EEM) dipping -0.29%. Weakness in Asia, particularly China (MCHI) and Taiwan (EWT), offset strength in Latin America, where Mexico (EWW) rallied +1.27%.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | -0.29% | -1.36% | 0.91% | 10.25% | 31.69% | 22.33% |
| Brazil (EWZ) | +0.81% | 3.63% | 8.83% | 15.15% | 46.10% | 21.71% |
| China (MCHI) | -0.56% | 0.06% | -3.34% | 9.30% | 37.07% | 25.06% |
| India (INDA) | +0.24% | -0.41% | 1.65% | 2.32% | 2.11% | -1.45% |
| Indonesia (EIDO) | +0.49% | 1.37% | 6.31% | 4.57% | 2.97% | -7.30% |
| Malaysia (EWM) | +0.85% | 1.47% | 0.92% | 7.59% | 9.20% | 8.42% |
| Mexico (EWW) | +1.27% | 1.94% | 4.27% | 10.01% | 47.48% | 32.68% |
| South Africa (EZA) | +0.85% | 0.74% | -0.85% | 13.38% | 55.09% | 35.39% |
| Taiwan (EWT) | -0.51% | -3.06% | -0.31% | 7.04% | 24.83% | 17.78% |
| Thailand (THD) | -0.46% | -0.71% | 0.25% | 3.26% | 2.03% | -5.45% |
Fixed Income
Fixed income markets were relatively calm ahead of the Veterans Day holiday. Convertibles (CWB) posted the strongest gain at +0.34%, while longer-duration treasuries eased slightly, with Government Long (SPTL) down -0.26%.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.04% | -0.01% | 0.40% | 2.08% | 6.83% | 5.95% |
| Taxable Core Enhanced (IUSB) | +0.09% | 0.14% | 0.55% | 2.21% | 7.08% | 6.33% |
| Taxable Multisector (PYLD) | -0.04% | 0.04% | 0.52% | 2.54% | 8.36% | 8.86% |
| Taxable Ultrashort (BIL) | +0.03% | 0.08% | 0.35% | 1.05% | 3.58% | 4.29% |
| Taxable Short-Term (BSV) | +0.03% | 0.16% | 0.36% | 1.29% | 5.32% | 5.66% |
| Taxable Long Term (BLV) | -0.25% | -0.46% | 0.27% | 2.88% | 7.29% | 4.09% |
| Government Short (SPTS) | +0.03% | 0.16% | 0.33% | 1.24% | 4.38% | 5.09% |
| Government Intermediate (SPTI) | +0.07% | 0.22% | 0.56% | 1.66% | 7.12% | 6.68% |
| Government Long (SPTL) | -0.26% | -0.40% | 0.72% | 3.10% | 6.66% | 3.49% |
| Inflation Protected (TIP) | +0.02% | -0.11% | 0.08% | 1.32% | 7.08% | 5.73% |
| Corporate (SPIB) | 0.00% | 0.10% | 0.22% | 1.68% | 7.06% | 6.77% |
| Taxable High Yield (HYG) | +0.09% | -0.07% | -0.04% | 1.62% | 7.18% | 6.85% |
| Bank Loans (BKLN) | 0.00% | 0.14% | 0.63% | 1.63% | 5.39% | 6.36% |
| Preferred Stock (PFF) | +0.16% | -0.09% | -1.79% | 1.51% | 4.22% | 0.35% |
| Convertible (CWB) | +0.34% | -1.30% | -0.01% | 8.87% | 19.64% | 19.21% |
| Mortgage Backed (MBS) | +0.09% | 0.20% | 0.68% | 2.90% | 7.81% | 6.88% |
| International USD (BNDX) | -0.04% | -0.24% | 0.79% | 1.02% | 3.34% | 4.17% |
| International (IGOV) | +0.07% | -0.09% | -0.17% | -0.71% | 9.66% | 5.86% |
| Emerging USD (EMB) | +0.05% | -0.24% | 1.46% | 4.15% | 12.66% | 10.93% |
| Emerging (EMLC) | +0.20% | 0.43% | 0.87% | 2.76% | 15.99% | 11.62% |
| Municipal Short (SUB) | +0.07% | 0.09% | -0.02% | 0.25% | 2.92% | 3.56% |
| Municipal Intermediate (MUB) | -0.01% | 0.01% | 0.90% | 3.84% | 3.33% | 3.83% |
| Municipal Long (MLN) | -0.17% | -0.13% | 1.13% | 5.87% | 1.70% | 2.89% |
| Municipal High Yield (HYD) | -0.08% | -0.25% | 0.56% | 4.40% | 1.52% | 2.67% |
Commodities
Commodities finished mostly higher, with Broad Commodities (DJP) adding +0.30%. Strength was driven by Precious Metals (DBP), which gained +0.60%, while Natural Gas (UNG) fell -1.55%.
| Commodity (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +0.30% | 0.08% | 1.41% | 8.74% | 13.99% | 13.85% |
| Energy (DBE) | -0.03% | 0.47% | 1.08% | 2.79% | 3.64% | 4.96% |
| WTI Crude Oil (USO) | +0.54% | -1.79% | -2.65% | -2.94% | -5.68% | -4.55% |
| Brent Crude Oil (BNO) | +0.34% | -1.52% | -2.61% | -1.29% | -2.77% | -3.00% |
| Natural Gas (UNG) | -1.55% | 5.28% | 1.23% | 3.10% | -17.01% | 10.19% |
| Gasoline (UGA) | -0.62% | 2.83% | 5.84% | 9.42% | 7.05% | 6.54% |
| Precious Metals (DBP) | +0.60% | 0.04% | 0.54% | 18.01% | 51.39% | 46.40% |
| Gold (GLD) | +0.61% | 0.05% | 0.56% | 17.63% | 52.11% | 47.53% |
| Silver (SLV) | +0.85% | -0.20% | 1.22% | 26.35% | 66.81% | 50.88% |
| Industrial Metals (DBB) | +0.42% | -1.59% | 2.22% | 10.43% | 14.59% | 8.25% |
| Agriculture (DBA) | +0.34% | -0.64% | -1.50% | -0.19% | -1.47% | 6.09% |
Cryptocurrency
Major cryptocurrencies enjoyed a strong session, with Solana (SOLZ) leading the way, rallying +5.59%. Bitcoin (IBIT) also posted solid gains, up +2.83%.
| Asset (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Bitcoin (IBIT) | +2.83% | -5.49% | -14.83% | -11.90% | 10.99% | 35.05% |
| Multi-Coin (NCIQ) | +3.69% | -6.37% | -16.65% | -12.92% | — | — |
| Ethereum (ETHA) | +4.76% | -10.80% | -22.74% | -10.64% | 3.56% | 18.83% |
| Solana (SOLZ) | +5.59% | -13.40% | -27.05% | -9.14% | — | — |
What to Watch Today
The economic calendar is relatively light for Monday, Nov. 10, as traders prepare for Veterans Day on Tuesday, when bond markets will be closed. Investors will likely focus on corporate earnings reports from companies such as Occidental Petroleum (OXY) and Live Nation (LYV) while positioning ahead of key inflation data, including the Consumer Price Index (CPI), due later in the week.
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.
For more context on the cannabis stock rally mentioned in the report, see this video: Cannabis stocks rally after Trump says he is weighing drug reclassification.
