Macro Overview
U.S. markets finished a mixed session on Tuesday, as investor optimism about a potential end to the government shutdown sent value-oriented stocks soaring, while the tech sector faced headwinds. The Dow Jones Industrial Average surged 1.2% to a new record, but the tech-heavy Nasdaq fell 0.3%. The broader S&P 500 (IVV) managed a modest 0.20% gain.
U.S. Size & Style
The divergence between value and growth was clear. Large Value (IVE) led the way, rising 0.88%. In contrast, Large Growth (IVW) was the primary laggard, declining -0.33% as tech stocks faltered. Small caps, represented by Small Cap (IJR), posted a 0.40% gain.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.88% | 1.59% | 4.29% | 6.93% | 12.03% | 6.13% |
| Large Cap (IVV) | +0.20% | 1.75% | 4.57% | 7.71% | 17.64% | 15.52% |
| Large Growth (IVW) | -0.33% | 1.95% | 4.75% | 8.30% | 22.46% | 23.24% |
| Mid Value (IJJ) | +0.28% | 0.58% | 2.91% | 5.21% | 4.60% | -1.04% |
| Mid Cap (IJH) | -0.03% | 3.29% | 0.62% | 5.22% | 5.81% | -0.46% |
| Mid Growth (IJK) | -0.27% | 3.59% | 0.50% | 5.26% | 6.58% | -0.33% |
| Small Value (IJS) | +0.50% | 1.80% | 6.10% | 11.25% | 4.78% | -2.35% |
| Small Cap (IJR) | +0.40% | 4.66% | 1.39% | 8.32% | 4.88% | -3.38% |
| Small Growth (IJT) | +0.18% | 0.78% | 3.21% | 5.27% | 4.78% | -4.64% |
U.S. Sectors & Industries
The sector map was a story of two markets. Health Care was the clear winner, with the Health Care (XLV) sector jumping 2.31%, boosted by strength in Pharmaceuticals (XPH) (+3.68%) and Biotech (XBI) (+3.56%). Defensive and cyclical sectors like Consumer Staples (XLP) (+1.31%) and Energy (XLE) (+1.31%) also performed well. At the bottom, Technology (XLK) was the only sector in the red, falling -0.85% on weakness in AI-related names.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Health Care (XLV) | +2.31% | 3.11% | 6.03% | 16.18% | 10.98% | 2.72% |
| Consumer Staples (XLP) | +1.31% | 0.94% | -0.86% | -5.39% | 0.38% | -1.28% |
| Energy (XLE) | +1.31% | 2.22% | 7.40% | 9.57% | 9.50% | 0.32% |
| Real Estate (XLRE) | +1.12% | 1.04% | 2.51% | 2.46% | 4.89% | -0.95% |
| Materials (XLB) | +1.04% | 1.99% | 0.78% | -0.23% | 5.54% | -5.10% |
| Communication Services (XLC) | +0.81% | 1.86% | 1.24% | 5.93% | 19.01% | 19.42% |
| Financial (XLF) | +0.45% | 0.81% | 2.01% | 3.00% | 11.23% | 8.21% |
| Consumer Discretionary (XLY) | +0.25% | 1.56% | 4.72% | 6.96% | 7.47% | 10.07% |
| Utilities (XLU) | +0.06% | 0.02% | -0.54% | 5.12% | 20.98% | 16.28% |
| Industrials (XLI) | +0.03% | 0.59% | 2.90% | 3.02% | 18.25% | 9.36% |
| Technology (XLK) | -0.85% | 1.68% | 5.25% | 11.08% | 26.60% | 25.01% |
Global Thematic
Thematic investing saw sharp divergence. Health innovation funds led the charge, with ALPS Medical Breakthroughs ETF (SBIO) gaining 3.67%. On the flip side, cryptocurrency and blockchain-related funds plummeted, as seen in the Global X Blockchain ETF (BKCH), which lost -6.76%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| ALPS Medical Breakthroughs ETF (SBIO) | +3.67% |
| iShares Genomics Immunology and Healthcare ETF (IDNA) | +3.57% |
| Tema Oncology ETF (CANC) | +3.42% |
| F/M Emerald Life Sciences Innovation ETF (LFSC) | +3.00% |
| Global X Genomics & Biotechnology ETF (GNOM) | +2.40% |
| Schwab Crypto Thematic ETF (STCE) | -4.94% |
| Bitwise Crypto Industry Innovators ETF (BITQ) | -5.29% |
| VanEck Digital Transformation ETF (DAPP) | -5.86% |
| CoinShares Bitcoin Mining ETF (WGMI) | -6.59% |
| Global X Blockchain ETF (BKCH) | -6.76% |
Developed Markets ex-U.S.
Developed international markets posted strong gains, with the broad Dev ex-U.S. (EFA) index up 1.79%. South Korea (EWY) was a standout performer, rising 3.80%, along with Switzerland (EWL) at 3.46%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +1.79% | 0.73% | 4.07% | 6.67% | 29.15% | 25.01% |
| Australia (EWA) | +0.72% | -0.67% | 0.72% | -0.08% | 13.31% | 6.01% |
| Canada (EWC) | +0.29% | 1.88% | 2.37% | 7.95% | 27.50% | 24.36% |
| France (EWQ) | +1.18% | 2.12% | 3.28% | 5.57% | 27.43% | 23.26% |
| Germany (EWG) | +1.85% | 0.66% | -0.70% | -1.69% | 31.71% | 30.00% |
| Hong Kong (EWH) | +1.06% | 2.42% | 10.46% | 8.72% | 39.90% | 32.52% |
| Japan (EWJ) | +0.55% | 0.08% | 6.88% | 7.66% | 25.82% | 23.21% |
| Netherlands (EWN) | +0.29% | 1.71% | 3.69% | 12.14% | 33.77% | 30.90% |
| South Korea (EWY) | +3.80% | -0.40% | 18.05% | 30.48% | 87.25% | 67.21% |
| Switzerland (EWL) | +3.46% | 2.32% | 2.80% | 8.40% | 27.87% | 20.82% |
| U.K. (EWU) | +1.82% | 0.48% | 4.60% | 7.41% | 31.40% | 28.87% |
Emerging Markets
Emerging markets were relatively flat, with the Emerging (EEM) index up just 0.11%. Latin America showed strength, as Brazil (EWZ) gained 2.35%. This was offset by weakness in Asia, where China (MCHI) slipped -0.26% and Taiwan (EWT) fell -0.55%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +0.11% | 1.87% | 6.99% | 12.72% | 34.15% | 28.75% |
| Brazil (EWZ) | +2.35% | 3.68% | 16.33% | 21.17% | 51.49% | 28.66% |
| China (MCHI) | -0.26% | 1.45% | 5.11% | 11.61% | 39.05% | 34.20% |
| India (INDA) | +1.09% | 1.84% | 3.73% | 4.73% | 3.99% | 1.10% |
| Indonesia (EIDO) | -0.54% | -0.43% | 6.59% | 2.61% | 2.52% | -5.53% |
| Malaysia (EWM) | +1.17% | 2.10% | 5.72% | 8.86% | 11.49% | 13.12% |
| Mexico (EWW) | +2.11% | 2.24% | 7.69% | 12.67% | 50.78% | 41.42% |
| South Africa (EZA) | -0.14% | 3.56% | 5.07% | 18.04% | 60.62% | 48.71% |
| Taiwan (EWT) | -0.55% | 1.21% | 6.12% | 8.48% | 26.33% | 23.31% |
| Thailand (THD) | -0.44% | 0.35% | 3.90% | 4.82% | 2.39% | -1.18% |
Fixed Income
Fixed income markets posted modest gains. The benchmark Taxable Core (AGG) rose 0.30%, while Government Long (SPTL) gained 0.44%. Convertible (CWB) was the notable laggard, falling -0.73%.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | +0.30% | 0.26% | 0.36% | 2.46% | 7.11% | 6.28% |
| Taxable Core Enhanced (IUSB) | +0.26% | 0.17% | 0.50% | 2.51% | 7.26% | 6.53% |
| Taxable Multisector (PYLD) | +0.22% | 0.26% | 0.94% | 2.85% | 8.65% | 9.02% |
| Taxable Ultrashort (BIL) | -0.01% | 0.01% | 0.30% | 1.02% | 3.60% | 4.25% |
| Taxable Short-Term (BSV) | +0.14% | 0.09% | 0.34% | 1.44% | 5.41% | 5.93% |
| Taxable Long Term (BLV) | +0.54% | 0.54% | -0.04% | 3.74% | 7.87% | 3.95% |
| Government Short (SPTS) | +0.07% | 0.00% | 0.19% | 1.27% | 4.38% | 5.17% |
| Government Intermediate (SPTI) | +0.24% | 0.07% | 0.25% | 1.87% | 7.19% | 6.99% |
| Government Long (SPTL) | +0.44% | 0.44% | -0.25% | 3.83% | 7.14% | 3.27% |
| Inflation Protected (TIP) | +0.41% | 0.42% | 0.20% | 1.82% | 7.54% | 6.23% |
| Corporate (SPIB) | +0.27% | 0.24% | 0.49% | 1.98% | 7.31% | 7.15% |
| Taxable High Yield (HYG) | +0.11% | 0.45% | 1.44% | 2.06% | 7.66% | 7.27% |
| Bank Loans (BKLN) | +0.05% | 0.19% | 1.45% | 1.92% | 5.60% | 6.26% |
| Preferred Stock (PFF) | +0.00% | 0.55% | 0.71% | 1.74% | 4.79% | 0.84% |
| Convertible (CWB) | -0.73% | 0.10% | 1.26% | 9.26% | 19.76% | 17.31% |
| Mortgage Backed (MBS) | +0.38% | 0.26% | 0.75% | 3.34% | 8.10% | 7.34% |
| International USD (BNDX) | +0.14% | 0.18% | 0.42% | 1.41% | 3.53% | 4.00% |
| International (IGOV) | +0.28% | 0.33% | 0.02% | 0.19% | 10.02% | 6.72% |
| Emerging USD (EMB) | +0.23% | 0.46% | 2.38% | 4.49% | 13.18% | 11.36% |
| Emerging (EMLC) | +0.16% | 0.43% | 1.78% | 3.24% | 16.49% | 14.03% |
| Municipal Short (SUB) | +0.15% | 0.14% | 0.12% | 0.40% | 3.07% | 3.46% |
| Municipal Intermediate (MUB) | +0.25% | 0.30% | 0.90% | 4.08% | 3.64% | 3.37% |
| Municipal Long (MLN) | +0.23% | 0.45% | 1.15% | 6.20% | 2.16% | 2.38% |
| Municipal High Yield (HYD) | +0.22% | 0.31% | 0.79% | 4.63% | 1.84% | 1.87% |
Commodities
Commodities moved broadly higher, with the Broad Commodities (DJP) index up 0.97%. Energy led the gains, with Natural Gas (UNG) surging 3.26% and WTI Crude Oil (USO) rising 1.45%. Precious metals also shined, as Silver (SLV) climbed 1.44%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +0.97% | 2.79% | 6.61% | 11.97% | 17.17% | 19.88% |
| Energy (DBE) | +1.74% | 2.47% | 8.48% | 4.93% | 6.20% | 11.26% |
| WTI Crude Oil (USO) | +1.45% | 2.05% | 4.80% | -1.46% | -3.75% | 2.51% |
| Brent Crude Oil (BNO) | +1.47% | 2.16% | 4.42% | 0.17% | -0.67% | 3.77% |
| Natural Gas (UNG) | +3.26% | 4.37% | 18.09% | 11.40% | -13.38% | 5.51% |
| Gasoline (UGA) | +2.15% | 3.20% | 14.26% | 12.49% | 10.47% | 14.81% |
| Precious Metals (DBP) | +0.55% | 3.66% | 3.57% | 24.62% | 56.93% | 56.81% |
| Gold (GLD) | +0.39% | 3.14% | 2.91% | 23.11% | 56.89% | 56.88% |
| Silver (SLV) | +1.44% | 5.76% | 2.25% | 35.90% | 76.41% | 66.07% |
| Platinum (PPLT) | +0.28% | 2.80% | -0.82% | 19.52% | 74.11% | 63.89% |
| Palladium (PALL) | +1.80% | 4.53% | 2.08% | 26.27% | 58.31% | 46.34% |
| Industrial Metals (DBB) | -0.14% | 0.65% | 4.42% | 11.43% | 15.33% | 13.12% |
| Copper (CPER) | -0.85% | 2.18% | 3.53% | 13.18% | 24.56% | 17.47% |
| Agriculture (DBA) | -0.26% | 1.30% | 0.84% | -0.34% | -0.19% | 8.87% |
| Corn (CORN) | +0.72% | 1.38% | 4.10% | 5.08% | -4.05% | -1.85% |
| Soybeans (SOYB) | +0.00% | 0.91% | 8.37% | 8.30% | 8.75% | 6.47% |
Cryptocurrency
Digital assets experienced a sharp sell-off, tracking weakness in risk-on tech. Bitcoin (IBIT) fell -3.06%, while Ethereum (ETHA) dropped -3.67%. The pain was more severe in altcoins, with Solana (SOLZ) tumbling -6.77%.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -6.77% | -4.41% | -24.52% | -15.40% | ||
| Ethereum (ETHA) | -3.67% | -0.76% | -13.94% | -19.41% | 2.77% | 1.88% |
| Multi-Coin (NCIQ) | -3.42% | -1.02% | -12.84% | -15.92% | ||
| Bitcoin (IBIT) | -3.06% | -0.90% | -11.86% | -13.73% | 9.99% | 17.71% |
What to Watch Today
With the prolonged government shutdown finally set to end, markets are now focused on the impending release of backlogged economic data from September and October. Federal Reserve officials and investors have been ‘flying blind’ without key reports on inflation (CPI, PPI) and employment. The timing and results of these delayed releases will be the primary market-moving catalyst, as they are critical for shaping the Fed’s interest rate path heading into their December meeting.
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.
