Macro Overview
U.S. equities finished a volatile session mostly higher on Wednesday, as investors digested a mixed bag of corporate earnings and commentary from Fed officials. The S&P 500 (IVV) managed to close with a gain of 0.42% after recovering from an intraday dip. Technology and bank stocks were among the market leaders, buoyed by strong earnings reports that helped to offset lingering concerns about US-China trade tensions. The Nasdaq Composite outperformed, while the Dow Jones Industrial Average finished nearly flat. The market’s choppy trading reflects ongoing uncertainty, with investors balancing solid corporate performance against macroeconomic headwinds.
U.S. Size & Style
On the domestic front, small-caps broadly outperformed their larger counterparts, indicating a potential increase in risk appetite. Small Cap Value (IJS) and Small Cap Growth (IJT) both posted strong gains of 0.85%. In the large-cap space, growth slightly edged out value, with Large Growth (IVW) advancing 0.48%. Mid-caps were more subdued, showing minimal changes on the day as investors appeared to favor the opposite ends of the size spectrum.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.41% | 1.96% | 1.69% | 5.87% | 9.53% | 5.54% |
| Large Cap (IVV) | +0.42% | 1.84% | 0.92% | 7.25% | 14.58% | 16.20% |
| Large Growth (IVW) | +0.48% | 1.78% | 0.33% | 8.39% | 18.99% | 25.06% |
| Mid Value (IJJ) | +0.07% | 3.32% | -0.47% | 4.04% | 5.01% | 5.13% |
| Mid Cap (IJH) | +0.09% | 2.99% | -0.67% | 4.53% | 5.50% | 4.38% |
| Mid Growth (IJK) | +0.02% | 2.74% | -0.81% | 4.98% | 5.71% | 3.41% |
| Small Value (IJS) | +0.85% | 4.77% | 0.76% | 10.00% | 3.46% | 4.72% |
| Small Cap (IJR) | +0.84% | 4.45% | 1.04% | 8.10% | 4.67% | 3.93% |
| Small Growth (IJT) | +0.85% | 4.20% | 1.21% | 6.34% | 5.78% | 2.82% |
U.S. Sectors & Industries
It was a day of significant divergence at the sector level. Defensive sectors led the charge, with Real Estate (XLRE) surging 1.45% and Utilities (XLU) climbing 1.31%. Technology also had a strong showing, gaining 0.99%, driven by strength in the Biotech (+3.09%) and Semiconductor (+3.03%) industries. Conversely, cyclical sectors like Industrials (XLI) and Materials (XLB) were the primary laggards, falling 0.42% and 0.45% respectively, with weakness in the Regional Banking (-2.26%) and Insurance (-2.00%) sub-sectors weighing on the Financials space.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Real Estate (XLRE) | +1.45% | 3.00% | -0.19% | 2.20% | 5.39% | -2.16% |
| Utilities (XLU) | +1.31% | 2.99% | 9.12% | 14.06% | 25.29% | 18.61% |
| Technology (XLK) | +0.99% | 2.12% | 4.15% | 10.37% | 22.84% | 25.10% |
| Communication Services (XLC) | +0.71% | 2.30% | -2.69% | 9.26% | 20.26% | 28.19% |
| Consumer Staples (XLP) | +0.18% | 1.45% | 0.48% | -0.36% | 2.72% | -1.37% |
| Health Care (XLV) | +0.15% | 0.32% | 4.59% | 8.00% | 5.00% | -5.07% |
| Consumer Discretionary (XLY) | +0.15% | 2.60% | -2.32% | 7.32% | 5.29% | 19.61% |
| Financial (XLF) | +0.00% | 2.07% | -0.49% | 3.42% | 11.29% | 15.17% |
| Energy (XLE) | -0.06% | 1.29% | -1.41% | 0.20% | 3.27% | -0.65% |
| Industrials (XLI) | -0.42% | 1.80% | 0.62% | 2.23% | 16.99% | 12.12% |
| Materials (XLB) | -0.45% | 2.14% | -1.99% | -0.01% | 6.97% | -6.09% |
Global Thematic
Thematic ETFs saw a wide dispersion in performance, with cannabis and health innovation themes soaring. The AdvisorShares Pure US Cannabis ETF (MSOS) jumped 5.88%, while the ARK Genomic Revolution ETF (ARKG) gained an impressive 5.77%. Precious metals miners also had a stellar day. On the other end of the spectrum, themes related to rare earth metals and defense technology struggled, with the VanEck Rare Earth and Strategic Metals ETF (REMX) falling 2.30%.
| Top 5 / Bottom 5 (Ticker) | 1-Day % Change |
|---|---|
| Amplify Alternative Harvest ETF (MJ) | +5.88% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | +5.88% |
| ARK Genomic Revolution ETF (ARKG) | +5.77% |
| Sprott Silver Miners & Physical Silver ETF (SLVR) | +5.46% |
| Amplify Junior Silver Miners ETF (SILJ) | +5.25% |
| SPDR S&P Kensho Future Security ETF (FITE) | -0.39% |
| First Trust RBA American Industrial Renaissance ETF (AIRR) | -0.57% |
| ARK Space Exploration & Innovation ETF (ARKX) | -0.61% |
| Amplify Digital Payments ETF (IPAY) | -0.87% |
| VanEck Rare Earth and Strategic Metals ETF (REMX) | -2.30% |
Developed Markets ex-U.S.
International developed markets were broadly positive, led by a remarkable 3.00% surge in South Korea (EWY). Japan (EWJ) also posted a strong 1.56% gain. European markets were more mixed, with Germany (EWG) being a notable laggard, down 0.34% on the day. The broad Developed ex-U.S. (EFA) index closed up 0.48%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +0.48% | 1.75% | 0.26% | 6.62% | 26.27% | 19.22% |
| Australia (EWA) | +0.71% | 1.70% | -2.47% | 3.15% | 14.42% | 5.26% |
| Canada (EWC) | +0.85% | 2.21% | 1.66% | 10.69% | 27.30% | 25.34% |
| France (EWQ) | +0.66% | 2.61% | 1.21% | 4.37% | 26.60% | 18.68% |
| Germany (EWG) | -0.34% | 0.02% | 0.27% | -0.69% | 32.67% | 27.31% |
| Hong Kong (EWH) | +0.14% | 2.08% | -4.05% | 4.98% | 29.29% | 22.88% |
| Japan (EWJ) | +1.56% | 3.74% | -0.07% | 13.39% | 22.13% | 19.40% |
| Netherlands (EWN) | +0.88% | 2.88% | 4.52% | 7.02% | 32.72% | 23.57% |
| South Korea (EWY) | +3.00% | 5.51% | 7.55% | 16.56% | 67.36% | 40.47% |
| Switzerland (EWL) | +0.55% | 0.96% | 1.94% | 4.54% | 25.58% | 13.00% |
| U.K. (EWU) | -0.10% | 0.69% | -0.17% | 6.14% | 26.49% | 19.91% |
Emerging Markets
Emerging markets put in a strong performance, with the broad Emerging (EEM) index gaining 1.64%. The rally was widespread, with Taiwan (EWT) up 2.03% and India (INDA) rising 1.86%. Latin American markets also joined the advance, as Mexico (EWW) climbed 1.59%. The only notable areas of weakness were Southeast Asian markets like Indonesia (EIDO) and Malaysia (EWM), which posted slight losses.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +1.64% | 3.66% | 2.28% | 10.60% | 29.97% | 22.32% |
| Brazil (EWZ) | +0.76% | 1.84% | -3.90% | 6.73% | 32.62% | 9.90% |
| China (MCHI) | +1.07% | 3.03% | -1.83% | 11.59% | 36.29% | 32.69% |
| India (INDA) | +1.86% | 1.88% | 0.62% | -2.03% | 2.13% | -4.99% |
| Indonesia (EIDO) | -0.06% | -0.58% | -4.18% | -2.88% | -4.37% | -18.81% |
| Malaysia (EWM) | -0.23% | 1.30% | 0.43% | 7.82% | 6.83% | 3.55% |
| Mexico (EWW) | +1.59% | 2.30% | -1.35% | 10.93% | 43.24% | 28.65% |
| South Africa (EZA) | +1.10% | 4.28% | 8.37% | 24.91% | 59.41% | 43.38% |
| Taiwan (EWT) | +2.03% | 5.47% | 3.13% | 11.53% | 25.56% | 22.94% |
| Thailand (THD) | +1.45% | 1.99% | -3.10% | 10.70% | 0.51% | -9.12% |
Fixed Income
The fixed income markets showed a clear preference for credit risk over duration risk. Riskier segments like Convertible (CWB) bonds and Taxable High Yield (HYG) posted gains of 0.55% and 0.32% respectively. In contrast, longer-duration government bonds fell, with the Government Long (SPTL) ETF declining by 0.22% as investors positioned for the possibility of continued economic strength, which could keep pressure on central banks.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.04% | 0.31% | 0.35% | 4.08% | 7.06% | 4.93% |
| Taxable Core Enhanced (IUSB) | -0.02% | 0.32% | 0.29% | 3.93% | 7.07% | 5.22% |
| Taxable Multisector (PYLD) | +0.15% | 0.37% | 0.22% | 3.72% | 8.04% | 8.09% |
| Taxable Ultrashort (BIL) | +0.01% | 0.02% | 0.32% | 1.06% | 3.31% | 4.31% |
| Taxable Short-Term (BSV) | -0.03% | 0.18% | 0.32% | 2.17% | 5.24% | 5.18% |
| Taxable Long Term (BLV) | -0.14% | 0.43% | 0.54% | 7.39% | 8.38% | 2.35% |
| Government Short (SPTS) | -0.03% | 0.07% | 0.36% | 1.76% | 4.25% | 4.76% |
| Government Intermediate (SPTI) | -0.10% | 0.14% | 0.27% | 3.20% | 7.07% | 5.30% |
| Government Long (SPTL) | -0.22% | 0.00% | 0.74% | 7.38% | 7.40% | 0.74% |
| Inflation Protected (TIP) | -0.03% | 0.12% | 0.05% | 3.13% | 7.45% | 4.99% |
| Corporate (SPIB) | -0.03% | 0.35% | 0.22% | 3.21% | 7.17% | 6.28% |
| Taxable High Yield (HYG) | +0.32% | 1.06% | -0.01% | 2.67% | 7.26% | 7.57% |
| Bank Loans (BKLN) | +0.14% | 0.34% | -0.07% | 1.04% | 4.44% | 6.07% |
| Preferred Stock (PFF) | +0.38% | 1.25% | -1.28% | 3.49% | 5.35% | 0.56% |
| Convertible (CWB) | +0.55% | 2.77% | 4.99% | 11.35% | 21.55% | 23.11% |
| Mortgage Backed (MBS) | -0.01% | 0.26% | 0.14% | 4.43% | 7.57% | 5.43% |
| International USD (BNDX) | +0.12% | 0.32% | 0.84% | 1.99% | 3.43% | 3.77% |
| International (IGOV) | +0.52% | 0.78% | -0.63% | 1.48% | 10.85% | 5.18% |
| Emerging USD (EMB) | +0.35% | 0.99% | 0.39% | 5.77% | 11.65% | 9.26% |
| Emerging (EMLC) | +0.32% | 0.67% | -0.17% | 3.11% | 15.22% | 10.22% |
| Municipal Short (SUB) | -0.07% | 0.02% | -0.23% | 0.83% | 2.97% | 3.14% |
| Municipal Intermediate (MUB) | +0.14% | 0.23% | 0.71% | 4.16% | 2.95% | 2.31% |
| Municipal Long (MLN) | +0.17% | 0.48% | 1.45% | 6.70% | 1.49% | 0.88% |
| Municipal High Yield (HYD) | +0.04% | 0.16% | 0.30% | 4.13% | 1.20% | 0.69% |
Commodities
Precious metals were the standout performers in the commodity space. Silver (SLV) surged 3.27% and Gold (GLD) rose 1.73% as investors sought safe-haven assets amidst geopolitical uncertainty. In contrast, the energy complex was little changed, with WTI Crude Oil (USO) down a marginal 0.01%. Agricultural commodities were mixed, with Corn (CORN) up 0.93% while Wheat (WEAT) slipped 0.25%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +0.61% | 1.67% | 1.52% | 3.49% | 11.74% | 13.12% |
| WTI Crude Oil (USO) | -0.01% | -0.58% | -7.06% | -8.33% | -8.68% | -5.18% |
| Brent Crude Oil (BNO) | +0.00% | -0.84% | -6.95% | -6.46% | -5.68% | -4.07% |
| Natural Gas (UNG) | -0.59% | -3.65% | -7.98% | -23.55% | -29.33% | -15.20% |
| Gold (GLD) | +1.73% | 4.95% | 14.30% | 26.30% | 59.99% | 57.53% |
| Silver (SLV) | +3.27% | 6.38% | 24.69% | 41.07% | 83.55% | 68.34% |
| Copper (CPER) | -0.36% | 1.55% | 5.89% | -10.41% | 22.18% | 12.72% |
| Agriculture (DBA) | -0.04% | 0.99% | -4.77% | 3.75% | -0.04% | 6.47% |
Cryptocurrency
The cryptocurrency market saw a pullback on Wednesday, with the major assets trading in the red. Ethereum (ETHA) was the weakest performer, falling 2.99%, while Bitcoin (IBIT) declined by a more modest 1.16%. The selling pressure was consistent across the digital asset space, reflecting a broader risk-off sentiment in the more speculative corners of the market.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Ethereum (ETHA) | -2.99% | -0.17% | -11.35% | 30.80% | 19.22% | 53.36% |
| Solana (SOLZ) | -2.10% | -5.01% | -17.92% | 15.13% | ||
| Multi-Coin (NCIQ) | -1.72% | -4.60% | -6.54% | -1.48% | ||
| Bitcoin (IBIT) | -1.16% | -4.58% | -3.56% | -4.52% | 19.08% | 65.50% |
What to Watch Today
Investors will be closely watching the release of the September Retail Sales and Producer Price Index (PPI) data this morning at 8:30 AM ET. These reports are critical indicators of consumer health and inflationary pressures within the economy. The Retail Sales data will provide insight into the strength of consumer spending, a key driver of GDP, while the PPI will offer a look at inflation from the perspective of producers, which can often be a leading indicator for consumer price inflation. Stronger-than-expected numbers could fuel concerns about persistent inflation and potentially influence the Federal Reserve’s future interest rate decisions, while weaker data might suggest a cooling economy. As of this writing, the results have not yet been released.
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.
