Macro Overview
U.S. equities rebounded on Wednesday, with investors cheering upbeat economic data that signaled resilience. Small-caps led the charge, significantly outperforming large-caps as the market embraced a “risk-on” sentiment. The S&P 500 (IVV) finished the day up 0.31%.
U.S. Size & Style
The small-cap outperformance was stark, with Small Cap (IJR) gaining a robust 1.67%. The move was even more pronounced in Small Value (IJS), which led the category with a 1.82% gain. Large Cap (IVV) posted a more modest 0.31% gain.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.26% | -0.19% | +0.27% | +6.74% | +10.54% | +8.05% |
| Large Cap (IVV) | +0.31% | -0.63% | +1.26% | +8.21% | +16.74% | +19.01% |
| Large Growth (IVW) | +0.32% | -0.98% | +2.07% | +9.43% | +22.13% | +28.22% |
| Mid Value (IJJ) | +0.64% | +0.10% | -2.40% | +3.41% | +3.67% | +3.63% |
| Mid Cap (IJH) | +0.68% | -0.23% | -1.51% | +3.39% | +4.92% | +4.03% |
| Mid Growth (IJK) | +0.63% | -0.42% | -0.78% | +3.22% | +5.75% | +3.98% |
| Small Value (IJS) | +1.82% | +0.78% | -1.15% | +10.20% | +3.56% | +3.86% |
| Small Cap (IJR) | +1.67% | +0.64% | -1.27% | +7.38% | +3.97% | +3.03% |
| Small Growth (IJT) | +1.64% | +0.54% | -1.42% | +4.71% | +4.39% | +2.19% |
U.S. Sectors & Industries
Sector performance was led by Consumer Discretionary (XLY), which climbed 1.22%. At the industry level, Semiconductor (XSD) was the standout performer, surging 3.07%. Laggards included Consumer Staples (XLP) (-0.07%) and Real Estate (XLRE) (-0.02%).
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Consumer Discretionary (XLY) | +1.22% | +0.47% | +1.35% | +10.31% | +8.15% | +19.79% |
| Materials (XLB) | +0.59% | -0.53% | -5.16% | -3.24% | +2.76% | -7.22% |
| Communication Services (XLC) | +0.54% | -1.21% | -2.55% | +6.05% | +18.19% | +23.21% |
| Health Care (XLV) | +0.39% | +0.98% | +0.58% | +10.43% | +7.28% | +0.27% |
| Industrials (XLI) | +0.39% | -1.20% | -0.78% | +2.00% | +17.45% | +14.28% |
| Technology (XLK) | +0.39% | -1.86% | +3.64% | +13.59% | +27.50% | +30.87% |
| Financial (XLF) | +0.34% | +0.44% | -2.08% | +2.08% | +9.95% | +14.25% |
| Energy (XLE) | +0.26% | -0.81% | -1.68% | +3.11% | +4.59% | +0.18% |
| Utilities (XLU) | +0.02% | -0.28% | -0.07% | +3.53% | +19.82% | +16.70% |
| Real Estate (XLRE) | -0.02% | +0.07% | -2.73% | -1.29% | +2.95% | -3.40% |
| Consumer Staples (XLP) | -0.07% | -0.45% | -2.68% | -4.97% | -1.55% | -3.58% |
Global Thematic
Thematic investing saw explosive gains in clean energy, with Global X Hydrogen ETF (HYDR) soaring 7.54% and Invesco Solar ETF (TAN) close behind at 6.99%. Crypto-related themes also performed well, while uranium miners like Sprott Junior Uranium Miners ETF (URNJ) lagged, falling -2.23%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Top 5 Performers | |
| Global X Hydrogen ETF (HYDR) | +7.54% |
| Invesco Solar ETF (TAN) | +6.99% |
| CoinShares Bitcoin Mining ETF (WGMI) | +6.40% |
| First Trust Nasdaq Clean Edge Green Energy Index Fund (QCLN) | +6.13% |
| State Street SPDR S&P Kensho Clean Power ETF (CNRG) | +6.02% |
| Bottom 5 Performers | |
| Sprott Junior Uranium Miners ETF (URNJ) | -2.23% |
| Sprott Uranium Miners ETF (URNM) | -1.68% |
| Roundhill Sports Betting & iGaming ETF (BETZ) | -1.56% |
| Global X Defense Tech ETF (SHLD) | -1.55% |
| Simplify Propel Opportunities ETF (SURI) | -1.50% |
Developed Markets ex-U.S.
Developed international markets posted solid gains, with Developed ex-U.S. (EFA) rising 0.64%. Canada (EWC) (+1.09%) and Hong Kong (EWH) (+1.05%) were strong, while Japan (EWJ) was a notable laggard, finishing flat at -0.04%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +0.64% | -0.35% | -0.97% | +6.47% | +26.68% | +21.02% |
| Australia (EWA) | +0.98% | -0.37% | -2.77% | +0.98% | +13.48% | +6.42% |
| Canada (EWC) | +1.09% | -0.95% | -1.91% | +7.10% | +25.55% | +23.97% |
| France (EWQ) | +0.57% | -0.90% | -2.29% | +4.90% | +25.06% | +17.76% |
| Germany (EWG) | +0.97% | 0.00% | -4.01% | -1.83% | +30.12% | +26.00% |
| Hong Kong (EWH) | +1.05% | +2.55% | +2.46% | +6.05% | +35.42% | +25.28% |
| Japan (EWJ) | -0.04% | -0.78% | +1.25% | +10.36% | +24.40% | +22.74% |
| Netherlands (EWN) | +0.76% | -0.92% | -2.28% | +13.50% | +32.70% | +26.86% |
| South Korea (EWY) | +0.90% | -0.39% | +15.23% | +32.56% | +89.86% | +61.91% |
| Switzerland (EWL) | +0.62% | +0.07% | -2.22% | +3.59% | +22.83% | +13.48% |
| U.K. (EWU) | +1.02% | -0.14% | -0.07% | +5.92% | +28.27% | +23.22% |
Emerging Markets
Emerging markets outperformed developed, as Emerging (EEM) climbed 0.90%. The rally was powered by significant gains in South Africa (EZA) (+3.19%) and Brazil (EWZ) (+2.95%).
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +0.90% | -0.33% | +1.64% | +12.86% | +33.06% | +24.78% |
| Brazil (EWZ) | +2.95% | +2.98% | +5.84% | +18.80% | +45.20% | +21.65% |
| China (MCHI) | +1.00% | +0.33% | -4.79% | +9.51% | +36.53% | +27.74% |
| India (INDA) | +0.52% | +0.61% | +3.53% | +3.61% | +3.15% | -0.10% |
| Indonesia (EIDO) | +0.98% | +1.42% | +6.37% | +5.22% | +3.02% | -9.64% |
| Malaysia (EWM) | +0.85% | +1.35% | 0.00% | +8.09% | +9.08% | +7.70% |
| Mexico (EWW) | +2.33% | +0.98% | +0.55% | +11.61% | +46.08% | +36.43% |
| South Africa (EZA) | +3.19% | -0.58% | -2.55% | +14.44% | +53.06% | +33.33% |
| Taiwan (EWT) | +0.92% | -0.93% | +2.15% | +12.07% | +27.57% | +21.90% |
| Thailand (THD) | +0.98% | -1.38% | -0.48% | +3.62% | +1.34% | -8.20% |
Fixed Income
The bond market was mixed as investors favored risk-on assets. Taxable Core (AGG) dipped -0.27%, and long-duration treasuries like Government Long (SPTL) fell -1.00%. In contrast, Convertible (CWB) securities surged 1.45%, benefiting from the equity rally.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.27% | -0.34% | +0.02% | +1.62% | +6.48% | +5.57% |
| Taxable Core Enhanced (IUSB) | -0.26% | -0.29% | +0.05% | +1.66% | +6.62% | +5.90% |
| Taxable Multisector (PYLD) | -0.07% | -0.07% | +0.45% | +2.43% | +8.24% | +9.11% |
| Taxable Ultrashort (BIL) | +0.01% | +0.04% | +0.33% | +1.04% | +3.54% | +4.27% |
| Taxable Short-Term (BSV) | -0.11% | -0.06% | +0.17% | +1.07% | +5.09% | +5.50% |
| Taxable Long Term (BLV) | -0.75% | -0.93% | -0.46% | +1.93% | +6.79% | +2.89% |
| Government Short (SPTS) | -0.10% | -0.05% | +0.16% | +0.99% | +4.16% | +4.91% |
| Government Intermediate (SPTI) | -0.31% | -0.27% | +0.08% | +1.09% | +6.60% | +6.13% |
| Government Long (SPTL) | -1.00% | -1.02% | +0.01% | +1.79% | +5.99% | +1.57% |
| Inflation Protected (TIP) | -0.37% | -0.40% | -0.10% | +1.06% | +6.78% | +5.65% |
| Corporate (SPIB) | -0.21% | -0.19% | -0.11% | +1.35% | +6.74% | +6.67% |
| Taxable High Yield (HYG) | +0.10% | -0.20% | -0.25% | +1.49% | +7.05% | +7.36% |
| Bank Loans (BKLN) | 0.00% | +0.05% | +0.43% | +1.73% | +5.29% | +6.76% |
| Preferred Stock (PFF) | +0.39% | -0.06% | -1.79% | +0.99% | +4.25% | +0.22% |
| Convertible (CWB) | +1.45% | -0.22% | +0.91% | +10.44% | +20.95% | +22.28% |
| Mortgage Backed (MBS) | -0.33% | -0.28% | +0.20% | +2.27% | +7.29% | +6.61% |
| International USD (BNDX) | -0.08% | -0.24% | +0.64% | +0.96% | +3.34% | +4.11% |
| International (IGOV) | -0.05% | -0.64% | -1.62% | -0.64% | +9.06% | +4.30% |
| Emerging USD (EMB) | -0.22% | -0.62% | +0.90% | +3.97% | +12.23% | +11.35% |
| Emerging (EMLC) | +0.44% | 0.00% | +0.15% | +2.84% | +15.49% | +11.69% |
| Municipal Short (SUB) | -0.07% | -0.09% | -0.22% | +0.11% | +2.74% | +3.13% |
| Municipal Intermediate (MUB) | -0.22% | -0.20% | +0.83% | +3.52% | +3.11% | +2.90% |
| Municipal Long (MLN) | -0.31% | -0.27% | +1.04% | +5.35% | +1.55% | +1.60% |
| Municipal High Yield (HYD) | -0.31% | -0.37% | +0.42% | +3.92% | +1.40% | +1.36% |
Commodities
Commodities were mixed, with Energy (DBE) sliding -0.93% as WTI Crude Oil (USO) fell -1.25%. Precious Metals (DBP) bucked the trend, rising 1.38% on the back of a 2.13% jump in Silver (SLV).
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +0.11% | -0.03% | +2.67% | +9.27% | +13.87% | +14.37% |
| Energy (DBE) | -0.93% | -0.45% | +2.04% | +1.17% | +2.70% | +3.79% |
| WTI Crude Oil (USO) | -1.25% | -2.11% | -0.95% | -5.32% | -5.98% | -4.95% |
| Brent Crude Oil (BNO) | -1.19% | -1.83% | -0.85% | -3.55% | -3.07% | -3.49% |
| Natural Gas (UNG) | -2.15% | +2.87% | +4.44% | +3.34% | -18.92% | +8.78% |
| Gasoline (UGA) | -0.50% | +0.76% | +6.17% | +6.24% | +4.89% | +4.51% |
| Precious Metals (DBP) | +1.38% | -0.33% | +1.91% | +18.89% | +50.82% | +43.56% |
| Gold (GLD) | +1.16% | -0.44% | +2.48% | +17.79% | +51.37% | +44.64% |
| Silver (SLV) | +2.13% | -0.82% | +0.30% | +27.07% | +65.78% | +46.72% |
| Platinum (PPLT) | +1.60% | -1.11% | -3.03% | +18.36% | +70.92% | +55.17% |
| Palladium (PALL) | +1.99% | -1.56% | +12.04% | +20.69% | +55.18% | +31.33% |
| Industrial Metals (DBB) | -0.14% | -1.64% | +3.01% | +12.45% | +14.54% | +8.51% |
| Copper (CPER) | +1.15% | -2.06% | -1.40% | +13.49% | +22.73% | +10.25% |
| Agriculture (DBA) | -0.38% | +0.68% | -0.45% | +2.43% | -0.15% | +9.08% |
| Corn (CORN) | +1.01% | +1.44% | +2.50% | +6.80% | -3.84% | +0.11% |
| Soybeans (SOYB) | +1.04% | +1.21% | +7.48% | +10.42% | +9.03% | +8.33% |
| Wheat (WEAT) | +0.46% | +3.07% | +5.30% | +2.82% | -9.34% | -15.15% |
| Sugar (CANE) | -0.41% | -1.53% | -12.91% | -15.21% | -19.88% | -28.06% |
Cryptocurrency
Digital assets saw a major rebound. Ethereum (ETHA) led the rally with a 7.41% gain, while Bitcoin (IBIT) also posted a strong 3.04% return.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Bitcoin (IBIT) | +3.04% | -5.43% | -15.60% | -8.72% | +11.07% | +49.13% |
| Multi-Coin (NCIQ) | +3.79% | -6.00% | -17.61% | -8.91% | ||
| Solana (SOLZ) | +6.09% | -13.91% | -31.36% | -4.38% | ||
| Ethereum (ETHA) | +7.41% | -11.17% | -23.88% | -3.48% | +3.12% | +41.97% |
What to Watch Today
Investors’ attention this morning turns to the 8:30 AM ET data releases, including the preliminary Productivity & Costs report and the Challenger Job Cuts figures. This data will be scrutinized for further signs of a cooling labor market, which has been a key factor in shaping the market’s expectation for the Federal Reserve’s future policy path.
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.
