Macro Overview
U.S. stocks fell on Thursday, with the S&P 500 (IVV) closing down -1.08%. The decline was led by a sharp sell-off in technology and high-growth consumer names, sparking a rotation into defensive sectors. Investors moved into Real Estate, Financials, and Health Care, which were the only sectors to finish the day in positive territory.
U.S. Size & Style
The risk-off sentiment was evident across market caps, with growth-oriented segments hit hardest. Large Growth (IVW) fell -1.49%, significantly outpacing the more modest -0.54% loss from Large Value (IVE). Small caps also declined, with Small Growth (IJT) and Small Value (IJS) both dropping -1.19%.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | -0.54% | -0.73% | 0.88% | 5.44% | 10.50% | 8.27% |
| Large Cap (IVV) | -1.08% | 0.40% | 2.08% | 7.49% | 17.14% | 18.76% |
| Large Growth (IVW) | -1.49% | 1.41% | 3.05% | 9.23% | 22.95% | 27.63% |
| Mid Value (IJJ) | -1.13% | -2.73% | -1.92% | 1.65% | 3.08% | 3.45% |
| Mid Cap (IJH) | -1.07% | -2.21% | -1.12% | 1.55% | 4.51% | 4.26% |
| Mid Growth (IJK) | -1.12% | -1.91% | -0.47% | 1.36% | 5.47% | 4.82% |
| Small Value (IJS) | -1.19% | -2.84% | -0.56% | 8.39% | 2.54% | 4.02% |
| Small Cap (IJR) | -1.09% | -2.92% | -1.04% | 5.81% | 3.14% | 3.58% |
| Small Growth (IJT) | -1.19% | -3.00% | -1.50% | 3.13% | 3.64% | 2.76% |
U.S. Sectors & Industries
The defensive rotation was clear, with Real Estate (XLRE) (+0.57%), Financial (XLF) (+0.27%), and Health Care (XLV) (+0.22%) as the only positive sectors. Health Care’s strength was led by Pharmaceuticals (XPH), which jumped 1.57%. On the downside, Consumer Discretionary (XLY) was the clear laggard, falling -2.26%, weighed down by a -2.79% drop in the Retail (XRT) industry.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Real Estate (XLRE) | +0.57% | -4.15% | -2.97% | -2.28% | 2.83% | -3.87% |
| Financial (XLF) | +0.27% | -1.66% | -3.04% | -0.57% | 9.18% | 12.44% |
| Health Care (XLV) | +0.22% | -1.18% | 3.69% | 8.03% | 6.28% | -0.85% |
| Consumer Staples (XLP) | -0.10% | -3.27% | -2.39% | -4.27% | -0.82% | -2.15% |
| Industrials (XLI) | -0.25% | -0.14% | 0.30% | 2.19% | 18.60% | 16.00% |
| Utilities (XLU) | -0.42% | -1.83% | 2.88% | 5.99% | 21.00% | 16.75% |
| Energy (XLE) | -0.59% | -0.66% | -2.07% | 0.64% | 4.67% | 2.69% |
| Technology (XLK) | -1.23% | 2.32% | 6.57% | 13.64% | 29.79% | 31.65% |
| Materials (XLB) | -1.34% | -3.19% | -3.85% | -2.56% | 3.90% | -7.14% |
| Communication Services (XLC) | -1.69% | -1.06% | -3.42% | 7.77% | 19.13% | 24.53% |
| Consumer Discretionary (XLY) | -2.26% | -1.65% | -2.46% | 4.91% | 4.87% | 17.89% |
Global Thematic
Thematic ETFs saw wide dispersion. Precious metal miners were a bright spot, with iShares MSCI Global Silver Miners ETF (SLVP) and Sprott Junior Uranium Miners ETF (URNJ) surging +3.35% and +3.32%, respectively. Conversely, crypto and cannabis themes were hit hard, with First Trust SkyBridge Crypto Industry & Digital Econo.. (CRPT) and AdvisorShares Pure US Cannabis ETF (MSOS) both plummeting -4.87%.
Developed Markets ex-U.S.
International developed markets were broadly negative, with Dev ex-U.S. (EFA) down -0.44%. Hong Kong (EWH) was a significant outlier, dropping -2.28%, along with South Korea (EWY) which fell -1.69%. Japan (EWJ) bucked the trend, finishing nearly flat, while Netherlands (EWN) was the lone gainer at +0.19%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | -0.44% | -0.36% | 1.42% | 7.04% | 27.41% | 22.51% |
| Australia (EWA) | -0.41% | -1.07% | -0.41% | 2.83% | 14.42% | 8.51% |
| Canada (EWC) | -0.16% | -0.33% | 0.24% | 9.25% | 26.57% | 25.38% |
| France (EWQ) | -0.94% | -1.49% | 1.16% | 4.64% | 26.66% | 19.64% |
| Germany (EWG) | -0.65% | -1.42% | -1.47% | -1.51% | 30.98% | 28.12% |
| Hong Kong (EWH) | -2.28% | 0.14% | -0.51% | 2.39% | 31.44% | 24.64% |
| Japan (EWJ) | -0.02% | 0.86% | 3.74% | 12.48% | 25.01% | 24.52% |
| Netherlands (EWN) | +0.19% | 0.97% | 2.53% | 13.95% | 35.48% | 29.40% |
| South Korea (EWY) | -1.69% | 3.49% | 18.93% | 29.29% | 87.19% | 60.47% |
| Switzerland (EWL) | -0.11% | -2.66% | 0.65% | 3.96% | 23.28% | 13.82% |
| U.K. (EWU) | -0.19% | -0.07% | 1.86% | 6.77% | 28.69% | 24.17% |
Emerging Markets
Emerging markets also declined, with the benchmark Emerging (EEM) fund losing -1.04%. China (MCHI) fell -1.69% and Mexico (EWW) was down -1.04%. India (INDA) also finished in the red, losing -0.62%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | -1.04% | 0.60% | 3.80% | 13.49% | 33.81% | 27.20% |
| Brazil (EWZ) | -0.42% | 1.87% | 0.16% | 15.51% | 40.45% | 17.29% |
| China (MCHI) | -1.69% | -0.20% | -2.23% | 11.21% | 38.73% | 33.91% |
| India (INDA) | -0.62% | -0.44% | 4.25% | 2.98% | 3.10% | -0.59% |
| Indonesia (EIDO) | -0.27% | -0.16% | 4.10% | 3.92% | 1.52% | -11.57% |
| Malaysia (EWM) | -0.12% | 0.74% | -0.15% | 8.56% | 7.74% | 8.31% |
| Mexico (EWW) | -1.04% | 2.08% | -2.17% | 10.90% | 45.11% | 36.04% |
| South Africa (EZA) | -0.59% | -1.24% | 0.42% | 19.23% | 55.40% | 38.09% |
| Taiwan (EWT) | -0.88% | 0.09% | 4.59% | 14.04% | 28.55% | 25.55% |
| Thailand (THD) | -0.52% | -0.44% | 3.18% | 6.75% | 2.86% | -3.58% |
Fixed Income
Fixed income markets were mixed as investors weighed the equity sell-off. International USD (BNDX) ticked up +0.06%, while the core Taxable Core (AGG) fund slipped -0.19%. Riskier debt fell, with Taxable High Yield (HYG) down -0.19% and Convertible (CWB) dropping -1.20%.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.19% | -0.53% | 0.67% | 3.07% | 6.91% | 6.25% |
| Taxable Core Enhanced (IUSB) | -0.21% | -0.45% | 0.70% | 3.03% | 7.02% | 6.52% |
| Taxable Multisector (PYLD) | -0.15% | -0.15% | 0.79% | 3.36% | 8.44% | 9.36% |
| Taxable Ultrashort (BIL) | 0.00% | 0.04% | 0.33% | 1.04% | 3.48% | 4.30% |
| Taxable Short-Term (BSV) | -0.06% | -0.30% | 0.35% | 1.68% | 5.11% | 5.52% |
| Taxable Long Term (BLV) | -0.64% | -1.04% | 1.28% | 5.19% | 8.18% | 5.00% |
| Government Short (SPTS) | 0.00% | -0.24% | 0.29% | 1.45% | 4.14% | 4.87% |
| Government Intermediate (SPTI) | -0.03% | -0.48% | 0.48% | 2.37% | 6.85% | 6.27% |
| Government Long (SPTL) | -0.44% | -0.87% | 1.52% | 5.21% | 7.36% | 3.56% |
| Inflation Protected (TIP) | -0.22% | -0.69% | 0.16% | 2.04% | 7.03% | 5.60% |
| Corporate (SPIB) | -0.18% | -0.44% | 0.40% | 2.32% | 7.01% | 7.08% |
| Taxable High Yield (HYG) | -0.19% | -0.35% | -0.01% | 2.05% | 7.26% | 7.88% |
| Bank Loans (BKLN) | -0.05% | 0.19% | 0.39% | 1.68% | 5.19% | 6.66% |
| Preferred Stock (PFF) | -0.67% | -1.04% | -0.45% | 2.04% | 4.65% | 1.62% |
| Convertible (CWB) | -1.20% | -0.33% | 2.32% | 9.44% | 20.38% | 21.97% |
| Mortgage Backed (MBS) | -0.09% | -0.56% | 0.72% | 3.64% | 7.54% | 7.13% |
| International USD (BNDX) | +0.06% | 0.02% | 0.88% | 1.63% | 3.47% | 4.44% |
| International (IGOV) | -0.31% | -0.45% | -0.66% | 1.83% | 10.15% | 6.08% |
| Emerging USD (EMB) | -0.11% | 0.21% | 1.78% | 5.26% | 12.72% | 11.57% |
| Emerging (EMLC) | -0.23% | -0.20% | 0.38% | 3.98% | 15.44% | 12.41% |
| Municipal Short (SUB) | 0.00% | -0.05% | -0.11% | 0.39% | 2.73% | 3.24% |
| Municipal Intermediate (MUB) | -0.04% | -0.22% | 1.09% | 4.44% | 3.20% | 3.52% |
| Municipal Long (MLN) | 0.00% | -0.28% | 1.56% | 7.78% | 1.83% | 2.72% |
| Municipal High Yield (HYD) | +0.02% | -0.08% | 0.80% | 5.42% | 1.76% | 2.27% |
Commodities
Commodities were a major bright spot, driven by a surge in precious metals and natural gas. Natural Gas (UNG) soared +5.00%. In metals, Gold (GLD) rose +1.96%, Silver (SLV) gained +2.57%, and Palladium (PALL) jumped +3.49%. Crude oil, however, slipped, with WTI Crude Oil (USO) down -0.13%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +0.67% | -0.27% | 2.48% | 6.95% | 13.18% | 13.94% |
| Energy (DBE) | +0.16% | -0.42% | -0.16% | -5.22% | 2.37% | 7.54% |
| WTI Crude Oil (USO) | -0.13% | -2.01% | -2.77% | -11.51% | -5.08% | 0.49% |
| Brent Crude Oil (BNO) | -0.29% | -1.81% | -2.66% | -9.67% | -2.34% | 1.46% |
| Natural Gas (UNG) | +5.00% | -1.16% | -1.91% | -3.97% | -23.74% | -3.10% |
| Gasoline (UGA) | -0.44% | 0.85% | 0.77% | -1.10% | 3.17% | 6.98% |
| Precious Metals (DBP) | +2.20% | -1.57% | 4.02% | 23.94% | 52.32% | 42.38% |
| Gold (GLD) | +1.96% | -1.96% | 4.12% | 22.98% | 52.86% | 43.74% |
| Silver (SLV) | +2.57% | 0.80% | 4.65% | 32.32% | 68.40% | 43.91% |
| Platinum (PPLT) | +1.12% | 0.41% | 2.79% | 23.66% | 76.83% | 58.34% |
| Palladium (PALL) | +3.49% | 1.61% | 15.95% | 22.10% | 58.50% | 25.38% |
| Industrial Metals (DBB) | -0.46% | 0.46% | 5.65% | 12.14% | 15.12% | 10.50% |
| Copper (CPER) | -1.96% | -0.06% | 5.23% | 11.79% | 25.48% | 15.39% |
| Agriculture (DBA) | -0.23% | -1.24% | -1.87% | 1.16% | -1.24% | 7.08% |
| Corn (CORN) | -0.48% | 1.22% | 2.18% | 3.36% | -5.01% | -0.11% |
| Soybeans (SOYB) | +0.75% | 3.22% | 7.04% | 7.59% | 6.94% | 7.29% |
| Wheat (WEAT) | -1.18% | 2.19% | 2.19% | -3.67% | -12.86% | -18.45% |
| Sugar (CANE) | -0.65% | -3.04% | -12.83% | -15.47% | -19.16% | -28.26% |
Cryptocurrency
Digital assets sold off sharply, underperforming all other asset classes. Bitcoin (IBIT) fell -3.75%, while Ethereum (ETHA) dropped -5.72%. Solana (SOLZ) saw the steepest losses among major assets, tumbling -7.45%.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -7.45% | -7.85% | -15.60% | -3.10% | ||
| Ethereum (ETHA) | -5.72% | -6.33% | -11.68% | -2.28% | 10.04% | 38.25% |
| Multi-Coin (NCIQ) | -4.35% | -4.29% | -8.84% | -9.37% | ||
| Bitcoin (IBIT) | -3.75% | -3.87% | -7.08% | -9.00% | 13.85% | 47.75% |
What to Watch Today
Investors would normally be laser-focused on this morning’s Core PCE Price Index reading for September but do to the on-going government shutdown it will no be released. In the absence of the official Personal Consumption Expenditures (PCE) report, investors are looking to a variety of alternative, private-sector, and market-based data sources to gauge inflation trends.
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.
