Macro Overview
U.S. equities fell for a third consecutive session on Thursday as stronger-than-expected economic data fueled concerns that the Federal Reserve may have less room to cut interest rates. Reports on durable goods orders, weekly jobless claims, and a positive revision to second-quarter GDP growth pushed Treasury yields higher, weighing on stocks. The broad-based S&P 500, represented by the IVV ETF, finished the day down -0.46%, reflecting the risk-off sentiment that permeated the market.
U.S. Size & Style
The rising yield environment particularly impacted smaller companies and growth-oriented stocks. Small-caps, as tracked by IJR, fell -0.87%, underperforming their large-cap counterparts. Across styles, large-cap value (IVE) showed relative resilience with a decline of -0.38%, while large-cap growth (IVW) dropped -0.58% as higher rates tend to discount future earnings more heavily.
| Ticker | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | -0.38% | -0.33% | 1.14% | 6.37% | 8.16% | 6.58% |
| Large Cap (IVV) | -0.46% | -0.85% | 2.72% | 8.73% | 13.36% | 16.95% |
| Large Growth (IVW) | -0.58% | -1.31% | 4.00% | 10.67% | 17.81% | 25.36% |
| Mid Cap (IJH) | -0.55% | -1.42% | 0.28% | 6.31% | 4.75% | 6.30% |
| Mid Growth (IJK) | -0.61% | -1.69% | 1.00% | 6.55% | 5.01% | 5.00% |
| Mid Value (IJJ) | -0.63% | -1.06% | -0.54% | 5.81% | 4.16% | 7.33% |
| Small Growth (IJT) | -0.74% | -1.52% | 0.08% | 7.42% | 4.07% | 2.80% |
| Small Cap (IJR) | -0.87% | -1.64% | 0.32% | 9.48% | 2.88% | 4.10% |
| Small Value (IJS) | -1.00% | -1.80% | 0.52% | 11.56% | 1.60% | 5.07% |
U.S. Sectors & Industries
At the sector level, Energy (XLE) was the standout performer, gaining +0.90% as signs of economic resilience suggest steady demand. In contrast, defensive sectors like Consumer Staples (XLP) and Utilities (XLU) both fell -0.96%. The day’s biggest laggard was Health Care (XLV), which dropped a significant -1.66%, dragged down by weakness in Health Care Equipment (-2.09%) and Biotech (-1.62%) industries. Metals & Mining was a notable bright spot, rallying +1.35% against the broader market decline.
| Sector | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Energy (XLE) | +0.90% | 3.85% | 4.03% | 8.74% | 9.05% | 8.07% |
| Technology (XLK) | -0.18% | -0.20% | 6.31% | 11.63% | 20.11% | 24.75% |
| Real Estate (XLRE) | -0.24% | -0.15% | -0.82% | 1.35% | 4.31% | -4.01% |
| Financials (XLF) | -0.26% | -1.11% | 0.73% | 4.35% | 11.77% | 21.12% |
| Communication Services (XLC) | -0.34% | -1.65% | 5.34% | 11.62% | 21.95% | 33.04% |
| Industrials (XLI) | -0.68% | -0.83% | 0.15% | 5.61% | 15.94% | 14.60% |
| Consumer Staples (XLP) | -0.96% | -1.35% | -3.39% | -2.41% | 0.82% | -3.41% |
| Utilities (XLU) | -0.96% | 1.22% | 1.08% | 6.82% | 15.20% | 9.65% |
| Materials (XLB) | -1.30% | -2.86% | -3.75% | 1.63% | 5.89% | -5.84% |
| Consumer Discretionary (XLY) | -1.41% | -1.97% | 1.72% | 11.07% | 5.98% | 19.29% |
| Health Care (XLV) | -1.66% | -1.85% | -1.07% | 0.63% | -1.21% | -10.54% |
Global Thematic
Thematic ETFs saw significant divergence. On one hand, areas sensitive to risk appetite, such as Cannabis (MSOS -7.96%) and various Blockchain/Crypto themes, experienced sharp sell-offs. On the other, themes tied to hard assets rallied, with Uranium Miners (URNJ +3.79%) and Silver Miners (SIL +1.55%) posting strong gains.
| Top 5 Performers | ||
|---|---|---|
| Ticker | Name | 1-Day % Change |
| URNJ | Sprott Junior Uranium Miners ETF | +3.79% |
| URNM | Sprott Uranium Miners ETF | +3.74% |
| REMX | VanEck Rare Earth and Strategic Metals ETF | +2.86% |
| SILJ | Amplify Junior Silver Miners ETF | +2.57% |
| KARS | KraneShares Electric Vehicles & Future Mobility Index E.. | +2.29% |
| Bottom 5 Performers | ||
| Ticker | Name | 1-Day % Change |
| MSOS | AdvisorShares Pure US Cannabis ETF | -7.96% |
| CNBS | Amplify Seymour Cannabis ETF | -7.15% |
| STCE | Schwab Crypto Thematic ETF | -6.62% |
| WGMI | CoinShares Bitcoin Mining ETF | -6.31% |
| BKCH | Global X Blockchain ETF | -6.07% |
Developed Markets ex-U.S.
International developed markets broadly followed the U.S. lower, with the aggregate EFA ETF down -0.71%. European markets were particularly weak, with Germany (EWG) and Switzerland (EWL) both falling -1.19%. Australia (EWA) ended the day flat, showing relative strength compared to its global peers.
| Country | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Australia (EWA) | 0.00% | -1.56% | -1.34% | 1.69% | 12.63% | 3.34% |
| South Korea (EWY) | -0.19% | -0.20% | 9.84% | 10.39% | 56.99% | 29.14% |
| Canada (EWC) | -0.38% | -1.34% | 5.26% | 10.44% | 25.02% | 23.28% |
| Hong Kong (EWH) | -0.38% | -2.19% | -2.37% | 4.69% | 28.74% | 25.37% |
| Netherlands (EWN) | -0.44% | 0.32% | 5.91% | 5.99% | 29.87% | 17.13% |
| Japan (EWJ) | -0.48% | -0.41% | 1.78% | 11.07% | 20.88% | 16.11% |
| Dev ex-U.S. (EFA) | -0.71% | -1.16% | -0.09% | 4.98% | 23.67% | 14.74% |
| U.K. (EWU) | -0.75% | -0.77% | -1.79% | 4.48% | 23.54% | 14.61% |
| France (EWQ) | -0.83% | -1.44% | 0.21% | 2.77% | 22.70% | 11.24% |
| Germany (EWG) | -1.19% | -1.14% | -3.25% | -0.97% | 30.18% | 25.91% |
| Switzerland (EWL) | -1.19% | -2.53% | -2.02% | 0.20% | 19.42% | 6.39% |
Emerging Markets
Emerging markets showed mixed results, with the aggregate EEM ETF declining by -0.58%. China (MCHI) bucked the global trend, posting a gain of +0.28%, and Thailand (THD) was a regional outperformer, climbing +0.96%. However, weakness in Latin America was notable, as Brazil (EWZ) fell -1.51%.
| Country | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Thailand (THD) | +0.96% | -2.02% | 2.49% | 17.03% | 1.10% | -10.81% |
| China (MCHI) | +0.28% | 0.50% | 5.23% | 16.62% | 39.54% | 44.58% |
| Malaysia (EWM) | -0.24% | -1.25% | -0.90% | 6.09% | 5.20% | -3.63% |
| Mexico (EWW) | -0.44% | 0.12% | 7.24% | 10.89% | 43.91% | 28.06% |
| India (INDA) | -0.47% | -2.69% | -1.39% | -4.56% | -0.28% | -10.29% |
| South Africa (EZA) | -0.48% | -1.39% | 5.69% | 16.60% | 48.88% | 30.90% |
| Emerging (EEM) | -0.58% | -0.38% | 4.91% | 10.11% | 27.49% | 20.35% |
| Taiwan (EWT) | -0.80% | -0.50% | 6.41% | 10.03% | 21.83% | 18.38% |
| Brazil (EWZ) | -1.51% | -1.13% | 6.40% | 10.92% | 38.32% | 10.35% |
| Indonesia (EIDO) | -1.53% | -2.14% | -6.45% | 1.34% | -3.25% | -21.70% |
Fixed Income
The fixed income market felt the pressure of rising yields, with most categories posting losses. The core aggregate bond ETF (AGG) fell -0.14%. Longer-duration and more credit-sensitive assets saw larger declines, with Preferred Stock (PFF) down -0.53% and Convertibles (CWB) falling -0.44%. Ultra-short duration funds like BIL remained flat, insulated from the rate moves.
| Ticker | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.14% | -0.29% | 1.09% | 2.21% | 5.93% | 2.72% |
| Taxable Core Enhanced (IUSB) | -0.13% | -0.26% | 1.07% | 2.32% | 6.03% | 3.16% |
| Taxable Multisector (PYLD) | -0.11% | -0.19% | 1.21% | 2.90% | 7.48% | 6.92% |
| Taxable Ultrashort (BIL) | 0.00% | 0.03% | 0.36% | 1.08% | 3.10% | 4.35% |
| Taxable Short-Term (BSV) | -0.15% | -0.23% | 0.38% | 1.33% | 4.59% | 3.87% |
| Taxable Long Term (BLV) | -0.14% | -0.40% | 2.39% | 3.61% | 6.33% | -1.48% |
| Government Short (SPTS) | -0.14% | -0.14% | 0.37% | 1.11% | 3.69% | 3.66% |
| Government Intermediate (SPTI) | -0.14% | -0.28% | 0.62% | 1.59% | 6.15% | 3.05% |
| Government Long (SPTL) | -0.07% | -0.15% | 2.53% | 2.89% | 5.28% | -3.66% |
| Inflation Protected (TIP) | -0.16% | -0.31% | 0.72% | 2.36% | 6.73% | 3.53% |
| Corporate (SPIB) | -0.18% | -0.35% | 0.76% | 2.30% | 6.40% | 4.93% |
| Taxable High Yield (HYG) | -0.28% | -0.42% | 0.76% | 2.44% | 6.92% | 7.16% |
| Bank Loans (BKLN) | -0.10% | -0.07% | 0.64% | 1.87% | 4.59% | 7.28% |
| Preferred Stock (PFF) | -0.53% | -1.31% | 0.83% | 5.71% | 5.42% | 1.18% |
| Convertible (CWB) | -0.44% | -0.88% | 4.67% | 10.42% | 16.49% | 20.76% |
| Mortgage Backed (MBS) | -0.16% | -0.23% | 1.55% | 2.62% | 6.57% | 3.18% |
| International USD (BNDX) | -0.06% | -0.08% | 0.57% | 0.49% | 2.34% | 2.69% |
| International (IGOV) | -0.64% | -0.94% | 0.31% | -1.33% | 9.71% | 1.62% |
| Emerging USD (EMB) | -0.25% | 0.29% | 1.95% | 4.99% | 10.83% | 8.17% |
| Emerging (EMLC) | -0.51% | -0.82% | 1.05% | 2.87% | 14.52% | 6.82% |
| Municipal Short (SUB) | -0.09% | -0.21% | 0.11% | 1.21% | 2.92% | 3.10% |
| Municipal Intermediate (MUB) | -0.09% | -0.21% | 2.19% | 2.80% | 1.86% | 1.17% |
| Municipal Long (MLN) | -0.11% | -0.26% | 3.94% | 4.21% | -0.08% | -0.75% |
| Municipal High Yield (HYD) | -0.06% | -0.41% | 3.31% | 2.66% | 0.56% | 0.16% |
Commodities
Commodities were a major source of strength, with broad-based indexes (DJP) up +0.77%. Precious metals led the charge amidst the equity sell-off, with Silver (SLV) soaring +3.04% and Platinum (PPLT) rocketing +4.06%. Energy commodities also gained, with WTI Crude Oil (USO) rising +0.79%.
| Commodity | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Palladium (PALL) | +4.25% | 9.71% | 14.78% | 17.81% | 37.73% | 20.49% |
| Platinum (PPLT) | +4.06% | 8.90% | 14.43% | 12.77% | 68.44% | 54.23% |
| Silver (SLV) | +3.04% | 5.10% | 17.16% | 24.30% | 55.83% | 41.19% |
| Natural Gas (UNG) | +1.86% | 0.16% | 5.36% | -20.57% | -25.10% | -20.57% |
| Wheat (WEAT) | +1.20% | 0.48% | -0.24% | -6.21% | -12.24% | -19.89% |
| Precious Metals (DBP) | +0.97% | 2.28% | 12.12% | 14.22% | 42.31% | 39.30% |
| Energy (DBE) | +0.86% | 3.42% | 2.09% | 4.52% | 5.26% | 10.43% |
| WTI Crude Oil (USO) | +0.79% | 4.72% | 1.64% | 5.02% | 1.91% | 7.71% |
| Broad Commodities (DJP) | +0.77% | 1.96% | 3.88% | 3.73% | 10.19% | 9.64% |
| Brent Crude Oil (BNO) | +0.77% | 4.31% | 1.96% | 7.06% | 4.34% | 8.54% |
| Gold (GLD) | +0.42% | 1.64% | 11.27% | 12.25% | 42.38% | 40.30% |
| Industrial Metals (DBB) | +0.39% | 1.09% | 3.92% | 6.94% | 8.33% | 4.64% |
| Sugar (CANE) | +0.39% | 0.24% | -5.50% | -6.02% | -9.10% | -23.41% |
| Gasoline (UGA) | +0.21% | 2.46% | 1.42% | 8.74% | 4.00% | 9.67% |
| Soybeans (SOYB) | +0.05% | -1.32% | -2.83% | 0.44% | 0.88% | -5.91% |
| Corn (CORN) | 0.00% | -0.11% | 2.13% | 0.68% | -5.59% | -2.80% |
| Agriculture (DBA) | -0.22% | -0.48% | -2.68% | 2.91% | 0.94% | 6.16% |
| Copper (CPER) | -0.64% | 3.25% | 5.92% | -4.37% | 17.29% | 5.17% |
Cryptocurrency
The digital asset space experienced a significant sell-off, exacerbated by high volatility surrounding a major options expiry event. Bitcoin (IBIT) fell -3.60%, while Ethereum (ETHA) saw a much sharper decline of -5.98%. The risk-off tone was even more pronounced in other altcoins, with Solana (SOLZ) plunging -7.48% on the day.
| Asset | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -7.48% | -16.61% | 1.23% | 30.44% | ||
| Ethereum (ETHA) | -5.98% | -11.89% | -11.57% | 60.76% | 16.96% | 51.77% |
| Multi-Coin (NCIQ) | -4.53% | -6.73% | -3.57% | 7.80% | ||
| Bitcoin (IBIT) | -3.60% | -5.00% | -1.24% | 1.35% | 17.06% | 72.64% |
What to Watch Today
All eyes are on this morning’s release of the August Core Personal Consumption Expenditures (PCE) Price Index. As the Federal Reserve’s preferred measure of inflation, this report will be critical in shaping expectations for future monetary policy. After a week of economic data suggesting the U.S. economy remains resilient, a higher-than-expected inflation reading could dampen hopes for further rate cuts this year and potentially lead to more market volatility. Conversely, a soft number could alleviate concerns and help equities find their footing after a three-day slide.
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.
