Macro Overview
U.S. equities finished lower on Thursday as concerns over the health of regional banks overshadowed early optimism from the tech sector. The S&P 500 (IVV) closed down -0.64% after a volatile session. The market initially found support from strong earnings in the semiconductor space but reversed course after Zions Bancorp and Western Alliance Bancorp reported significant loan-related issues, sparking fears of broader credit market instability. This news sent financial stocks tumbling and pushed investors towards safer assets like gold.
U.S. Size & Style
The risk-off sentiment was evident across all market capitalizations, with smaller companies bearing the brunt of the sell-off. Mid-cap and small-cap value and growth styles all posted significant losses of over -1.14%. Large-caps fared better on a relative basis, though Large Value (IVE) underperformed with a -0.92% decline, weighed down by the weakness in financial stocks.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Growth (IVW) | -0.53% | 1.24% | 0.02% | 7.50% | 18.36% | 24.22% |
| Large Cap (IVV) | -0.64% | 1.19% | 0.41% | 6.18% | 13.84% | 14.94% |
| Large Value (IVE) | -0.92% | 1.02% | 0.83% | 4.53% | 8.52% | 3.74% |
| Mid Growth (IJK) | -1.14% | 1.57% | -1.56% | 3.31% | 4.50% | 1.60% |
| Small Value (IJS) | -1.15% | 3.56% | -0.18% | 8.05% | 2.27% | 1.86% |
| Mid Cap (IJH) | -1.23% | 1.72% | -1.61% | 2.77% | 4.20% | 2.18% |
| Mid Value (IJJ) | -1.31% | 1.96% | -1.64% | 2.29% | 3.63% | 2.52% |
| Small Cap (IJR) | -1.31% | 3.08% | -0.16% | 5.98% | 3.30% | 1.21% |
| Small Growth (IJT) | -1.31% | 2.83% | -0.03% | 4.21% | 4.39% | 0.23% |
U.S. Sectors & Industries
Sector performance was a tale of two markets. Technology (XLK) was the sole sector in the green, inching up +0.07%. Conversely, the Financials sector (XLF) was the worst performer by a wide margin, plummeting -2.78% due to the regional banking crisis. This divergence was stark at the industry level, with Regional Banking (KRE) cratering -6.20%, while Transportation (XTN) managed a respectable +0.84% gain.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Technology (XLK) | +0.07% | 2.20% | 4.59% | 10.11% | 22.93% | 24.81% |
| Health Care (XLV) | -0.17% | 0.15% | 4.41% | 6.50% | 4.82% | -5.50% |
| Real Estate (XLRE) | -0.31% | 2.68% | 0.09% | 0.78% | 5.07% | -3.43% |
| Industrials (XLI) | -0.66% | 1.13% | 0.26% | 1.21% | 16.23% | 10.53% |
| Consumer Staples (XLP) | -0.69% | 0.74% | -0.67% | -1.40% | 2.00% | -1.98% |
| Materials (XLB) | -0.74% | 1.38% | -2.42% | -1.02% | 6.17% | -7.51% |
| Consumer Discretionary (XLY) | -0.97% | 1.60% | -3.86% | 6.09% | 4.27% | 17.83% |
| Communication Services (XLC) | -1.07% | 1.21% | -3.33% | 7.77% | 18.97% | 26.91% |
| Utilities (XLU) | -1.09% | 1.87% | 9.94% | 12.77% | 23.92% | 15.04% |
| Energy (XLE) | -1.20% | 0.07% | -4.20% | -0.14% | 2.03% | -2.31% |
| Financial (XLF) | -2.78% | -0.77% | -3.04% | -0.15% | 8.20% | 10.60% |
Global Thematic
Thematic performance saw massive dispersion. Precious metals miners soared on the flight to safety, with Gold Miners (GDX) gaining +3.65%. In stark contrast, themes tied to cryptocurrency and speculative technology crumbled, with the CoinShares Bitcoin Mining ETF (WGMI) leading the laggards with a staggering -9.97% loss.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Top 5 Performers | |
| VanEck Gold Miners ETF (GDX) | +3.65% |
| iShares MSCI Global Silver Miners ETF (SLVP) | +3.61% |
| iShares MSCI Global Gold Miners ETF (RING) | +3.54% |
| Global X Gold Explorers ETF (GOEX) | +3.54% |
| Amplify Junior Silver Miners ETF (SILJ) | +3.18% |
| Bottom 5 Performers | |
| Fidelity Crypto Industry and Digital Payments ETF (FDIG) | -6.25% |
| Bitwise Crypto Industry Innovators ETF (BITQ) | -6.41% |
| VanEck Digital Transformation ETF (DAPP) | -6.83% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -7.22% |
| CoinShares Bitcoin Mining ETF (WGMI) | -9.97% |
Developed Markets ex-U.S.
Developed international markets showed surprising strength, with Developed ex-U.S. (EFA) rising +0.52%. The standout performer was South Korea (EWY), which surged an impressive +3.18%, while major European markets like France (EWQ) and Switzerland (EWL) also posted solid gains.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| South Korea (EWY) | +3.18% | 8.87% | 8.91% | 20.25% | 72.69% | 43.17% |
| France (EWQ) | +1.64% | 4.30% | 3.04% | 5.64% | 28.68% | 19.95% |
| Switzerland (EWL) | +1.47% | 2.44% | 3.59% | 5.35% | 27.42% | 14.72% |
| Dev ex-U.S. (EFA) | +0.52% | 2.28% | 1.06% | 6.74% | 26.93% | 19.54% |
| Netherlands (EWN) | +0.38% | 3.27% | 4.99% | 9.39% | 33.22% | 25.23% |
| Japan (EWJ) | +0.32% | 4.07% | 0.25% | 13.23% | 22.52% | 19.06% |
| Australia (EWA) | +0.30% | 2.00% | -1.50% | 2.98% | 14.76% | 5.22% |
| Germany (EWG) | +0.14% | 0.17% | 1.07% | -1.40% | 32.86% | 27.80% |
| U.K. (EWU) | -0.07% | 0.62% | 0.24% | 5.37% | 26.40% | 18.85% |
| Hong Kong (EWH) | -0.47% | 1.60% | -3.45% | 4.17% | 28.68% | 21.01% |
| Canada (EWC) | -0.67% | 1.52% | 1.08% | 8.93% | 26.45% | 23.34% |
Emerging Markets
Emerging markets also performed well, with the broad Emerging (EEM) ETF up +0.65%. The rally was led by South Africa (EZA) which gained +1.97% and Mexico (EWW) which was up +1.79%. In contrast, Brazil (EWZ) posted a modest loss of -0.27%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| South Africa (EZA) | +1.97% | 6.33% | 10.38% | 26.02% | 62.55% | 44.32% |
| Mexico (EWW) | +1.79% | 4.13% | 0.37% | 12.18% | 45.80% | 32.06% |
| Indonesia (EIDO) | +0.87% | 0.29% | -2.75% | -1.92% | -3.53% | -18.44% |
| Emerging (EEM) | +0.65% | 4.33% | 2.19% | 10.80% | 30.82% | 22.17% |
| Thailand (THD) | +0.64% | 2.65% | -3.16% | 11.00% | 1.15% | -10.10% |
| India (INDA) | +0.57% | 2.45% | 0.36% | -2.18% | 2.71% | -4.54% |
| Taiwan (EWT) | +0.28% | 5.76% | 2.92% | 10.50% | 25.91% | 21.83% |
| China (MCHI) | +0.24% | 3.27% | -2.25% | 12.19% | 36.61% | 31.24% |
| Brazil (EWZ) | -0.27% | 1.56% | -4.72% | 6.06% | 32.26% | 9.41% |
| Malaysia (EWM) | -0.31% | 0.99% | 0.16% | 7.89% | 6.49% | 3.55% |
Fixed Income
Fixed income markets were mostly positive as investors sought refuge from the equity market turmoil. Longer-duration government bonds saw the strongest gains, with Government Long (SPTL) up +0.73%. However, riskier segments of the bond market felt the pressure, with Taxable High Yield (HYG) falling -0.36% and Convertible (CWB) securities dropping -1.05%.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | +0.36% | 0.67% | 0.67% | 4.30% | 7.44% | 5.17% |
| Taxable Core Enhanced (IUSB) | +0.30% | 0.62% | 0.64% | 4.09% | 7.39% | 5.39% |
| Taxable Multisector (PYLD) | +0.15% | 0.52% | 0.37% | 3.67% | 8.20% | 8.17% |
| Taxable Ultrashort (BIL) | +0.01% | 0.03% | 0.32% | 1.04% | 3.32% | 4.33% |
| Taxable Short-Term (BSV) | +0.20% | 0.38% | 0.47% | 2.19% | 5.45% | 5.32% |
| Taxable Long Term (BLV) | +0.61% | 1.05% | 1.09% | 7.99% | 9.05% | 2.57% |
| Government Short (SPTS) | +0.14% | 0.20% | 0.46% | 1.73% | 4.39% | 4.86% |
| Government Intermediate (SPTI) | +0.41% | 0.55% | 0.62% | 3.37% | 7.52% | 5.59% |
| Government Long (SPTL) | +0.73% | 0.73% | 1.33% | 7.96% | 8.19% | 1.19% |
| Inflation Protected (TIP) | +0.23% | 0.35% | 0.20% | 3.03% | 7.70% | 5.22% |
| Corporate (SPIB) | +0.21% | 0.56% | 0.40% | 3.24% | 7.39% | 6.34% |
| Taxable High Yield (HYG) | -0.36% | 0.70% | -0.30% | 2.03% | 6.88% | 7.00% |
| Bank Loans (BKLN) | -0.19% | 0.14% | -0.31% | 0.75% | 4.24% | 5.91% |
| Preferred Stock (PFF) | -0.60% | 0.64% | -1.90% | 2.50% | 4.72% | -0.20% |
| Convertible (CWB) | -1.05% | 1.69% | 3.85% | 9.69% | 20.28% | 21.55% |
| Mortgage Backed (MBS) | +0.38% | 0.64% | 0.56% | 4.64% | 7.98% | 5.75% |
| International USD (BNDX) | +0.22% | 0.54% | 1.04% | 1.96% | 3.65% | 3.78% |
| International (IGOV) | +0.47% | 1.25% | -0.70% | 1.45% | 11.37% | 5.73% |
| Emerging USD (EMB) | +0.15% | 1.14% | 0.60% | 5.85% | 11.81% | 9.15% |
| Emerging (EMLC) | +0.31% | 0.99% | -0.21% | 3.07% | 15.58% | 10.75% |
| Municipal Short (SUB) | +0.12% | 0.14% | -0.08% | 0.96% | 3.09% | 3.18% |
| Municipal Intermediate (MUB) | +0.30% | 0.53% | 0.97% | 4.72% | 3.26% | 2.60% |
| Municipal Long (MLN) | +0.31% | 0.80% | 1.65% | 7.20% | 1.80% | 1.11% |
| Municipal High Yield (HYD) | +0.24% | 0.39% | 0.41% | 4.73% | 1.44% | 0.87% |
Commodities
Commodities were a mixed bag, with Precious Metals (DBP) gaining +2.19% on safe-haven buying. Gold (GLD) itself jumped +2.34%. In contrast, energy commodities sold off, with WTI Crude Oil (USO) dropping -1.71% and Natural Gas (UNG) falling -2.53%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Palladium (PALL) | +4.80% | 13.97% | 37.58% | 30.78% | 76.75% | 56.64% |
| Platinum (PPLT) | +2.90% | 6.76% | 22.69% | 20.65% | 87.41% | 70.51% |
| Gold (GLD) | +2.34% | 7.40% | 16.74% | 28.61% | 63.73% | 60.41% |
| Precious Metals (DBP) | +2.19% | 8.17% | 17.84% | 29.98% | 63.91% | 60.06% |
| Silver (SLV) | +1.74% | 8.23% | 27.38% | 42.89% | 86.75% | 70.08% |
| Industrial Metals (DBB) | +1.05% | 1.25% | 2.68% | 10.42% | 11.83% | 7.70% |
| Sugar (CANE) | +0.86% | -2.19% | -5.28% | -9.05% | -12.07% | -20.99% |
| Agriculture (DBA) | +0.56% | 1.56% | -3.71% | 3.28% | 0.53% | 8.15% |
| Corn (CORN) | +0.52% | 1.21% | -2.51% | -0.65% | -6.71% | -1.10% |
| Wheat (WEAT) | +0.50% | 0.25% | -5.59% | -9.40% | -15.98% | -22.41% |
| Broad Commodities (DJP) | +0.51% | 2.18% | 1.24% | 3.46% | 12.31% | 14.04% |
| Copper (CPER) | +0.33% | 1.88% | 6.53% | -9.77% | 22.58% | 12.51% |
| Soybeans (SOYB) | +0.28% | 0.44% | -3.35% | -0.15% | 0.79% | 0.84% |
| Gasoline (UGA) | -1.22% | -0.03% | -7.94% | -3.02% | -3.35% | -1.64% |
| Energy (DBE) | -1.31% | -1.67% | -8.10% | -7.88% | -3.74% | -0.08% |
| Brent Crude Oil (BNO) | -1.66% | -2.49% | -9.92% | -7.89% | -7.25% | -5.41% |
| WTI Crude Oil (USO) | -1.71% | -2.28% | -10.39% | -9.82% | -10.24% | -6.34% |
| Natural Gas (UNG) | -2.53% | -6.08% | -12.41% | -26.71% | -31.11% | -13.84% |
Cryptocurrency
The cryptocurrency market experienced a significant downturn amid the broader risk-off move. Bitcoin (IBIT) fell -2.75%, and Ethereum (ETHA) dropped -3.02%. The selling was even more pronounced in altcoins, with Solana (SOLZ) plunging -5.27%.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -5.27% | -10.02% | -23.90% | 0.29% | ||
| Ethereum (ETHA) | -3.02% | -3.18% | -14.00% | 14.09% | 15.62% | 47.45% |
| Multi-Coin (NCIQ) | -2.81% | -7.28% | -10.19% | -7.50% | ||
| Bitcoin (IBIT) | -2.75% | -7.21% | -7.44% | -9.44% | 15.80% | 59.23% |
What to Watch Today
Investors will be closely watching several key economic data releases this morning. At 8:30 AM ET, reports on Import and Export Prices, Building Permits, and Housing Starts for September will be released. These will be followed at 9:15 AM ET by Industrial Production and Capacity Utilization data. This flurry of housing and industrial data will provide a critical snapshot of the economy’s health. Stronger-than-expected numbers could ease recession fears but may also give the Federal Reserve less reason to cut rates, while weak data could exacerbate concerns about the economic outlook, especially in light of yesterday’s banking news.
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.
