Macro Overview
U.S. equities closed higher in a holiday-shortened Black Friday session, capping off their best week since June. The S&P 500 (IVV) advanced 0.56%, while the Nasdaq Composite rose 0.7% but still snapped its seven-month winning streak with a monthly decline of 1.5%. Trading volume was light, but sentiment was buoyed by strength in the semiconductor space—specifically Intel, which rallied on reports of a potential foundry deal with Apple—and optimism surrounding the holiday shopping season.
U.S. Size & Style
Large caps led the day, with Large Value (IVE) outperforming at 0.78%, followed closely by Large Cap (IVV). Small caps lagged the broader rally, with Small Cap (IJR) posting a modest gain of 0.07%. Growth styles saw mixed participation relative to value, as Large Growth (IVW) rose 0.41%, trailing its value counterpart.
| Name (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.78% | 3.05% | 0.83% | 4.66% | 12.67% | 5.23% |
| Mid Growth (IJK) | +0.62% | 4.23% | 0.42% | 1.64% | 7.60% | -0.52% |
| Large Cap (IVV) | +0.56% | 3.71% | -0.50% | 5.64% | 17.76% | 15.60% |
| Mid Cap (IJH) | +0.53% | 4.05% | 1.07% | 1.60% | 7.44% | -0.14% |
| Large Growth (IVW) | +0.41% | 4.32% | -1.56% | 6.47% | 22.16% | 24.27% |
| Mid Value (IJJ) | +0.39% | 3.69% | 1.75% | 1.36% | 6.94% | -0.04% |
| Small Value (IJS) | +0.15% | 4.85% | 0.84% | 3.83% | 5.70% | -1.51% |
| Small Growth (IJT) | +0.15% | 4.30% | -0.12% | 1.17% | 6.39% | -3.18% |
| Small Cap (IJR) | +0.07% | 4.58% | 0.35% | 2.36% | 6.01% | -2.32% |
U.S. Sectors & Industries
Energy (XLE) was the top-performing sector, rising 1.31% as colder weather forecasts supported natural gas prices, boosting exploration and production names like Oil & Gas Expl. & Prod (XOP). Technology (XLK) gained 0.86%, largely driven by a surge in semiconductor stocks. Conversely, Health Care (XLV) was the sole laggard, dropping 0.49% as major pharmaceutical constituents like Eli Lilly weighed on the index.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Energy (XLE) | +1.31% | 1.15% | 3.54% | 1.47% | 8.21% | -1.74% |
| Technology (XLK) | +0.86% | -5.21% | 4.77% | 7.52% | 23.67% | 24.37% |
| Communication Services (XLC) | +0.81% | 3.12% | -1.02% | 3.75% | 20.25% | 19.25% |
| Financial (XLF) | +0.72% | 3.21% | 0.64% | -0.64% | 11.48% | 5.56% |
| Utilities (XLU) | +0.71% | 2.81% | 0.55% | 7.80% | 22.23% | 12.52% |
| Consumer Discretionary (XLY) | +0.62% | 4.86% | -1.94% | 1.17% | 6.09% | 8.37% |
| Consumer Staples (XLP) | +0.58% | 1.20% | 1.89% | -0.42% | 2.90% | -1.56% |
| Industrials (XLI) | +0.58% | 2.71% | -0.64% | 0.59% | 17.83% | 8.98% |
| Materials (XLB) | +0.57% | 3.53% | 0.35% | -2.52% | 7.80% | -3.31% |
| Real Estate (XLRE) | +0.48% | -0.29% | 1.88% | -0.22% | 4.82% | -4.70% |
| Health Care (XLV) | -0.49% | 8.39% | 1.97% | 16.08% | 16.11% | 9.19% |
Global Thematic
Thematic performance saw significant divergence. Silver Miners (SIL) surged 5.80%, tracking the rally in precious metals, while crypto-adjacent funds like Crypto Miners (WGMI) also posted strong gains of 5.01%. On the downside, cannabis-related themes struggled, with Amplify Alternative Harvest ETF (MJ) declining 5.57%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Sprott Silver Miners & Physical Silver ETF (SLVR) | +9.50% |
| Amplify Junior Silver Miners ETF (SILJ) | +6.27% |
| Global X Silver Miners ETF (SIL) | +5.80% |
| iShares MSCI Global Silver Miners ETF (SLVP) | +5.65% |
| CoinShares Bitcoin Mining ETF (WGMI) | +5.01% |
| Amplify Alternative Harvest ETF (MJ) | -5.57% |
| Tema Heart & Health ETF (HRTS) | -0.69% |
| Tema Oncology ETF (CANC) | -0.64% |
| ROBO Global Healthcare Technology (HTEC) | -0.53% |
| Global X Health Tech ETF (HEAL) | -0.42% |
Developed Markets ex-U.S.
Developed markets were mostly positive, with Canada (EWC) leading the group with a gain of 0.86%, supported by strength in the materials sector. Germany (EWG) also performed well, rising 0.79%. In contrast, Asian markets saw weakness, with South Korea (EWY) dropping 0.74%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +0.34% | 2.74% | -0.49% | 3.44% | 28.07% | 25.95% |
| Australia (EWA) | +0.12% | 2.05% | -6.07% | -4.58% | 9.99% | 1.65% |
| Canada (EWC) | +0.86% | 4.50% | 2.51% | 8.75% | 31.64% | 25.53% |
| France (EWQ) | +0.32% | 2.01% | -1.26% | 3.89% | 27.03% | 28.19% |
| Germany (EWG) | +0.79% | 3.86% | -1.92% | -2.62% | 30.72% | 31.13% |
| Hong Kong (EWH) | +0.36% | 2.49% | 1.65% | 4.41% | 36.34% | 34.31% |
| Japan (EWJ) | -0.30% | 2.24% | -1.10% | 4.69% | 24.71% | 25.21% |
| Netherlands (EWN) | +0.66% | 4.02% | -1.42% | 8.73% | 32.49% | 32.07% |
| South Korea (EWY) | -0.74% | 1.85% | -3.79% | 23.40% | 78.56% | 60.08% |
| Switzerland (EWL) | +0.47% | 1.99% | 2.94% | 4.50% | 28.20% | 23.78% |
| U.K. (EWU) | +0.37% | 2.59% | 0.54% | 3.80% | 29.89% | 26.39% |
Emerging Markets
Emerging (EEM) edged higher by 0.15%. Taiwan (EWT) was a standout performer, jumping 1.34% amid semiconductor strength. South Africa (EZA) lagged significantly, falling 1.61%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +0.15% | 2.30% | -2.46% | 8.42% | 31.13% | 29.12% |
| Brazil (EWZ) | +0.42% | 4.93% | 8.70% | 13.97% | 52.03% | 35.22% |
| China (MCHI) | +0.47% | 2.10% | -4.48% | 2.89% | 34.03% | 35.46% |
| India (INDA) | +0.07% | 0.92% | 0.31% | 4.13% | 3.93% | 0.40% |
| Indonesia (EIDO) | -1.06% | 1.63% | 3.43% | 2.64% | 3.75% | -3.36% |
| Malaysia (EWM) | -0.79% | 0.53% | 1.61% | 5.17% | 10.03% | 11.46% |
| Mexico (EWW) | +0.80% | 3.60% | 1.97% | 9.44% | 48.78% | 46.27% |
| South Africa (EZA) | -1.61% | 2.90% | 2.31% | 16.78% | 61.12% | 51.86% |
| Taiwan (EWT) | +1.34% | 4.39% | -3.85% | 7.70% | 24.63% | 26.43% |
| Thailand (THD) | +0.36% | 2.04% | -3.83% | 1.76% | -0.05% | -2.54% |
Fixed Income
Treasury yields rose slightly in the shortened session, with the 10-year yield ticking above 4%. Consequently, long-duration treasuries like Government Long (SPTL) fell 0.44%. Convertible (CWB) bonds outperformed, rising 0.76% amid the rally in underlying equities.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Convertible (CWB) | +0.76% | 4.43% | -2.67% | 5.25% | 18.00% | 13.29% |
| Bank Loans (BKLN) | +0.14% | 0.53% | 0.62% | 1.86% | 5.95% | 6.45% |
| Emerging (EMLC) | +0.11% | 1.09% | 0.81% | 2.98% | 17.16% | 14.83% |
| Preferred Stock (PFF) | +0.10% | 1.58% | -1.70% | -0.54% | 4.02% | 0.92% |
| Municipal Long (MLN) | +0.07% | 0.36% | -0.34% | 5.49% | 1.66% | 0.37% |
| Taxable High Yield (HYG) | +0.05% | 0.77% | 0.25% | 1.44% | 8.06% | 7.44% |
| Taxable Multisector (PYLD) | +0.04% | 0.67% | 0.23% | 2.53% | 9.13% | 8.96% |
| Government Short (SPTS) | +0.03% | 0.07% | 0.30% | 1.17% | 4.70% | 5.20% |
| Taxable Ultrashort (BIL) | +0.03% | 0.07% | 0.34% | 1.02% | 3.80% | 4.24% |
| Emerging USD (EMB) | +0.03% | 0.60% | 0.12% | 3.94% | 13.49% | 11.29% |
| Municipal Intermediate (MUB) | +0.03% | 0.25% | 0.15% | 3.59% | 3.53% | 2.38% |
| Municipal Short (SUB) | +0.00% | 0.08% | 0.42% | 0.33% | 3.20% | 3.31% |
| Taxable Short-Term (BSV) | -0.03% | 0.13% | 0.30% | 1.27% | 5.74% | 5.88% |
| International USD (BNDX) | -0.04% | 0.18% | -0.28% | 1.35% | 3.40% | 3.11% |
| Corporate (SPIB) | -0.06% | 0.38% | 0.19% | 1.86% | 7.79% | 7.27% |
| International (IGOV) | -0.07% | 0.81% | -1.31% | -0.78% | 9.58% | 6.27% |
| Municipal High Yield (HYD) | -0.08% | 0.51% | 0.54% | 4.78% | 2.43% | 1.52% |
| Government Intermediate (SPTI) | -0.10% | 0.21% | 0.32% | 1.69% | 7.75% | 6.78% |
| Taxable Core Enhanced (IUSB) | -0.13% | 0.36% | -0.07% | 2.22% | 7.61% | 6.36% |
| Taxable Core (AGG) | -0.14% | 0.38% | -0.12% | 2.23% | 7.49% | 6.09% |
| Mortgage Backed (MBS) | -0.22% | 0.29% | -0.12% | 2.60% | 8.23% | 6.76% |
| Inflation Protected (TIP) | -0.22% | 0.22% | -0.36% | 0.86% | 7.43% | 5.89% |
| Taxable Long Term (BLV) | -0.32% | 0.99% | -1.30% | 4.01% | 8.39% | 3.83% |
| Government Long (SPTL) | -0.44% | 0.78% | -1.25% | 4.25% | 7.53% | 2.56% |
Commodities
Commodities rallied, led by Silver (SLV) and Platinum (PPLT), which jumped 5.81% and 5.28%, respectively. Natural Gas (UNG) also saw buying interest, gaining 3.37% on colder weather projections. Wheat (WEAT) was the outlier, dipping 0.57%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Silver (SLV) | +5.81% | 13.05% | 19.93% | 44.17% | 94.49% | 86.56% |
| Platinum (PPLT) | +5.28% | 10.63% | 5.47% | 23.01% | 83.73% | 79.22% |
| Natural Gas (UNG) | +3.37% | 0.55% | 19.37% | 17.18% | -12.37% | 6.66% |
| Precious Metals (DBP) | +2.29% | 5.64% | 8.41% | 25.45% | 62.20% | 61.77% |
| Palladium (PALL) | +2.22% | 6.20% | 3.56% | 31.33% | 58.56% | 48.35% |
| Broad Commodities (DJP) | +1.80% | 3.33% | 5.20% | 10.65% | 17.86% | 19.84% |
| Gasoline (UGA) | +1.75% | 2.75% | 4.45% | 4.34% | 6.27% | 10.43% |
| WTI Crude Oil (USO) | +1.47% | 2.55% | -0.45% | -5.54% | -5.93% | -0.91% |
| Copper (CPER) | +1.38% | 3.89% | 0.91% | 15.57% | 28.30% | 25.16% |
| Energy (DBE) | +1.31% | 1.23% | 1.54% | -0.08% | 2.66% | 6.99% |
| Gold (GLD) | +1.24% | 3.64% | 6.45% | 23.12% | 60.19% | 59.30% |
| Brent Crude Oil (BNO) | +1.21% | 2.28% | 0.31% | -4.14% | -2.60% | 0.73% |
| Agriculture (DBA) | +1.11% | 2.09% | 0.99% | -4.00% | -0.64% | 2.29% |
| Industrial Metals (DBB) | +1.10% | 3.14% | 0.78% | 12.12% | 16.60% | 13.86% |
| Soybeans (SOYB) | +0.55% | 0.94% | 3.28% | 5.77% | 9.87% | 11.11% |
| Sugar (CANE) | +0.26% | 2.79% | 4.95% | -11.26% | -14.61% | -23.81% |
| Corn (CORN) | +0.18% | 2.12% | 0.35% | 4.13% | -4.25% | 1.31% |
| Wheat (WEAT) | -0.57% | -0.53% | -1.93% | -1.70% | -13.53% | -12.99% |
Cryptocurrency
Bitcoin (IBIT) continued to see buying interest, rising 1.02% and bringing its week-to-date gain to 7.46%. Solana (SOLZ) underperformed, falling 4.28%, while Ethereum (ETHA) remained relatively flat with a gain of 0.22%.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -4.28% | 7.32% | -30.86% | -37.48% | — | — |
| XRP | -2.16% | 12.26% | — | — | — | — |
| Ethereum (ETHA) | +0.22% | 10.87% | -24.98% | -31.64% | -9.25% | -16.85% |
| Multi-Coin (NCIQ) | +1.00% | 9.05% | -20.29% | -21.85% | — | — |
| Bitcoin (IBIT) | +1.02% | 7.46% | -20.07% | -18.92% | -2.83% | -6.32% |
What to Watch Today
Investors kick off December with a close eye on the Institute for Supply Management’s (ISM) Manufacturing PMI, set to be released at 10:00 AM ET. This key economic indicator will provide insight into the health of the U.S. manufacturing sector, which has been in contraction territory recently. A stronger-than-expected reading could bolster confidence in the economic soft-landing narrative, while weakness may reignite growth concerns. Additionally, market participants will monitor Cyber Monday sales data for clues on consumer spending strength heading into the holiday season.
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.
