Macro Overview
U.S. equities advanced on Wednesday, driven by renewed optimism for a Federal Reserve rate cut next week following a surprisingly weak private payrolls report. The S&P 500 (IVV) gained 0.35%, approaching record highs, while Treasury yields retreated as investors interpreted the soft labor data as a “bad news is good news” signal. Small-caps and value stocks outperformed their growth counterparts, reflecting a broadening of market breadth.
U.S. Size & Style
Value stocks meaningfully outperformed growth across market capitalizations on Wednesday. Small-caps were the standout performers, with the Small Value (IJS) surging 1.42% and Small Cap (IJR) rising 1.39%. In contrast, large-cap growth lagged, with Large Growth (IVW) posting a modest gain of 0.19%.
| Name (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.51% | +0.04% | +1.92% | +5.34% | +12.72% | +6.26% |
| Large Cap (IVV) | +0.35% | +0.06% | +0.08% | +6.56% | +17.83% | +14.68% |
| Large Growth (IVW) | +0.19% | -0.01% | -1.42% | +7.56% | +22.15% | +21.58% |
| Mid Value (IJJ) | +1.01% | +0.02% | +3.03% | +2.30% | +6.96% | +0.84% |
| Mid Cap (IJH) | +0.70% | -0.23% | +1.99% | +2.48% | +7.20% | +0.08% |
| Mid Growth (IJK) | +0.39% | -0.54% | +0.90% | +2.46% | +7.01% | -0.89% |
| Small Value (IJS) | +1.42% | +1.24% | +3.88% | +6.15% | +7.01% | +0.18% |
| Small Cap (IJR) | +1.39% | +0.89% | +3.30% | +4.61% | +6.94% | -1.20% |
| Small Growth (IJT) | +1.46% | +0.48% | +2.74% | +3.06% | +6.90% | -2.72% |
U.S. Sectors & Industries
Energy and Financials were the day’s top performers, with Energy (XLE) gaining 1.87% supported by a rally in oil services stocks like the Oil & Gas Eqip. & Svcs (XES), which jumped 4.86%. Financial (XLF) rose 1.34%, aided by strength in regional banks. Defensive sectors lagged, with Utilities (XLU) falling -0.32% as investors rotated into more cyclical areas.
| Sector (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Energy (XLE) | +1.87% | +1.53% | +4.19% | +4.66% | +9.86% | +0.41% |
| Financial (XLF) | +1.34% | +0.41% | +2.68% | +0.42% | +11.94% | +7.69% |
| Consumer Discretionary (XLY) | +1.08% | +1.07% | -1.32% | +3.67% | +7.22% | +7.56% |
| Industrials (XLI) | +0.95% | +0.34% | -0.12% | +3.37% | +18.23% | +10.23% |
| Materials (XLB) | +0.70% | -0.46% | +4.52% | -1.71% | +7.30% | -3.88% |
| Health Care (XLV) | +0.47% | -1.63% | +7.36% | +13.79% | +14.22% | +7.50% |
| Technology (XLK) | +0.24% | +1.32% | -3.95% | +11.10% | +25.29% | +23.23% |
| Real Estate (XLRE) | +0.20% | -1.44% | +0.59% | -0.24% | +3.31% | -3.62% |
| Consumer Staples (XLP) | +0.08% | -0.68% | +4.16% | -1.50% | +2.20% | -2.10% |
| Communication Services (XLC) | -0.09% | -0.23% | +1.36% | +2.19% | +19.97% | +16.44% |
| Utilities (XLU) | -0.32% | -3.34% | -1.74% | +5.19% | +18.14% | +12.07% |
Global Thematic
Thematic performance was heavily skewed toward digital assets and miners, following reports of major brokerages expanding access to spot bitcoin ETFs. VanEck Digital Transformation ETF (DAPP) led the way, surging 4.57%. Conversely, cloud computing and precious metals miners lagged.
| Name (Ticker) | 1-Day % Change |
|---|---|
| VanEck Digital Transformation ETF (DAPP) | +4.57% |
| Sprott Copper Miners ETF (COPP) | +4.53% |
| Global X Copper Miners ETF (COPX) | +4.36% |
| Global X Blockchain ETF (BKCH) | +4.26% |
| CoinShares Bitcoin Mining ETF (WGMI) | +4.10% |
| Fidelity Cloud Computing ETF (FCLD) | -1.09% |
| Sprott Gold Miners ETF (SGDM) | -1.08% |
| Tortoise Al Infrastructure ETF (TCAI) | -1.05% |
| iShares MSCI Global Silver Miners ETF (SLVP) | -1.01% |
| Sprott Silver Miners & Physical Silver ETF (SLVR) | -0.90% |
Developed Markets ex-U.S.
International developed markets posted solid gains, outperforming emerging markets. Dev ex-U.S. (EFA) rose 0.54%. The United Kingdom and Netherlands were standout performers, with U.K. (EWU) gaining 1.05%.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +0.54% | +0.38% | +1.08% | +5.32% | +28.55% | +23.71% |
| Australia (EWA) | +0.77% | +1.08% | -2.65% | -1.77% | +11.18% | +2.60% |
| Canada (EWC) | +0.63% | -0.44% | +3.55% | +7.37% | +31.07% | +24.49% |
| France (EWQ) | +0.79% | +0.49% | +1.63% | +5.29% | +27.66% | +27.58% |
| Germany (EWG) | +0.15% | +0.07% | +0.10% | -0.24% | +30.82% | +27.69% |
| Hong Kong (EWH) | +0.23% | -0.04% | +1.05% | +5.16% | +36.28% | +33.32% |
| Japan (EWJ) | +0.17% | -0.48% | -1.23% | +6.01% | +24.11% | +18.22% |
| Netherlands (EWN) | +1.04% | +1.74% | +0.85% | +13.33% | +34.79% | +31.62% |
| South Korea (EWY) | +1.01% | +2.34% | -7.72% | +27.55% | +82.75% | +70.67% |
| Switzerland (EWL) | +0.22% | +0.43% | +5.35% | +5.43% | +28.75% | +23.31% |
| U.K. (EWU) | +1.05% | +0.72% | +2.19% | +5.54% | +30.82% | +26.20% |
Emerging Markets
Emerging markets were essentially flat, with Emerging (EEM) inching up 0.07%. Brazil outperformed significantly, with Brazil (EWZ) rising 0.50%. However, weakness in Asia dragged on the index, as China (MCHI) fell -0.58%.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +0.07% | +0.04% | -2.35% | +8.66% | +31.18% | +28.19% |
| Brazil (EWZ) | +0.50% | +1.76% | +8.50% | +17.97% | +54.70% | +43.33% |
| China (MCHI) | -0.58% | -0.51% | -2.63% | +0.90% | +33.34% | +33.86% |
| India (INDA) | -0.87% | -2.38% | -1.53% | +1.50% | +1.46% | -2.32% |
| Indonesia (EIDO) | -0.48% | +0.86% | +2.06% | +5.73% | +4.64% | -1.80% |
| Malaysia (EWM) | +0.22% | +1.14% | +2.57% | +7.48% | +11.28% | +13.46% |
| Mexico (EWW) | -0.41% | +0.01% | +3.32% | +8.96% | +48.80% | +41.29% |
| South Africa (EZA) | +0.63% | +0.27% | +4.96% | +15.98% | +61.56% | +50.28% |
| Taiwan (EWT) | +0.34% | +0.53% | -3.06% | +10.42% | +25.29% | +23.11% |
| Thailand (THD) | -0.20% | +1.69% | -0.44% | +2.32% | +1.64% | -3.22% |
Fixed Income
Bond markets rallied alongside stocks as yields fell. Emerging market debt was the top performer, with Emerging (EMLC) up 0.39%. Long-duration Treasuries also saw buying interest, pushing Taxable Long Term (BLV) higher by 0.30%.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | +0.19% | -0.11% | +0.62% | +2.15% | +7.37% | +5.75% |
| Taxable Core Enhanced (IUSB) | +0.17% | -0.09% | +0.64% | +2.16% | +7.51% | +6.04% |
| Taxable Multisector (PYLD) | +0.19% | +0.04% | +0.79% | +2.53% | +9.17% | +8.72% |
| Taxable Ultrashort (BIL) | +0.01% | +0.06% | +0.33% | +0.99% | +3.86% | +4.22% |
| Taxable Short-Term (BSV) | +0.08% | +0.01% | +0.56% | +1.20% | +5.76% | +5.72% |
| Taxable Long Term (BLV) | +0.30% | -0.67% | +0.30% | +3.61% | +7.66% | +2.72% |
| Government Short (SPTS) | +0.03% | +0.01% | +0.45% | +1.11% | +4.70% | +5.09% |
| Government Intermediate (SPTI) | +0.16% | -0.10% | +0.73% | +1.47% | +7.64% | +6.57% |
| Government Long (SPTL) | +0.22% | -0.81% | -0.18% | +3.71% | +6.66% | +1.34% |
| Inflation Protected (TIP) | +0.23% | -0.14% | +0.15% | +0.78% | +7.28% | +5.45% |
| Corporate (SPIB) | +0.12% | -0.02% | +0.84% | +1.79% | +7.77% | +7.01% |
| Taxable High Yield (HYG) | +0.09% | +0.09% | +1.16% | +1.56% | +8.17% | +7.37% |
| Bank Loans (BKLN) | +0.10% | -0.05% | +0.62% | +1.71% | +5.90% | +6.15% |
| Preferred Stock (PFF) | +0.16% | +0.35% | +0.12% | +0.05% | +4.38% | +1.47% |
| Convertible (CWB) | +0.36% | -0.48% | -3.38% | +5.26% | +17.44% | +12.91% |
| Mortgage Backed (MBS) | +0.19% | +0.01% | +0.70% | +2.67% | +8.24% | +6.65% |
| International USD (BNDX) | +0.06% | -0.21% | -0.31% | +1.26% | +3.18% | +2.27% |
| International (IGOV) | +0.29% | +0.24% | +0.36% | +0.24% | +9.84% | +6.20% |
| Emerging USD (EMB) | +0.12% | +0.19% | +0.98% | +4.24% | +13.71% | +11.28% |
| Emerging (EMLC) | +0.39% | +0.39% | +1.81% | +3.65% | +17.62% | +15.48% |
| Municipal Short (SUB) | +0.05% | +0.07% | +0.49% | +0.40% | +3.27% | +3.31% |
| Municipal Intermediate (MUB) | +0.06% | -0.25% | +0.09% | +3.35% | +3.27% | +1.82% |
| Municipal Long (MLN) | +0.03% | -0.48% | -0.92% | +4.92% | +1.16% | -0.41% |
| Municipal High Yield (HYD) | +0.10% | -0.47% | +0.24% | +3.89% | +1.95% | +0.88% |
Commodities
Commodities rose broadly, with Broad Commodities (DJP) up 0.44%. Energy was a key driver, particularly Natural Gas (UNG), which spiked 3.41%. Industrial metals also showed strength, with Copper (CPER) climbing 2.77%, likely reflecting improved economic sentiment.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +0.44% | +0.44% | +3.00% | +9.44% | +18.37% | +20.74% |
| Energy (DBE) | +0.95% | +0.05% | -1.02% | -0.67% | +2.71% | +6.03% |
| WTI Crude Oil (USO) | +0.66% | -0.58% | -2.86% | -5.57% | -6.47% | -3.26% |
| Brent Crude Oil (BNO) | +0.59% | -0.58% | -2.26% | -4.54% | -3.17% | -1.69% |
| Natural Gas (UNG) | +3.41% | +5.02% | +12.43% | +18.45% | -7.97% | +17.11% |
| Gasoline (UGA) | -0.09% | -1.53% | -0.70% | +1.44% | +4.64% | +6.76% |
| Precious Metals (DBP) | -0.01% | +0.48% | +7.64% | +20.66% | +62.98% | +61.51% |
| Gold (GLD) | -0.09% | -0.26% | +4.91% | +17.90% | +59.78% | +58.60% |
| Silver (SLV) | -0.11% | +3.63% | +21.28% | +42.13% | +101.56% | +87.66% |
| Platinum (PPLT) | +1.29% | -0.63% | +6.61% | +16.97% | +82.58% | +73.81% |
| Palladium (PALL) | +0.56% | +1.70% | +2.82% | +28.71% | +61.25% | +50.97% |
| Industrial Metals (DBB) | +1.60% | +1.18% | +1.46% | +11.76% | +17.98% | +15.03% |
| Copper (CPER) | +2.77% | +2.32% | +5.59% | +16.47% | +31.28% | +26.07% |
| Agriculture (DBA) | -0.11% | -0.15% | -2.01% | -3.44% | -0.79% | +3.87% |
| Corn (CORN) | -1.33% | -0.90% | -0.89% | +1.42% | -5.11% | -0.41% |
| Soybeans (SOYB) | -0.64% | -1.36% | -0.81% | +5.77% | +8.38% | +10.18% |
| Wheat (WEAT) | -0.29% | +0.05% | -3.70% | 0.00% | -13.49% | -12.76% |
| Sugar (CANE) | -0.21% | -1.64% | +1.91% | -10.84% | -16.01% | -23.51% |
Cryptocurrency
Crypto assets rallied sharply, fueled by reports of major institutional access to spot ETFs. Ethereum (ETHA) outperformed with a gain of 5.38%, while Bitcoin (IBIT) added 2.07%.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Ethereum (ETHA) | +5.38% | +3.36% | -12.44% | -29.97% | -6.21% | -13.34% |
| Multi-Coin (NCIQ) | +2.34% | +1.20% | -12.40% | -21.08% | — | — |
| Solana (SOLZ) | +2.10% | +3.55% | -14.33% | -35.23% | — | — |
| Bitcoin (IBIT) | +2.07% | +2.31% | -12.87% | -17.30% | -0.58% | -3.16% |
| XRP | +1.95% | +0.94% | — | — | — | — |
What to Watch Today
All eyes turn to this morning’s Initial Jobless Claims report. Following yesterday’s weak ADP private payrolls data, which fueled speculation of a December rate cut, investors are looking for confirmation of a softening labor market. A higher-than-expected claims number would likely reinforce the “bad news is good news” narrative, potentially putting further downward pressure on Treasury yields and supporting equity valuations ahead of Friday’s critical Non-Farm Payrolls report.
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.
