Macro Overview
Investors received an early holiday gift yesterday as stronger-than-expected economic data fueled a risk-on rally, pushing the S&P 500 (IVV) up 0.46% to new highs. A revised Q3 GDP print of 4.3% beat expectations, reinforcing the “Goldilocks” narrative of resilient growth. Momentum favored growth factors, while traditional defensive plays like consumer staples lagged. As trading volume thins ahead of the holiday, the market appears poised to maintain its “Santa Claus Rally” trajectory.
U.S. Size & Style
Growth dominated the style box yesterday, with Large Growth (IVW) leading the charge, up 0.81%. In contrast, small caps struggled to find footing, as Small Value (IJS) dipped -0.64%, highlighting a divergence where investors favored quality and size over speculative cyclicality.
| Name (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Growth (IVW) | +0.81% | 1.56% | 5.33% | 3.65% | 23.34% | 20.60% |
| Large Cap (IVV) | +0.46% | 1.09% | 4.70% | 4.04% | 18.89% | 17.10% |
| Large Value (IVE) | +0.05% | 0.56% | 3.95% | 4.50% | 13.66% | 12.87% |
| Mid Growth (IJK) | -0.24% | 0.84% | 6.22% | 2.70% | 9.66% | 8.70% |
| Mid Cap (IJH) | -0.30% | 0.55% | 5.95% | 3.09% | 9.41% | 9.04% |
| Small Growth (IJT) | -0.35% | 0.83% | 6.20% | 2.16% | 8.33% | 7.53% |
| Mid Value (IJJ) | -0.45% | 0.24% | 5.48% | 3.31% | 8.78% | 9.05% |
| Small Cap (IJR) | -0.45% | 0.29% | 6.69% | 3.34% | 8.15% | 7.77% |
| Small Value (IJS) | -0.64% | -0.31% | 6.92% | 4.42% | 7.79% | 7.79% |
U.S. Sectors & Industries
Energy (XLE) took the top spot, rising 0.66%, bolstered by significant gains in the Oil & Gas Expl. & Prod (XOP) industry, which jumped nearly 1%. Communication Services (XLC) and Technology (XLK) also outperformed, driving the broader market higher. On the flip side, Consumer Staples (XLP) lagged, dropping -0.48% as investors rotated out of defensive positioning.
| Sector (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Energy (XLE) | +0.66% | 1.69% | 0.37% | 0.64% | 7.37% | 9.59% |
| Communication Services (XLC) | +0.63% | 1.07% | 5.24% | -0.54% | 22.72% | 20.94% |
| Technology (XLK) | +0.54% | 1.09% | 7.01% | 4.33% | 26.31% | 23.36% |
| Utilities (XLU) | +0.35% | 0.72% | -2.58% | 0.28% | 15.81% | 15.25% |
| Financial (XLF) | +0.20% | 1.42% | 7.65% | 3.46% | 16.27% | 16.05% |
| Materials (XLB) | +0.18% | 1.35% | 6.50% | 2.09% | 10.89% | 9.68% |
| Real Estate (XLRE) | -0.02% | 0.71% | -0.69% | -3.30% | 2.16% | 2.49% |
| Industrials (XLI) | -0.04% | 1.07% | 5.27% | 2.93% | 20.77% | 19.53% |
| Consumer Discretionary (XLY) | -0.14% | 0.46% | 8.57% | 2.90% | 9.84% | 7.53% |
| Health Care (XLV) | -0.20% | 0.46% | 0.67% | 13.66% | 14.64% | 13.66% |
| Consumer Staples (XLP) | -0.48% | -0.82% | 0.30% | -0.28% | 1.29% | 0.90% |
Global Thematic
Themes saw wide dispersion, with Cannabis & Vice (CNBS) surging over 4% to lead the pack. While nuclear and battery metal themes also found support, renewable energy continued to face pressure, with Solar (TAN) anchoring the bottom of the performance table.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Cannabis & Vice (CNBS) | +4.10% |
| Tech & Battery Metals (LIT) | +1.46% |
| Midstream & MLP RIC (MLPX) | +1.03% |
| Uranium & Nuclear Energy (URA) | +0.82% |
| Wind (FAN) | +0.61% |
| Crypto Miners (WGMI) | -1.59% |
| Genomics & Immunology (ARKG) | -1.57% |
| Clean Energy (PBW) | -1.29% |
| Innovation (ARKK) | -1.20% |
| Solar (TAN) | -1.95% |
Developed Markets ex-U.S.
Developed markets moved higher, led by a strong rally in Australia (EWA), which gained 1.76% amid rising commodity prices. Developed ex-U.S. (EFA) finished up 0.62%, with most major regions in the green, though European indices like France (EWQ) remained muted.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Australia (EWA) | +1.76% | 2.82% | 6.86% | 0.73% | 15.17% | 14.02% |
| South Korea (EWY) | +1.04% | 1.49% | 6.26% | 16.40% | 86.30% | 79.67% |
| Japan (EWJ) | +0.85% | 0.69% | 3.72% | 3.85% | 26.52% | 27.68% |
| Switzerland (EWL) | +0.78% | 1.39% | 6.54% | 9.34% | 33.92% | 32.94% |
| Canada (EWC) | +0.68% | 1.60% | 9.12% | 8.90% | 37.46% | 37.97% |
| Dev ex-U.S. (EFA) | +0.62% | 0.87% | 5.82% | 5.29% | 31.91% | 31.94% |
| U.K. (EWU) | +0.43% | 1.01% | 6.59% | 8.11% | 34.96% | 35.16% |
| Hong Kong (EWH) | +0.32% | 0.46% | 3.29% | 5.83% | 37.41% | 37.00% |
| Germany (EWG) | +0.24% | 0.81% | 7.72% | 2.83% | 35.58% | 34.52% |
| France (EWQ) | -0.13% | -0.02% | 3.29% | 2.82% | 28.62% | 29.09% |
| Netherlands (EWN) | -0.30% | 0.41% | 5.54% | 2.43% | 34.42% | 32.99% |
Emerging Markets
Brazil (EWZ) was a standout performer, rallying 2.20%, while Mexico (EWW) followed suit with a strong 1.56% gain, reflecting broader strength in Latin America. Conversely, Asian markets were mixed, with China (MCHI) dipping -0.36% as growth concerns linger.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Brazil (EWZ) | +2.20% | 1.54% | 2.02% | 4.34% | 47.81% | 47.10% |
| Mexico (EWW) | +1.56% | 3.18% | 9.66% | 7.40% | 57.48% | 52.78% |
| South Africa (EZA) | +1.09% | 2.87% | 13.11% | 16.69% | 77.11% | 71.15% |
| Taiwan (EWT) | +0.84% | 1.40% | 5.79% | 1.70% | 26.31% | 22.92% |
| Emerging (EEM) | +0.56% | 1.10% | 3.75% | 3.36% | 33.00% | 30.84% |
| India (INDA) | +0.52% | 0.59% | 0.48% | 2.66% | 3.48% | 2.25% |
| Malaysia (EWM) | +0.44% | 1.21% | 6.38% | 8.65% | 16.43% | 20.82% |
| Thailand (THD) | +0.36% | 2.20% | 6.74% | 3.07% | 4.55% | 5.49% |
| China (MCHI) | -0.36% | 0.07% | 0.82% | -3.52% | 32.34% | 31.14% |
| Indonesia (EIDO) | -0.64% | -0.11% | 1.91% | 5.41% | 4.03% | 3.41% |
Fixed Income
Fixed income markets were relatively quiet, with International (IGOV) bonds leading performance at +0.65%. Domestic core bonds were flat, as Taxable Core (AGG) closed unchanged at 0.00%, while Convertible (CWB) debt lagged, slipping -0.42%.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| International (IGOV) | +0.65% | 1.06% | 1.54% | -0.74% | 10.37% | 9.88% |
| Emerging (EMLC) | +0.31% | 0.43% | 2.31% | 2.58% | 18.58% | 18.07% |
| International USD (BNDX) | +0.21% | 0.21% | -0.32% | 0.48% | 2.89% | 2.93% |
| Municipal Long (MLN) | +0.17% | 0.23% | 1.05% | 2.14% | 2.35% | 3.20% |
| Taxable Long Term (BLV) | +0.16% | 0.09% | -0.70% | -0.30% | 6.57% | 6.47% |
| Government Long (SPTL) | +0.15% | 0.08% | -1.18% | -0.25% | 5.44% | 5.48% |
| Municipal High Yield (HYD) | +0.11% | 0.22% | 0.81% | 2.01% | 2.73% | 4.02% |
| Bank Loans (BKLN) | +0.10% | 0.25% | 1.21% | 1.85% | 6.67% | 6.98% |
| Taxable High Yield (HYG) | +0.07% | 0.16% | 1.09% | 0.97% | 8.41% | 8.80% |
| Municipal Intermediate (MUB) | +0.06% | 0.07% | 0.19% | 1.41% | 3.47% | 3.90% |
| Inflation Protected (TIP) | +0.05% | -0.10% | -0.47% | -0.38% | 6.69% | 6.84% |
| Mortgage Backed (MBS) | +0.04% | 0.04% | 0.34% | 1.25% | 8.28% | 8.75% |
| Municipal Short (SUB) | +0.04% | 0.03% | 0.38% | 0.36% | 3.51% | 3.70% |
| Taxable Multisector (PYLD) | +0.04% | 0.09% | 0.89% | 1.61% | 9.37% | 9.75% |
| Taxable Core (AGG) | 0.00% | -0.04% | 0.02% | 0.78% | 7.11% | 7.37% |
| Taxable Ultrashort (BIL) | 0.00% | 0.00% | 0.31% | 0.95% | 4.06% | 4.17% |
| Taxable Core Enhanced (IUSB) | 0.00% | -0.04% | 0.07% | 0.87% | 7.29% | 7.58% |
| Corporate (SPIB) | -0.03% | -0.06% | 0.29% | 0.88% | 7.69% | 7.95% |
| Taxable Short-Term (BSV) | -0.04% | -0.08% | 0.17% | 0.92% | 5.79% | 6.19% |
| Emerging USD (EMB) | -0.05% | -0.01% | 0.90% | 2.39% | 13.83% | 13.79% |
| Government Short (SPTS) | -0.07% | -0.07% | 0.20% | 0.92% | 4.83% | 5.26% |
| Government Intermediate (SPTI) | -0.10% | -0.17% | -0.24% | 0.67% | 7.27% | 7.58% |
| Preferred Stock (PFF) | -0.32% | -0.29% | 2.70% | -1.26% | 5.17% | 4.97% |
| Convertible (CWB) | -0.42% | 0.41% | 4.81% | 0.85% | 18.44% | 17.16% |
Commodities
Commodities surged, with Natural Gas (UNG) skyrocketing nearly 9% due to cold weather forecasts. Precious metals also shone, as Platinum (PPLT) jumped over 8% and Silver (SLV) added nearly 4%, extending its recent rally.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Natural Gas (UNG) | +8.86% | 5.82% | -11.95% | 4.37% | -23.26% | -17.47% |
| Platinum (PPLT) | +8.48% | 15.80% | 50.83% | 54.39% | 150.50% | 142.39% |
| Palladium (PALL) | +5.42% | 8.42% | 35.69% | 51.36% | 102.59% | 98.57% |
| Silver (SLV) | +3.79% | 6.42% | 43.13% | 62.26% | 146.26% | 140.24% |
| Precious Metals (DBP) | +2.09% | 4.90% | 17.89% | 27.32% | 80.99% | 81.84% |
| Broad Commodities (DJP) | +1.62% | 2.96% | 4.67% | 9.64% | 19.38% | 21.27% |
| Energy (DBE) | +1.43% | 3.04% | -1.66% | -3.34% | -0.27% | 2.91% |
| Gold (GLD) | +1.33% | 3.66% | 10.52% | 19.39% | 70.83% | 71.66% |
| Copper (CPER) | +1.25% | 1.64% | 9.91% | 19.32% | 35.73% | 33.45% |
| Sugar (CANE) | +1.12% | 1.95% | 3.34% | -5.04% | -14.15% | -14.77% |
| Industrial Metals (DBB) | +1.04% | 1.40% | 7.72% | 14.44% | 21.78% | 21.40% |
| WTI Crude Oil (USO) | +0.82% | 3.34% | 1.44% | -6.33% | -6.95% | -3.78% |
| Brent Crude Oil (BNO) | +0.63% | 3.04% | 0.91% | -5.76% | -3.91% | -1.67% |
| Wheat (WEAT) | +0.35% | 1.45% | -3.25% | -3.48% | -15.89% | -14.29% |
| Gasoline (UGA) | +0.23% | 2.22% | -3.08% | -3.04% | 0.24% | 3.13% |
| Corn (CORN) | +0.22% | 0.78% | 1.88% | 1.01% | -4.48% | -2.40% |
| Agriculture (DBA) | +0.16% | 0.74% | 1.99% | -1.55% | -0.74% | 0.01% |
| Soybeans (SOYB) | 0.00% | 0.59% | -5.30% | 2.07% | 3.07% | 6.85% |
Cryptocurrency
Crypto assets faced mild selling pressure, with Bitcoin (IBIT) dropping -0.88% to consolidate recent gains. Solana (SOLZ) managed a small 0.16% gain, bucking the broader downtrend.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Bitcoin (IBIT) | -0.88% | -0.52% | 3.50% | -21.70% | -6.41% | -6.09% |
| Multi-Coin (NCIQ) | -0.64% | -0.48% | 3.48% | -24.62% | ||
| Ethereum (ETHA) | -0.27% | -0.97% | 8.31% | -28.62% | -11.35% | -12.93% |
| Solana (SOLZ) | +0.16% | -1.92% | -2.55% | -43.72% |
What to Watch Today
As markets prepare for the holiday break, all eyes are on the Initial Jobless Claims report released this morning. Claims came in at 214,000, beating the forecast of 224,000 and signaling continued strength in the labor market. This resilience supports the soft-landing narrative, potentially giving investors confidence to maintain risk exposure heading into year-end. Trading volumes are expected to be thin, which could exacerbate volatility if any surprises emerge from the remaining data releases.
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.
