Macro Overview
U.S. Size & Style
Small caps led U.S. size and style performance Friday, with Small Growth (IJT) rising 1.47% and Small Cap (IJR) adding 1.13%, as the softer jobs print reinforced expectations for a dovish Fed stance that typically benefits rate-sensitive smaller companies. Large Growth (IVW) also participated, gaining 0.97% with an RSI of 63, while Large Value (IVE) trailed at 0.44%. Despite the daily strength, small-cap value names remain technically weak, with breadth readings such as 18% of Mid Value (IJJ) constituents above their 50-day moving average pointing to a still-narrow advance beneath the surface. Year-to-date, growth continues to outperform value across the cap spectrum, with Large Growth up 17.07% versus Large Value’s 9.54%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.44% | -2.63% | 0.15% | 9.54% | 12.73% |
| Large Cap (IVV) | 0.75% | 0.85% | 3.60% | 13.80% | 16.32% |
| Large Growth (IVW) | 0.97% | 3.69% | 6.38% | 17.07% | 18.99% |
| Mid Value (IJJ) | 1.05% | -3.93% | -3.86% | 7.95% | 9.55% |
| Mid Cap (IJH) | 0.95% | -1.99% | -3.25% | 12.08% | 13.37% |
| Mid Growth (IJK) | 0.86% | -0.15% | -2.72% | 15.85% | 16.86% |
| Small Value (IJS) | 0.93% | -4.13% | -3.33% | 15.81% | 18.56% |
| Small Cap (IJR) | 1.13% | -3.66% | -5.09% | 16.21% | 17.38% |
| Small Growth (IJT) | 1.47% | -3.16% | -6.87% | 16.39% | 15.97% |
U.S. Sectors & Industries
Consumer Discretionary (XLY) topped the sector tape with a 1.13% gain, helped by Tesla’s 4.65% advance on a Q3 delivery beat of 486,532 units against roughly 461,000 expected. Technology (XLK) rose 1.01% and carries an overbought RSI of 69, with 70% of constituents above their 50-day moving average, as semiconductor strength from Broadcom, ON Semiconductor, and a record-high Nvidia drove the move. Financials (XLF) were the laggard, essentially flat at 0.06%, while Health Care (XLV) was the only sector to close lower, down 0.01% despite a 17.98% one-year return. Real Estate (XLRE) shows an oversold RSI of 21 with zero percent of constituents above the 50-day average, reflecting persistent technical weakness even as the sector gained 0.32% on the day.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.74% | 0.83% | 3.59% | 13.75% | 16.24% |
| Consumer Discretionary (XLY) | 1.13% | -3.99% | -5.84% | -7.28% | -7.32% |
| Technology (XLK) | 1.01% | 8.95% | 10.77% | 39.28% | 40.36% |
| Industrials (XLI) | 0.78% | -1.37% | -7.34% | 10.43% | 11.46% |
| Materials (XLB) | 0.66% | -7.30% | -5.62% | 9.12% | 10.88% |
| Utilities (XLU) | 0.38% | -5.97% | -12.32% | -4.76% | -6.79% |
| Communication Services (XLC) | 0.35% | -1.56% | 0.98% | -5.44% | -4.10% |
| Real Estate (XLRE) | 0.32% | -5.90% | -7.90% | 3.55% | 0.78% |
| Consumer Staples (XLP) | 0.25% | -5.22% | -4.62% | 5.67% | 6.17% |
| Energy (XLE) | 0.19% | -2.91% | 18.76% | 43.29% | 46.10% |
| Financials (XLF) | 0.06% | -6.91% | -3.49% | -1.15% | 1.83% |
| Health Care (XLV) | -0.01% | -3.55% | 1.88% | 8.68% | 17.98% |
Global Thematic
Thematic flows favored growth-adjacent and crypto-linked exposures Friday, with the Tema Photonics & Optical ETF (LAZR) up 5.81% and the Tema Space Innovators ETF (NASA) gaining 4.73%. The First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) rose 4.35% amid reports Bitcoin topped $87,000 intraday, even as spot Bitcoin trusts themselves traded lower. On the downside, the AdvisorShares Pure US Cannabis ETF (MSOS) declined 2.83%, and the Simplify Propel Opportunities ETF (SURI) fell 1.83%, highlighting dispersion within niche thematic baskets despite the broader risk-on tone.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Tema Photonics & Optical ETF (LAZR) | 5.81% |
| Tema Space Innovators ETF (NASA) | 4.73% |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | 4.35% |
| iShares Energy Storage & Materials ETF (IBAT) | 3.40% |
| Sprott Copper Miners ETF (COPP) | 3.30% |
| Laggards | |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -2.83% |
| Simplify Propel Opportunities ETF (SURI) | -1.83% |
| VanEck BDC Income ETF (BIZD) | -1.12% |
| Fidelity Cloud Computing ETF (FCLD) | -1.05% |
| AdvisorShares Psychedelics ETF (PSIL) | -0.95% |
Developed ex-U.S. & Emerging Markets
South Korea (EWY) and Taiwan (EWT) led all country exposures, rising 3.10% and 3.15% respectively, extending extraordinary year-to-date gains of 97.37% and 83.11% tied to continued semiconductor-related demand. Within developed markets, the Netherlands (EWN) added 1.89% and Japan (EWJ) gained 1.58%, pushing Japan’s one-year return to 28.77%. Hong Kong (EWH) was the clear laggard, falling 2.66%, while China (MCHI) declined 1.67% and remains down 14.14% year-to-date, underscoring continued divergence between North Asian tech-exporters and mainland China exposures. Brazil (EWZ) and Mexico (EWW) both advanced near 2-3%, reflecting broad-based emerging market strength tied to the softer U.S. labor data and reduced rate-hike odds.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 1.11% | -2.90% | -0.39% | 9.96% | 14.03% |
| Australia (EWA) | 1.18% | -5.69% | 0.82% | 9.66% | 7.48% |
| Canada (EWC) | 0.75% | -4.16% | 1.64% | 9.39% | 17.66% |
| France (EWQ) | 1.25% | -7.37% | -8.04% | -3.90% | -2.94% |
| Germany (EWG) | 1.18% | -5.10% | -2.39% | -0.89% | -0.82% |
| Hong Kong (EWH) | -2.66% | -5.68% | 3.06% | 3.13% | 4.75% |
| Japan (EWJ) | 1.58% | 3.00% | 6.21% | 23.17% | 28.77% |
| Netherlands (EWN) | 1.89% | -0.18% | 0.47% | 20.17% | 19.58% |
| South Korea (EWY) | 3.10% | 7.28% | 6.52% | 97.37% | 134.94% |
| Switzerland (EWL) | 0.70% | -5.82% | -7.42% | 0.53% | 7.16% |
| U.K. (EWU) | 0.63% | -4.23% | -2.08% | 6.52% | 13.00% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 1.29% | 0.77% | 3.00% | 24.31% | 27.59% |
| Brazil (EWZ) | 2.83% | 0.26% | 10.92% | 21.36% | 32.07% |
| China (MCHI) | -1.67% | -6.05% | 0.65% | -14.14% | -22.06% |
| India (INDA) | 0.35% | -6.90% | -6.13% | -13.93% | -11.05% |
| Indonesia (EIDO) | 0.60% | -10.15% | 2.01% | -36.42% | -31.17% |
| Malaysia (EWM) | 0.63% | -3.67% | 0.33% | 0.94% | 6.80% |
| Mexico (EWW) | 1.89% | -6.73% | -5.84% | 4.04% | 9.91% |
| South Africa (EZA) | 0.52% | -9.72% | -1.27% | -6.21% | 6.02% |
| Taiwan (EWT) | 3.15% | 6.31% | 10.94% | 83.11% | 90.14% |
| Thailand (THD) | 1.32% | -0.67% | 0.00% | 22.84% | 24.78% |
Fixed Income
Fixed income broadly softened Friday as Treasury yields, which had touched a 24-year high in the prior session, retreated only modestly into the close. Long-Term Treasuries (BLV) fell 0.26% on the day and remain down 6.79% year-to-date, while Core Bonds (AGG) slipped 0.18%. Convertible Bonds (CWB) stood out with a 0.98% gain, tracking the equity rally and lifting its year-to-date return to 15.73%. High Yield (HYG) was little changed, up 0.01%, while municipal exposures such as Long-Term Municipals (MLN) declined 0.92%, among the day’s weakest fixed income performers.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.12% | -0.88% | -0.95% | -0.32% | 0.66% |
| Core (AGG) | -0.18% | -2.33% | -3.42% | -2.73% | -2.17% |
| Core Enhanced (IUSB) | -0.18% | -2.38% | -3.32% | -2.52% | -1.86% |
| Long-Term (BLV) | -0.26% | -4.44% | -7.51% | -6.79% | -7.66% |
| Government | |||||
| Ultrashort (BIL) | 0.02% | 0.32% | 0.88% | 2.72% | 3.69% |
| Short-Term (SPTS) | 0.00% | -0.37% | -0.18% | 0.58% | 1.62% |
| Inflation Protected (TIP) | -0.19% | -2.57% | -3.19% | -2.04% | -2.25% |
| Intermediate (SPTI) | -0.26% | -2.08% | -2.88% | -2.90% | -2.21% |
| Long-Term (SPTL) | -0.29% | -4.75% | -7.58% | -7.37% | -8.25% |
| Specialty | |||||
| Convertible (CWB) | 0.98% | 0.82% | -1.79% | 15.73% | 12.75% |
| Preferred Stock (PFF) | 0.34% | -1.59% | -1.56% | -0.66% | -1.77% |
| Bank Loans (BKLN) | 0.10% | 0.17% | 2.30% | 2.22% | 4.31% |
| High Yield (HYG) | 0.01% | -2.35% | -2.08% | -0.29% | 0.79% |
| Corporate (SPIB) | -0.16% | -1.74% | -2.40% | -1.54% | -0.69% |
| Mortgage Backed (MBB) | -0.37% | -3.16% | -4.13% | -3.21% | -2.18% |
| International & EM | |||||
| International Local (IGOV) | 0.40% | -3.12% | -3.00% | -4.44% | -5.25% |
| Emerging Local (EMLC) | 0.37% | -2.95% | -1.76% | -0.05% | 3.18% |
| International USD (BNDX) | 0.15% | -0.58% | -2.13% | -0.95% | -0.77% |
| Emerging USD (EMB) | -0.13% | -3.79% | -5.01% | -2.60% | -0.25% |
| Municipals | |||||
| Short-Term (SUB) | -0.03% | -1.07% | -1.01% | -0.12% | 0.58% |
| High Yield (HYD) | -0.21% | -2.84% | -5.97% | -3.02% | -1.23% |
| Intermediate (MUB) | -0.37% | -2.86% | -5.31% | -3.44% | -1.98% |
| Long-Term (MLN) | -0.92% | -4.44% | -7.74% | -4.72% | -3.34% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities were mixed to lower Friday as crude oil extended its weekly decline following the G-7 and European agreement to release 100 million barrels of crude and diesel from emergency stockpiles, with WTI Crude (USO) falling 1.77% on the day despite a 113.09% year-to-date advance. Natural Gas (UNG) bucked the trend, rising 3.05%, while Sugar (CANE) gained 3.14%. Precious metals softened broadly, with Gold (GLD) down 0.68% and Silver (SLV) off 0.51%, as risk-on sentiment reduced haven demand. Broad Commodities (DJP) slipped 0.48% on the day but remains up a substantial 37.06% year-to-date, reflecting the energy complex’s outsized annual contribution.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.48% | -0.94% | 18.26% | 37.06% | 45.42% |
| Agriculture | |||||
| Sugar (CANE) | 3.14% | 1.37% | 20.98% | 21.17% | 12.68% |
| Broad (DBA) | 0.28% | -3.62% | 5.50% | 10.54% | 9.53% |
| Wheat (WEAT) | 0.12% | -11.16% | 10.44% | 23.94% | 18.99% |
| Soybeans (SOYB) | 0.07% | -1.45% | 11.37% | 24.52% | 24.41% |
| Corn (CORN) | -0.68% | -6.78% | 11.80% | 6.32% | 6.68% |
| Energy | |||||
| Natural Gas (UNG) | 3.05% | -2.60% | -9.59% | -14.60% | -22.16% |
| Brent Crude (BNO) | 0.24% | 13.20% | 59.06% | 122.81% | 116.10% |
| Broad (DBE) | -1.12% | 7.30% | 44.13% | 112.83% | 107.63% |
| WTI Crude (USO) | -1.77% | 4.41% | 41.73% | 113.09% | 106.00% |
| Industrial Metals | |||||
| Copper (CPER) | 0.03% | -0.03% | 5.98% | 13.04% | 29.32% |
| Broad (DBB) | -0.44% | -2.81% | 3.88% | 8.50% | 22.55% |
| Precious Metals | |||||
| Silver (SLV) | -0.51% | -7.33% | -0.51% | -15.03% | 28.71% |
| Platinum (PPLT) | -0.52% | -3.44% | 4.82% | -17.23% | 8.02% |
| Gold (GLD) | -0.68% | -5.62% | 0.53% | -4.08% | 7.15% |
| Palladium (PALL) | -1.02% | -13.55% | -7.25% | -26.92% | -6.86% |
| Broad (DBP) | -1.05% | -6.15% | -0.15% | -7.69% | 9.44% |
Cryptocurrency
Crypto-linked ETFs traded lower across the board Friday even as Bitcoin itself was reported to have topped $87,000 intraday, with Bitcoin (IBIT) declining 0.48% and Ethereum (ETHA) down 1.28%. XRP (XRP) was the weakest performer, falling 1.97% and remaining down 19.88% year-to-date, while Solana (SOLZ) was comparatively resilient, down just 0.12%. Despite the daily softness, most crypto exposures have posted strong three-month gains, with Ethereum up 56.38% over that period, suggesting the pullback reflects short-term profit-taking rather than a shift in intermediate-term trend.
What to Watch Today
Monday’s calendar is relatively light, headlined by the 10:00 AM ET release of the ISM Services PMI for September, expected at 55.1 versus 55.4 prior, alongside the Final S&P Global Composite and Services PMI readings at 9:45 AM ET. Trade data arrives at 8:30 AM ET with the Advanced Goods Trade Balance and International Trade figures for August. Fed Governor Bowman is scheduled to speak at 2:45 PM ET, and the Treasury will auction $58 billion in 3-year notes at 1:00 PM ET. No major corporate earnings are confirmed before the open or after the close, with investors looking ahead to Wednesday’s FOMC September meeting minutes later in the week.
U.S. equities advanced on Friday as the S&P 500 (IVV) gained 0.75%, extending its year-to-date advance to 13.80%, after a cooler-than-expected September payrolls report of 29,000 jobs shifted rate-cut expectations and lifted risk appetite. International developed markets outpaced the U.S. on the day, with Developed ex-U.S. (EFA) up 1.11%, while Emerging Markets (EEM) led the trio at 1.29%, pushing its YTD return to 24.31%. Fixed income lagged as yields pared some of the prior session’s spike, with the U.S. Aggregate Bond (AGG) slipping 0.18%. Broad Commodities (DJP) declined 0.48% on the day despite a 37.06% YTD gain, as crude oil fell on news of a coordinated 100-million-barrel emergency stockpile release from the G-7 and European nations. The standout outlier was South Korea (EWY), which jumped 3.10% on the day and now sits up 97.37% year-to-date.