Macro Overview
U.S. equities climbed on Thursday, pushing major indices back toward record highs. The S&P 500 (IVV) gained 0.57%, driven primarily by a surge in the energy sector. Oil prices jumped over 5% after the White House announced new sanctions on major Russian oil producers, renewing supply concerns. Strong earnings from several blue-chip companies also bolstered sentiment, helping the market look past profit misses from major names like Tesla and IBM. Investors are now turning their full attention to this morning’s delayed September CPI report, a critical data point that will influence the Federal Reserve’s rate cut trajectory.
U.S. Size & Style
Mid-caps led the charge in yesterday’s session, with Mid Growth (IJK) gaining 1.74% and Mid Cap (IJH) rising 1.36%. Growth outperformed value across all market caps, though gains were seen across the board. Large Value (IVE) saw the most modest gains, closing up 0.37%.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.37% | 1.34% | 1.81% | 4.74% | 10.74% | 7.15% |
| Large Cap (IVV) | +0.57% | 1.09% | 1.27% | 6.23% | 15.72% | 17.71% |
| Large Growth (IVW) | +0.81% | 0.87% | 0.86% | 7.54% | 20.03% | 26.51% |
| Mid Value (IJJ) | +1.09% | 1.68% | 0.29% | 1.55% | 5.60% | 6.74% |
| Mid Cap (IJH) | +1.36% | 1.78% | 0.14% | 2.22% | 6.28% | 6.63% |
| Mid Growth (IJK) | +1.74% | 2.05% | -0.05% | 3.00% | 6.71% | 6.37% |
| Small Value (IJS) | +1.24% | 2.78% | 1.38% | 7.11% | 4.66% | 7.75% |
| Small Cap (IJR) | +0.99% | 2.13% | 0.64% | 5.60% | 5.32% | 6.84% |
| Small Growth (IJT) | +0.85% | 1.64% | 0.05% | 4.31% | 6.09% | 5.77% |
U.S. Sectors & Industries
The energy sector was the clear winner, as Energy (XLE) jumped 1.33% on the back of surging crude oil prices. Within the sector, Oil & Gas Equipment & Services (XES) and Exploration & Production (XOP) were standout performers, gaining 5.91% and 3.81% respectively. Technology (XLK) also had a strong showing, up 1.26%. Defensive sectors lagged, with Consumer Staples (XLP) finishing at the bottom, down -0.49%.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Energy (XLE) | +1.33% | 3.48% | -0.24% | 3.36% | 6.44% | 2.37% |
| Technology (XLK) | +1.26% | 1.43% | 3.17% | 11.21% | 24.91% | 27.35% |
| Industrials (XLI) | +1.25% | 2.01% | 1.14% | 1.10% | 18.67% | 14.95% |
| Materials (XLB) | +1.20% | 1.71% | -0.78% | -2.64% | 7.77% | -4.78% |
| Consumer Discretionary (XLY) | +0.45% | 1.69% | 0.19% | 5.40% | 6.94% | 23.87% |
| Financial (XLF) | +0.21% | 0.69% | -2.27% | -0.73% | 9.83% | 13.15% |
| Health Care (XLV) | +0.05% | 1.93% | 6.65% | 7.66% | 7.56% | -1.17% |
| Utilities (XLU) | -0.08% | -1.35% | 5.48% | 7.73% | 21.82% | 13.21% |
| Real Estate (XLRE) | -0.09% | 1.09% | 1.19% | -0.06% | 6.90% | -0.85% |
| Communication Services (XLC) | -0.34% | 0.27% | -2.67% | 6.64% | 20.10% | 29.08% |
| Consumer Staples (XLP) | -0.49% | -0.48% | 1.28% | -2.14% | 2.87% | -0.45% |
Global Thematic
Thematic investing saw a strong risk-on bias, led by high-growth and speculative areas. Cannabis funds soared, with AdvisorShares Pure US Cannabis ETF (MSOS) gaining 5.63%. Crypto and blockchain-related funds also rallied, including CoinShares Bitcoin Mining ETF (WGMI) up 5.26%. On the downside, Uranium Miners were the notable laggards, with Sprott Junior Uranium Miners ETF (URNJ) falling -2.63%.
| Top 5 Performers (Ticker) | 1-Day % Change |
|---|---|
| AdvisorShares Pure US Cannabis ETF (MSOS) | +5.63% |
| CoinShares Bitcoin Mining ETF (WGMI) | +5.26% |
| Amplify Seymour Cannabis ETF (CNBS) | +4.75% |
| Global X Blockchain ETF (BKCH) | +4.47% |
| Spear Alpha ETF (SPRX) | +4.12% |
| Bottom 5 Performers (Ticker) | 1-Day % Change |
| Sprott Junior Uranium Miners ETF (URNJ) | -2.63% |
| Global X MLP & Energy Infrastructure ETF (MLPX) | -1.34% |
| Sprott Uranium Miners ETF (URNM) | -1.21% |
| Simplify Propel Opportunities ETF (SURI) | -1.20% |
| VanEck Alternative Asset Manager ETF (GPZ) | -1.19% |
Developed Markets ex-U.S.
Developed international markets posted broad gains, with the Dev ex-U.S. (EFA) benchmark up 0.47%. Netherlands (EWN) was the top performer, rising 1.29%, followed by Hong Kong (EWH) at 0.90%. Japan (EWJ) and Switzerland (EWL) lagged the group, both closing up just 0.05%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +0.47% | 0.40% | 1.90% | 3.66% | 27.67% | 22.77% |
| Australia (EWA) | +0.44% | 1.00% | 1.19% | 1.38% | 15.69% | 8.62% |
| Canada (EWC) | +0.76% | 0.60% | 0.10% | 7.23% | 26.35% | 24.28% |
| France (EWQ) | +0.80% | 0.09% | 3.14% | 1.96% | 29.02% | 21.93% |
| Germany (EWG) | +0.27% | 0.41% | 0.68% | -3.84% | 32.73% | 29.76% |
| Hong Kong (EWH) | +0.90% | 0.14% | 0.19% | 1.97% | 30.09% | 24.05% |
| Japan (EWJ) | +0.05% | 0.27% | 1.39% | 7.49% | 23.52% | 26.27% |
| Netherlands (EWN) | +1.29% | 0.38% | 2.17% | 8.52% | 34.09% | 27.00% |
| South Korea (EWY) | +0.69% | 1.75% | 10.58% | 21.96% | 76.99% | 50.69% |
| Switzerland (EWL) | +0.05% | -1.06% | 3.49% | 1.73% | 26.76% | 15.20% |
| U.K. (EWU) | +0.45% | 1.26% | 2.72% | 4.16% | 28.24% | 22.54% |
Emerging Markets
Emerging markets outperformed developed ones, with the Emerging (EEM) index up 0.88%. The rally was led by strong gains in Indonesia (EIDO), South Africa (EZA), and China (MCHI), which rose 2.29%, 2.12%, and 1.71%, respectively. India (INDA) was the notable outlier, posting a loss of -0.96%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +0.88% | 1.03% | 2.70% | 9.63% | 32.15% | 24.25% |
| Brazil (EWZ) | +1.47% | 2.56% | -2.71% | 10.88% | 37.83% | 15.80% |
| China (MCHI) | +1.71% | 1.26% | 0.71% | 8.20% | 38.14% | 31.67% |
| India (INDA) | -0.96% | 0.57% | 3.20% | 0.05% | 4.03% | -0.54% |
| Indonesia (EIDO) | +2.29% | 5.78% | 3.04% | 2.75% | 1.69% | -14.18% |
| Malaysia (EWM) | +0.71% | -0.19% | -0.35% | 5.95% | 6.79% | 4.90% |
| Mexico (EWW) | +0.78% | -0.17% | -2.09% | 9.18% | 43.56% | 30.08% |
| South Africa (EZA) | +2.12% | -0.73% | 3.28% | 15.39% | 56.75% | 39.94% |
| Taiwan (EWT) | +1.05% | 0.95% | 2.21% | 9.88% | 26.95% | 22.05% |
| Thailand (THD) | +0.42% | 1.96% | -0.10% | 4.89% | 1.34% | -6.97% |
Fixed Income
Fixed income markets were mixed as investors awaited today’s inflation data. Riskier assets performed well, with Convertible (CWB) up 0.89% and Taxable High Yield (HYG) rising 0.22%. Longer-duration Treasuries sold off, with Government Long (SPTL) falling -0.61%.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.18% | 0.08% | 1.03% | 3.75% | 7.37% | 6.54% |
| Taxable Core Enhanced (IUSB) | -0.17% | 0.06% | 0.96% | 3.56% | 7.39% | 6.77% |
| Taxable Multisector (PYLD) | 0.00% | 0.34% | 0.82% | 3.63% | 8.52% | 9.30% |
| Taxable Ultrashort (BIL) | +0.01% | 0.05% | 0.32% | 1.03% | 3.40% | 4.31% |
| Taxable Short-Term (BSV) | -0.09% | -0.04% | 0.50% | 1.90% | 5.35% | 5.63% |
| Taxable Long Term (BLV) | -0.41% | 0.38% | 2.20% | 6.90% | 9.24% | 6.15% |
| Government Short (SPTS) | -0.07% | 0.00% | 0.46% | 1.66% | 4.35% | 5.04% |
| Government Intermediate (SPTI) | -0.24% | -0.03% | 0.66% | 2.79% | 7.26% | 6.37% |
| Government Long (SPTL) | -0.61% | 0.26% | 2.42% | 6.91% | 8.27% | 4.48% |
| Inflation Protected (TIP) | -0.20% | 0.27% | 0.64% | 2.94% | 7.78% | 6.32% |
| Corporate (SPIB) | -0.09% | 0.06% | 0.54% | 2.68% | 7.33% | 7.27% |
| Taxable High Yield (HYG) | +0.22% | 0.17% | -0.02% | 1.86% | 7.34% | 8.28% |
| Bank Loans (BKLN) | +0.05% | 0.39% | 0.05% | 1.15% | 4.79% | 6.40% |
| Preferred Stock (PFF) | +0.16% | 0.32% | -1.13% | 2.89% | 5.32% | 2.05% |
| Convertible (CWB) | +0.89% | -0.45% | 1.54% | 7.77% | 19.25% | 21.40% |
| Mortgage Backed (MBS) | -0.21% | -0.03% | 0.92% | 4.21% | 7.93% | 7.25% |
| International USD (BNDX) | -0.12% | 0.10% | 1.17% | 1.94% | 3.59% | 4.27% |
| International (IGOV) | -0.26% | -0.28% | -0.49% | -0.44% | 10.65% | 7.01% |
| Emerging USD (EMB) | -0.07% | 0.28% | 0.89% | 5.20% | 12.16% | 11.71% |
| Emerging (EMLC) | +0.12% | -0.08% | -0.05% | 2.17% | 15.53% | 12.22% |
| Municipal Short (SUB) | -0.01% | -0.24% | -0.34% | 0.61% | 2.79% | 3.34% |
| Municipal Intermediate (MUB) | -0.07% | 0.10% | 1.31% | 4.69% | 3.36% | 4.06% |
| Municipal Long (MLN) | -0.08% | -0.06% | 1.70% | 7.93% | 1.92% | 3.27% |
| Municipal High Yield (HYD) | -0.06% | 0.25% | 1.13% | 5.67% | 1.84% | 2.82% |
Commodities
As mentioned, energy commodities led the complex higher due to new sanctions on Russia. WTI Crude Oil (USO) surged 1.43%, with Brent Crude Oil (BNO) not far behind at 0.74%. Precious metals also caught a bid, with Gold (GLD) rising 0.51%. Agriculture was mixed, with Soybeans (SOYB) falling -0.12% while Corn (CORN) gained 0.40%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +0.75% | 1.73% | -2.06% | -6.32% | -15.30% | -24.95% |
| Energy (DBE) | +1.42% | 1.04% | 1.48% | -2.14% | -14.73% | -20.66% |
| WTI Crude Oil (USO) | +1.43% | 0.80% | 2.00% | 2.63% | 3.63% | 2.68% |
| Brent Crude Oil (BNO) | +0.74% | -0.15% | 0.74% | -0.45% | -5.86% | -2.16% |
| Natural Gas (UNG) | +1.91% | 1.42% | 1.91% | 0.41% | 1.24% | 11.21% |
| Gasoline (UGA) | +2.67% | 5.00% | 2.67% | 9.75% | 24.84% | 15.39% |
| Precious Metals (DBP) | -0.66% | 8.93% | -0.66% | 7.23% | 14.11% | 9.15% |
| Gold (GLD) | +0.51% | 6.67% | 1.29% | 17.85% | 57.73% | 35.08% |
| Silver (SLV) | +2.15% | 7.81% | -5.98% | 9.91% | 78.33% | 58.34% |
| Platinum (PPLT) | -1.00% | 6.02% | -2.62% | 10.56% | 67.79% | 43.86% |
| Palladium (PALL) | +3.23% | 2.03% | -2.50% | 9.33% | 56.44% | 50.99% |
| Industrial Metals (DBB) | +3.77% | 0.44% | 5.00% | 9.44% | 55.57% | 48.45% |
| Copper (CPER) | +2.61% | 0.44% | 8.93% | -0.92% | 2.43% | 4.15% |
| Agriculture (DBA) | +1.19% | 1.73% | 4.61% | 4.12% | -23.08% | -6.44% |
| Corn (CORN) | +0.40% | 1.04% | -2.65% | -5.69% | -0.73% | -0.07% |
| Soybeans (SOYB) | -0.12% | 0.80% | -2.35% | -1.62% | -2.99% | -0.35% |
| Wheat (WEAT) | +0.68% | -0.44% | -0.33% | -2.64% | 2.84% | 5.28% |
| Sugar (CANE) | +0.51% | -0.12% | 4.75% | 4.66% | 14.05% | 13.74% |
Cryptocurrency
Cryptocurrencies participated in the risk-on rally, with all major assets posting gains. Bitcoin (IBIT) led the way, climbing 4.86%. Ethereum (ETHA) also showed strength, rising 2.67%, while Solana (SOLZ) gained 2.21%.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | +2.21% | 3.46% | -1.34% | -7.03% | 17.93% | 65.46% |
| Multi-Coin (NCIQ) | +2.28% | 1.50% | -7.07% | -6.33% | 15.42% | 53.39% |
| Ethereum (ETHA) | +2.67% | 0.86% | -3.73% | -4.78% | 17.93% | 65.46% |
| Bitcoin (IBIT) | +4.86% | 6.14% | -12.15% | -4.78% | 15.42% | 53.39% |
What to Watch Today
All eyes are on the delayed September Consumer Price Index (CPI) report, set for release this morning. This is the first major inflation data point investors will receive since the recent government shutdown. Consensus forecasts call for a slight acceleration in year-over-year headline inflation to 3.1%, with core inflation expected to remain unchanged at 3.1%. A significant deviation from these estimates could heavily influence market expectations for Federal Reserve policy, as officials have been looking for clear signs of disinflation before committing to further rate cuts. Also on the docket are the S&P Global preliminary “flash” PMI readings for Manufacturing and Services in October, which will provide an early look at economic activity this month.
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.
