Macro Overview
U.S. equities ended the week on a sharply negative note, with markets experiencing their most significant single-day drop in months. The sell-off was triggered by renewed U.S.-China trade concerns after former President Trump threatened the possibility of new, significant tariffs. The broad-based flight from risk saw the S&P 500 (IVV) plummet by -2.72%, erasing earlier weekly gains and setting a cautious tone for investors as they look ahead.
U.S. Size & Style
The risk-off sentiment permeated all corners of the U.S. equity market, with no segment spared from the downturn. Small-caps were hit particularly hard, with Small Value (IJS) leading the declines at -3.59%. Growth stocks also saw substantial losses, as evidenced by the -3.09% drop in Large Growth (IVW), as investors shed exposure to higher-duration assets amid the heightened uncertainty.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | -2.21% | -2.56% | 0.74% | 2.26% | 7.42% | 5.03% |
| Large Cap (IVV) | -2.72% | -2.41% | 0.41% | 4.66% | 12.50% | 14.82% |
| Large Growth (IVW) | -3.09% | -2.29% | 0.15% | 6.72% | 16.91% | 22.91% |
| Mid Value (IJJ) | -2.90% | -4.31% | -3.42% | -1.89% | 1.64% | 4.38% |
| Mid Cap (IJH) | -2.83% | -3.83% | -3.00% | -0.84% | 2.44% | 3.43% |
| Mid Growth (IJK) | -2.71% | -3.46% | -2.64% | 0.06% | 2.89% | 2.32% |
| Small Value (IJS) | -3.59% | -5.73% | -3.01% | 1.37% | -1.25% | 2.88% |
| Small Cap (IJR) | -3.12% | -4.84% | -2.48% | 0.55% | 0.22% | 2.17% |
| Small Growth (IJT) | -2.78% | -4.12% | -2.13% | -0.35% | 1.52% | 1.04% |
U.S. Sectors & Industries
Defensive positioning was evident as Consumer Staples (XLP) was the only GICS sector to finish in the green, posting a modest gain of +0.08%. On the other end of the spectrum, the trade-sensitive Technology (XLK) sector was the day’s worst performer, tumbling -4.07%. The pain was acute in sub-sectors like Semiconductors (XSD), which plunged -6.92%, and Oil & Gas Equipment & Services (XES), which fell -5.84%.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Consumer Staples (XLP) | +0.08% | 0.09% | -1.62% | -3.04% | 1.25% | -1.22% |
| Utilities (XLU) | -0.41% | 1.45% | 7.30% | 9.97% | 21.65% | 18.17% |
| Real Estate (XLRE) | -1.09% | -3.33% | -2.08% | -1.49% | 2.33% | -2.16% |
| Health Care (XLV) | -1.44% | -1.87% | 3.95% | 4.72% | 4.67% | -5.32% |
| Communication Services (XLC) | -1.84% | -3.08% | -1.24% | 6.09% | 17.55% | 27.04% |
| Materials (XLB) | -2.05% | -3.35% | -3.80% | -5.43% | 4.72% | -7.03% |
| Financial (XLF) | -2.18% | -2.90% | -1.56% | -0.72% | 9.03% | 15.98% |
| Industrials (XLI) | -2.21% | -2.92% | -0.56% | -0.15% | 14.92% | 11.91% |
| Consumer Discretionary (XLY) | -2.75% | -3.83% | -1.60% | 3.52% | 2.63% | 16.85% |
| Energy (XLE) | -2.89% | -4.15% | -3.55% | -3.14% | 1.95% | -4.53% |
| Technology (XLK) | -4.07% | -2.22% | 3.18% | 8.47% | 20.28% | 21.58% |
Global Thematic
Thematic strategies saw significant divergence, with defensive and commodity-linked themes outperforming. Uranium & Nuclear Energy (URA) (+0.74%) and Gold Miners (GDX) (+0.22%) were rare bright spots. Conversely, high-beta and speculative themes were punished, led by a steep -8.89% loss for Cannabis & Vice (CNBS).
| Top 5 Performers | |
|---|---|
| Name (Ticker) | 1-Day % Change |
| Tema Electrification ETF (VOLT) | +1.66% |
| Sprott Junior Gold Miners ETF (SGDJ) | +1.17% |
| Sprott Junior Uranium Miners ETF (URNJ) | +0.79% |
| Global X Uranium ETF (URA) | +0.74% |
| Sprott Gold Miners ETF (SGDM) | +0.61% |
| Bottom 5 Performers | |
| Name (Ticker) | 1-Day % Change |
| Amplify Alternative Harvest ETF (MJ) | -8.99% |
| Amplify Seymour Cannabis ETF (CNBS) | -8.89% |
| Global X Lithium & Battery Tech ETF (LIT) | -8.80% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -7.78% |
| VanEck Rare Earth and Strategic Metals ETF (REMX) | -7.10% |
Developed Markets ex-U.S.
International developed markets followed Wall Street lower, with Asian markets bearing the brunt of the trade-related anxiety. Hong Kong (EWH) and Japan (EWJ) saw steep declines of -4.17% and -3.91% respectively. European bourses also closed broadly lower, though losses were more contained compared to their Asian and U.S. counterparts.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | -1.84% | -2.99% | -0.15% | 2.71% | 24.10% | 16.16% |
| Australia (EWA) | -1.78% | -3.61% | -2.47% | -0.53% | 12.50% | 3.70% |
| Canada (EWC) | -1.33% | -2.69% | 0.89% | 7.43% | 24.55% | 22.87% |
| France (EWQ) | -1.37% | -3.61% | 0.91% | -1.05% | 23.38% | 13.86% |
| Germany (EWG) | -1.35% | -2.14% | 1.10% | -3.13% | 32.64% | 28.01% |
| Hong Kong (EWH) | -4.17% | -4.17% | -4.62% | 3.61% | 26.66% | 15.28% |
| Japan (EWJ) | -3.91% | -4.18% | -2.49% | 7.43% | 17.72% | 13.16% |
| Netherlands (EWN) | -2.16% | -5.00% | 5.30% | 3.68% | 29.01% | 16.23% |
| South Korea (EWY) | -3.25% | -3.73% | 5.31% | 10.36% | 58.62% | 30.59% |
| Switzerland (EWL) | -0.46% | -0.99% | 0.86% | 1.17% | 24.39% | 12.05% |
| U.K. (EWU) | -0.81% | -2.13% | -0.02% | 3.63% | 25.62% | 18.86% |
Emerging Markets
Emerging market equities were at the epicenter of the trade-related sell-off. Unsurprisingly, China (MCHI) was among the hardest-hit, dropping -5.73%. Nearby Taiwan (EWT) also suffered a significant -4.95% loss. A notable outlier was India (INDA), which showed remarkable resilience, ending the day nearly unchanged at -0.08%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | -3.69% | -4.22% | 0.78% | 7.27% | 25.39% | 15.85% |
| Brazil (EWZ) | -2.97% | -5.08% | -3.36% | 3.86% | 30.23% | 7.50% |
| China (MCHI) | -5.73% | -7.75% | -1.84% | 11.60% | 32.28% | 20.64% |
| India (INDA) | -0.08% | 0.61% | -0.73% | -4.52% | 0.25% | -6.91% |
| Indonesia (EIDO) | -1.93% | -0.69% | -0.12% | -2.53% | -3.81% | -16.61% |
| Malaysia (EWM) | -2.50% | -3.32% | 0.64% | 5.06% | 5.45% | 1.55% |
| Mexico (EWW) | -1.57% | -3.62% | 0.17% | 6.80% | 40.02% | 24.14% |
| South Africa (EZA) | -2.67% | -2.67% | 6.01% | 17.37% | 52.87% | 36.91% |
| Taiwan (EWT) | -4.95% | -4.67% | -1.50% | 5.55% | 19.05% | 16.89% |
| Thailand (THD) | -2.85% | -3.23% | -3.39% | 13.76% | -1.46% | -11.12% |
Fixed Income
Fixed income markets saw a classic flight-to-quality, as investors sought refuge in sovereign debt. Government Long (SPTL) bonds rallied +1.37%. Conversely, credit-sensitive assets sold off, with Taxable High Yield (HYG) declining by -0.58% and Convertible (CWB) bonds falling -1.85%.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | +0.41% | 0.25% | 0.31% | 3.01% | 6.73% | 4.97% |
| Taxable Core Enhanced (IUSB) | +0.30% | 0.15% | 0.27% | 2.93% | 6.73% | 5.24% |
| Taxable Multisector (PYLD) | -0.04% | -0.11% | 0.22% | 2.78% | 7.64% | 7.89% |
| Taxable Ultrashort (BIL) | +0.04% | 0.09% | 0.35% | 1.08% | 3.29% | 4.37% |
| Taxable Short-Term (BSV) | +0.19% | 0.14% | 0.25% | 1.79% | 5.05% | 5.09% |
| Taxable Long Term (BLV) | +0.91% | 0.58% | 0.69% | 4.98% | 7.91% | 2.71% |
| Government Short (SPTS) | +0.17% | 0.17% | 0.39% | 1.59% | 4.17% | 4.76% |
| Government Intermediate (SPTI) | +0.49% | 0.38% | 0.10% | 2.51% | 6.92% | 5.41% |
| Government Long (SPTL) | +1.37% | 1.34% | 1.11% | 5.13% | 7.40% | 1.64% |
| Inflation Protected (TIP) | +0.35% | 0.41% | 0.06% | 2.64% | 7.32% | 4.89% |
| Corporate (SPIB) | +0.12% | -0.06% | 0.13% | 2.45% | 6.79% | 6.16% |
| Taxable High Yield (HYG) | -0.58% | -1.10% | -0.64% | 1.23% | 6.13% | 6.75% |
| Bank Loans (BKLN) | -0.34% | -0.72% | -0.17% | 0.75% | 4.09% | 5.96% |
| Preferred Stock (PFF) | -1.05% | -1.98% | -1.80% | 0.84% | 4.05% | 0.58% |
| Convertible (CWB) | -1.85% | -1.32% | 3.84% | 8.89% | 18.27% | 21.07% |
| Mortgage Backed (MBS) | +0.38% | 0.20% | 0.34% | 3.28% | 7.29% | 5.45% |
| International USD (BNDX) | +0.43% | 0.40% | 0.48% | 1.43% | 3.09% | 3.79% |
| International (IGOV) | +0.69% | -0.77% | -0.91% | -0.80% | 9.99% | 4.47% |
| Emerging USD (EMB) | -0.44% | -0.61% | -0.17% | 3.92% | 10.55% | 8.85% |
| Emerging (EMLC) | -0.47% | -0.75% | 0.02% | 1.85% | 14.45% | 9.00% |
| Municipal Short (SUB) | +0.05% | -0.02% | -0.29% | 0.82% | 2.95% | 3.08% |
| Municipal Intermediate (MUB) | +0.27% | 0.44% | 0.99% | 3.31% | 2.71% | 2.28% |
| Municipal Long (MLN) | +0.26% | 0.49% | 1.83% | 5.50% | 1.00% | 1.14% |
| Municipal High Yield (HYD) | +0.30% | 0.06% | 0.56% | 2.87% | 1.04% | 0.85% |
Commodities
Commodities were a tale of two markets. Precious metals acted as a classic safe haven, with Gold (GLD) rising +1.01% and Silver (SLV) jumping +1.61%. In contrast, growth-sensitive assets like WTI Crude Oil (USO) dropped sharply by -4.30% on fears that escalating trade tensions could dampen global demand.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | -1.54% | -0.90% | 1.50% | 2.19% | 9.91% | 8.46% |
| WTI Crude Oil (USO) | -4.30% | -3.24% | -7.12% | -7.96% | -8.15% | -10.78% |
| Gold (GLD) | +1.01% | 3.21% | 10.10% | 20.55% | 52.45% | 52.01% |
| Silver (SLV) | +1.61% | 4.39% | 21.44% | 34.61% | 72.54% | 60.08% |
| Copper (CPER) | -4.42% | -3.35% | 6.85% | -13.02% | 20.31% | 8.69% |
| Agriculture (DBA) | -0.64% | -1.31% | -3.27% | 2.13% | -1.02% | 6.37% |
Cryptocurrency
The digital asset space saw a significant pullback, with the broad risk-off mood hitting the crypto market hard. Ethereum (ETHA) led the major assets lower with a steep -7.95% decline. Bitcoin (IBIT) also faced heavy selling pressure, falling -3.70% as investors de-risked portfolios across asset classes.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Ethereum (ETHA) | -7.95% | -11.85% | -7.65% | 41.45% | 19.41% | 68.62% |
| Solana (SOLZ) | -6.14% | -12.57% | -9.43% | 21.95% | ||
| Multi-Coin (NCIQ) | -4.26% | -6.82% | 0.17% | 6.72% | ||
| Bitcoin (IBIT) | -3.70% | -5.17% | 2.59% | 2.64% | 24.79% | 94.99% |
What to Watch Today
Today, Monday, October 13, is a U.S. bank holiday in observance of Columbus Day and Indigenous Peoples’ Day. As a result, U.S. bond markets are closed. Investors will be assessing the fallout from Friday’s sharp sell-off and monitoring any geopolitical developments ahead. The focus will shift to the upcoming week’s corporate earnings reports and any further news on the trade front.
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.
