Macro Overview
U.S. equity markets surged to record highs on Friday, October 24th, after the latest Consumer Price Index (CPI) report came in cooler than expected. September inflation rose 3.0% year-over-year, just below the 3.1% consensus, strengthening investor expectations for a Federal Reserve rate cut later this week. The S&P 500 (IVV) finished the day up 0.82%, driven by gains in growth-oriented sectors.
U.S. Size & Style
Large-cap growth stocks led the rally on Friday, with Large Growth (IVW) closing up 1.00%. Performance was strong across the board, as small-caps also posted solid gains; the Small Cap (IJR) rose 0.87%, indicating broad participation in the risk-on move.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.52% | 1.87% | 2.53% | 5.42% | 11.32% | 8.01% |
| Large Cap (IVV) | +0.82% | 1.92% | 2.45% | 7.06% | 16.67% | 18.42% |
| Large Growth (IVW) | +1.00% | 1.89% | 2.31% | 8.40% | 21.24% | 26.97% |
| Mid Value (IJJ) | +0.35% | 2.04% | 1.11% | 3.35% | 5.98% | 6.95% |
| Mid Cap (IJH) | +0.56% | 2.36% | 1.46% | 3.77% | 6.88% | 7.06% |
| Mid Growth (IJK) | +0.76% | 2.82% | 1.77% | 4.38% | 7.52% | 7.01% |
| Small Value (IJS) | +0.84% | 3.64% | 2.83% | 9.95% | 5.53% | 8.40% |
| Small Cap (IJR) | +0.87% | 3.02% | 2.37% | 8.26% | 6.24% | 7.47% |
| Small Growth (IJT) | +0.71% | 2.36% | 1.91% | 6.62% | 6.84% | 6.29% |
U.S. Sectors & Industries
The market rally was led by rate-sensitive sectors, with Technology (XLK) jumping 1.55% and Utilities (XLU) rising 1.17%. The primary laggard was Energy (XLE), which fell 1.01%, alongside defensive sectors like Consumer Staples (XLP) (-0.33%). Standout industries included Telecom and Regional Banking, which both showed significant strength.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Technology (XLK) | +1.55% | 3.01% | 5.42% | 12.46% | 26.85% | 28.95% |
| Utilities (XLU) | +1.17% | -0.20% | 5.96% | 9.13% | 23.25% | 15.28% |
| Financial (XLF) | +1.08% | 1.78% | -0.93% | 0.41% | 11.02% | 14.28% |
| Real Estate (XLRE) | +0.35% | 1.45% | 2.60% | 0.43% | 7.28% | -0.73% |
| Communication Services (XLC) | +0.26% | 0.53% | -1.60% | 6.74% | 20.41% | 28.97% |
| Industrials (XLI) | +0.08% | 2.10% | 1.75% | 1.35% | 18.76% | 15.85% |
| Health Care (XLV) | -0.01% | 1.93% | 7.07% | 8.06% | 7.55% | -0.52% |
| Consumer Discretionary (XLY) | -0.30% | 1.38% | -0.81% | 6.86% | 6.62% | 19.72% |
| Consumer Staples (XLP) | -0.33% | -0.80% | 0.73% | -2.12% | 2.53% | -0.64% |
| Materials (XLB) | -0.41% | 1.29% | 0.03% | -2.03% | 7.33% | -4.00% |
| Energy (XLE) | -1.01% | 2.43% | -2.51% | 1.59% | 5.36% | 1.34% |
Global Thematic
Thematic performance showed a clear risk-on appetite. Crypto and blockchain-related funds dominated the top performers, with CoinShares Bitcoin Mining ETF (WGMI) soaring 10.39%. In contrast, precious metals themes lagged significantly as the risk-on move diminished their appeal, with VanEck Gold Miners ETF (GDX) falling 1.34%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| CoinShares Bitcoin Mining ETF (WGMI) | +10.39% |
| Schwab Crypto Thematic ETF (STCE) | +8.62% |
| Global X Blockchain ETF (BKCH) | +8.25% |
| iShares Blockchain and Tech ETF (IBLC) | +6.85% |
| Bitwise Crypto Industry Innovators ETF (BITQ) | +6.81% |
| VanEck Gold Miners ETF (GDX) | -1.34% |
| Sprott Active Gold & Silver Miners ETF (GBUG) | -1.36% |
| iShares MSCI Global Gold Miners ETF (RING) | -1.48% |
| Sprott Junior Gold Miners ETF (SGDJ) | -1.55% |
| Global X Gold Explorers ETF (GOEX) | -1.97% |
Developed Markets ex-U.S.
Developed international markets were mixed, with the broad Dev ex-U.S. (EFA) eking out a 0.16% gain. The clear standout was South Korea (EWY), which surged 2.20%. European markets were softer, with France (EWQ) declining 0.35%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +0.16% | 0.56% | 2.66% | 4.60% | 27.87% | 22.27% |
| Australia (EWA) | -0.04% | 0.97% | 2.68% | 2.26% | 15.65% | 7.95% |
| Canada (EWC) | +0.51% | 1.11% | 1.19% | 8.24% | 27.00% | 25.16% |
| France (EWQ) | -0.35% | -0.27% | 3.92% | 3.94% | 28.57% | 20.93% |
| Germany (EWG) | +0.10% | 0.51% | 0.85% | -2.60% | 32.86% | 28.62% |
| Hong Kong (EWH) | +0.90% | 1.04% | 1.57% | 2.54% | 31.25% | 24.68% |
| Japan (EWJ) | +0.34% | 0.61% | 2.04% | 7.77% | 23.94% | 25.66% |
| Netherlands (EWN) | +0.07% | 0.44% | 2.86% | 9.23% | 34.18% | 25.76% |
| South Korea (EWY) | +2.20% | 3.99% | 15.01% | 25.56% | 80.88% | 53.95% |
| Switzerland (EWL) | -0.09% | -1.14% | 4.79% | 3.63% | 26.65% | 14.63% |
| U.K. (EWU) | +0.42% | 1.69% | 3.46% | 4.93% | 28.78% | 22.48% |
Emerging Markets
Emerging markets showed strength, with the Emerging (EEM) benchmark rising 0.66%. Thailand (THD) was a top performer, gaining 1.95%, while Mexico (EWW) was a notable laggard, dropping 0.98%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +0.66% | 1.70% | 3.73% | 10.95% | 33.02% | 25.26% |
| Brazil (EWZ) | +0.03% | 2.59% | -1.84% | 12.35% | 37.87% | 14.49% |
| China (MCHI) | +0.62% | 1.90% | -0.11% | 9.01% | 39.01% | 33.48% |
| India (INDA) | -0.46% | 0.11% | 3.36% | 0.83% | 3.55% | -0.90% |
| Indonesia (EIDO) | 0.00% | 5.78% | 3.51% | 2.75% | 1.69% | -13.83% |
| Malaysia (EWM) | +0.16% | -0.04% | 1.42% | 5.72% | 6.95% | 5.19% |
| Mexico (EWW) | -0.98% | -1.15% | -1.65% | 7.43% | 42.15% | 29.60% |
| South Africa (EZA) | +0.39% | -0.35% | 5.18% | 17.57% | 57.36% | 38.49% |
| Taiwan (EWT) | +1.17% | 2.14% | 4.58% | 11.94% | 28.44% | 23.45% |
| Thailand (THD) | +1.95% | 3.95% | 3.18% | 8.65% | 3.32% | -4.72% |
Fixed Income
In response to the soft inflation data and firming bets of a Fed rate cut, credit-sensitive assets rallied. Convertible (CWB) bonds jumped 1.29% and Taxable High Yield (HYG) gained 0.27%. The core Taxable Core (AGG) fund rose 0.10% as Treasury yields ticked lower.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | +0.10% | 0.18% | 1.33% | 3.92% | 7.48% | 6.44% |
| Taxable Core Enhanced (IUSB) | +0.11% | 0.17% | 1.26% | 3.79% | 7.50% | 6.70% |
| Taxable Multisector (PYLD) | +0.07% | 0.41% | 0.94% | 3.67% | 8.60% | 9.36% |
| Taxable Ultrashort (BIL) | +0.03% | 0.09% | 0.33% | 1.07% | 3.43% | 4.34% |
| Taxable Short-Term (BSV) | +0.08% | 0.04% | 0.65% | 2.04% | 5.43% | 5.65% |
| Taxable Long Term (BLV) | +0.07% | 0.44% | 2.66% | 7.15% | 9.32% | 5.67% |
| Government Short (SPTS) | +0.03% | 0.03% | 0.53% | 1.69% | 4.39% | 4.97% |
| Government Intermediate (SPTI) | +0.10% | 0.07% | 1.00% | 3.04% | 7.37% | 6.33% |
| Government Long (SPTL) | +0.04% | 0.29% | 2.80% | 7.16% | 8.31% | 3.94% |
| Inflation Protected (TIP) | -0.01% | 0.26% | 0.81% | 2.86% | 7.77% | 6.20% |
| Corporate (SPIB) | +0.15% | 0.21% | 0.84% | 2.99% | 7.49% | 7.30% |
| Taxable High Yield (HYG) | +0.27% | 0.45% | 0.38% | 2.27% | 7.63% | 8.26% |
| Bank Loans (BKLN) | +0.19% | 0.58% | 0.29% | 1.39% | 4.99% | 6.55% |
| Preferred Stock (PFF) | +0.41% | 0.73% | -0.22% | 3.25% | 5.75% | 2.24% |
| Convertible (CWB) | +1.29% | 0.84% | 3.22% | 9.28% | 20.78% | 22.51% |
| Mortgage Backed (MBS) | +0.20% | 0.17% | 1.32% | 4.47% | 8.15% | 7.31% |
| International USD (BNDX) | -0.14% | -0.04% | 1.02% | 1.96% | 3.45% | 3.94% |
| International (IGOV) | 0.00% | -0.28% | 0.21% | -0.16% | 10.65% | 6.02% |
| Emerging USD (EMB) | +0.29% | 0.57% | 1.24% | 5.53% | 12.49% | 11.58% |
| Emerging (EMLC) | +0.12% | 0.04% | 0.49% | 2.37% | 15.67% | 11.98% |
| Municipal Short (SUB) | -0.01% | -0.25% | -0.23% | 0.53% | 2.78% | 3.28% |
| Municipal Intermediate (MUB) | +0.07% | 0.17% | 1.45% | 4.81% | 3.43% | 3.90% |
| Municipal Long (MLN) | +0.20% | 0.14% | 2.08% | 8.25% | 2.12% | 3.24% |
| Municipal High Yield (HYD) | 0.00% | 0.25% | 1.21% | 5.70% | 1.84% | 2.64% |
Commodities
Commodities were broadly lower, with Agriculture (DBA) falling 1.23%. Precious metals also pulled back as part of the risk-on rotation, with Gold (GLD) down 0.34%. Energy was relatively flat, with WTI Crude Oil (USO) slipping 0.15%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.49% | 1.53% | 3.79% | 4.12% | 13.49% | 12.76% |
| Energy (DBE) | -0.03% | 5.99% | -1.49% | -1.40% | 2.80% | 5.58% |
| WTI Crude Oil (USO) | -0.15% | 7.65% | -4.20% | -3.82% | -3.14% | 0.16% |
| Brent Crude Oil (BNO) | +0.20% | 6.89% | -3.93% | -2.23% | -0.53% | 0.71% |
| Natural Gas (UNG) | +0.31% | 9.27% | 4.94% | -6.42% | -22.84% | -9.43% |
| Gasoline (UGA) | -0.13% | 4.86% | -1.42% | 4.51% | 2.30% | 4.33% |
| Precious Metals (DBP) | -0.53% | -3.01% | 9.80% | 21.30% | 54.75% | 46.68% |
| Gold (GLD) | -0.34% | -2.95% | 9.96% | 21.67% | 55.92% | 49.34% |
| Silver (SLV) | -0.43% | -6.38% | 10.47% | 23.95% | 67.07% | 43.34% |
| Platinum (PPLT) | -1.24% | 0.03% | 8.80% | 14.02% | 76.11% | 55.18% |
| Palladium (PALL) | -1.11% | -1.76% | 18.07% | 15.42% | 55.99% | 22.52% |
| Industrial Metals (DBB) | +0.42% | 3.10% | 6.19% | 9.31% | 14.59% | 8.82% |
| Copper (CPER) | +0.57% | 2.50% | 6.36% | -12.66% | 25.56% | 15.33% |
| Agriculture (DBA) | -1.23% | 0.19% | -1.15% | 1.49% | 0.00% | 11.58% |
| Corn (CORN) | -0.31% | 0.43% | -0.59% | 0.26% | -6.15% | -2.95% |
| Soybeans (SOYB) | -0.03% | 1.97% | 2.74% | 1.85% | 3.60% | 2.55% |
| Wheat (WEAT) | 0.00% | 1.48% | -1.67% | -8.26% | -14.73% | -21.11% |
| Sugar (CANE) | -1.56% | -3.59% | -7.92% | -13.13% | -16.62% | -25.66% |
Cryptocurrency
Digital assets participated in the risk-on rally, with Ethereum (ETHA) leading the major assets with a 1.78% gain, followed by Bitcoin (IBIT) which rose 0.43%.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Bitcoin (IBIT) | +0.43% | 3.90% | -2.47% | -7.14% | 18.44% | 61.64% |
| Multi-Coin (NCIQ) | +0.75% | 3.44% | -4.52% | -6.54% | ||
| Solana (SOLZ) | +1.00% | 5.91% | -10.73% | -2.77% | ||
| Ethereum (ETHA) | +1.78% | 2.66% | -5.56% | 4.69% | 17.48% | 54.34% |
What to Watch Today
Investors are starting the week of October 27th focused on the 8:30 AM ET release of September’s U.S. Durable Goods Orders. The consensus forecast is for a 0.3% rise, a significant slowdown from the 2.9% jump seen in August. The “ex-transportation” number, which is less volatile and often seen as a cleaner gauge of business investment, is also expected to be muted. This report will be weighed against last Friday’s soft inflation data as investors try to anticipate the Federal Reserve’s tone at its policy meeting later this week.
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.
