Macro Overview
U.S. equity markets closed the previous session on a high note, pushing major indices to record levels following the Federal Reserve’s first interest rate cut of the year. The S&P 500 (IVV) gained 0.48%, reflecting investor optimism fueled by the more accommodative monetary policy stance. Despite underlying concerns about a cooling labor market, sentiment remained buoyant, with market participants seemingly embracing the liquidity boost and looking past potential economic ambiguity.
U.S. Size & Style
Performance across U.S. size and style segments was divergent. Large-caps outperformed their smaller counterparts, with Large-Cap Growth (IVW) leading the way with a 0.69% advance. In contrast, small-caps broadly declined, with the Small-Cap Blend (IJR) falling by -1.14%, indicating a flight to the perceived safety and momentum of larger, more established companies in the current environment.
| Ticker | Name | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| IVW | Large Growth | +0.69% | 1.61% | 5.97% | 14.87% | 19.37% | 27.78% |
| IVV | Large Cap | +0.48% | 1.24% | 4.03% | 11.74% | 14.33% | 18.09% |
| IVE | Large Value | +0.19% | 0.75% | 1.78% | 8.20% | 8.52% | 6.53% |
| IJK | Mid Growth | -0.60% | 0.44% | 3.61% | 9.49% | 6.81% | 5.80% |
| IJH | Mid Cap | -0.80% | 0.07% | 3.15% | 8.89% | 6.26% | 6.53% |
| IJT | Small Growth | -1.05% | 1.15% | 3.62% | 10.36% | 5.68% | 2.56% |
| IJJ | Mid Value | -1.10% | -0.45% | 2.51% | 8.04% | 5.28% | 7.02% |
| IJS | Small Value | -1.11% | 0.90% | 4.95% | 14.97% | 3.46% | 4.11% |
| IJR | Small Cap | -1.14% | 1.05% | 4.32% | 12.62% | 4.59% | 3.45% |
U.S. Sectors & Industries
The Technology sector (XLK) continued its leadership, posting a strong 1.01% gain as investors favored growth-oriented names. Utilities (XLU) also performed well, rising 0.64%. On the other end of the spectrum, the Energy sector (XLE) was the primary laggard, dropping -1.33% amid falling oil prices. Within industries, Metals & Mining was a notable pocket of strength, gaining 1.46%, while Oil & Gas Exploration & Production firms saw significant losses of -2.12%.
| Ticker | Name | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| XLK | Technology | +1.01% | 2.97% | 6.61% | 15.63% | 20.36% | 25.58% |
| XLU | Utilities | +0.64% | -0.64% | -1.31% | 6.17% | 13.81% | 12.07% |
| XLC | Communication Services | +0.41% | 1.76% | 8.38% | 15.68% | 24.00% | 35.79% |
| XLY | Consumer Discretionary | +0.38% | 1.16% | 5.02% | 14.95% | 8.11% | 23.51% |
| XLI | Industrials | +0.24% | 1.02% | 1.16% | 7.99% | 16.91% | 15.80% |
| XLF | Financial | +0.22% | 0.84% | 3.14% | 8.39% | 13.03% | 20.51% |
| XLB | Materials | -0.04% | -0.93% | 0.87% | 4.92% | 9.00% | -2.25% |
| XLV | Health Care | -0.13% | -0.59% | 0.39% | 3.53% | 0.66% | -10.46% |
| XLP | Consumer Staples | -0.20% | -1.17% | -4.07% | -0.64% | 2.20% | -1.54% |
| XLRE | Real Estate | -0.50% | -1.18% | 0.43% | 0.92% | 4.47% | -3.39% |
| XLE | Energy | -1.33% | -0.09% | 4.04% | 1.34% | 5.01% | 2.79% |
Global Thematic
Thematic ETFs showed extreme divergence. Natural Resources themes surged, with the Global X Uranium ETF (URA) skyrocketing by an impressive 8.11%. Gold and Silver Miners also posted strong gains. In stark contrast, cannabis-related ETFs faced heavy selling pressure, as evidenced by the AdvisorShares Pure US Cannabis ETF (MSOS) tumbling -2.41%.
| Top 5 Performers | ||
|---|---|---|
| Ticker | Name | 1-Day % Change |
| URA | Global X Uranium ETF | +8.11% |
| SLVR | Sprott Silver Miners & Physical Silver ETF | +5.56% |
| RING | iShares MSCI Global Gold Miners ETF | +5.44% |
| NLR | VanEck Uranium and Nuclear ETF | +5.39% |
| GDX | VanEck Gold Miners ETF | +5.19% |
| Bottom 5 Performers | ||
| Ticker | Name | 1-Day % Change |
| MSOS | AdvisorShares Pure US Cannabis ETF | -2.41% |
| KOID | KraneShares Global Humanoid and Embodied… | -2.13% |
| SBIO | ALPS Medical Breakthroughs ETF | -2.13% |
| MLPA | Global X MLP ETF | -2.12% |
| AMLP | Alerian MLP ETF | -1.86% |
Developed Markets ex-U.S.
Developed international markets were broadly negative, with the benchmark (EFA) down -0.39%. Canada (EWC) was a notable outperformer, climbing 1.10%, while major European and Asian markets like Germany (EWG) and Japan (EWJ) finished in the red, with losses of -0.55% and -0.86% respectively.
| Ticker | Name | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| EWC | Canada | +1.10% | 2.28% | 7.94% | 11.94% | 26.72% | 25.77% |
| EWL | Switzerland | +0.09% | -0.70% | 0.66% | 3.77% | 22.52% | 9.32% |
| EWA | Australia | 0.00% | -1.28% | 1.05% | 3.98% | 14.42% | 3.50% |
| EWN | Netherlands | -0.23% | 3.99% | 6.81% | 8.79% | 29.46% | 15.53% |
| EWQ | France | -0.36% | 0.44% | -0.32% | 4.82% | 24.49% | 11.64% |
| EFA | Dev ex-U.S. | -0.39% | 0.01% | 0.98% | 6.76% | 25.12% | 15.43% |
| EWG | Germany | -0.55% | -0.22% | -2.76% | 2.33% | 31.68% | 26.63% |
| EWH | Hong Kong | -0.56% | -2.05% | 1.80% | 11.71% | 31.62% | 34.09% |
| EWU | U.K. | -0.72% | -1.38% | 0.17% | 5.46% | 24.50% | 14.94% |
| EWJ | Japan | -0.86% | 0.04% | 0.96% | 10.60% | 21.38% | 16.13% |
| EWY | South Korea | -0.87% | 1.77% | 12.05% | 17.95% | 57.30% | 28.29% |
Emerging Markets
Emerging markets were mixed, with the broader index (EEM) closing down -0.23%. South Africa (EZA) was a standout performer, rallying 1.72%. Other commodity-linked markets like Brazil (EWZ) also finished higher with a 0.36% gain. Meanwhile, major Asian markets such as China (MCHI) and Taiwan (EWT) experienced modest declines of -0.48% and -0.61% respectively.
| Ticker | Name | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| EZA | South Africa | +1.72% | 3.25% | 10.36% | 20.73% | 50.98% | 38.46% |
| EIDO | Indonesia | +0.40% | -0.22% | -2.84% | -0.45% | -1.14% | -20.43% |
| INDA | India | +0.37% | 1.49% | 0.54% | 0.28% | 2.47% | -6.50% |
| EWZ | Brazil | +0.36% | 3.00% | 13.05% | 10.15% | 39.91% | 9.35% |
| THD | Thailand | +0.35% | -0.18% | 8.05% | 22.17% | 3.18% | -6.73% |
| EWW | Mexico | +0.23% | -0.03% | 7.92% | 12.09% | 43.74% | 26.00% |
| EWM | Malaysia | -0.04% | 0.47% | 1.63% | 8.48% | 6.54% | -0.44% |
| EEM | Emerging | -0.23% | 1.44% | 6.40% | 13.76% | 27.97% | 24.31% |
| MCHI | China | -0.48% | 0.77% | 8.14% | 19.49% | 38.85% | 55.44% |
| EWT | Taiwan | -0.61% | 0.88% | 5.48% | 13.12% | 22.45% | 21.86% |
Fixed Income
The fixed income market was relatively quiet, with the core aggregate bond index (AGG) finishing unchanged at 0.00%. There was modest weakness in longer-duration government bonds, with SPTL declining by -0.15%. High-yield corporate bonds (HYG) saw a slight gain of 0.04%, suggesting continued investor appetite for risk in a lower-rate environment.
| Ticker | Name | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| MBS | Mortgage Backed | +0.17% | -0.24% | 2.16% | 3.74% | 6.81% | 3.10% |
| HYG | Taxable High Yield | +0.04% | 0.37% | 1.58% | 3.64% | 7.37% | 7.43% |
| EMLC | Emerging | +0.04% | 0.43% | 2.09% | 4.76% | 15.46% | 7.79% |
| SPTS | Government Short | +0.03% | 0.07% | 0.61% | 1.60% | 3.84% | 3.90% |
| SPIB | Corporate | +0.03% | 0.06% | 1.33% | 3.25% | 6.78% | 5.24% |
| AGG | Taxable Core | 0.00% | -0.25% | 1.62% | 3.21% | 6.23% | 2.63% |
| BKLN | Bank Loans | 0.00% | 0.24% | 0.86% | 2.36% | 4.66% | 7.26% |
| TIP | Inflation Protected | -0.05% | -0.21% | 1.66% | 3.13% | 7.07% | 3.59% |
| SPTI | Government Intermediate | -0.07% | -0.24% | 1.12% | 2.55% | 6.45% | 3.12% |
| SPTL | Government Long | -0.15% | -0.85% | 2.96% | 3.99% | 5.44% | -4.66% |
| IGOV | International | -0.30% | -0.26% | 1.02% | 0.90% | 10.75% | 2.15% |
Commodities
Commodities saw a clear split in performance. Precious metals acted as a safe haven, with Gold (GLD) rising 1.06% and Silver (SLV) jumping 2.76%. Conversely, the energy complex faced headwinds, as WTI Crude Oil (USO) fell -1.57%, dragging the broad-based commodity index (DJP) down by -0.49% for the day.
| Ticker | Name | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| SLV | Silver | +2.76% | 1.83% | 15.26% | 17.34% | 48.27% | 38.98% |
| PPLT | Platinum | +1.83% | 0.73% | 7.53% | 6.57% | 54.68% | 41.96% |
| DBP | Precious Metals | +1.43% | 1.06% | 11.71% | 10.41% | 39.13% | 40.24% |
| GLD | Gold | +1.06% | 1.12% | 11.11% | 9.32% | 40.08% | 41.82% |
| CPER | Copper | +0.85% | -0.07% | 3.66% | -5.83% | 13.59% | 5.15% |
| DBB | Industrial Metals | -0.05% | -0.93% | 4.50% | 7.30% | 7.16% | 5.26% |
| DBA | Agriculture | -0.41% | -1.93% | -0.59% | 0.71% | 1.43% | 9.55% |
| DJP | Broad Commodities | -0.49% | -0.58% | 4.36% | -3.48% | 8.07% | 10.66% |
| DBE | Energy | -1.46% | -0.11% | 1.94% | -7.90% | 1.78% | 6.24% |
| USO | WTI Crude Oil | -1.57% | 0.29% | 1.69% | -10.64% | -2.69% | 1.06% |
Cryptocurrency
The digital asset space saw a pullback as the initial enthusiasm from the Fed’s rate cut faded over the weekend. Bitcoin (IBIT) retreated by -2.07%, while Ethereum (ETHA) experienced a more pronounced decline of -3.34%. The move suggests that traders are taking a more cautious stance in a still-uncertain macroeconomic environment.
| Ticker | Name | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| IBIT | Bitcoin | -2.07% | -1.52% | 1.84% | 10.85% | 23.22% | 81.53% |
| NCIQ | Multi-Coin | -2.29% | -1.97% | 2.66% | 19.21% | – | – |
| ETHA | Ethereum | -3.34% | -5.06% | 7.25% | 77.81% | 32.74% | 79.81% |
| SOLZ | Solana | -5.01% | -2.78% | 31.44% | 55.94% | – | – |
What to Watch Today
Investors today will be closely monitoring remarks from a number of Federal Reserve officials, including Williams, Musalem, Barkin, and Hammack. Their commentary will be scrutinized for any additional color on the central bank’s future policy path following last week’s pivotal rate cut. Later in the morning, the release of the Chicago Fed National Activity Index for August will provide a broad look at economic activity. While not typically a major market mover, the data will be viewed within the context of the Fed’s data-dependent approach to determine if further easing may be warranted in the coming months.
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.
