Macro Overview
U.S. equities finished a strong month on a positive note, with the S&P 500 (IVV) gaining 0.38% to close out its fifth consecutive monthly advance. Investor sentiment remained resilient, largely shaking off concerns about a potential U.S. government shutdown as the new fiscal year begins. The market’s focus now shifts to key economic data releases for clues on the Federal Reserve’s future policy path.
U.S. Size & Style
Large-caps led the way, with Large-Cap Growth (IVW) climbing 0.47%. Performance was more subdued across smaller-cap segments, as Mid-Cap Growth (IJK) ended the day nearly flat with a 0.01% gain, and small-caps posted modest advances.
| Ticker | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.34% | 0.51% | 1.71% | 6.13% | 9.54% | 6.62% |
| Large Cap (IVV) | +0.38% | 0.66% | 3.55% | 8.12% | 14.75% | 17.52% |
| Large Growth (IVW) | +0.47% | 0.81% | 5.19% | 9.77% | 19.31% | 26.67% |
| Mid Value (IJJ) | +0.24% | -0.07% | -0.08% | 5.43% | 5.10% | 6.78% |
| Mid Cap (IJH) | +0.11% | -0.12% | 0.48% | 5.57% | 5.69% | 6.11% |
| Mid Growth (IJK) | +0.01% | -0.11% | 0.99% | 5.58% | 5.96% | 5.04% |
| Small Value (IJS) | +0.17% | 0.29% | 1.42% | 11.67% | 3.12% | 4.52% |
| Small Cap (IJR) | +0.21% | 0.30% | 1.05% | 9.14% | 4.22% | 3.64% |
| Small Growth (IJT) | +0.13% | 0.26% | 0.60% | 6.60% | 5.21% | 2.36% |
U.S. Sectors & Industries
The Health Care sector (XLV) was the standout performer, surging +2.41% on the back of strong gains in pharmaceuticals and health care equipment. Industrials also had a solid day, buoyed by the Aerospace & Defense sub-sector. At the other end of the spectrum, the Energy sector (XLE) was the primary laggard, falling -1.06% as oil prices declined.
| Sector | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Health Care (XLV) | +2.41% | 2.71% | 1.73% | 3.72% | 2.50% | -8.04% |
| Industrials (XLI) | +0.77% | 1.08% | 1.88% | 4.98% | 18.24% | 15.61% |
| Technology (XLK) | +0.55% | 1.08% | 7.53% | 11.45% | 21.78% | 25.63% |
| Materials (XLB) | +0.49% | 0.88% | -2.42% | 2.55% | 8.06% | -5.17% |
| Real Estate (XLRE) | +0.41% | 0.60% | 0.33% | 2.49% | 5.97% | -2.48% |
| Consumer Staples (XLP) | +0.33% | 0.53% | -2.31% | -2.54% | 1.60% | -3.04% |
| Utilities (XLU) | +0.17% | 0.46% | 4.12% | 7.51% | 17.61% | 11.11% |
| Communication Services (XLC) | -0.15% | 0.17% | 6.64% | 9.45% | 23.35% | 32.44% |
| Consumer Discretionary (XLY) | -0.47% | -0.03% | 3.59% | 10.46% | 7.51% | 20.61% |
| Financial (XLF) | -0.48% | 0.02% | 0.11% | 3.20% | 12.61% | 20.60% |
| Energy (XLE) | -1.06% | -2.88% | -0.32% | 6.24% | 6.88% | 5.15% |
Global Thematic
Thematic strategies saw significant divergence. Clean energy themes were in favor, with the Global X Hydrogen ETF (HYDR) jumping +4.12%. Conversely, high-growth, high-risk areas faced headwinds, exemplified by the Pure US Cannabis ETF (MSOS) which plummeted -9.28%.
| Ticker | Name | 1-Day % Change |
|---|---|---|
| HYDR | Global X Hydrogen ETF | +4.12% |
| IDNA | iShares Genomics Immunology and Healthcare ETF | +2.45% |
| CANC | Tema Oncology ETF | +2.43% |
| BATT | Amplify Lithium & Battery Technology ETF | +2.04% |
| ARKG | ARK Genomic Revolution ETF | +1.83% |
| CLOU | Global X Cloud Computing ETF | -1.82% |
| PEJ | Invesco Leisure and Entertainment ETF | -1.94% |
| URA | Global X Uranium ETF | -2.14% |
| MJ | Amplify Alternative Harvest ETF | -4.84% |
| MSOS | AdvisorShares Pure US Cannabis ETF | -9.28% |
Developed Markets ex-U.S.
International developed markets were broadly positive, with European markets showing notable strength. Switzerland (EWL) gained +1.23% and the U.K. (EWU) rose +0.82%. A key outlier was Japan (EWJ), which ended the session in negative territory with a loss of -0.37%.
| Country | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +0.41% | 0.80% | 2.07% | 4.45% | 25.62% | 15.12% |
| Australia (EWA) | +0.07% | 1.24% | -0.30% | 2.58% | 14.88% | 2.81% |
| Canada (EWC) | +0.18% | 1.06% | 3.61% | 9.42% | 26.27% | 24.21% |
| France (EWQ) | +0.34% | 0.78% | 3.15% | 2.64% | 25.20% | 12.03% |
| Germany (EWG) | +0.73% | 1.00% | -0.64% | -1.65% | 32.93% | 24.99% |
| Hong Kong (EWH) | +0.23% | 2.08% | 1.84% | 8.51% | 32.11% | 20.38% |
| Japan (EWJ) | -0.37% | -0.29% | 2.47% | 6.99% | 20.50% | 14.80% |
| Netherlands (EWN) | +0.59% | 1.56% | 9.45% | 6.44% | 32.13% | 16.58% |
| South Korea (EWY) | -0.17% | 1.56% | 10.88% | 11.59% | 57.40% | 28.27% |
| Switzerland (EWL) | +1.23% | 1.81% | -0.16% | 0.78% | 22.48% | 8.04% |
| U.K. (EWU) | +0.82% | 0.94% | 1.23% | 5.66% | 26.34% | 16.89% |
Emerging Markets
Emerging markets generally advanced, with the broad EEM index up +0.39%. China (MCHI) was a notable leader, rising +2.38%. However, performance was not uniform, as Thailand (THD) experienced a significant decline of -1.04%, and India (INDA) also edged lower by -0.36%.
| Country | WTD | 1-Day % Change | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +1.31% | 0.39% | 7.10% | 10.70% | 28.91% | 19.55% |
| Brazil (EWZ) | +0.88% | 0.03% | 5.08% | 7.45% | 40.22% | 11.90% |
| China (MCHI) | +0.49% | 2.38% | 7.40% | 19.51% | 41.89% | 33.07% |
| India (INDA) | -0.19% | -0.36% | 0.15% | -6.50% | -1.10% | -10.40% |
| Indonesia (EIDO) | -0.79% | -0.28% | -0.68% | -0.45% | -2.48% | -18.64% |
| Malaysia (EWM) | +0.54% | 0.74% | 4.22% | 6.49% | 7.91% | -0.31% |
| Mexico (EWW) | +1.11% | 1.59% | 10.12% | 12.63% | 48.32% | 33.41% |
| South Africa (EZA) | +1.26% | 1.07% | 11.15% | 19.26% | 54.75% | 35.55% |
| Taiwan (EWT) | +1.40% | 0.86% | 8.16% | 10.84% | 22.91% | 21.96% |
| Thailand (THD) | -1.51% | -1.04% | 2.86% | 16.68% | -0.31% | -11.93% |
Fixed Income
The fixed income market was mixed as investors positioned ahead of this week’s key economic reports. Credit-sensitive assets like Bank Loans (BKLN) saw modest gains of +0.10%, while longer-duration government bonds (SPTL) slipped -0.19%. Preferred Stock (PFF) was notably weak, declining -0.52%.
| Ticker | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.01% | 0.18% | 1.13% | 2.06% | 6.19% | 2.90% |
| Taxable Core Enhanced (IUSB) | 0.00% | 0.19% | 1.05% | 2.12% | 6.28% | 3.36% |
| Taxable Multisector (PYLD) | +0.11% | 0.19% | 1.09% | 2.67% | 7.60% | 6.95% |
| Taxable Ultrashort (BIL) | 0.00% | 0.01% | 0.33% | 1.06% | 3.14% | 4.35% |
| Taxable Short-Term (BSV) | +0.03% | 0.11% | 0.25% | 1.25% | 4.74% | 4.09% |
| Taxable Long Term (BLV) | -0.23% | 0.45% | 3.17% | 3.11% | 6.81% | -1.30% |
| Government Short (SPTS) | +0.03% | 0.10% | 0.27% | 1.11% | 3.84% | 3.90% |
| Government Intermediate (SPTI) | +0.03% | 0.21% | 0.29% | 1.41% | 6.34% | 3.30% |
| Government Long (SPTL) | -0.19% | 0.52% | 3.15% | 2.45% | 5.75% | -3.49% |
| Inflation Protected (TIP) | -0.03% | 0.10% | 0.42% | 2.05% | 6.85% | 3.60% |
| Corporate (SPIB) | +0.03% | 0.15% | 0.76% | 2.05% | 6.59% | 5.11% |
| Taxable High Yield (HYG) | -0.04% | 0.14% | 0.89% | 2.14% | 7.28% | 7.15% |
| Bank Loans (BKLN) | +0.10% | 0.14% | 0.64% | 1.82% | 4.79% | 7.18% |
| Preferred Stock (PFF) | -0.52% | -0.53% | 1.02% | 4.72% | 5.12% | 1.54% |
| Convertible (CWB) | +0.03% | 1.06% | 5.07% | 9.95% | 17.65% | 20.56% |
| Mortgage Backed (MBS) | -0.04% | 0.17% | 1.21% | 2.43% | 6.77% | 3.51% |
| International USD (BNDX) | +0.02% | 0.14% | 0.53% | 0.55% | 2.56% | 2.72% |
| International (IGOV) | +0.09% | 0.61% | 0.46% | -1.16% | 10.88% | 2.46% |
| Emerging USD (EMB) | -0.21% | -0.04% | 1.57% | 4.10% | 10.75% | 7.57% |
| Emerging (EMLC) | 0.00% | 0.12% | 1.13% | 2.21% | 15.01% | 6.91% |
| Municipal Short (SUB) | +0.03% | 0.02% | 0.00% | 1.03% | 2.84% | 2.91% |
| Municipal Intermediate (MUB) | +0.07% | 0.22% | 2.22% | 2.75% | 2.09% | 1.15% |
| Municipal Long (MLN) | 0.00% | 0.40% | 4.05% | 4.50% | 0.27% | -0.84% |
| Municipal High Yield (HYD) | +0.02% | 0.41% | 3.24% | 2.53% | 0.96% | 0.10% |
Commodities
Commodities experienced a mixed session. Energy markets were divergent, with Natural Gas (UNG) rallying +1.95% while WTI Crude Oil (USO) fell -1.13%. Gold (GLD) acted as a safe haven, climbing +0.85%. Agricultural commodities were broadly weaker, with Wheat (WEAT) declining -1.91%.
| Commodity | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.01% | 0.17% | 2.64% | 4.30% | 10.44% | 9.93% |
| Energy (DBE) | -0.66% | -2.91% | 0.05% | 2.09% | 2.53% | 8.99% |
| WTI Crude Oil (USO) | -1.13% | -4.25% | -1.46% | 0.88% | -2.38% | 5.48% |
| Brent Crude Oil (BNO) | -0.96% | -3.81% | -0.89% | 2.95% | 0.33% | 6.15% |
| Natural Gas (UNG) | +1.95% | 4.81% | 1.87% | -14.46% | -22.25% | -19.96% |
| Gasoline (UGA) | -0.30% | -2.60% | 1.44% | 7.10% | 2.38% | 10.37% |
| Precious Metals (DBP) | +0.49% | 2.07% | 11.62% | 18.35% | 46.43% | 45.32% |
| Gold (GLD) | +0.85% | 2.52% | 11.76% | 16.61% | 46.81% | 46.25% |
| Silver (SLV) | -0.31% | 1.22% | 17.08% | 29.14% | 60.92% | 49.14% |
| Platinum (PPLT) | -1.98% | -0.66% | 14.10% | 16.29% | 72.04% | 59.11% |
| Palladium (PALL) | -1.02% | -1.50% | 12.85% | 13.48% | 36.70% | 24.56% |
| Industrial Metals (DBB) | -0.15% | 1.53% | 4.21% | 6.04% | 8.97% | 3.48% |
| Copper (CPER) | -0.96% | 2.15% | 6.65% | -5.18% | 19.24% | 5.82% |
| Agriculture (DBA) | -0.56% | -0.82% | -3.64% | 2.33% | 0.64% | 6.78% |
| Corn (CORN) | -1.02% | -0.96% | -0.68% | -1.39% | -7.03% | -5.62% |
| Soybeans (SOYB) | -1.01% | -1.29% | -4.15% | -1.47% | -0.09% | -6.90% |
| Wheat (WEAT) | -1.91% | -1.91% | -3.97% | -7.43% | -14.73% | -21.56% |
| Sugar (CANE) | +1.24% | 1.39% | -2.85% | -3.24% | -7.26% | -19.79% |
Cryptocurrency
The digital asset space was relatively calm. Bitcoin (IBIT) hovered around the flatline, posting a minimal gain of +0.05%. Some altcoins faced selling pressure, with Solana (SOLZ) declining -2.60% for the day.
| Asset | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -2.60% | 3.46% | 1.57% | 26.04% | ||
| Multi-Coin (NCIQ) | -0.29% | 4.36% | 3.40% | 12.57% | ||
| Ethereum (ETHA) | -0.66% | 3.45% | -3.99% | 65.23% | 24.59% | 60.19% |
| Bitcoin (IBIT) | +0.05% | 4.94% | 5.79% | 6.19% | 22.53% | 79.91% |
What to Watch Today
Investors will be closely watching this morning’s release of the ISM Manufacturing Purchasing Managers’ Index (PMI) for September. This report is a critical indicator of the health of the U.S. manufacturing sector, which has faced headwinds from higher interest rates and shifting consumer demand. A reading above 50 signifies expansion in the sector, while a reading below 50 indicates contraction. The data will be scrutinized for its potential influence on the Federal Reserve’s upcoming interest rate decisions.
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.
