Macro Overview
U.S. equities drifted higher in a shortened Christmas Eve session, with the S&P 500 (IVV) adding +0.35% to secure a fresh closing high. Sentiment was buoyed by an upward revision in Q3 GDP to 4.3%, suggesting the economy remains on solid footing heading into 2026. While trading volume was thin ahead of the holiday, the gains marked an auspicious start to the “Santa Claus Rally” period. Value factors edged out growth, and defensive positioning took precedence as investors digested the final economic data of the week.
U.S. Size & Style
Markets saw broad participation across the size and style spectrum, though Value exerted slight leadership over Growth. Large Value (IVE) was the day’s standout, rising +0.45%, while Small Value (IJS) also outperformed with a +0.54% gain. Mid Growth (IJK) lagged relative to peers, ticking up just +0.07%.
| Name (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.45% | 1.01% | 3.92% | 5.16% | 14.17% | 12.47% |
| Large Cap (IVV) | +0.35% | 1.45% | 3.54% | 4.76% | 19.30% | 16.21% |
| Large Growth (IVW) | +0.26% | 1.82% | 3.17% | 4.36% | 23.67% | 19.36% |
| Mid Value (IJJ) | +0.22% | 0.47% | 4.90% | 4.02% | 9.03% | 8.37% |
| Mid Cap (IJH) | +0.15% | 0.70% | 5.05% | 4.02% | 9.57% | 8.39% |
| Mid Growth (IJK) | +0.07% | 0.91% | 5.26% | 3.86% | 9.73% | 8.04% |
| Small Value (IJS) | +0.54% | 0.23% | 6.11% | 5.60% | 8.37% | 7.60% |
| Small Cap (IJR) | +0.33% | 0.62% | 5.66% | 4.54% | 8.50% | 7.22% |
| Small Growth (IJT) | +0.23% | 1.06% | 5.30% | 3.56% | 8.58% | 6.67% |
U.S. Sectors & Industries
Defensive sectors led the holiday session, with Consumer Staples (XLP) climbing +0.79% and Real Estate (XLRE) gaining +0.65%. Beneath the surface, the Pharmaceuticals (XPH) industry was a clear standout, surging +1.80%, while Biotech (XBI) added +1.13%. Conversely, Energy (XLE) was the only sector to finish in the red (-0.29%), weighed down by weakness in the Oil & Gas Exploration (IEO) industry.
| Sector (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Consumer Staples (XLP) | +0.79% | -0.04% | 2.27% | 0.29% | 2.09% | 1.02% |
| Real Estate (XLRE) | +0.65% | 1.36% | -0.20% | -1.66% | 2.83% | 2.47% |
| Communication Services (XLC) | +0.60% | 1.67% | 4.83% | 0.89% | 23.46% | 20.52% |
| Financial (XLF) | +0.54% | 1.97% | 7.77% | 4.31% | 16.90% | 15.32% |
| Health Care (XLV) | +0.52% | 0.98% | 0.77% | 14.71% | 15.24% | 13.79% |
| Utilities (XLU) | +0.45% | 1.17% | -3.24% | 0.01% | 16.33% | 15.13% |
| S&P 500 (SPY) | +0.35% | 1.44% | 3.54% | 4.73% | 19.18% | 16.16% |
| Consumer Discretionary (XLY) | +0.34% | 0.81% | 7.51% | 2.53% | 10.21% | 5.46% |
| Industrials (XLI) | +0.32% | 1.39% | 5.36% | 3.80% | 21.16% | 18.99% |
| Technology (XLK) | +0.24% | 1.33% | 4.77% | 5.23% | 26.61% | 22.40% |
| Materials (XLB) | +0.20% | 1.55% | 6.50% | 3.56% | 11.11% | 9.30% |
| Energy (XLE) | -0.29% | 1.39% | 0.36% | -0.94% | 7.06% | 8.35% |
Global Thematic
Thematic performance diverged sharply, with Medical and Biotech themes occupying the top spots while precious metals miners faced significant selling pressure. Clincal-Stage Biotech (SBIO) surged +2.01%, contrasting with a sharp pullback in Junior Gold Miners (SGDJ) which fell -1.85%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Clincal-Stage Biotech (SBIO) | +2.01% |
| Rare Earth (REMX) | +1.66% |
| Life Sciences (LFSC) | +1.23% |
| Homebuilders (ITB) | +0.99% |
| BDC Income (PBDC) | +0.97% |
| Silver Miners (SIL) | -0.86% |
| Global Silver Miners (SLVP) | -1.15% |
| Junior Silver Miners (SILJ) | -1.21% |
| Gold Explorers (GOEX) | -1.65% |
| Junior Gold Miners (SGDJ) | -1.85% |
Developed Markets ex-U.S.
International developed markets outperformed the U.S. broadly, with the Dev ex-U.S. (EFA) gaining +1.00%. South Korea (EWY) rallied sharply, jumping +3.57%, while Australia (EWA) also posted strong returns at +2.78%. Japan (EWJ) bucked the positive trend, slipping -0.17%.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +1.00% | 0.12% | 5.86% | 6.03% | 32.07% | 31.64% |
| Australia (EWA) | +2.78% | -0.04% | 6.36% | 2.22% | 15.13% | 13.51% |
| Canada (EWC) | +1.71% | 0.11% | 7.91% | 9.65% | 37.61% | 37.07% |
| France (EWQ) | +0.16% | 0.18% | 4.33% | 4.14% | 28.85% | 28.52% |
| Germany (EWG) | +1.12% | 0.31% | 7.85% | 3.23% | 35.99% | 33.97% |
| Hong Kong (EWH) | +0.93% | 0.46% | 1.75% | 6.82% | 38.04% | 35.92% |
| Japan (EWJ) | -0.17% | 0.52% | 2.85% | 3.98% | 26.30% | 27.53% |
| Netherlands (EWN) | +0.87% | 0.46% | 5.96% | 3.52% | 35.04% | 33.18% |
| South Korea (EWY) | +3.57% | 2.05% | 7.15% | 20.88% | 90.12% | 83.56% |
| Switzerland (EWL) | +1.61% | 0.22% | 7.34% | 11.04% | 34.21% | 32.74% |
| U.K. (EWU) | +0.23% | 1.24% | 7.19% | 8.67% | 35.27% | 34.59% |
Emerging Markets
Emerging markets showed mixed results with modest aggregate gains. Emerging (EEM) added +0.20%. Leadership came from Southeast Asia, with Malaysia (EWM) rising +0.58% and Thailand (THD) up +0.56%. India (INDA) was the notable underperformer, falling -0.84%.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +0.20% | 1.30% | 2.88% | 3.92% | 33.27% | 30.70% |
| Brazil (EWZ) | -0.32% | 1.22% | 1.17% | 4.91% | 47.35% | 45.73% |
| China (MCHI) | -0.10% | -0.03% | -0.97% | -4.99% | 32.21% | 29.85% |
| India (INDA) | -0.84% | -0.26% | -0.39% | 2.41% | 2.60% | 1.16% |
| Indonesia (EIDO) | -0.59% | -0.70% | -0.91% | 5.26% | 3.41% | 3.01% |
| Malaysia (EWM) | +0.58% | 1.80% | 6.27% | 11.05% | 17.11% | 20.30% |
| Mexico (EWW) | -0.13% | 3.05% | 8.68% | 8.81% | 57.28% | 52.11% |
| South Africa (EZA) | +0.55% | 3.43% | 11.95% | 19.03% | 78.08% | 72.60% |
| Taiwan (EWT) | +0.05% | 1.44% | 4.64% | 2.90% | 26.37% | 23.16% |
| Thailand (THD) | +0.56% | 2.77% | 6.80% | 4.99% | 5.13% | 4.41% |
Fixed Income
Bond markets rallied across the curve, with duration acting as a tailwind. Taxable Long Term (BLV) led the complex with a +0.49% return, followed closely by Government Long (SPTL) at +0.45%. Credit spreads remained well-behaved, supporting a +0.30% gain for Taxable Multisector (PYLD).
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | +0.22% | 0.18% | 0.04% | 1.20% | 7.34% | 7.49% |
| Taxable Core Enhanced (IUSB) | +0.26% | 0.21% | 0.15% | 1.32% | 7.57% | 7.76% |
| Taxable Multisector (PYLD) | +0.30% | 0.39% | 0.96% | 1.95% | 9.69% | 9.99% |
| Taxable Ultrashort (BIL) | +0.03% | 0.03% | 0.35% | 0.97% | 4.09% | 4.18% |
| Taxable Short-Term (BSV) | +0.10% | 0.03% | 0.19% | 1.10% | 5.90% | 6.24% |
| Taxable Long Term (BLV) | +0.49% | 0.58% | -0.83% | 0.57% | 7.09% | 6.64% |
| Government Short (SPTS) | +0.03% | -0.03% | 0.23% | 0.99% | 4.87% | 5.30% |
| Government Intermediate (SPTI) | +0.21% | 0.03% | -0.13% | 1.12% | 7.50% | 7.77% |
| Government Long (SPTL) | +0.45% | 0.53% | -1.28% | 0.53% | 5.92% | 5.64% |
| Inflation Protected (TIP) | +0.21% | 0.11% | -0.31% | 0.01% | 6.91% | 6.82% |
| Corporate (SPIB) | +0.24% | 0.18% | 0.41% | 1.26% | 7.94% | 8.07% |
| Taxable High Yield (HYG) | +0.19% | 0.35% | 1.00% | 1.29% | 8.61% | 8.65% |
| Bank Loans (BKLN) | +0.05% | 0.30% | 1.12% | 1.94% | 6.72% | 6.87% |
| Preferred Stock (PFF) | +0.16% | -0.13% | 2.47% | -0.61% | 5.34% | 5.28% |
| Convertible (CWB) | +0.15% | 0.57% | 2.92% | 1.37% | 18.62% | 16.51% |
| Mortgage Backed (MBS) | +0.30% | 0.35% | 0.49% | 1.76% | 8.61% | 9.06% |
| International USD (BNDX) | +0.19% | 0.39% | -0.05% | 0.66% | 3.08% | 2.99% |
| International (IGOV) | +0.05% | 1.11% | 1.54% | 0.01% | 10.42% | 10.05% |
| Emerging USD (EMB) | +0.30% | 0.29% | 1.00% | 2.76% | 14.17% | 13.62% |
| Emerging (EMLC) | +0.27% | 0.70% | 2.35% | 3.30% | 18.90% | 18.19% |
| Municipal Short (SUB) | +0.03% | 0.06% | 0.43% | 0.50% | 3.54% | 3.74% |
| Municipal Intermediate (MUB) | +0.16% | 0.23% | 0.31% | 1.65% | 3.63% | 4.02% |
| Municipal Long (MLN) | -0.11% | 0.11% | 0.76% | 2.20% | 2.24% | 3.02% |
| Municipal High Yield (HYD) | 0.00% | 0.22% | 0.47% | 2.09% | 2.73% | 3.85% |
Commodities
Commodity markets were fractured, with strength in agricultural softs offsetting deep losses in energy and precious metals. Soybeans (SOYB) led the way, rising +1.08%, while Natural Gas (UNG) plunged -3.95% amid warmer forecasts. Palladium (PALL) was the day’s biggest loser, tumbling -7.51%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Soybeans (SOYB) | +1.08% | 1.68% | -4.03% | 3.32% | 4.19% | 7.80% |
| Wheat (WEAT) | +0.99% | 2.45% | -1.59% | -2.06% | -15.06% | -12.89% |
| Sugar (CANE) | +0.79% | 2.75% | 3.44% | -4.44% | -13.47% | -14.30% |
| Corn (CORN) | +0.78% | 1.57% | 2.73% | 1.98% | -3.73% | -1.58% |
| Agriculture (DBA) | +0.67% | 1.41% | 3.47% | -1.23% | -0.08% | 0.15% |
| Silver (SLV) | +0.59% | 7.04% | 39.87% | 63.79% | 147.70% | 141.38% |
| Industrial Metals (DBB) | +0.18% | 1.58% | 7.46% | 13.06% | 22.00% | 20.59% |
| Copper (CPER) | +0.15% | 1.79% | 9.93% | 15.15% | 35.93% | 33.28% |
| Gasoline (UGA) | +0.05% | 2.27% | -4.27% | -3.37% | 0.29% | 2.18% |
| Broad Commodities (DJP) | -0.03% | 2.93% | 4.10% | 9.15% | 19.35% | 20.52% |
| WTI Crude Oil (USO) | -0.14% | 3.19% | -0.31% | -8.10% | -7.08% | -4.68% |
| Brent Crude Oil (BNO) | -0.26% | 2.77% | -0.95% | -7.43% | -4.16% | -2.60% |
| Precious Metals (DBP) | -0.27% | 4.62% | 15.32% | 28.07% | 80.50% | 80.55% |
| Energy (DBE) | -0.48% | 2.54% | -3.14% | -4.89% | -0.75% | 1.61% |
| Gold (GLD) | -0.41% | 3.24% | 8.35% | 19.98% | 70.13% | 70.61% |
| Platinum (PPLT) | -1.69% | 13.84% | 45.37% | 52.14% | 146.26% | 136.93% |
| Natural Gas (UNG) | -3.95% | 1.64% | -14.02% | 0.24% | -26.29% | -23.23% |
| Palladium (PALL) | -7.51% | 0.28% | 23.03% | 41.83% | 87.38% | 80.61% |
Cryptocurrency
Digital assets faced broad selling pressure, reversing recent momentum. Solana (SOLZ) bore the brunt of the decline, falling -2.16%. Major tokens also struggled, with Bitcoin (IBIT) dipping -0.38% and Ethereum (ETHA) shedding -1.12%.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -2.16% | -4.04% | -12.74% | -44.60% | ||
| XRP (XRP) | -1.61% | -3.22% | -17.60% | |||
| Ethereum (ETHA) | -1.12% | -2.08% | -1.25% | -29.53% | -12.34% | -16.56% |
| Multi-Coin (NCIQ) | -0.72% | -1.19% | -3.74% | -26.33% | ||
| Bitcoin (IBIT) | -0.38% | -0.90% | -2.19% | -23.22% | -6.77% | -12.04% |
What to Watch Today
Investors return from the Christmas holiday to a likely quiet session characterized by thin liquidity. With no major economic releases scheduled, market participants will be monitoring whether the “Santa Claus Rally” momentum can sustain itself through the final days of the year. The technical setup remains constructive following the S&P 500’s new high, but the low-volume environment could exaggerate any intraday moves.
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.
