Macro Overview
U.S. Size & Style
Small-cap stocks led the size and style complex on Friday, with Small Growth (IJT) up 1.47% and Small Cap (IJR) gaining 1.13%, as the jobs miss and reduced rate-hike odds appeared to favor rate-sensitive smaller companies. Large Growth (IVW) advanced 0.97%, carrying an RSI of 63 and 36% of constituents above their 50-day moving average, the highest breadth reading among the large-cap styles. Large Value (IVE) posted the smallest gain at 0.44%, with an RSI of 39 reflecting weaker momentum relative to growth peers. Despite the day’s broad-based rally, trailing one-month returns remain negative across most small- and mid-cap categories, underscoring a divergence between near-term strength and the recent monthly trend.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | 0.44% | -2.63% | 0.15% | 9.54% | 12.73% |
| Large Cap (IVV) | 0.75% | 0.85% | 3.60% | 13.80% | 16.32% |
| Large Growth (IVW) | 0.97% | 3.69% | 6.38% | 17.07% | 18.99% |
| Mid Value (IJJ) | 1.05% | -3.93% | -3.86% | 7.95% | 9.55% |
| Mid Cap (IJH) | 0.95% | -1.99% | -3.25% | 12.08% | 13.37% |
| Mid Growth (IJK) | 0.86% | -0.15% | -2.72% | 15.85% | 16.86% |
| Small Value (IJS) | 0.93% | -4.13% | -3.33% | 15.81% | 18.56% |
| Small Cap (IJR) | 1.13% | -3.66% | -5.09% | 16.21% | 17.38% |
| Small Growth (IJT) | 1.47% | -3.16% | -6.87% | 16.39% | 15.97% |
U.S. Sectors & Industries
Consumer Discretionary (XLY) led all sectors with a 1.13% gain, rebounding modestly from a 3M decline of 5.84% as lower rate expectations lifted rate-sensitive consumer names. Technology (XLK) rose 1.01%, extending its year-to-date advance to 39.28% with an RSI of 69 that approaches overbought territory, while 70% of its constituents trade above their 50-day moving average, the strongest breadth of any sector. Financials (XLF) was essentially flat at 0.06%, carrying an oversold RSI of 25 and just 3% of members above their 50-day average. Health Care (XLV) was the lone sector in negative territory, down 0.01%, despite a stronger 17.98% one-year return. Real Estate (XLRE) posted a modest 0.32% gain but registered an oversold RSI of 21 with zero percent of constituents above their 50-day moving average.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | 0.74% | 0.83% | 3.59% | 13.75% | 16.24% |
| Consumer Discretionary (XLY) | 1.13% | -3.99% | -5.84% | -7.28% | -7.32% |
| Technology (XLK) | 1.01% | 8.95% | 10.77% | 39.28% | 40.36% |
| Industrials (XLI) | 0.78% | -1.37% | -7.34% | 10.43% | 11.46% |
| Materials (XLB) | 0.66% | -7.30% | -5.62% | 9.12% | 10.88% |
| Utilities (XLU) | 0.38% | -5.97% | -12.32% | -4.76% | -6.79% |
| Communication Services (XLC) | 0.35% | -1.56% | 0.98% | -5.44% | -4.10% |
| Real Estate (XLRE) | 0.32% | -5.90% | -7.90% | 3.55% | 0.78% |
| Consumer Staples (XLP) | 0.25% | -5.22% | -4.62% | 5.67% | 6.17% |
| Energy (XLE) | 0.19% | -2.91% | 18.76% | 43.29% | 46.10% |
| Financials (XLF) | 0.06% | -6.91% | -3.49% | -1.15% | 1.83% |
| Health Care (XLV) | -0.01% | -3.55% | 1.88% | 8.68% | 17.98% |
Global Thematic
Thematic strategies tied to technology and materials infrastructure led Friday’s gains, with the Tema Photonics & Optical ETF (LAZR) up 5.81% and the Tema Space Innovators ETF (NASA) gaining 4.73%. Crypto-adjacent equity exposure also advanced, as the First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) rose 4.35%, consistent with Bitcoin’s move above $87,000 noted in Friday trading. Materials-linked funds participated as well, with the Sprott Copper Miners ETF (COPP) up 3.30%. On the downside, the AdvisorShares Pure US Cannabis ETF (MSOS) declined 2.83%, the day’s weakest thematic performer, while the Fidelity Cloud Computing ETF (FCLD) slipped 1.05% despite broader technology sector strength.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Tema Photonics & Optical ETF (LAZR) | 5.81% |
| Tema Space Innovators ETF (NASA) | 4.73% |
| First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) | 4.35% |
| iShares Energy Storage & Materials ETF (IBAT) | 3.40% |
| Sprott Copper Miners ETF (COPP) | 3.30% |
| Laggards | |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -2.83% |
| Simplify Propel Opportunities ETF (SURI) | -1.83% |
| VanEck BDC Income ETF (BIZD) | -1.12% |
| Fidelity Cloud Computing ETF (FCLD) | -1.05% |
| AdvisorShares Psychedelics ETF (PSIL) | -0.95% |
Developed ex-U.S. & Emerging Markets
Developed markets saw broad gains outside of Hong Kong, with South Korea (EWY) up 3.10% and the Netherlands (EWN) gaining 1.89%, while Japan (EWJ) advanced 1.58% to extend its year-to-date return to 23.17%. Hong Kong (EWH) was the notable laggard, falling 2.66%, in line with China Golden Week market closures affecting regional sentiment. Among emerging markets, Taiwan (EWT) rose 3.15% and Brazil (EWZ) added 2.83%, both outperforming the broader EEM benchmark. China (MCHI) was the weakest major emerging market, down 1.67% on the day and down 14.14% year-to-date, continuing to diverge sharply from the rest of the EM complex. Mexico (EWW) also advanced, gaining 1.89% alongside broader risk-on sentiment following the softer jobs data.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 1.11% | -2.90% | -0.39% | 9.96% | 14.03% |
| Australia (EWA) | 1.18% | -5.69% | 0.82% | 9.66% | 7.48% |
| Canada (EWC) | 0.75% | -4.16% | 1.64% | 9.39% | 17.66% |
| France (EWQ) | 1.25% | -7.37% | -8.04% | -3.90% | -2.94% |
| Germany (EWG) | 1.18% | -5.10% | -2.39% | -0.89% | -0.82% |
| Hong Kong (EWH) | -2.66% | -5.68% | 3.06% | 3.13% | 4.75% |
| Japan (EWJ) | 1.58% | 3.00% | 6.21% | 23.17% | 28.77% |
| Netherlands (EWN) | 1.89% | -0.18% | 0.47% | 20.17% | 19.58% |
| South Korea (EWY) | 3.10% | 7.28% | 6.52% | 97.37% | 134.94% |
| Switzerland (EWL) | 0.70% | -5.82% | -7.42% | 0.53% | 7.16% |
| U.K. (EWU) | 0.63% | -4.23% | -2.08% | 6.52% | 13.00% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 1.29% | 0.77% | 3.00% | 24.31% | 27.59% |
| Brazil (EWZ) | 2.83% | 0.26% | 10.92% | 21.36% | 32.07% |
| China (MCHI) | -1.67% | -6.05% | 0.65% | -14.14% | -22.06% |
| India (INDA) | 0.35% | -6.90% | -6.13% | -13.93% | -11.05% |
| Indonesia (EIDO) | 0.60% | -10.15% | 2.01% | -36.42% | -31.17% |
| Malaysia (EWM) | 0.63% | -3.67% | 0.33% | 0.94% | 6.80% |
| Mexico (EWW) | 1.89% | -6.73% | -5.84% | 4.04% | 9.91% |
| South Africa (EZA) | 0.52% | -9.72% | -1.27% | -6.21% | 6.02% |
| Taiwan (EWT) | 3.15% | 6.31% | 10.94% | 83.11% | 90.14% |
| Thailand (THD) | 1.32% | -0.67% | 0.00% | 22.84% | 24.78% |
Fixed Income
Fixed income was modestly lower across most segments Friday despite the softer payrolls data, with Long-Term Treasuries (BLV) down 0.26% and the long-dated (SPTL) off 0.29%, even as Treasury yields eased late in the session following the jobs miss. Core Aggregate exposure via (AGG) declined 0.18%, consistent with broader pressure on rate-sensitive duration after yields had climbed to multi-decade highs earlier in the week. Convertible Bonds (' target='_blank'>CWB) was a standout, gaining 0.98% and maintaining a 15.73% year-to-date advance, benefiting from its equity-sensitive structure amid the broader stock rally. High Yield (HYG) was effectively flat, up 0.01%, while Preferred Stock (PFF) gained 0.34%, reflecting continued resilience in credit-sensitive income categories.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Short-Term (BSV) | -0.12% | -0.88% | -0.95% | -0.32% | 0.66% |
| Core (AGG) | -0.18% | -2.33% | -3.42% | -2.73% | -2.17% |
| Core Enhanced (IUSB) | -0.18% | -2.38% | -3.32% | -2.52% | -1.86% |
| Long-Term (BLV) | -0.26% | -4.44% | -7.51% | -6.79% | -7.66% |
| Government | |||||
| Ultrashort (BIL) | 0.02% | 0.32% | 0.88% | 2.72% | 3.69% |
| Short-Term (SPTS) | 0.00% | -0.37% | -0.18% | 0.58% | 1.62% |
| Inflation Protected (TIP) | -0.19% | -2.57% | -3.19% | -2.04% | -2.25% |
| Intermediate (SPTI) | -0.26% | -2.08% | -2.88% | -2.90% | -2.21% |
| Long-Term (SPTL) | -0.29% | -4.75% | -7.58% | -7.37% | -8.25% |
| Specialty | |||||
| Convertible (CWB) | 0.98% | 0.82% | -1.79% | 15.73% | 12.75% |
| Preferred Stock (PFF) | 0.34% | -1.59% | -1.56% | -0.66% | -1.77% |
| Bank Loans (BKLN) | 0.10% | 0.17% | 2.30% | 2.22% | 4.31% |
| High Yield (HYG) | 0.01% | -2.35% | -2.08% | -0.29% | 0.79% |
| Corporate (SPIB) | -0.16% | -1.74% | -2.40% | -1.54% | -0.69% |
| Mortgage Backed (MBB) | -0.37% | -3.16% | -4.13% | -3.21% | -2.18% |
| International & EM | |||||
| International Local (IGOV) | 0.40% | -3.12% | -3.00% | -4.44% | -5.25% |
| Emerging Local (EMLC) | 0.37% | -2.95% | -1.76% | -0.05% | 3.18% |
| International USD (BNDX) | 0.15% | -0.58% | -2.13% | -0.95% | -0.77% |
| Emerging USD (EMB) | -0.13% | -3.79% | -5.01% | -2.60% | -0.25% |
| Municipals | |||||
| Short-Term (SUB) | -0.03% | -1.07% | -1.01% | -0.12% | 0.58% |
| High Yield (HYD) | -0.21% | -2.84% | -5.97% | -3.02% | -1.23% |
| Intermediate (MUB) | -0.37% | -2.86% | -5.31% | -3.44% | -1.98% |
| Long-Term (MLN) | -0.92% | -4.44% | -7.74% | -4.72% | -3.34% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities were mixed to lower on Friday as crude oil declined following reports that G-7 and European nations agreed to release 100 million barrels of crude and diesel from emergency stockpiles. WTI Crude (USO) fell 1.77% on the day, though it remains up a substantial 113.09% year-to-date, while Broad Commodities (DJP) slipped 0.48%. Precious metals also softened, with Gold (GLD) down 0.68% and Silver (SLV) off 0.51%, both pulling back from recent levels despite Silver’s 28.71% one-year gain. Natural Gas (UNG) was a bright spot, rising 3.05%, while Sugar (CANE) advanced 3.14% to lead the agricultural complex. Palladium (PALL) continued to lag, down 1.02% on the day and 26.92% year-to-date, the weakest performer among the precious metals group.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.48% | -0.94% | 18.26% | 37.06% | 45.42% |
| Agriculture | |||||
| Sugar (CANE) | 3.14% | 1.37% | 20.98% | 21.17% | 12.68% |
| Broad (DBA) | 0.28% | -3.62% | 5.50% | 10.54% | 9.53% |
| Wheat (WEAT) | 0.12% | -11.16% | 10.44% | 23.94% | 18.99% |
| Soybeans (SOYB) | 0.07% | -1.45% | 11.37% | 24.52% | 24.41% |
| Corn (CORN) | -0.68% | -6.78% | 11.80% | 6.32% | 6.68% |
| Energy | |||||
| Natural Gas (UNG) | 3.05% | -2.60% | -9.59% | -14.60% | -22.16% |
| Brent Crude (BNO) | 0.24% | 13.20% | 59.06% | 122.81% | 116.10% |
| Broad (DBE) | -1.12% | 7.30% | 44.13% | 112.83% | 107.63% |
| WTI Crude (USO) | -1.77% | 4.41% | 41.73% | 113.09% | 106.00% |
| Industrial Metals | |||||
| Copper (CPER) | 0.03% | -0.03% | 5.98% | 13.04% | 29.32% |
| Broad (DBB) | -0.44% | -2.81% | 3.88% | 8.50% | 22.55% |
| Precious Metals | |||||
| Silver (SLV) | -0.51% | -7.33% | -0.51% | -15.03% | 28.71% |
| Platinum (PPLT) | -0.52% | -3.44% | 4.82% | -17.23% | 8.02% |
| Gold (GLD) | -0.68% | -5.62% | 0.53% | -4.08% | 7.15% |
| Palladium (PALL) | -1.02% | -13.55% | -7.25% | -26.92% | -6.86% |
| Broad (DBP) | -1.05% | -6.15% | -0.15% | -7.69% | 9.44% |
Cryptocurrency
Digital asset exposures were uniformly lower on Friday despite Bitcoin trading above $87,000 intraday, with Bitcoin (IBIT) declining 0.48%, the smallest loss among the major cryptocurrencies tracked. Ethereum (ETHA) fell 1.28% despite a strong 56.38% three-month gain, while XRP (XRP) declined 1.97%, the weakest performer of the day. Solana (SOLZ) was little changed, down 0.12%, holding onto an 18.71% one-month gain. The divergence between the day’s modest pullback and strong multi-month momentum suggests short-term consolidation within an otherwise constructive intermediate-term trend across the group.
What to Watch Today
Monday’s calendar is centered on services-sector data, with the final S&P Global Composite and Services PMI readings for September due at 9:45 AM ET, followed by the ISM Services PMI for September at 10:00 AM ET, with consensus estimates clustered near 55.1–55.7. Employment Trends data for September is also scheduled for release at 10:00 AM ET. Earnings are limited ahead of the open from Apogee Enterprises (APOG), Lamb Weston (LW), and RPM International (RPM), with Constellation Brands (STZ) and several smaller names reporting after the close. Markets in mainland China remain closed through October 7 for Golden Week, which may continue to affect regional trading volumes and liquidity in Asia-linked exposures.
Equity markets advanced broadly on Friday after a weaker-than-expected September payrolls report reinforced expectations the Federal Reserve will hold rates steady at its October meeting. The S&P 500 (IVV) gained 0.75%, extending its year-to-date advance to 13.80%, while Developed ex-U.S. markets via the (EFA) outperformed with a 1.11% gain. Emerging Markets (EEM) led the major regions with a 1.29% move higher, pushing its year-to-date return to 24.31%. Fixed income lagged, with the U.S. Aggregate Bond (AGG) slipping 0.18% as Treasury yields retreated from earlier-week highs, and Broad Commodities (DJP) fell 0.48% on softer crude prices. South Korea’s 3.10% single-day gain stood out as an outlier, extending an extraordinary 97.37% year-to-date run that dwarfs other regional moves.