Macro Overview
U.S. equities finished the previous trading session on a muted note, with the S&P 500 (IVV) closing nearly flat with a -0.02% change. Investors grappled with hawkish commentary from several Fed officials, which pared back expectations for a December rate cut. This sent Treasury yields higher and weighed on growth-oriented stocks, though a late-session rebound in technology helped the Nasdaq eke out a small gain.
U.S. Size & Style
Performance was mixed across market caps, with Large Growth (IVW) leading the way at +0.14%. Mid-caps and value-oriented segments lagged, with Mid Cap (IJH) declining -0.22% and Large Value (IVE) down -0.21%.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | -0.21% | 0.82% | 1.93% | 4.19% | 11.18% | 6.62% |
| Large Cap (IVV) | -0.02% | 0.14% | 1.48% | 4.51% | 15.78% | 14.72% |
| Large Growth (IVW) | +0.14% | -0.41% | 1.02% | 4.65% | 19.62% | 21.20% |
| Mid Value (IJJ) | -0.23% | -0.65% | -1.55% | 0.67% | 3.31% | 0.21% |
| Mid Cap (IJH) | -0.22% | -1.12% | -1.35% | 0.84% | 3.98% | 0.30% |
| Mid Growth (IJK) | -0.10% | -1.59% | -1.25% | 1.02% | 4.36% | 0.17% |
| Small Value (IJS) | +0.05% | -0.18% | 0.14% | 4.11% | 2.74% | -0.72% |
| Small Cap (IJR) | -0.09% | -0.93% | -1.27% | 1.86% | 2.48% | -2.04% |
| Small Growth (IJT) | -0.13% | -1.67% | -2.53% | -0.34% | 2.24% | -3.51% |
U.S. Sectors & Industries
Energy was the standout leader, as the Energy (XLE) sector surged +1.70%, boosted by rising crude oil prices following supply fears. Technology (XLK) also showed strength, gaining +0.54%. Financials lagged, with the Financial (XLF) sector falling -1.00%. At the industry level, Biotech (XBI) was a notable outperformer, climbing +1.88%.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Energy (XLE) | +1.70% | 2.77% | 6.54% | 8.47% | 10.09% | 0.23% |
| Technology (XLK) | +0.54% | 0.00% | 2.36% | 7.76% | 24.50% | 23.63% |
| Real Estate (XLRE) | +0.29% | -0.78% | -0.85% | 0.49% | 3.00% | -1.37% |
| Utilities (XLU) | +0.09% | -1.04% | -3.21% | 4.05% | 19.70% | 17.00% |
| Industrials (XLI) | +0.01% | -0.86% | -0.80% | 1.00% | 16.54% | 10.34% |
| Consumer Staples (XLP) | -0.08% | 0.72% | -2.31% | -5.00% | 0.16% | -1.65% |
| Consumer Discretionary (XLY) | -0.48% | -2.11% | -1.48% | 0.74% | 3.59% | 8.15% |
| Communication Services (XLC) | -0.54% | -0.70% | -2.84% | 0.47% | 16.01% | 15.98% |
| Health Care (XLV) | -0.60% | 3.89% | 6.67% | 13.86% | 11.83% | 6.93% |
| Materials (XLB) | -0.91% | 1.11% | -2.63% | -3.16% | 4.63% | -3.73% |
| Financial (XLF) | -1.00% | -0.63% | -1.48% | -0.73% | 9.64% | 7.20% |
Global Thematic
Thematic strategies saw extreme divergence. Energy-related themes like Solar (TAN) (+2.12%) and Midstream & MLP RIC (MLPX) (+1.55%) performed well. In sharp contrast, speculative areas collapsed, with Cannabis & Vice (CNBS) plummeting -15.96% and Crypto Miners (WGMI) dropping -3.41%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Top 5 Performers | |
| Solar (TAN) | +2.12% |
| Clincal-Stage Biotech (SBIO) | +1.85% |
| Midstream & MLP RIC (MLPX) | +1.55% |
| MLP C-Corp (AMLP) | +1.51% |
| Clean Energy (PBW) | +1.13% |
| Bottom 5 Performers | |
| Cannabis & Vice (CNBS) | -15.96% |
| Crypto Miners (WGMI) | -3.41% |
| Silver Miners (SIL) | -1.41% |
| Digital Payments (IPAY) | -1.38% |
| Uranium & Nuclear Energy (URA) | -1.30% |
Developed Markets ex-U.S.
International developed markets were mostly lower, with the broad Dev ex-U.S. (EFA) benchmark slipping -0.28%. European bourses were weak, with Germany (EWG) down -0.95%. The clear exception was Japan (EWJ), which rallied +1.17%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | -0.28% | 1.02% | 1.99% | 3.94% | 28.16% | 26.89% |
| Australia (EWA) | +0.04% | -1.85% | -2.81% | -2.95% | 10.42% | 4.80% |
| Canada (EWC) | +0.49% | 1.58% | 0.71% | 7.52% | 27.12% | 23.38% |
| France (EWQ) | -0.44% | 2.42% | 1.61% | 3.08% | 27.80% | 27.30% |
| Germany (EWG) | -0.95% | 0.94% | -1.94% | -3.86% | 30.53% | 31.69% |
| Hong Kong (EWH) | -0.52% | 2.20% | 8.12% | 6.50% | 39.59% | 37.59% |
| Japan (EWJ) | +1.17% | 0.83% | 4.92% | 6.57% | 26.17% | 26.79% |
| Netherlands (EWN) | -0.82% | 0.68% | 0.64% | 9.06% | 32.40% | 31.51% |
| South Korea (EWY) | +0.06% | 2.54% | 13.83% | 27.79% | 84.97% | 73.03% |
| Switzerland (EWL) | -0.52% | 3.25% | 2.17% | 6.38% | 27.60% | 23.57% |
| U.K. (EWU) | -0.63% | -0.23% | 1.69% | 3.06% | 28.75% | 28.94% |
Emerging Markets
The emerging market complex finished flat, with the Emerging (EEM) index up just +0.05%. This masked a major split, as Taiwan (EWT) surged +1.84% while China (MCHI) sold off by -1.49%. Brazil (EWZ) was also a bright spot, gaining +0.61%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +0.05% | 0.75% | 3.76% | 10.18% | 32.68% | 31.37% |
| Brazil (EWZ) | +0.61% | 2.72% | 14.02% | 18.97% | 50.08% | 28.86% |
| China (MCHI) | -1.49% | -0.17% | 1.47% | 7.08% | 36.83% | 37.97% |
| India (INDA) | +0.77% | 1.62% | 3.49% | 4.22% | 3.76% | 3.03% |
| Indonesia (EIDO) | +0.55% | -0.81% | 6.74% | -1.34% | 2.14% | -4.15% |
| Malaysia (EWM) | -0.19% | 0.84% | 2.84% | 5.67% | 10.12% | 13.99% |
| Mexico (EWW) | -0.24% | -0.88% | 3.67% | 10.21% | 46.17% | 39.97% |
| South Africa (EZA) | -1.24% | 4.28% | 2.57% | 16.22% | 61.73% | 54.34% |
| Taiwan (EWT) | +1.84% | 0.87% | 2.31% | 7.45% | 25.91% | 25.65% |
| Thailand (THD) | -0.74% | -2.69% | 0.22% | 1.44% | -0.71% | -2.33% |
Fixed Income
Fixed income markets retreated as hawkish Fed-speak pushed yields higher. The Taxable Core (AGG) index fell -0.12%, with longer-duration assets like Government Long (SPTL) seeing sharper losses of -0.52%. Taxable High Yield (HYG) bucked the trend, posting a small +0.02% gain.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.12% | -0.20% | -0.45% | 1.91% | 6.62% | 6.48% |
| Taxable Core Enhanced (IUSB) | -0.13% | -0.30% | -0.31% | 1.92% | 6.76% | 6.75% |
| Taxable Multisector (PYLD) | -0.07% | -0.07% | 0.37% | 2.19% | 8.28% | 9.07% |
| Taxable Ultrashort (BIL) | +0.04% | 0.08% | 0.35% | 1.05% | 3.66% | 4.29% |
| Taxable Short-Term (BSV) | -0.04% | -0.08% | -0.03% | 1.17% | 5.24% | 5.96% |
| Taxable Long Term (BLV) | -0.50% | -0.62% | -1.76% | 2.57% | 6.63% | 4.66% |
| Government Short (SPTS) | -0.03% | -0.07% | 0.02% | 1.13% | 4.30% | 5.17% |
| Government Intermediate (SPTI) | -0.10% | -0.21% | -0.27% | 1.59% | 6.90% | 7.11% |
| Government Long (SPTL) | -0.52% | -0.59% | -1.49% | 3.23% | 6.03% | 3.83% |
| Inflation Protected (TIP) | -0.12% | -0.14% | -0.50% | 1.34% | 6.94% | 6.42% |
| Corporate (SPIB) | -0.12% | -0.15% | -0.28% | 1.41% | 6.90% | 7.32% |
| Taxable High Yield (HYG) | +0.02% | -0.14% | 0.11% | 1.24% | 7.04% | 7.28% |
| Bank Loans (BKLN) | 0.00% | 0.10% | 1.16% | 1.73% | 5.49% | 6.31% |
| Preferred Stock (PFF) | +0.15% | -0.40% | -1.10% | -0.18% | 3.80% | 1.14% |
| Convertible (CWB) | -0.60% | -3.64% | -4.63% | 4.14% | 15.29% | 14.49% |
| Mortgage Backed (MBS) | -0.09% | -0.35% | -0.13% | 2.64% | 7.44% | 7.37% |
| International USD (BNDX) | -0.26% | -0.32% | -0.29% | 0.94% | 3.01% | 3.61% |
| International (IGOV) | -0.26% | 0.12% | -0.45% | -0.24% | 9.79% | 8.45% |
| Emerging USD (EMB) | -0.06% | -0.05% | 1.20% | 3.48% | 12.60% | 12.11% |
| Emerging (EMLC) | -0.16% | 0.43% | 1.42% | 2.87% | 16.49% | 15.28% |
| Municipal Short (SUB) | -0.01% | 0.09% | -0.01% | 0.34% | 3.02% | 3.48% |
| Municipal Intermediate (MUB) | -0.21% | -0.23% | 0.28% | 3.63% | 3.09% | 3.04% |
| Municipal Long (MLN) | -0.11% | -0.06% | 0.32% | 6.00% | 1.64% | 2.06% |
| Municipal High Yield (HYD) | -0.24% | -0.22% | 0.14% | 4.20% | 1.30% | 1.55% |
Commodities
Commodities were a tale of two markets. Energy surged on supply-side fears, with WTI Crude Oil (USO) up +2.19% and Gasoline (UGA) rising +2.60%. Meanwhile, precious metals sold off as the dollar strengthened and rate-cut bets faded. Gold (GLD) fell -1.80%, and Silver (SLV) dropped -3.08%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.75% | 1.56% | 4.24% | 11.09% | 15.77% | 20.46% |
| Energy (DBE) | +1.66% | 1.01% | 7.40% | 3.86% | 4.69% | 9.62% |
| WTI Crude Oil (USO) | +2.19% | 0.17% | 3.45% | -3.20% | -5.52% | 0.13% |
| Brent Crude Oil (BNO) | +2.15% | 0.96% | 4.07% | -1.41% | -1.84% | 1.87% |
| Natural Gas (UNG) | -1.69% | 4.37% | 21.84% | 16.39% | -13.38% | 10.72% |
| Gasoline (UGA) | +2.60% | 3.01% | 13.83% | 10.59% | 10.27% | 13.66% |
| Precious Metals (DBP) | -1.90% | 2.44% | -1.18% | 23.32% | 55.08% | 57.78% |
| Gold (GLD) | -1.80% | 2.08% | -1.27% | 22.36% | 55.27% | 58.63% |
| Silver (SLV) | -3.08% | 4.64% | -1.79% | 33.22% | 74.55% | 65.26% |
| Platinum (PPLT) | -2.19% | -0.15% | -6.02% | 13.47% | 69.12% | 63.24% |
| Palladium (PALL) | -1.62% | 1.11% | -7.58% | 22.17% | 53.14% | 47.47% |
| Industrial Metals (DBB) | -0.32% | -0.09% | 3.40% | 9.28% | 14.48% | 15.56% |
| Copper (CPER) | +0.19% | 2.12% | 1.52% | 11.90% | 24.48% | 21.73% |
| Agriculture (DBA) | -0.57% | -0.42% | -1.88% | -1.92% | -1.88% | 4.91% |
| Corn (CORN) | -2.03% | 0.76% | 3.71% | 6.74% | -4.64% | -0.10% |
| Soybeans (SOYB) | -1.48% | 0.91% | 8.35% | 6.81% | 8.75% | 9.72% |
| Wheat (WEAT) | -1.86% | 0.48% | 4.21% | 0.24% | -12.66% | -12.29% |
| Sugar (CANE) | +2.59% | 4.05% | -5.84% | -14.52% | -16.80% | -24.58% |
Cryptocurrency
The crypto sell-off accelerated, with Bitcoin (IBIT) hitting new lows and closing down -3.80%. Ethereum (ETHA) also faced heavy pressure, falling -1.04% as risk appetite for digital assets soured.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Bitcoin (IBIT) | -3.80% | -9.18% | -16.33% | -20.22% | 0.80% | 7.53% |
| Multi-Coin (NCIQ) | -3.60% | -9.53% | -17.92% | -23.62% | 0.94% | N/A |
| Solana (SOLZ) | -2.03% | -14.89% | -30.73% | -31.17% | N/A | N/A |
| Ethereum (ETHA) | -1.04% | -9.55% | -23.78% | -31.07% | -6.33% | N/A |
What to Watch Today
This morning’s key event has already been released, setting a hawkish tone for the week. The **NY Empire State Manufacturing Index** for November posted a reading of **18.70**, shattering the consensus estimate of 6.0 and well above the prior 10.70. This surprisingly strong data points to resilient economic activity and persistent price pressures, which could further dampen hopes for a near-term Fed rate cut and put upward pressure on Treasury yields.
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.
