Macro Overview
U.S. equities rallied on Tuesday, with the S&P 500 (IVV) climbing +0.94% as investors solidified bets on a December Federal Reserve rate cut. Optimism was underpinned by mixed economic data—specifically a dip in consumer confidence—which reinforced the “bad news is good news” narrative for monetary policy. While pockets of the technology sector faced pressure, a broader rotation into cyclical areas like Healthcare and Consumer Discretionary helped lift the market, despite weakness in the energy patch.
U.S. Size & Style
Small-cap stocks outperformed their larger peers significantly on Tuesday, driven by the prospect of lower interest rates. Small Value (IJS) surged +2.71%, leading all style boxes, while Large Growth (IVW) lagged with a gain of +0.84%. The Value factor generally outperformed Growth across market capitalizations.
| Name (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +1.05% | +1.53% | -0.27% | +3.81% | +11.02% | +3.83% |
| Large Cap (IVV) | +0.94% | +2.43% | -0.31% | +5.39% | +16.31% | +14.47% |
| Large Growth (IVW) | +0.84% | +3.22% | -0.29% | +6.71% | +20.88% | +23.27% |
| Mid Value (IJJ) | +1.93% | +2.72% | -0.04% | +1.15% | +5.93% | -1.83% |
| Mid Cap (IJH) | +1.86% | +2.89% | -0.59% | +1.70% | +6.24% | -2.06% |
| Mid Growth (IJK) | +1.93% | +2.93% | -1.17% | +2.20% | +6.26% | -2.64% |
| Small Value (IJS) | +2.71% | +4.05% | -0.60% | +3.79% | +4.90% | -3.03% |
| Small Cap (IJR) | +2.58% | +3.92% | -0.85% | +2.71% | +5.34% | -3.82% |
| Small Growth (IJT) | +2.55% | +3.67% | -1.02% | +1.70% | +5.75% | -4.74% |
U.S. Sectors & Industries
Health Care (XLV) led the GICS sectors with a +2.26% gain, followed closely by Consumer Discretionary (XLY), which rose +2.14%. Within industries, interest-rate-sensitive areas outperformed, with Retail (XRT) jumping +4.55% and Homebuilders (XHB) advancing +4.21%. Conversely, Energy (XLE) was the worst performer, falling -0.63% amid weaker commodity prices.
| Sector (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Health Care (XLV) | +2.26% | +2.69% | +8.72% | +17.10% | +16.94% | +11.14% |
| Cons Discretionary (XLY) | +2.14% | +3.50% | -1.79% | +0.51% | +4.71% | +6.82% |
| Materials (XLB) | +1.49% | +1.69% | -1.35% | -3.76% | +5.88% | -5.79% |
| Cons Staples (XLP) | +1.38% | +0.21% | -1.30% | -3.03% | +1.20% | -2.59% |
| Industrials (XLI) | +1.28% | +1.53% | -1.93% | +0.62% | +16.47% | +7.45% |
| Financials (XLF) | +1.25% | +1.68% | -1.07% | -1.03% | +9.83% | +4.40% |
| Comm Svcs (XLC) | +1.14% | +2.14% | -1.08% | +2.88% | +19.11% | +18.72% |
| Real Estate (XLRE) | +0.81% | +0.95% | -3.19% | -1.25% | +3.86% | -4.45% |
| Technology (XLK) | +0.27% | +2.66% | -4.47% | +7.25% | +21.18% | +20.82% |
| Utilities (XLU) | -0.38% | +0.75% | -2.82% | +5.09% | +19.77% | +12.01% |
| Energy (XLE) | -0.63% | -0.91% | +0.61% | +1.13% | +6.01% | -3.97% |
Global Thematic
Thematic performance diverged sharply, with rate-sensitive themes surging while crypto and cannabis-related funds struggled. U.S. Home Construction (ITB) was the top performer, rallying +4.74% as bond yield expectations moderated. In contrast, AdvisorShares Pure US Cannabis (MSOS) fell -2.92%, ranking as the day’s worst performer.
| Name (Ticker) | 1 Day % Change |
|---|---|
| U.S. Home Construction (ITB) | +4.74% |
| Homebuilders (XHB) | +4.21% |
| Junior Uranium Miners (URNJ) | +3.69% |
| Rare Earth/Strat Metals (REMX) | +3.25% |
| Copper Miners (COPP) | +3.04% |
| Blockchain & Tech (IBLC) | -0.58% |
| Generative AI & Tech (CHAT) | -0.69% |
| SkyBridge Crypto (CRPT) | -1.67% |
| Seymour Cannabis (CNBS) | -2.71% |
| Pure US Cannabis (MSOS) | -2.92% |
Developed Markets ex-U.S.
International developed markets posted broad gains, with Dev ex-U.S. (EFA) rising +1.20%. European equities were particularly strong, led by Germany (EWG) and France (EWQ). South Korea (EWY) was the notable outlier, closing down -0.56%.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +1.20% | +1.28% | -1.26% | +2.00% | +26.25% | +24.12% |
| Australia (EWA) | +0.71% | +1.14% | -5.74% | -4.51% | +9.01% | +0.48% |
| Canada (EWC) | +1.00% | +2.24% | +1.42% | +8.43% | +28.80% | +22.64% |
| France (EWQ) | +1.68% | +0.85% | -2.33% | +2.56% | +25.57% | +26.34% |
| Germany (EWG) | +1.82% | +2.01% | -3.37% | -4.58% | +28.39% | +28.80% |
| Hong Kong (EWH) | +0.09% | +2.07% | +3.46% | +2.98% | +35.79% | +36.05% |
| Japan (EWJ) | +0.22% | +0.90% | -0.70% | +3.63% | +23.07% | +22.59% |
| Netherlands (EWN) | +1.65% | +1.70% | -3.46% | +5.63% | +29.54% | +28.71% |
| South Korea (EWY) | -0.56% | +0.64% | -2.46% | +23.46% | +76.44% | +56.56% |
| Switzerland (EWL) | +1.54% | +1.01% | +0.25% | +4.17% | +26.96% | +23.07% |
| U.K. (EWU) | +1.43% | +1.09% | -0.61% | +1.75% | +28.00% | +25.36% |
Emerging Markets
Emerging markets saw modest gains, with Emerging (EEM) up +0.35%. Mexico (EWW) was a standout performer, rising +1.80%, while Indonesia (EIDO) slipped -0.27%.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +0.35% | +1.41% | -2.27% | +6.97% | +30.00% | +27.65% |
| Brazil (EWZ) | +1.09% | +1.62% | +6.79% | +13.26% | +47.23% | +26.37% |
| China (MCHI) | +0.39% | +2.10% | -3.58% | +1.07% | +34.03% | +37.97% |
| India (INDA) | +0.11% | +0.13% | -0.42% | +1.97% | +3.12% | -0.37% |
| Indonesia (EIDO) | -0.27% | +1.96% | +2.35% | +0.64% | +4.08% | -3.95% |
| Malaysia (EWM) | +0.08% | +0.76% | +3.11% | +3.88% | +10.28% | +12.31% |
| Mexico (EWW) | +1.80% | +2.59% | +3.64% | +9.79% | +47.32% | +41.53% |
| South Africa (EZA) | +0.62% | +2.22% | +1.72% | +13.62% | +60.06% | +49.58% |
| Taiwan (EWT) | +0.46% | +1.62% | -5.54% | +5.97% | +21.33% | +19.96% |
| Thailand (THD) | +1.69% | +2.19% | -3.11% | +1.48% | +0.10% | -3.47% |
Fixed Income
Bond markets held relatively steady, with yields remaining largely contained. Preferred Stock (PFF) outperformed, gaining +0.59%, while Municipal Long (MLN) was slightly weaker, edging down -0.03%.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Preferred Stock (PFF) | +0.59% | +0.98% | -2.21% | -1.09% | +3.41% | +0.12% |
| International (IGOV) | +0.55% | +0.60% | -1.18% | -0.02% | +9.34% | +6.65% |
| Emerging (EMLC) | +0.47% | +0.71% | +0.90% | +2.99% | +16.72% | +14.35% |
| Convertible (CWB) | +0.42% | +2.42% | -4.18% | +3.99% | +15.74% | +11.05% |
| Taxable High Yield (HYG) | +0.35% | +0.62% | +0.25% | +1.69% | +7.90% | +7.40% |
| Mortgage Backed (MBS) | +0.29% | +0.45% | +0.23% | +3.30% | +8.40% | +7.04% |
| Taxable Long Term (BLV) | +0.27% | +0.89% | -0.95% | +4.27% | +8.28% | +4.04% |
| International USD (BNDX) | +0.26% | +0.18% | -0.04% | +1.62% | +3.40% | +3.22% |
| Emerging USD (EMB) | +0.26% | +0.47% | +0.76% | +4.26% | +13.34% | +11.37% |
| Government Long (SPTL) | +0.26% | +0.81% | -0.68% | +4.77% | +7.57% | +2.90% |
| Taxable Multisector (PYLD) | +0.22% | +0.45% | +0.26% | +2.54% | +8.89% | +8.89% |
| Taxable Core Enhanced (IUSB) | +0.21% | +0.38% | +0.12% | +2.60% | +7.63% | +6.50% |
| Corporate (SPIB) | +0.21% | +0.32% | +0.22% | +2.01% | +7.73% | +7.33% |
| Bank Loans (BKLN) | +0.19% | +0.33% | +0.72% | +1.76% | +5.75% | +6.25% |
| Government Intermediate (SPTI) | +0.19% | +0.29% | +0.44% | +2.22% | +7.84% | +7.02% |
| Inflation Protected (TIP) | +0.18% | +0.23% | -0.30% | +1.39% | +7.44% | +5.99% |
| Taxable Core (AGG) | +0.16% | +0.36% | -0.01% | +2.56% | +7.47% | +6.20% |
| Municipal High Yield (HYD) | +0.16% | +0.49% | +0.55% | +5.20% | +2.40% | +1.77% |
| Municipal Short (SUB) | +0.09% | +0.07% | +0.40% | +0.37% | +3.19% | +3.35% |
| Government Short (SPTS) | +0.07% | +0.07% | +0.30% | +1.34% | +4.70% | +5.34% |
| Taxable Short-Term (BSV) | +0.06% | +0.15% | +0.32% | +1.52% | +5.77% | +6.05% |
| Municipal Intermediate (MUB) | +0.05% | +0.08% | -0.07% | +3.70% | +3.36% | +2.48% |
| Taxable Ultrashort (BIL) | +0.02% | +0.02% | +0.31% | +1.00% | +3.75% | +4.23% |
| Municipal Long (MLN) | -0.03% | +0.14% | -0.67% | +5.51% | +1.44% | +0.92% |
Commodities
Commodities were mixed, with Agriculture (DBA) rising +0.66% while Energy slumped. Natural Gas (UNG) was a significant laggard, dropping -4.02%.
| Commodity (Ticker) | 1 Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.54% | -0.03% | +0.47% | +7.49% | +14.02% | +15.17% |
| Energy (DBE) | -1.73% | -0.70% | -2.05% | -2.33% | +0.70% | +3.73% |
| WTI Crude Oil (USO) | -1.66% | -0.07% | -5.37% | -8.58% | -8.34% | -3.95% |
| Brent Crude Oil (BNO) | -1.59% | 0.00% | -4.26% | -6.95% | -4.77% | -1.89% |
| Natural Gas (UNG) | -4.02% | -5.60% | +6.63% | +15.73% | -17.73% | -6.49% |
| Gasoline (UGA) | -1.63% | -0.36% | +0.73% | +0.50% | +3.05% | +5.72% |
| Precious Metals (DBP) | +0.05% | +2.01% | +1.20% | +23.39% | +56.61% | +56.47% |
| Gold (GLD) | -0.03% | +1.55% | +0.68% | +22.67% | +56.97% | +56.75% |
| Silver (SLV) | +0.09% | +3.02% | +6.09% | +33.27% | +77.25% | +68.91% |
| Platinum (PPLT) | +0.47% | +2.48% | -3.36% | +15.62% | +70.20% | +64.34% |
| Palladium (PALL) | -0.32% | +1.68% | -2.68% | +26.51% | +51.81% | +42.30% |
| Industrial Metals (DBB) | +0.28% | +0.70% | -0.65% | +9.21% | +13.85% | +11.45% |
| Copper (CPER) | +0.23% | +0.35% | -1.30% | +11.92% | +23.93% | +20.20% |
| Agriculture (DBA) | +0.66% | -0.12% | -2.78% | -6.27% | -2.78% | +1.44% |
| Corn (CORN) | +0.30% | +0.24% | +0.15% | +1.68% | -6.01% | -1.55% |
| Soybeans (SOYB) | +0.13% | -0.13% | +4.92% | +4.71% | +8.71% | +10.09% |
| Wheat (WEAT) | +0.43% | -0.29% | +1.65% | -1.46% | -13.32% | -14.03% |
| Sugar (CANE) | +0.36% | +1.05% | +0.68% | -12.73% | -16.05% | -23.85% |
Cryptocurrency
Digital assets saw red, with XRP (XRP) lagging with a -2.22% decline. Bitcoin (IBIT) also retreated, falling -2.00%.
| Asset (Ticker) | 1 Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| XRP (XRP) | -2.22% | +13.05% | ||||
| Bitcoin (IBIT) | -2.00% | +3.31% | -21.12% | -21.18% | -6.58% | -8.26% |
| Multi-Coin (NCIQ) | -1.96% | +4.63% | -21.41% | -24.22% | ||
| Ethereum (ETHA) | -1.43% | +6.91% | -25.51% | -33.84% | -12.50% | -16.80% |
| Solana (SOLZ) | -0.95% | +8.23% | -29.55% | -31.19% |
What to Watch Today
All eyes are on this morning’s release of the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge. With markets currently pricing in an ~83% chance of a rate cut in December, today’s data—along with the second estimate of Q3 GDP and weekly jobless claims—will be pivotal in confirming the central bank’s policy path before the Thanksgiving holiday break.
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.
