Macro Overview
U.S. equities retreated after a much stronger-than-expected August jobs report fueled expectations of a potential Federal Reserve interest rate hike. The S&P 500 (IVV) declined 0.41% as the economy added 162,000 jobs, nearly triple the forecast. In contrast, international markets showed strength, with Developed ex-U.S. (EFA) gaining 0.13% and Emerging Markets (EEM) surging 1.82% to become the day’s standout performer. Fixed income markets were muted, with the U.S. Aggregate Bond (AGG) up just 0.05%, while Broad Commodities (DJP) slipped 0.58%.
U.S. Size & Style
A clear divergence emerged across U.S. market capitalization, as small and mid-caps outperformed their large-cap counterparts. Large-cap value stocks were the weakest segment, with the Large Value (IVE) index falling 0.66%. Conversely, smaller companies advanced, led by a 0.63% gain in the Small Value (IJS) category. This performance split occurred despite a majority of stocks across most segments trading below their 50-day moving averages, suggesting selective strength within the market.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Large Value (IVE) | -0.66% | 0.48% | 3.74% | 12.51% | 17.95% |
| Large Cap (IVV) | -0.41% | -0.11% | 1.99% | 13.59% | 20.07% |
| Large Growth (IVW) | -0.14% | -0.69% | 0.53% | 14.23% | 21.54% |
| Mid Value (IJJ) | 0.24% | -2.16% | 3.55% | 13.33% | 14.67% |
| Mid Cap (IJH) | 0.13% | -2.10% | 0.77% | 15.48% | 16.91% |
| Mid Growth (IJK) | 0.06% | -2.10% | -1.72% | 17.36% | 18.70% |
| Small Value (IJS) | 0.63% | -1.95% | 4.24% | 21.64% | 26.39% |
| Small Cap (IJR) | 0.37% | -3.37% | 3.93% | 21.49% | 23.98% |
| Small Growth (IJT) | 0.14% | -4.89% | 3.54% | 21.02% | 21.38% |
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U.S. Sectors & Industries
Sector performance was widely dispersed, with Technology (XLK) standing out as the clear leader with a 0.70% advance, buoyed by strong earnings and guidance from AI-related companies like Dell. On the other end of the spectrum, Consumer Discretionary (XLY) was the session’s worst performer, dropping 1.33% following a reduced forecast from Lululemon. Defensive sectors such as Health Care (XLV) and Consumer Staples (XLP) also finished lower, declining 1.04% and 0.80% respectively.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| S&P 500 (SPY) | -0.39% | -0.15% | 1.99% | 13.55% | 19.96% |
| Technology (XLK) | 0.70% | 0.20% | -2.93% | 30.40% | 43.35% |
| Industrials (XLI) | 0.41% | -5.97% | -0.26% | 13.58% | 17.18% |
| Utilities (XLU) | 0.12% | -2.34% | -1.33% | 2.26% | 5.75% |
| Materials (XLB) | -0.34% | 0.85% | 1.97% | 16.58% | 16.93% |
| Real Estate (XLRE) | -0.72% | -2.75% | -0.20% | 10.55% | 8.79% |
| Financials (XLF) | -0.79% | 0.38% | 11.71% | 6.99% | 9.13% |
| Consumer Staples (XLP) | -0.80% | -0.93% | 3.82% | 10.26% | 7.81% |
| Energy (XLE) | -0.87% | 9.47% | 9.81% | 45.23% | 48.27% |
| Health Care (XLV) | -1.04% | 5.77% | 13.23% | 11.70% | 26.92% |
| Communication Services (XLC) | -1.19% | -0.01% | -0.69% | -4.28% | -0.56% |
| Consumer Discretionary (XLY) | -1.33% | -2.86% | -1.81% | -3.38% | -1.51% |
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Global Thematic
Artificial intelligence and semiconductor-related themes dominated Friday’s trading, capturing all top five performance spots. The Tema Memory ETF (DISK) and Roundhill Memory ETF (DRAM) led the way with gains of 7.89% and 6.61%, respectively, reflecting positive corporate results in the AI server space. In contrast, cloud computing and precious metals miners faced headwinds. The WisdomTree Cloud Computing Fund (WCLD) fell 2.98%, while several silver and gold miner funds, including the Sprott Silver Miners & Physical Silver ETF Silver Miners ETF (SLVR), declined by more than 2.7%.
| Name (Ticker) | 1-Day |
|---|---|
| Leaders | |
| Tema Memory ETF (DISK) | 7.89% |
| Roundhill Memory ETF (DRAM) | 6.61% |
| Roundhill Neocloud ETF (NCLD) | 5.12% |
| VistaShares Artificial Intelligence Supercycle ETF (AIS) | 4.66% |
| Corgi Lithography & Semiconductor Photonics ETF (EUV) | 4.44% |
| Laggards | |
| WisdomTree Cloud Computing Fund (WCLD) | -2.98% |
| Sprott Silver Miners & Physical Silver ETF Silver Miners ETF (SLVR) | -2.71% |
| VanEck Junior Gold Miners ETF (GDXJ) | -2.49% |
| iShares MSCI Global Silver Miners ETF (SLVP) | -2.45% |
| Sprott Junior Gold Miners ETF (SGDJ) | -2.44% |
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Developed ex-U.S. & Emerging Markets
Emerging markets significantly outpaced their developed counterparts, propelled by a surge in Asian technology hubs. The broad Emerging Markets (EEM) index climbed 1.82%, with South Korea (EWY) delivering an exceptional 4.60% return, marking it as a top global performer. Taiwan (EWT) also contributed with a solid 1.86% gain. Meanwhile, the Developed ex-U.S. (EFA) index posted a more modest 0.13% increase, as gains in Japan and the Netherlands were offset by declines in Canada and Switzerland.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Developed Markets ex-U.S. | |||||
| Developed ex-U.S. (EFA) | 0.13% | 0.96% | 4.86% | 14.60% | 22.63% |
| Australia (EWA) | -0.46% | 0.37% | 5.57% | 17.06% | 15.93% |
| Canada (EWC) | -0.69% | 3.40% | 4.90% | 15.58% | 28.03% |
| France (EWQ) | -0.11% | -3.87% | 1.05% | 3.97% | 10.46% |
| Germany (EWG) | -0.07% | 0.11% | 3.93% | 5.32% | 8.28% |
| Hong Kong (EWH) | 0.96% | 1.22% | 4.67% | 10.92% | 15.88% |
| Japan (EWJ) | 0.39% | 3.88% | 4.96% | 22.37% | 30.25% |
| Netherlands (EWN) | 1.48% | 0.06% | 2.31% | 22.35% | 37.03% |
| South Korea (EWY) | 4.60% | 10.36% | -7.40% | 94.27% | 164.36% |
| Switzerland (EWL) | -0.57% | -0.97% | 3.86% | 7.15% | 15.32% |
| U.K. (EWU) | -0.18% | 0.52% | 5.14% | 12.08% | 21.40% |
| Emerging Markets | |||||
| Emerging Markets (EEM) | 1.82% | 4.09% | -0.08% | 26.20% | 40.50% |
| Brazil (EWZ) | -0.71% | 4.90% | 9.89% | 20.31% | 35.74% |
| China (MCHI) | 0.99% | -2.10% | -0.82% | -7.99% | -7.21% |
| India (INDA) | -0.02% | -1.23% | 3.94% | -7.66% | -5.10% |
| Indonesia (EIDO) | -1.21% | 2.67% | 10.88% | -28.91% | -24.46% |
| Malaysia (EWM) | -0.49% | -0.88% | 1.88% | 5.01% | 16.88% |
| Mexico (EWW) | -0.44% | -0.56% | 0.49% | 12.15% | 25.67% |
| South Africa (EZA) | -0.25% | 8.61% | 8.08% | 6.33% | 36.43% |
| Taiwan (EWT) | 1.86% | 9.75% | 6.08% | 76.58% | 97.89% |
| Thailand (THD) | 0.34% | 0.00% | 0.17% | 25.87% | 30.47% |
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Fixed Income
The fixed income market showed a muted reaction to the strong labor market report, with most core bond segments ending the day nearly flat. The U.S. Aggregate Bond (AGG) edged up 0.05%, and similar minimal price changes were seen across the Treasury curve. Credit-sensitive assets were mixed, as High Yield (HYG) dipped 0.06% while Bank Loans (BKLN) rose 0.10%. Convertible bonds were a notable outlier, as the Convertible (CWB) fund gained 0.48%, tracking strength in the underlying technology equities.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Multisector | |||||
| Long-Term (BLV) | 0.11% | -0.57% | -2.66% | -2.20% | -0.67% |
| Core (AGG) | 0.05% | -0.33% | -0.67% | -0.25% | 1.32% |
| Core Enhanced (IUSB) | 0.03% | -0.31% | -0.55% | 0.00% | 1.65% |
| Short-Term (BSV) | 0.00% | -0.07% | 0.28% | 0.65% | 1.95% |
| Government | |||||
| Long-Term (SPTL) | 0.20% | -0.30% | -2.21% | -2.40% | -0.80% |
| Ultrashort (BIL) | 0.03% | 0.34% | 0.94% | 2.44% | 3.73% |
| Short-Term (SPTS) | 0.03% | 0.15% | 0.53% | 1.05% | 2.47% |
| Inflation Protected (TIP) | -0.03% | -0.07% | -0.88% | 0.65% | 0.80% |
| Intermediate (SPTI) | -0.04% | -0.48% | -0.43% | -0.73% | 0.35% |
| Specialty | |||||
| Convertible (CWB) | 0.48% | -2.13% | -5.70% | 16.65% | 21.58% |
| Bank Loans (BKLN) | 0.10% | 1.34% | 2.14% | 2.30% | 4.96% |
| Mortgage Backed (MBB) | 0.06% | -0.26% | -0.51% | 0.17% | 2.46% |
| Corporate (SPIB) | 0.00% | -0.39% | -0.30% | 0.29% | 1.86% |
| Preferred Stock (PFF) | 0.00% | -0.72% | -1.46% | 1.48% | 1.62% |
| High Yield (HYG) | -0.06% | 0.06% | 0.65% | 2.17% | 3.89% |
| International & EM | |||||
| International USD (BNDX) | 0.11% | -0.83% | -0.58% | 0.05% | 0.78% |
| International Local (IGOV) | 0.07% | 0.00% | -0.39% | -0.67% | -0.29% |
| Emerging USD (EMB) | 0.02% | -0.35% | -0.42% | 1.58% | 5.61% |
| Emerging Local (EMLC) | 0.00% | 0.95% | 2.40% | 3.47% | 8.32% |
| Municipals | |||||
| High Yield (HYD) | 0.06% | -1.20% | -2.55% | -0.34% | 4.04% |
| Intermediate (MUB) | 0.03% | -1.36% | -2.15% | -0.77% | 2.74% |
| Short-Term (SUB) | 0.00% | 0.05% | 0.11% | 0.95% | 1.64% |
| Long-Term (MLN) | -0.11% | -2.19% | -2.53% | -0.57% | 4.55% |
Explore the related Explorers: Taxable → · Municipal → · Specialty →
Commodities
Commodities broadly declined, with precious metals and agricultural products leading the way down. The prospect of higher interest rates following the strong jobs report weighed on non-yielding assets, sending Gold (GLD) lower by 0.84% and Silver (SLV) by 1.21%. In agriculture, Wheat (WEAT) posted the steepest loss at 2.32%. The energy complex was mixed despite heightened geopolitical tensions, with WTI Crude (USO) down 0.09% and Brent Crude (BNO) up 0.38%.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.58% | 12.57% | 6.45% | 37.38% | 49.59% |
| Agriculture | |||||
| Sugar (CANE) | 0.26% | 15.24% | 17.73% | 17.07% | 7.94% |
| Corn (CORN) | -0.50% | 13.07% | 16.48% | 13.20% | 13.78% |
| Soybeans (SOYB) | -0.50% | 10.38% | 14.30% | 26.49% | 25.40% |
| Broad (DBA) | -0.83% | 4.30% | 8.09% | 13.05% | 9.71% |
| Wheat (WEAT) | -2.32% | 11.02% | 17.89% | 32.65% | 27.05% |
| Energy | |||||
| Natural Gas (UNG) | 0.67% | 8.09% | -12.87% | -13.87% | -19.39% |
| Brent Crude (BNO) | 0.38% | 23.81% | 6.92% | 98.13% | 86.60% |
| Broad (DBE) | 0.12% | 20.82% | 10.62% | 98.05% | 89.15% |
| WTI Crude (USO) | -0.09% | 22.61% | 3.82% | 105.26% | 91.37% |
| Industrial Metals | |||||
| Copper (CPER) | 0.10% | -0.47% | 0.55% | 14.27% | 42.27% |
| Broad (DBB) | -0.16% | 1.82% | -1.79% | 12.25% | 33.64% |
| Precious Metals | |||||
| Platinum (PPLT) | 0.06% | 4.83% | -4.13% | -11.49% | 31.65% |
| Broad (DBP) | -0.84% | 8.76% | -3.19% | -0.30% | 28.52% |
| Gold (GLD) | -0.84% | 8.72% | -1.09% | 2.64% | 24.51% |
| Silver (SLV) | -1.21% | 11.11% | -10.69% | -7.14% | 61.98% |
| Palladium (PALL) | -1.86% | 3.31% | 6.03% | -12.95% | 23.40% |
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Cryptocurrency
Digital assets retreated across the board on Friday, giving back a portion of their recent strong monthly gains. XRP (XRP) led the decline with a 4.86% loss, while Solana (SOLZ) fell 3.71%. The market’s largest assets also pulled back, with Bitcoin (IBIT) down 2.42% and Ethereum (ETHA) losing 2.63%. This risk-off sentiment in the crypto space capped a week of otherwise robust performance for the asset class.
| Name (Ticker) | 1-Day | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|
| XRP (XRP) | -4.86% | 29.55% | 19.28% | -23.73% | — |
| Solana (SOLZ) | -3.71% | 36.65% | 46.66% | -19.46% | -52.35% |
| Ethereum (ETHA) | -2.63% | 30.88% | 38.31% | -17.43% | -42.66% |
| Multi-Coin (NCIQ) | -2.57% | 25.28% | 26.59% | -11.71% | -33.49% |
| Bitcoin (IBIT) | -2.42% | 24.29% | 25.57% | -8.90% | -27.46% |
