Macro Overview
U.S. equities closed sharply higher on Friday, shaking off early weakness to post a second consecutive day of gains as AI optimism and cooling inflation data fueled risk appetite. The S&P 500 (IVV) rose +0.88%, capping a winning week despite the volatility associated with “triple witching” options expiration. Technology stocks led the charge, with major semiconductor and software names rallying, while the blue-chip Dow Jones Industrial Average lagged slightly but still managed a +0.38% gain. The positive momentum was supported by a sense that the broader disinflationary trend remains intact, setting the stage for a potential “Santa Claus rally” as trading volumes are expected to thin heading into the holiday week.
U.S. Size & Style
Growth stocks significantly outperformed value on Friday, driven by the resurgence in the technology sector. Large Growth (IVW) was the clear leader, advancing +1.28%, while Small Value (IJS) was the laggard, ending flat at 0.00%. Mid-caps also saw decent gains, with Mid Growth (IJK) rising +1.20%.
| Name (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Growth (IVW) | +1.28% | +0.41% | +2.55% | +1.75% | +21.45% | +21.29% |
| Mid Growth (IJK) | +1.20% | +0.25% | +5.61% | +1.81% | +8.75% | +8.33% |
| Large Cap (IVV) | +0.88% | +0.11% | +3.00% | +2.86% | +17.60% | +17.97% |
| Mid Cap (IJH) | +0.81% | +0.02% | +6.13% | +2.40% | +8.81% | +9.44% |
| Small Growth (IJT) | +0.43% | -1.02% | +7.32% | +1.67% | +7.44% | +6.76% |
| Large Value (IVE) | +0.41% | -0.26% | +3.54% | +4.15% | +13.03% | +13.85% |
| Mid Value (IJJ) | +0.41% | -0.37% | +6.71% | +3.08% | +8.52% | +10.15% |
| Small Cap (IJR) | +0.20% | -0.94% | +7.78% | +3.10% | +7.83% | +7.95% |
| Small Value (IJS) | 0.00% | -0.94% | +8.26% | +4.51% | +8.13% | +8.79% |
U.S. Sectors & Industries
Technology (XLK) surged +2.16% to lead all sectors, bolstered by strong performance in semiconductors and software. The data highlights significant strength in sub-industries like Telecom, Aerospace & Defense, and Biotech, which all posted gains exceeding 2.5%. Conversely, defensive sectors struggled in the “risk-on” environment, with Utilities (XLU) dropping -1.27% to finish at the bottom of the pack. Consumer Staples (XLP) also retreated -0.52%.
| Sector (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Technology (XLK) | +2.16% | +0.63% | +2.93% | +3.82% | +24.95% | +25.17% |
| Industrials (XLI) | +0.86% | -0.56% | +3.66% | +2.21% | +19.49% | +19.63% |
| Health Care (XLV) | +0.67% | +0.57% | +1.71% | +13.37% | +14.12% | +15.71% |
| Financial (XLF) | +0.55% | -0.20% | +6.36% | +1.42% | +14.64% | +16.40% |
| Materials (XLB) | +0.44% | +0.49% | +5.83% | +0.38% | +9.41% | +9.48% |
| Communication Services (XLC) | +0.04% | -0.03% | +4.79% | -2.08% | +21.42% | +20.96% |
| Energy (XLE) | 0.00% | -3.03% | -1.80% | +0.56% | +5.59% | +9.46% |
| Real Estate (XLRE) | -0.37% | -1.03% | -0.44% | -2.90% | +1.44% | +4.09% |
| Consumer Discretionary (XLY) | -0.40% | +0.95% | +8.55% | +1.14% | +9.33% | +7.63% |
| Consumer Staples (XLP) | -0.52% | -0.81% | +2.97% | -0.07% | +2.13% | +1.55% |
| Utilities (XLU) | -1.27% | -0.47% | -3.63% | +1.03% | +14.98% | +16.64% |
Global Thematic
Thematic performance showed massive divergence, with crypto and digital assets dominating the leaderboard. Crypto Miners (WGMI) skyrocketed +9.63%, followed by strong gains in uranium and blockchain themes. On the flip side, interest rate-sensitive housing and alternative energy themes struggled, with Cannabis (MJ) falling -3.97%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Crypto Miners (WGMI) | +9.63% |
| Uranium & Nuclear Energy (URA) | +4.39% |
| Blockchain (BLOK) | +3.54% |
| Silver Miners (SIL) | +3.38% |
| Clinical-Stage Biotech (SBIO) | +3.10% |
| Global Timber & Forestry (WOOD) | -0.88% |
| BDC Income (BIZD) | -0.96% |
| Homebuilders (XHB) | -1.19% |
| U.S. Home Construction (ITB) | -1.71% |
| Cannabis (MJ) | -3.97% |
Developed Markets ex-U.S.
International developed markets posted moderate gains, with Developed ex-U.S. (EFA) rising +0.72%. Switzerland (EWL) was the standout performer, jumping +2.06%, while Australia (EWA) lagged with a -0.74% decline.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +0.72% | +0.67% | +5.06% | +4.51% | +30.77% | +31.29% |
| Australia (EWA) | -0.74% | +0.27% | +4.05% | -2.10% | +12.01% | +12.15% |
| Canada (EWC) | +0.86% | +0.50% | +7.00% | +6.76% | +35.29% | +37.55% |
| France (EWQ) | +0.25% | +0.57% | +3.91% | +3.34% | +28.65% | +29.95% |
| Germany (EWG) | -0.19% | +0.38% | +6.56% | +2.13% | +34.49% | +33.94% |
| Hong Kong (EWH) | +0.79% | +2.02% | +1.92% | +3.92% | +36.78% | +38.44% |
| Japan (EWJ) | -0.44% | +0.76% | +3.66% | +3.52% | +25.64% | +26.99% |
| Netherlands (EWN) | +0.30% | +1.05% | +3.03% | +3.41% | +33.88% | +33.46% |
| South Korea (EWY) | +1.41% | +0.81% | +3.16% | +16.70% | +83.57% | +77.64% |
| Switzerland (EWL) | +2.06% | +0.17% | +5.70% | +7.80% | +32.08% | +32.74% |
| U.K. (EWU) | +0.95% | +2.55% | +6.36% | +7.31% | +33.61% | +34.52% |
Emerging Markets
Emerging markets slightly outperformed developed markets, with Emerging (EEM) gaining +0.98%. India (INDA) led the group, rising +1.63%, followed by strong performance in Taiwan (EWT) and Malaysia (EWM). Indonesia (EIDO) was the only country in the red, slipping -0.27%.
| Country (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +0.98% | +0.47% | +1.20% | +2.80% | +31.55% | +30.68% |
| Brazil (EWZ) | 0.00% | -3.41% | -0.95% | +4.05% | +45.57% | +43.53% |
| China (MCHI) | +1.07% | -0.23% | -0.86% | -4.75% | +32.25% | +32.65% |
| India (INDA) | +1.63% | +1.90% | -1.24% | +0.39% | +2.87% | +0.71% |
| Indonesia (EIDO) | -0.27% | -0.10% | +1.41% | +5.34% | +4.14% | +6.31% |
| Malaysia (EWM) | +1.19% | +2.42% | +4.94% | +7.98% | +15.04% | +19.07% |
| Mexico (EWW) | +0.15% | -0.71% | +5.12% | +6.18% | +52.63% | +49.00% |
| South Africa (EZA) | +0.13% | +3.91% | +7.13% | +14.03% | +72.17% | +66.18% |
| Taiwan (EWT) | +1.26% | +0.59% | +3.17% | +1.74% | +24.58% | +24.36% |
| Thailand (THD) | +0.49% | +1.29% | +3.23% | -0.85% | +2.30% | +4.90% |
Fixed Income
Fixed income markets were mixed to slightly lower, with Convertible (CWB) bonds surging +1.69% in sympathy with the equity rally. Traditional safe havens and duration plays came under pressure, with Government Long (SPTL) falling -0.41%.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Convertible (CWB) | +1.69% | +0.15% | +2.59% | +0.36% | +17.95% | +17.68% |
| Municipal Long (MLN) | +0.20% | +0.92% | +0.42% | +1.94% | +2.12% | +4.01% |
| Emerging (EMLC) | +0.19% | +0.47% | +1.48% | +2.26% | +18.08% | +17.82% |
| Preferred Stock (PFF) | +0.18% | +0.60% | +2.93% | -1.25% | +5.48% | +5.34% |
| Bank Loans (BKLN) | +0.05% | 0.00% | +1.01% | +1.66% | +6.40% | +6.86% |
| Municipal High Yield (HYD) | +0.04% | +0.29% | +0.72% | +1.52% | +2.51% | +4.53% |
| Taxable Ultrashort (BIL) | +0.03% | +0.07% | +0.36% | +0.97% | +4.06% | +4.22% |
| Municipal Short (SUB) | +0.03% | +0.10% | +0.40% | +0.33% | +3.48% | +4.01% |
| Municipal Intermediate (MUB) | -0.02% | +0.14% | +0.22% | +1.30% | +3.39% | +4.14% |
| Government Short (SPTS) | -0.03% | +0.15% | +0.47% | +1.03% | +4.90% | +5.37% |
| Emerging USD (EMB) | -0.05% | +0.41% | +0.94% | +3.02% | +13.84% | +14.30% |
| Taxable High Yield (HYG) | -0.05% | +0.21% | +1.21% | +0.81% | +8.23% | +9.01% |
| Taxable Short-Term (BSV) | -0.05% | +0.21% | +0.50% | +1.00% | +5.87% | +6.23% |
| Taxable Multisector (PYLD) | -0.06% | +0.32% | +1.02% | +1.47% | +9.26% | +9.64% |
| Corporate (SPIB) | -0.09% | +0.28% | +0.67% | +0.91% | +7.75% | +8.11% |
| Government Intermediate (SPTI) | -0.14% | +0.32% | +0.35% | +0.95% | +7.46% | +7.69% |
| Taxable Core Enhanced (IUSB) | -0.14% | +0.33% | +0.48% | +0.97% | +7.34% | +7.65% |
| Taxable Core (AGG) | -0.15% | +0.36% | +0.42% | +0.86% | +7.15% | +7.37% |
| Mortgage Backed (MBS) | -0.15% | +0.50% | +0.73% | +1.33% | +8.23% | +8.73% |
| Inflation Protected (TIP) | -0.20% | +0.05% | -0.10% | -0.25% | +6.80% | +7.02% |
| International USD (BNDX) | -0.23% | +0.01% | -0.30% | +0.25% | +2.67% | +2.74% |
| Taxable Long Term (BLV) | -0.34% | +0.46% | -0.21% | -0.26% | +6.48% | +6.22% |
| Government Long (SPTL) | -0.41% | +0.50% | -0.67% | -0.07% | +5.36% | +5.00% |
| International (IGOV) | -0.53% | -0.46% | +0.71% | -1.39% | +9.21% | +8.98% |
Commodities
Commodities saw broad strength, with precious metals shining brightest. Silver (SLV) and Platinum (PPLT) both rallied over 2%, while Sugar (CANE) posted a solid +2.18% gain. WTI Crude Oil (USO) advanced +1.25%, helping to lift the broader Broad Commodities (DJP) index by +0.68%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Silver (SLV) | +2.71% | +8.61% | +31.17% | +56.07% | +131.41% | +129.75% |
| Platinum (PPLT) | +2.46% | +12.97% | +27.84% | +39.86% | +116.33% | +112.29% |
| Sugar (CANE) | +2.18% | -1.28% | +1.94% | -7.14% | -15.79% | -16.55% |
| Palladium (PALL) | +1.36% | +14.33% | +23.60% | +48.84% | +86.85% | +87.06% |
| Natural Gas (UNG) | +1.33% | -4.24% | -17.07% | -3.02% | -27.48% | -20.84% |
| Brent Crude Oil (BNO) | +1.27% | -1.13% | -3.92% | -6.78% | -6.74% | -3.99% |
| WTI Crude Oil (USO) | +1.25% | -1.13% | -4.02% | -7.47% | -9.95% | -6.31% |
| Industrial Metals (DBB) | +1.12% | +2.07% | +5.65% | +12.08% | +20.11% | +20.80% |
| Precious Metals (DBP) | +1.06% | +2.76% | +11.37% | +24.01% | +72.53% | +75.10% |
| Copper (CPER) | +1.02% | +2.35% | +7.93% | +17.56% | +33.55% | +31.66% |
| Energy (DBE) | +0.95% | -1.78% | -7.18% | -4.90% | -3.21% | +0.39% |
| Gasoline (UGA) | +0.68% | -2.34% | -7.92% | -3.39% | -1.94% | +2.63% |
| Broad Commodities (DJP) | +0.68% | -0.35% | +0.19% | +7.30% | +15.96% | +19.30% |
| Wheat (WEAT) | +0.20% | -2.68% | -6.20% | -5.08% | -17.10% | -14.43% |
| Agriculture (DBA) | +0.19% | -1.21% | +0.42% | -2.86% | -1.47% | -0.20% |
| Gold (GLD) | +0.11% | +0.91% | +6.42% | +17.64% | +64.80% | +66.54% |
| Corn (CORN) | -0.28% | +0.23% | +0.26% | +0.28% | -5.22% | -1.66% |
| Soybeans (SOYB) | -0.32% | -2.26% | -6.22% | +0.23% | +2.47% | +7.58% |
Cryptocurrency
Digital assets enjoyed a spectacular session, led by altcoins. Solana (SOLZ) and Ethereum (ETHA) both posted massive gains of nearly 8% or more, while market heavyweight Bitcoin (IBIT) followed with a solid +4.07% advance.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Bitcoin (IBIT) | +4.07% | -2.52% | -1.62% | -23.65% | -5.92% | -8.79% |
| Multi-Coin (NCIQ) | +4.85% | -2.80% | -1.80% | -27.16% | ||
| XRP (XRP) | +5.98% | -4.42% | ||||
| Ethereum (ETHA) | +7.81% | -2.71% | +1.80% | -32.56% | -10.48% | -11.46% |
| Solana (SOLZ) | +8.58% | -3.52% | -5.18% | -47.97% |
What to Watch Today
Investors are bracing for a quieter week as the holiday season begins in earnest. With the major U.S. markets scheduled to close early on Wednesday for Christmas Eve and remain closed on Thursday for Christmas Day, trading volumes are expected to lighten significantly. The economic calendar for today is relatively sparse, with the Chicago Fed National Activity Index at 1:30 PM ET serving as the primary data point. This index, which gauges overall economic activity and inflationary pressure, will provide further context on the health of the U.S. economy ahead of tomorrow’s more anticipated final Q3 GDP reading.
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.
