Macro Overview
U.S. equity markets finished a quiet session with modest gains on Monday, as investors weighed the possibility of a government shutdown later this week. The S&P 500, represented by IVV, climbed 0.28%, hovering near its all-time high. The technology sector was a key source of strength, continuing its recent leadership. In contrast, the energy sector saw a significant sell-off as crude oil prices declined. The mixed performance across sectors highlighted a cautious sentiment, with market participants looking ahead to key economic data releases for further direction.
U.S. Size & Style
Performance across U.S. size and style was mixed, with large-caps outperforming their smaller counterparts. Large-cap growth (IVW) led the way with a gain of 0.34%. Conversely, mid-caps experienced broad weakness, with mid-cap value (IJJ) being the worst performer of the group, declining by -0.31%. Small-caps were largely flat, showing minimal deviation on the day.
| Ticker | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.16% | 0.16% | 1.36% | 6.34% | 9.16% | 6.62% |
| Large Cap (IVV) | +0.28% | 0.28% | 3.15% | 8.31% | 14.31% | 17.64% |
| Large Growth (IVW) | +0.34% | 0.34% | 4.70% | 9.87% | 18.75% | 26.73% |
| Mid Value (IJJ) | -0.31% | -0.31% | -0.32% | 5.19% | 4.85% | 6.80% |
| Mid Cap (IJH) | -0.23% | -0.23% | 0.37% | 5.45% | 5.58% | 6.09% |
| Mid Growth (IJK) | -0.13% | -0.13% | 0.98% | 5.71% | 5.95% | 5.12% |
| Small Value (IJS) | +0.12% | 0.12% | 1.24% | 11.27% | 2.94% | 4.72% |
| Small Cap (IJR) | +0.09% | 0.09% | 0.84% | 8.71% | 4.00% | 3.77% |
| Small Growth (IJT) | +0.13% | 0.13% | 0.47% | 6.50% | 5.07% | 2.63% |
U.S. Sectors & Industries
A clear divergence was visible at the sector level. Technology was the top performer, rising 0.53%, with strength seen in software and services. On the opposite end, the Energy sector was the session’s biggest laggard, plummeting -1.84%. This weakness was driven by a sharp decline in Oil & Gas Exploration & Production stocks, which fell -2.73%. Other pockets of strength included Financials, which gained 0.50%, and standout performance from the Biotech industry, which jumped 1.48%.
| Sector | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Technology (XLK) | +0.53% | 0.53% | 6.95% | 11.93% | 21.12% | 25.32% |
| Financial (XLF) | +0.50% | 0.50% | 0.59% | 4.56% | 13.15% | 21.64% |
| Consumer Discretionary (XLY) | +0.44% | 0.44% | 4.08% | 10.34% | 8.01% | 20.89% |
| Materials (XLB) | +0.38% | 0.38% | -2.90% | 1.95% | 7.53% | -6.16% |
| Communication Services (XLC) | +0.32% | 0.32% | 6.80% | 10.48% | 23.54% | 33.22% |
| Industrials (XLI) | +0.31% | 0.31% | 1.10% | 4.69% | 17.34% | 15.24% |
| Health Care (XLV) | +0.30% | 0.30% | -0.66% | 1.93% | 0.09% | -9.61% |
| Utilities (XLU) | +0.29% | 0.29% | 3.94% | 7.76% | 17.41% | 11.42% |
| Consumer Staples (XLP) | +0.19% | 0.19% | -2.63% | -2.36% | 1.26% | -3.38% |
| Real Estate (XLRE) | +0.19% | 0.19% | -0.07% | 2.82% | 5.54% | -2.05% |
| Energy (XLE) | -1.84% | -1.84% | 0.75% | 6.77% | 8.03% | 7.02% |
Global Thematic
Thematic investing saw an explosive rally in cannabis-related strategies, with the AdvisorShares Pure US Cannabis ETF (MSOS) soaring an incredible 28.16%. Digital asset themes also had a strong showing, with blockchain and crypto mining ETFs posting significant gains. In contrast, themes related to energy infrastructure, such as MLPs, were among the day’s worst performers, with the Alerian MLP ETF (AMLP) declining by -1.22%.
| Ticker | Name | 1-Day % Change |
|---|---|---|
| Top 5 Performers | ||
| MSOS | AdvisorShares Pure US Cannabis ETF | +28.16% |
| MJ | Amplify Alternative Harvest ETF | +26.67% |
| CNBS | Amplify Seymour Cannabis ETF | +23.96% |
| BKCH | Global X Blockchain ETF | +9.22% |
| WGMI | CoinShares Bitcoin Mining ETF | +8.86% |
| Bottom 5 Performers | ||
| URNJ | Sprott Junior Uranium Miners ETF | -0.82% |
| USAI | Pacer American Energy Independence ETF | -0.83% |
| ENFR | Alerian Energy Infrastructure ETF | -0.92% |
| AMLP | Alerian MLP ETF | -1.22% |
| MLPA | Global X MLP ETF | -1.64% |
Developed Markets ex-U.S.
Developed international markets posted a positive session, with the broad EFA index gaining 0.39%. Strength was concentrated in Asian markets, with Hong Kong (EWH) and South Korea (EWY) rising 1.85% and 1.74% respectively. European equities were more subdued, with Germany (EWG) seeing a modest gain of 0.27% while the U.K. (EWU) was nearly flat at 0.12%.
| Country | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +0.39% | 0.39% | 1.65% | 4.09% | 25.11% | 14.26% |
| Australia (EWA) | +1.16% | 1.16% | -0.37% | 3.41% | 14.80% | 2.96% |
| Canada (EWC) | +0.88% | 0.88% | 3.42% | 10.71% | 26.05% | 24.20% |
| France (EWQ) | +0.44% | 0.44% | 2.79% | 2.75% | 24.78% | 9.69% |
| Germany (EWG) | +0.27% | 0.27% | -1.36% | -2.34% | 31.97% | 23.76% |
| Hong Kong (EWH) | +1.85% | 1.85% | 1.61% | 7.99% | 31.81% | 19.65% |
| Japan (EWJ) | +0.09% | 0.09% | 2.85% | 6.95% | 20.95% | 15.97% |
| Netherlands (EWN) | +0.96% | 0.96% | 8.81% | 6.09% | 31.36% | 15.11% |
| South Korea (EWY) | +1.74% | 1.74% | 11.07% | 13.43% | 57.67% | 23.88% |
| Switzerland (EWL) | +0.57% | 0.57% | -1.37% | -0.11% | 20.99% | 5.96% |
| U.K. (EWU) | +0.12% | 0.12% | 0.41% | 4.81% | 25.32% | 15.14% |
Emerging Markets
Emerging markets demonstrated notable strength, with the benchmark EEM index climbing 0.91%. Chinese equities were the primary driver of this outperformance, as MCHI surged 1.88%. Other major emerging economies like Brazil (EWZ) also posted solid gains of 0.85%. However, India (INDA) was a notable outlier, ending the day with a slight loss of -0.17%.
| Country | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +0.91% | 0.91% | 6.68% | 10.61% | 28.40% | 17.16% |
| Brazil (EWZ) | +0.85% | 0.85% | 5.05% | 10.13% | 40.18% | 10.96% |
| China (MCHI) | +1.88% | 1.88% | 6.88% | 18.76% | 41.20% | 32.22% |
| India (INDA) | -0.17% | -0.17% | 0.35% | -6.62% | -0.91% | -11.14% |
| Indonesia (EIDO) | +0.51% | 0.51% | 0.11% | 1.14% | -1.70% | -19.81% |
| Malaysia (EWM) | +0.19% | 0.19% | 3.66% | 7.10% | 7.33% | -1.57% |
| Mexico (EWW) | +0.48% | 0.48% | 8.91% | 11.84% | 46.69% | 31.34% |
| South Africa (EZA) | +0.19% | 0.19% | 9.97% | 20.48% | 53.11% | 31.12% |
| Taiwan (EWT) | +0.54% | 0.54% | 7.24% | 9.04% | 21.87% | 17.37% |
| Thailand (THD) | +0.47% | 0.47% | 4.44% | 20.21% | 1.22% | -10.97% |
Fixed Income
The fixed income market saw broad-based gains as investors sought safety amid equity market uncertainty. The core aggregate bond index (AGG) posted a gain of 0.19%. The standout performer was the convertible bond space, with CWB rallying an impressive 1.03%, benefiting from the strength in the underlying equities. Longer-duration government bonds also performed well, with SPTL rising 0.71%.
| Ticker | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | +0.19% | 0.19% | 1.14% | 2.48% | 6.20% | 2.67% |
| Taxable Core Enhanced (IUSB) | +0.19% | 0.19% | 1.05% | 2.45% | 6.28% | 3.10% |
| Taxable Multisector (PYLD) | +0.07% | 0.07% | 0.98% | 2.86% | 7.48% | 6.71% |
| Taxable Ultrashort (BIL) | +0.01% | 0.01% | 0.33% | 1.07% | 3.14% | 4.36% |
| Taxable Short-Term (BSV) | +0.09% | 0.09% | 0.23% | 1.36% | 4.72% | 3.88% |
| Taxable Long Term (BLV) | +0.68% | 0.68% | 3.40% | 4.30% | 7.06% | -1.43% |
| Government Short (SPTS) | +0.07% | 0.07% | 0.23% | 1.14% | 3.80% | 3.76% |
| Government Intermediate (SPTI) | +0.17% | 0.17% | 0.25% | 1.63% | 6.30% | 2.98% |
| Government Long (SPTL) | +0.71% | 0.71% | 3.34% | 3.70% | 5.95% | -3.64% |
| Inflation Protected (TIP) | +0.13% | 0.13% | 0.45% | 2.34% | 6.88% | 3.56% |
| Corporate (SPIB) | +0.12% | 0.12% | 0.73% | 2.24% | 6.56% | 4.86% |
| Taxable High Yield (HYG) | +0.17% | 0.17% | 0.92% | 2.57% | 7.31% | 7.11% |
| Bank Loans (BKLN) | +0.05% | 0.05% | 0.55% | 1.82% | 4.69% | 7.33% |
| Preferred Stock (PFF) | -0.02% | -0.02% | 1.55% | 5.55% | 5.67% | 1.39% |
| Convertible (CWB) | +1.03% | 1.03% | 5.04% | 10.46% | 17.61% | 20.52% |
| Mortgage Backed (MBS) | +0.21% | 0.21% | 1.25% | 2.87% | 6.81% | 3.13% |
| International USD (BNDX) | +0.12% | 0.12% | 0.51% | 0.63% | 2.54% | 2.66% |
| International (IGOV) | +0.52% | 0.52% | 0.37% | -0.65% | 10.78% | 1.71% |
| Emerging USD (EMB) | +0.17% | 0.17% | 1.79% | 4.91% | 10.98% | 7.98% |
| Emerging (EMLC) | +0.12% | 0.12% | 1.13% | 2.90% | 15.01% | 6.49% |
| Municipal Short (SUB) | -0.01% | -0.01% | -0.03% | 1.04% | 2.81% | 2.77% |
| Municipal Intermediate (MUB) | +0.15% | 0.15% | 2.15% | 2.84% | 2.02% | 1.02% |
| Municipal Long (MLN) | +0.40% | 0.40% | 4.05% | 4.84% | 0.27% | -0.95% |
| Municipal High Yield (HYD) | +0.39% | 0.39% | 3.22% | 2.96% | 0.94% | 0.12% |
Commodities
The commodity complex showed significant divergence. Energy products sold off sharply, with WTI Crude Oil (USO) falling -3.16%. In contrast, precious metals acted as a safe haven, with Gold (GLD) rallying 1.65% and Silver (SLV) climbing 1.53%. Industrial metals also had a strong day, led by a 3.13% surge in Copper (CPER).
| Commodity | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +0.17% | 0.17% | 2.64% | 3.51% | 10.45% | 9.63% |
| Energy (DBE) | -2.27% | -2.27% | 0.72% | 2.71% | 3.21% | 9.71% |
| WTI Crude Oil (USO) | -3.16% | -3.16% | -0.33% | 1.79% | -1.27% | 6.15% |
| Brent Crude Oil (BNO) | -2.88% | -2.88% | 0.07% | 4.23% | 1.30% | 6.98% |
| Natural Gas (UNG) | +2.81% | 2.81% | -0.08% | -22.49% | -23.74% | -21.69% |
| Gasoline (UGA) | -2.31% | -2.31% | 1.75% | 7.75% | 2.68% | 10.87% |
| Precious Metals (DBP) | +1.58% | 1.58% | 11.08% | 19.06% | 45.72% | 43.31% |
| Gold (GLD) | +1.65% | 1.65% | 10.81% | 17.01% | 45.57% | 43.85% |
| Silver (SLV) | +1.53% | 1.53% | 17.44% | 30.29% | 61.41% | 47.26% |
| Platinum (PPLT) | +1.35% | 1.35% | 16.41% | 19.47% | 75.52% | 58.72% |
| Palladium (PALL) | -0.48% | -0.48% | 14.02% | 11.42% | 38.11% | 24.10% |
| Industrial Metals (DBB) | +1.68% | 1.68% | 4.36% | 5.98% | 9.12% | 2.94% |
| Copper (CPER) | +3.13% | 3.13% | 7.68% | -4.36% | 20.39% | 5.76% |
| Agriculture (DBA) | -0.26% | -0.26% | -3.10% | 2.20% | 1.20% | 5.52% |
Cryptocurrency
Digital assets experienced a broad rally, pushing higher alongside riskier assets in the technology space. Bitcoin (IBIT) gained 4.89%, reclaiming a key technical level. The rally was even more pronounced in alternative coins, with Solana (SOLZ) leading major assets with a gain of 6.22%. Ethereum (ETHA) also participated in the rally, climbing 4.14% on the day.
| Asset | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Ethereum (ETHA) | +4.14% | 4.14% | -3.35% | 73.62% | 25.43% | 54.81% |
| Multi-Coin (NCIQ) | +4.67% | 4.67% | 3.70% | 14.38% | ||
| Bitcoin (IBIT) | +4.89% | 4.89% | 5.75% | 7.00% | 22.47% | 73.76% |
| Solana (SOLZ) | +6.22% | 6.22% | 4.28% | 44.05% |
What to Watch Today
Investors will be closely watching the Job Openings and Labor Turnover Survey (JOLTS) report, scheduled for release at 10:00 AM ET. This report is a key gauge of labor market tightness and is monitored carefully by the Federal Reserve. A higher-than-expected number of job openings could signal persistent wage pressures, potentially complicating the Fed’s inflation outlook. Conversely, a significant drop in openings might suggest that the labor market is cooling, which could give the central bank more flexibility in its monetary policy decisions. Given the market’s focus on the future path of interest rates, this release is likely to be a significant market mover.
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.
