Macro Overview
U.S. equities resumed their upward trend on Wednesday, shaking off a brief pause from the recent rally. The S&P 500 (IVV) climbed 0.59% to close at a new all-time high, propelled by continued investor enthusiasm for artificial intelligence technology. The tech-heavy Nasdaq Composite led the gains with a 1.1% surge to its own record. The Dow Jones Industrial Average, however, remained mostly flat for the session. Sentiment was further supported by minutes from the latest Federal Reserve meeting, which suggested policymakers may be leaning towards further interest rate cuts this year. Elsewhere, gold prices continued their ascent, pushing further beyond the $4,000 per ounce milestone.
U.S. Size & Style
Gains were seen across the board in U.S. size and style segments, with growth-oriented and smaller-cap stocks leading the charge. Mid-Cap Growth (IJK) was the day’s top performer, posting a strong gain of 1.22%, followed closely by Mid-Cap Blend (IJH) at 1.01%. Large-cap growth stocks (IVW) also outperformed the broader market, rising 0.84%. Value-oriented segments saw more modest gains, with Large-Cap Value (IVE) up 0.28%.
| Ticker | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.28% | 0.30% | 3.21% | 6.11% | 10.58% | 8.53% |
| Large Cap (IVV) | +0.59% | 0.59% | 4.04% | 8.84% | 15.97% | 18.95% |
| Large Growth (IVW) | +0.84% | 0.78% | 4.74% | 11.14% | 20.57% | 27.49% |
| Mid Value (IJJ) | +0.69% | -0.33% | -0.23% | 3.08% | 5.87% | 8.96% |
| Mid Cap (IJH) | +1.01% | 0.06% | -0.04% | 4.12% | 6.58% | 7.75% |
| Mid Growth (IJK) | +1.22% | 0.29% | 0.11% | 4.88% | 6.89% | 6.40% |
| Small Value (IJS) | +0.86% | -1.03% | 0.76% | 8.24% | 3.68% | 7.90% |
| Small Cap (IJR) | +0.91% | -0.63% | 0.69% | 6.92% | 4.65% | 6.25% |
| Small Growth (IJT) | +0.87% | -0.36% | 0.56% | 5.42% | 5.51% | 4.26% |
U.S. Sectors & Industries
The Technology sector (XLK) was the undisputed leader, surging 1.75% as the AI trade regained momentum. Within tech, Semiconductors (XSD) and Software (XSW) were particularly strong, gaining 2.72% and 1.41% respectively. Industrials (XLI) and Utilities (XLU) also had strong showings. On the other end of the spectrum, defensive sectors lagged, with Consumer Staples (XLP) falling -0.50%. Energy (XLE) was the day’s worst performer, down -0.58%.
| Sector | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Technology (XLK) | +1.75% | 2.10% | 9.90% | 13.57% | 25.60% | 28.34% |
| Industrials (XLI) | +0.87% | 0.76% | 3.28% | 4.95% | 19.29% | 16.59% |
| Utilities (XLU) | +0.69% | 2.13% | 10.63% | 12.65% | 22.45% | 17.58% |
| Materials (XLB) | +0.54% | 0.04% | -1.86% | -0.99% | 8.40% | -2.93% |
| Consumer Discretionary (XLY) | +0.30% | -0.61% | 0.34% | 8.80% | 6.06% | 21.02% |
| Health Care (XLV) | +0.19% | -0.21% | 5.31% | 7.56% | 6.44% | -3.10% |
| Communication Services (XLC) | -0.41% | -0.70% | 1.01% | 8.62% | 20.44% | 29.25% |
| Financial (XLF) | -0.48% | -0.39% | 1.09% | 2.83% | 11.86% | 19.71% |
| Consumer Staples (XLP) | -0.50% | -0.31% | -2.78% | -3.71% | 0.85% | -1.45% |
| Real Estate (XLRE) | -0.51% | -1.81% | -0.63% | 0.52% | 3.94% | -1.40% |
| Energy (XLE) | -0.58% | 0.07% | 2.95% | 1.38% | 6.44% | 0.95% |
Global Thematic
Thematic ETFs saw significant divergence. Disruptive technology themes were in high demand, with the ARK Genomic Revolution ETF (ARKG) soaring an incredible 7.10%. Precious metal miners also had a stellar session. In contrast, themes like Hydrogen (HYDR) and Cannabis (MSOS) faced heavy selling pressure, falling -2.26% and -1.28% respectively, highlighting the volatile nature of these focused strategies.
| Top 5 Performers | ||
|---|---|---|
| Ticker | Name | 1-Day % Change |
| ARKG | ARK Genomic Revolution ETF | +7.10% |
| SILJ | Amplify Junior Silver Miners ETF | +6.15% |
| SLVR | Sprott Silver Miners & Physical Silver ETF | +6.12% |
| SLVP | iShares MSCI Global Silver Miners ETF | +5.07% |
| GOEX | Global X Gold Explorers ETF | +4.21% |
| Bottom 5 Performers | ||
| Ticker | Name | 1-Day % Change |
| HYDR | Global X Hydrogen ETF | -2.26% |
| MSOS | AdvisorShares Pure US Cannabis ETF | -1.28% |
| CNBS | Amplify Seymour Cannabis ETF | -0.94% |
| SURI | Simplify Propel Opportunities ETF | -0.89% |
| BIZD | VanEck BDC Income ETF | -0.71% |
Developed Markets ex-U.S.
Developed international markets delivered a mixed performance. France (EWQ) was a notable bright spot, gaining 1.16%, and South Korea (EWY) continued its strong run with a 1.01% advance. Conversely, Japan (EWJ) and the Netherlands (EWN) both finished in the red, each declining -0.26%.
| Country | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| ex-U.S. (EFA) | +0.30% | -0.35% | 2.20% | 6.22% | 27.48% | 19.21% |
| Australia (EWA) | +0.33% | -0.73% | 0.85% | 4.17% | 15.86% | 6.92% |
| Canada (EWC) | +0.39% | -0.20% | 3.73% | 11.17% | 27.75% | 26.82% |
| France (EWQ) | +1.16% | -1.36% | 3.05% | 2.38% | 26.26% | 16.40% |
| Germany (EWG) | +0.64% | -0.21% | 1.56% | -0.59% | 35.26% | 30.78% |
| Hong Kong (EWH) | +0.61% | -0.09% | 0.65% | 8.19% | 32.05% | 19.68% |
| Japan (EWJ) | -0.26% | -0.04% | 0.98% | 11.70% | 22.82% | 17.46% |
| Netherlands (EWN) | -0.26% | -2.03% | 7.83% | 7.51% | 33.04% | 19.47% |
| South Korea (EWY) | +1.01% | 0.41% | 13.48% | 16.80% | 65.44% | 36.03% |
| Switzerland (EWL) | +0.50% | 0.30% | 0.89% | 3.67% | 26.00% | 14.29% |
| U.K. (EWU) | +0.54% | 0.09% | 2.33% | 7.26% | 28.48% | 22.03% |
Emerging Markets
Emerging market equities posted broad gains, led by a remarkable 3.10% surge in South Africa (EZA). Taiwan (EWT) and Mexico (EWW) also showed significant strength, rising 1.30% and 1.06%, respectively. India (INDA) was a notable outlier, finishing the day with a loss of -0.47%.
| Country | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | +0.80% | 0.48% | 7.03% | 12.65% | 31.54% | 21.11% |
| Brazil (EWZ) | +0.64% | -1.52% | 0.98% | 4.04% | 35.11% | 9.76% |
| China (MCHI) | +0.49% | -0.63% | 6.15% | 19.95% | 42.50% | 27.84% |
| India (INDA) | -0.47% | 0.34% | -0.49% | -5.49% | -0.02% | -7.12% |
| Indonesia (EIDO) | +0.11% | 0.11% | -0.29% | 0.81% | -3.03% | -16.63% |
| Malaysia (EWM) | +0.12% | -0.69% | 3.58% | 8.64% | 8.33% | 4.48% |
| Mexico (EWW) | +1.06% | -1.62% | 2.46% | 7.95% | 42.93% | 27.40% |
| South Africa (EZA) | +3.10% | 2.67% | 12.57% | 24.14% | 61.27% | 45.29% |
| Taiwan (EWT) | +1.30% | 1.56% | 7.66% | 13.86% | 26.84% | 24.76% |
| Thailand (THD) | +0.28% | 0.23% | 0.60% | 17.36% | 2.06% | -6.79% |
Fixed Income
It was a generally quiet session for the fixed income market, with most major categories showing minimal change. The standout performer was Convertible Bonds (CWB), which rallied 0.84%, benefiting from the strong performance in the underlying equity markets. Credit-sensitive areas like High Yield (HYG) and Preferred Stocks (PFF) saw modest declines of -0.15% and -0.16% respectively.
| Ticker | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | +0.01% | -0.04% | 0.02% | 3.11% | 6.42% | 4.33% |
| Taxable Core Enhanced (IUSB) | +0.02% | -0.04% | 0.08% | 3.11% | 6.52% | 4.74% |
| Taxable Multisector (PYLD) | 0.00% | 0.04% | 0.41% | 3.25% | 7.80% | 8.05% |
| Taxable Ultrashort (BIL) | +0.02% | 0.04% | 0.33% | 1.07% | 3.24% | 4.35% |
| Taxable Short-Term (BSV) | -0.03% | 0.00% | 0.03% | 1.79% | 4.91% | 4.96% |
| Taxable Long Term (BLV) | +0.01% | -0.25% | -0.02% | 5.12% | 7.02% | 1.16% |
| Government Short (SPTS) | -0.03% | 0.00% | 0.15% | 1.52% | 4.00% | 4.58% |
| Government Intermediate (SPTI) | 0.00% | 0.00% | -0.35% | 2.44% | 6.52% | 4.79% |
| Government Long (SPTL) | +0.04% | -0.04% | -0.19% | 4.82% | 5.94% | -0.63% |
| Inflation Protected (TIP) | +0.07% | 0.18% | -0.22% | 2.76% | 7.07% | 4.66% |
| Corporate (SPIB) | -0.03% | -0.06% | 0.13% | 2.75% | 6.79% | 6.06% |
| Taxable High Yield (HYG) | -0.15% | -0.24% | 0.20% | 2.30% | 7.06% | 7.56% |
| Bank Loans (BKLN) | -0.10% | -0.19% | 0.36% | 1.53% | 4.64% | 6.77% |
| Preferred Stock (PFF) | -0.16% | -0.19% | 0.00% | 3.88% | 5.96% | 2.20% |
| Convertible (CWB) | +0.84% | 0.66% | 6.95% | 12.06% | 20.65% | 23.90% |
| Mortgage Backed (MBS) | +0.03% | 0.04% | 0.16% | 3.58% | 7.12% | 4.99% |
| International USD (BNDX) | +0.26% | 0.12% | 0.27% | 1.23% | 2.80% | 3.40% |
| International (IGOV) | -0.05% | -0.96% | -1.38% | -0.89% | 9.79% | 3.51% |
| Emerging USD (EMB) | +0.05% | -0.12% | 0.78% | 5.01% | 11.10% | 9.03% |
| Emerging (EMLC) | +0.20% | -0.08% | 0.73% | 2.54% | 15.22% | 9.60% |
| Municipal Short (SUB) | -0.02% | -0.04% | -0.25% | 0.90% | 2.93% | 2.97% |
| Municipal Intermediate (MUB) | +0.03% | 0.18% | 0.97% | 3.17% | 2.44% | 1.90% |
| Municipal Long (MLN) | +0.09% | 0.14% | 2.14% | 5.23% | 0.65% | 0.24% |
| Municipal High Yield (HYD) | -0.15% | -0.18% | 0.86% | 2.63% | 0.81% | 0.42% |
Commodities
It was a blockbuster day for precious metals. Palladium (PALL) was the standout, rocketing 9.21% higher. Platinum (PPLT) and Silver (SLV) also posted strong gains of 2.98% and 2.70% respectively, as Gold (GLD) firmed its position above the $4,000 level. In stark contrast, Natural Gas (UNG) prices plunged, with the ETF dropping -4.93% on the day.
| Commodity | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +0.38% | 1.74% | 4.36% | 5.17% | 12.83% | 12.01% |
| Energy (DBE) | +0.04% | 1.91% | 1.05% | -2.43% | 2.57% | 2.00% |
| WTI Crude Oil (USO) | +0.45% | 2.54% | 0.67% | -4.46% | -2.67% | -2.98% |
| Brent Crude Oil (BNO) | +0.57% | 2.70% | 1.14% | -2.21% | 0.40% | -1.70% |
| Natural Gas (UNG) | -4.93% | 0.38% | -0.46% | -11.67% | -22.07% | -14.10% |
| Gasoline (UGA) | +0.17% | 2.55% | 0.52% | 0.18% | 1.31% | 1.49% |
| Precious Metals (DBP) | +1.69% | 3.47% | 11.78% | 23.42% | 53.13% | 52.85% |
| Gold (GLD) | +1.65% | 4.10% | 11.19% | 22.40% | 53.76% | 53.61% |
| Silver (SLV) | +2.70% | 2.39% | 18.80% | 33.85% | 69.24% | 59.09% |
| Platinum (PPLT) | +2.98% | 3.97% | 20.64% | 22.01% | 83.26% | 73.09% |
| Palladium (PALL) | +9.21% | 16.08% | 29.14% | 32.69% | 60.78% | 42.74% |
| Industrial Metals (DBB) | -0.57% | 0.24% | 5.47% | 10.58% | 11.46% | 5.90% |
| Copper (CPER) | +0.26% | 0.19% | 11.95% | -7.08% | 24.72% | 12.07% |
| Agriculture (DBA) | +0.15% | -0.11% | -2.35% | 3.50% | 0.19% | 9.45% |
| Corn (CORN) | +0.40% | -0.17% | -0.45% | 1.38% | -6.34% | -4.33% |
| Soybeans (SOYB) | +0.37% | 0.60% | -0.77% | 1.58% | 2.05% | -1.66% |
| Wheat (WEAT) | 0.00% | -1.20% | -2.38% | -9.49% | -14.94% | -23.51% |
| Sugar (CANE) | -1.70% | -0.80% | -0.86% | -4.18% | -8.75% | -20.16% |
Cryptocurrency
Digital assets had a positive session, with major cryptocurrencies moving higher. Solana (SOLZ) was the day’s leader, jumping 3.51%. Bitcoin (IBIT) posted a solid gain of 1.35%, while Ethereum (ETHA) rose by a more modest 0.80%.
| Asset | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Ethereum (ETHA) | +0.80% | -0.26% | 5.27% | 72.75% | 35.11% | 84.80% |
| Bitcoin (IBIT) | +1.35% | 0.36% | 9.98% | 13.33% | 32.06% | 97.91% |
| Multi-Coin (NCIQ) | +1.50% | -0.08% | 8.38% | 19.80% | ||
| Solana (SOLZ) | +3.51% | -2.03% | 3.94% | 43.79% |
What to Watch Today
Investors will be closely watching this morning’s weekly Initial Jobless Claims report, due at 8:30 AM ET, for a fresh reading on the health of the labor market. The consensus forecast is for 223,000 new claims. A significantly higher number could be interpreted as a sign of economic slowing, potentially increasing the odds of more aggressive Fed rate cuts, while a lower number would point to continued labor market resilience. Additionally, a speech by Fed Chair Jerome Powell later in the day will be scrutinized for any new insights into the central bank’s monetary policy outlook.
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.
