Macro Overview
U.S. equities continued their record-setting run on Monday, propelled by persistent strength in the technology sector. The S&P 500 (IVV) climbed 0.48%, setting a new all-time high for the third consecutive session. The market narrative was dominated by optimism around artificial intelligence, with major tech stocks leading the charge. This risk-on sentiment was evident across most asset classes, though cryptocurrencies experienced a sharp sell-off, bucking the broader trend.
U.S. Size & Style
The growth factor once again led the way, with Large Growth (IVW) posting a strong gain of 0.72%. This outperformance aligns with the tech-driven rally that characterized the day’s trading. In contrast, value-oriented segments showed more muted results, with Mid-Cap Value (IJJ) experiencing a slight decline of -0.11%, highlighting a clear divergence in investor appetite between growth and value styles.
| Ticker | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Growth (IVW) | +0.72% | 0.72% | 5.97% | 16.42% | 20.23% | 28.99% |
| Large Cap (IVV) | +0.48% | 0.48% | 3.64% | 12.64% | 14.88% | 18.91% |
| Small Growth (IJT) | +0.43% | 0.43% | 0.87% | 10.91% | 6.13% | 4.02% |
| Small Cap (IJR) | +0.26% | 0.26% | 1.28% | 13.08% | 4.87% | 4.76% |
| Large Value (IVE) | +0.19% | 0.19% | 0.95% | 8.19% | 8.73% | 6.94% |
| Mid Growth (IJK) | +0.08% | 0.08% | 1.83% | 9.66% | 6.90% | 6.48% |
| Small Value (IJS) | +0.04% | 0.04% | 1.65% | 15.12% | 3.50% | 5.34% |
| Mid Cap (IJH) | -0.03% | -0.03% | 0.91% | 8.89% | 6.23% | 7.27% |
| Mid Value (IJJ) | -0.11% | -0.11% | -0.24% | 7.96% | 5.16% | 7.84% |
U.S. Sectors & Industries
Sector performance was led by a significant rally in Technology (XLK), which surged 1.47%. Within the tech and growth-oriented space, industries like Biotech and Software showed remarkable strength. On the other end of the spectrum, defensive sectors struggled, with Consumer Staples (XLP) falling -1.11%. Financials also faced headwinds, with Regional Banks being a notable area of weakness.
| Sector | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Technology (XLK) | +1.47% | 1.47% | 7.85% | 17.85% | 22.13% | 28.05% |
| Utilities (XLU) | +0.96% | 0.96% | -0.32% | 6.90% | 14.90% | 10.24% |
| Industrials (XLI) | +0.33% | 0.33% | 0.32% | 8.23% | 17.30% | 17.01% |
| Real Estate (XLRE) | +0.33% | 0.33% | -0.83% | 1.27% | 4.82% | -2.90% |
| Health Care (XLV) | -0.03% | -0.03% | -0.66% | 4.00% | 0.63% | -10.11% |
| Materials (XLB) | -0.03% | -0.03% | -1.50% | 5.60% | 8.97% | -1.59% |
| Energy (XLE) | -0.11% | -0.11% | 0.32% | 0.20% | 4.89% | 2.90% |
| Financial (XLF) | -0.13% | -0.13% | 1.13% | 7.95% | 12.88% | 20.43% |
| Consumer Discretionary (XLY) | -0.33% | -0.33% | 3.22% | 14.44% | 7.75% | 23.39% |
| Communication Services (XLC) | -0.35% | -0.35% | 6.90% | 15.99% | 23.57% | 35.32% |
| Consumer Staples (XLP) | -1.11% | -1.11% | -4.81% | -2.45% | 1.07% | -3.10% |
Global Thematic
Thematic ETFs saw wide performance dispersion. Precious and alternative metals miners were standout performers, with silver-related funds seeing massive gains. In stark contrast, cannabis-focused ETFs and BDC income funds faced significant selling pressure, highlighting investors’ selective appetite for risk within thematic strategies.
| Top 5 Performers | ||
|---|---|---|
| Ticker | Name | 1-Day % Change |
| SLVR | Sprott Silver Miners & Physical Silver ETF | +8.62% |
| HYDR | Global X Hydrogen ETF | +6.11% |
| SLVP | iShares MSCI Global Silver Miners ETF | +5.99% |
| WGMI | CoinShares Bitcoin Mining ETF | +5.80% |
| SILJ | Amplify Junior Silver Miners ETF | +5.24% |
| Bottom 5 Performers | ||
| Ticker | Name | 1-Day % Change |
| CNBS | Amplify Seymour Cannabis ETF | -2.72% |
| BIZD | VanEck BDC Income ETF | -2.49% |
| ITB | iShares U.S. Home Construction ETF | -1.98% |
| PBDC | Putnam BDC Income ETF | -1.96% |
| XHB | SPDR S&P Homebuilders ETF | -1.53% |
Developed Markets ex-U.S.
Developed international markets posted broad gains, with the asset class (EFA) up 0.32%. South Korea (EWY) was a significant outperformer, rallying an impressive 1.89%. In contrast, Hong Kong (EWH) lagged its peers with a loss of -0.42% for the session.
| Country | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| South Korea (EWY) | +1.89% | 1.89% | 10.95% | 19.01% | 60.27% | 31.93% |
| Netherlands (EWN) | +0.91% | 0.91% | 5.85% | 10.54% | 30.65% | 18.73% |
| U.K. (EWU) | +0.60% | 0.60% | -1.12% | 6.97% | 25.26% | 17.04% |
| Japan (EWJ) | +0.57% | 0.57% | 1.54% | 13.22% | 22.07% | 16.73% |
| Switzerland (EWL) | +0.56% | 0.56% | -0.13% | 5.49% | 23.21% | 11.78% |
| Dev ex-U.S. (EFA) | +0.32% | 0.32% | 0.08% | 8.07% | 25.53% | 16.95% |
| Canada (EWC) | +0.30% | 0.30% | 5.93% | 12.82% | 27.10% | 26.27% |
| France (EWQ) | +0.23% | 0.23% | -0.91% | 6.03% | 24.78% | 13.61% |
| Australia (EWA) | +0.11% | 0.11% | -1.25% | 5.36% | 14.54% | 4.82% |
| Germany (EWG) | +0.05% | 0.05% | -3.33% | 2.23% | 31.74% | 28.24% |
| Hong Kong (EWH) | -0.42% | -0.42% | -0.47% | 12.53% | 31.07% | 32.97% |
Emerging Markets
Emerging markets (EEM) also had a positive session, rising 0.49%. Latin America showed particular strength, with Mexico (EWW) gaining 1.21%. Taiwan (EWT) also contributed positively with a 1.01% advance. However, India (INDA) was a notable laggard, declining by -0.82% and weighing on the broader index.
| Country | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Mexico (EWW) | +1.21% | 1.21% | 6.53% | 15.13% | 45.48% | 30.20% |
| Taiwan (EWT) | +1.01% | 1.01% | 7.31% | 16.74% | 23.69% | 24.36% |
| Malaysia (EWM) | +0.78% | 0.78% | 0.27% | 10.17% | 7.37% | -0.40% |
| Emerging (EEM) | +0.49% | 0.49% | 5.21% | 14.98% | 28.60% | 25.18% |
| China (MCHI) | -0.02% | -0.02% | 4.65% | 20.43% | 38.83% | 55.38% |
| South Africa (EZA) | -0.13% | -0.13% | 6.22% | 20.74% | 50.79% | 37.40% |
| Indonesia (EIDO) | -0.34% | -0.34% | -4.93% | 3.20% | -1.48% | -20.26% |
| Brazil (EWZ) | -0.45% | -0.45% | 7.62% | 11.28% | 39.27% | 12.29% |
| Thailand (THD) | -0.53% | -0.53% | 3.89% | 24.32% | 2.64% | -7.74% |
| India (INDA) | -0.82% | -0.82% | -0.15% | -0.74% | 1.63% | -8.25% |
Fixed Income
The fixed income market showed signs of the risk-on sentiment seen in equities. Core aggregate bonds (AGG) ticked down slightly by -0.12% as investors favored riskier assets. Credit-sensitive areas like High Yield (HYG) and Bank Loans (BKLN) both saw modest gains of +0.07%, while longer-duration government bonds (SPTL) fell -0.33% amid a slight rise in yields.
| Ticker | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.12% | -0.12% | 1.11% | 3.00% | 6.11% | 2.60% |
| Taxable Core Enhanced (IUSB) | -0.13% | -0.13% | 1.07% | 3.08% | 6.17% | 3.01% |
| Taxable Multisector (PYLD) | -0.11% | -0.11% | 1.36% | 3.68% | 7.56% | 6.87% |
| Taxable Ultrashort (BIL) | +0.01% | 0.01% | 0.35% | 1.09% | 3.07% | 4.37% |
| Taxable Short-Term (BSV) | -0.06% | -0.06% | 0.48% | 1.82% | 4.76% | 3.96% |
| Taxable Long Term (BLV) | -0.32% | -0.32% | 2.24% | 4.60% | 6.41% | -2.29% |
| Government Short (SPTS) | 0.00% | 0.00% | 0.47% | 1.49% | 3.84% | 3.83% |
| Government Intermediate (SPTI) | -0.10% | -0.10% | 0.67% | 2.34% | 6.34% | 3.02% |
| Government Long (SPTL) | -0.33% | -0.33% | 2.15% | 3.80% | 5.08% | -4.76% |
| Inflation Protected (TIP) | -0.24% | -0.24% | 0.60% | 2.70% | 6.81% | 3.48% |
| Corporate (SPIB) | -0.09% | -0.09% | 0.91% | 3.03% | 6.69% | 5.02% |
| Taxable High Yield (HYG) | +0.07% | 0.07% | 1.06% | 3.40% | 7.45% | 7.38% |
| Bank Loans (BKLN) | +0.07% | 0.07% | 0.79% | 2.39% | 4.74% | 7.39% |
| Preferred Stock (PFF) | -0.16% | -0.16% | 1.65% | 7.56% | 6.65% | 2.24% |
| Convertible (CWB) | +0.40% | 0.40% | 5.78% | 13.08% | 18.00% | 22.94% |
| Mortgage Backed (MBS) | -0.20% | -0.20% | 1.34% | 3.46% | 6.60% | 2.98% |
| International USD (BNDX) | 0.00% | 0.00% | 0.45% | 0.59% | 2.42% | 2.80% |
| International (IGOV) | +0.24% | 0.24% | 0.64% | 1.11% | 11.01% | 2.83% |
| Emerging USD (EMB) | +0.22% | 0.22% | 1.48% | 5.79% | 10.75% | 7.59% |
| Emerging (EMLC) | +0.12% | 0.12% | 1.48% | 4.88% | 15.60% | 7.92% |
| Municipal Short (SUB) | -0.03% | -0.03% | 0.29% | 1.46% | 3.11% | 3.27% |
| Municipal Intermediate (MUB) | +0.01% | 0.01% | 2.43% | 3.25% | 2.08% | 1.39% |
| Municipal Long (MLN) | 0.00% | 0.00% | 4.30% | 4.41% | 0.18% | -0.60% |
| Municipal High Yield (HYD) | -0.16% | -0.16% | 3.45% | 2.93% | 0.82% | 0.46% |
Commodities
The commodity complex saw a major rally in precious metals, with Palladium (PALL) soaring 3.35% and Silver (SLV) jumping 2.56%. This flight to safety assets occurred despite the equity rally. In contrast, energy markets were weak, with Natural Gas (UNG) plunging -3.34%. Agriculture commodities also broadly declined.
| Commodity | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Palladium (PALL) | +3.35% | 3.35% | 5.50% | 12.99% | 29.74% | 10.90% |
| Silver (SLV) | +2.56% | 2.56% | 13.30% | 22.37% | 52.07% | 40.94% |
| Precious Metals (DBP) | +1.86% | 1.86% | 11.25% | 13.03% | 41.72% | 41.01% |
| Gold (GLD) | +1.73% | 1.73% | 11.10% | 11.26% | 42.51% | 42.46% |
| Platinum (PPLT) | +1.02% | 1.02% | 4.67% | 12.48% | 56.26% | 44.86% |
| Gasoline (UGA) | +0.19% | 0.19% | -0.65% | -4.78% | 1.70% | 5.10% |
| Copper (CPER) | +0.14% | 0.14% | 3.06% | -5.51% | 13.75% | 5.57% |
| Broad Commodities (DJP) | +0.08% | 0.08% | 1.99% | -3.08% | 8.16% | 10.15% |
| Brent Crude Oil (BNO) | -0.03% | -0.03% | -1.02% | -9.57% | 0.00% | 2.81% |
| WTI Crude Oil (USO) | -0.10% | -0.10% | -1.59% | -11.63% | -2.78% | 0.73% |
| Energy (DBE) | -0.32% | -0.32% | -0.63% | -8.86% | 1.46% | 5.57% |
| Agriculture (DBA) | -0.44% | -0.44% | -2.68% | 1.67% | 0.98% | 9.79% |
| Industrial Metals (DBB) | -0.54% | -0.54% | 2.29% | 6.35% | 6.58% | 6.22% |
| Corn (CORN) | -0.73% | -0.73% | 1.79% | -3.98% | -6.18% | -0.70% |
| Soybeans (SOYB) | -1.32% | -1.32% | -3.26% | -3.22% | 0.88% | -2.26% |
| Sugar (CANE) | -1.54% | -1.54% | -7.10% | -7.14% | -10.72% | -22.57% |
| Wheat (WEAT) | -2.14% | -2.14% | -2.37% | -14.17% | -14.52% | -19.37% |
| Natural Gas (UNG) | -3.34% | -3.34% | 2.02% | -31.20% | -27.72% | -20.80% |
Cryptocurrency
The cryptocurrency market saw a significant downturn, moving in the opposite direction of traditional equities. Bitcoin (IBIT) fell -2.63%, while Ethereum (ETHA) experienced an even steeper decline of -6.79%. The sell-off was broad-based across the digital asset space, indicating a clear risk-off move for this specific asset class.
| Asset | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -8.33% | -8.33% | 6.82% | 47.69% | N/A | N/A |
| Ethereum (ETHA) | -6.79% | -6.79% | -14.48% | 71.26% | 23.72% | 62.21% |
| Multi-Coin (NCIQ) | -3.18% | -3.18% | -5.67% | 16.17% | N/A | N/A |
| Bitcoin (IBIT) | -2.63% | -2.63% | -3.92% | 8.49% | 19.98% | 77.79% |
What to Watch Today
Investors today are keenly awaiting the release of the S&P Global Flash U.S. Purchasing Managers’ Index (PMI) data for September, due out this morning. This report provides one of the earliest snapshots of the health of the manufacturing and services sectors, two major engines of the U.S. economy. The results will be closely scrutinized for signs of economic strength or weakness, which could influence the Federal Reserve’s monetary policy outlook and shape market sentiment for the coming weeks.
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.
