Macro Overview
U.S. equities stumbled to start the week, with investors adopting a risk-off stance ahead of a pivotal earnings report from Nvidia and key retail data. The S&P 500 (IVV) declined -0.94%, weighed down by weakness in the technology sector and concerns over elevated valuations. While reports of Berkshire Hathaway’s new stake in Alphabet provided a lift to Google shares, the broader sentiment was dampened by uncertainty regarding the Federal Reserve’s December rate decision. Defensive posturing was evident as utilities bucked the trend, while cyclical areas like energy and financials faced steep selling pressure.
U.S. Size & Style
Selling pressure was broad-based but most acute in smaller companies and value-oriented styles. Small Cap (IJR) stocks underperformed significantly, dropping -2.18% as economic jitters weighed on domestic-focused firms. Large caps offered relative insulation but still finished in the red; Large Growth (IVW) was the best relative performer, limiting losses to -0.80%, while Small Value (IJS) lagged the field with a -2.30% decline.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | -1.06% | -1.06% | +0.67% | +3.29% | +10.00% | +5.82% |
| Large Cap (IVV) | -0.94% | -0.94% | +0.19% | +3.76% | +14.70% | +15.11% |
| Large Growth (IVW) | -0.80% | -0.80% | -0.27% | +4.12% | +18.67% | +22.68% |
| Mid Value (IJJ) | -2.04% | -2.04% | -2.56% | -0.81% | +1.20% | -1.09% |
| Mid Cap (IJH) | -1.85% | -1.85% | -2.26% | -0.50% | +2.05% | -0.50% |
| Mid Growth (IJK) | -1.72% | -1.72% | -1.91% | -0.20% | +2.57% | -0.09% |
| Small Value (IJS) | -2.30% | -2.30% | -1.42% | +2.38% | +0.38% | -2.23% |
| Small Cap (IJR) | -2.18% | -2.18% | -2.80% | +0.25% | +0.24% | -3.27% |
| Small Growth (IJT) | -2.18% | -2.18% | -4.19% | -1.90% | +0.01% | -4.64% |
U.S. Sectors & Industries
Sector performance highlighted a clear flight to safety. Utilities (XLU) surged +0.90%, serving as the day’s standout performer, while Health Care (XLV) remained relatively flat at -0.09%. In contrast, cyclical sectors faced heavy selling; Financials (XLF) tumbled -1.91% amid rate curve uncertainty, and Energy (XLE) fell -1.83% alongside weaker oil prices. Standout sub-sector weakness was seen in regional banks and homebuilders.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Utilities (XLU) | +0.90% | +0.90% | -2.20% | +5.30% | +20.78% | +16.31% |
| Health Care (XLV) | -0.09% | -0.09% | +5.88% | +11.88% | +11.73% | +8.85% |
| Communication Services (XLC) | -0.13% | -0.13% | -3.27% | +0.08% | +15.86% | +18.18% |
| Consumer Staples (XLP) | -0.63% | -0.63% | -3.71% | -5.75% | -0.47% | -1.41% |
| Real Estate (XLRE) | -0.66% | -0.66% | -3.24% | -0.82% | +2.33% | -2.14% |
| S&P 500 (SPY) | -0.93% | -0.93% | +0.19% | +3.74% | +14.57% | +15.02% |
| Consumer Discretionary (XLY) | -0.94% | -0.94% | -2.43% | +0.04% | +2.61% | +8.06% |
| Industrials (XLI) | -0.98% | -0.98% | -0.80% | +0.47% | +15.40% | +9.85% |
| Materials (XLB) | -1.52% | -1.52% | -2.77% | -4.64% | +3.03% | -4.53% |
| Technology (XLK) | -1.57% | -1.57% | -0.48% | +6.89% | +22.55% | +24.79% |
| Energy (XLE) | -1.83% | -1.83% | +5.07% | +6.49% | +8.08% | -1.45% |
| Financial (XLF) | -1.91% | -1.91% | -1.40% | -1.60% | +7.55% | +4.67% |
Global Thematic
Thematic performance was highly dispersed. Biotech themes showed strength, with Clincal-Stage Biotech (SBIO) gaining +1.16% amidst positive trial news in the sector. Conversely, speculative growth areas came under fire; Robotics & Automation (BOTZ) and Digital Payments (IPAY) suffered significant losses as risk appetite faded.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Clincal-Stage Biotech (SBIO) | +1.16% |
| Crypto Miners (WGMI) | +0.94% |
| Tech & Battery Metals (LIT) | -0.06% |
| Genomics & Immunology (ARKG) | -0.07% |
| Wind (FAN) | -0.15% |
| Metaverse & Web3 (METV) | -1.66% |
| Cybersecurity (HACK) | -1.68% |
| Future Mobility (DRIV) | -1.70% |
| Innovation (ARKK) | -1.86% |
| Next-Gen Connectivity (SIXG) | -2.14% |
Developed Markets ex-U.S.
International markets were not spared from the sell-off. Dev ex-U.S. (EFA) declined -1.30%, with weakness centered in Europe and Asia. Germany (EWG) was a notable laggard, falling -2.08%, while Japan (EWJ) dropped -1.80% following contractionary GDP data.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | -1.30% | -1.30% | -0.52% | +1.99% | +26.49% | +25.69% |
| Australia (EWA) | -1.19% | -1.19% | -4.75% | -4.44% | +9.10% | +3.51% |
| Canada (EWC) | -1.08% | -1.08% | +0.12% | +6.49% | +25.75% | +23.10% |
| France (EWQ) | -1.43% | -1.43% | -2.28% | +0.71% | +25.97% | +25.52% |
| Germany (EWG) | -2.08% | -2.08% | -3.31% | -6.04% | +27.82% | +28.79% |
| Hong Kong (EWH) | -1.80% | -1.80% | +5.52% | +5.52% | +37.08% | +35.59% |
| Japan (EWJ) | -1.80% | -1.80% | +0.57% | +2.89% | +23.90% | +25.12% |
| Netherlands (EWN) | -1.32% | -1.32% | -2.20% | +7.90% | +30.65% | +31.05% |
| South Korea (EWY) | -1.18% | -1.18% | +5.08% | +26.75% | +82.79% | +69.53% |
| Switzerland (EWL) | -1.29% | -1.29% | -1.68% | +4.24% | +25.96% | +22.73% |
| U.K. (EWU) | -0.77% | -0.77% | +0.88% | +2.83% | +27.75% | +28.20% |
Emerging Markets
Emerging markets mirrored the global risk-off tone, with broad Emerging (EEM) exposure falling -1.18%. Taiwan (EWT) saw the steepest decline at -3.08%, heavily influenced by the tech sector sell-off. India (INDA) bucked the trend, managing a slight gain of +0.05%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | -1.18% | -1.18% | +0.24% | +8.75% | +31.11% | +29.82% |
| Brazil (EWZ) | -1.21% | -1.21% | +10.33% | +16.24% | +48.27% | +27.82% |
| China (MCHI) | -1.13% | -1.13% | -0.84% | +5.19% | +35.28% | +36.32% |
| India (INDA) | +0.05% | +0.05% | +0.37% | +3.68% | +3.82% | +3.83% |
| Indonesia (EIDO) | 0.00% | 0.00% | +6.24% | -0.65% | +2.14% | -4.00% |
| Malaysia (EWM) | -0.83% | -0.83% | +2.06% | +5.00% | +9.20% | +13.00% |
| Mexico (EWW) | -2.01% | -2.01% | -0.39% | +7.39% | +43.24% | +37.08% |
| South Africa (EZA) | -1.28% | -1.28% | +1.10% | +14.77% | +59.65% | +51.90% |
| Taiwan (EWT) | -3.08% | -3.08% | -2.97% | +4.53% | +22.02% | +22.33% |
| Thailand (THD) | +0.22% | +0.22% | +0.12% | +1.89% | -0.49% | -2.35% |
Fixed Income
Treasuries caught a bid as equity volatility sent investors looking for safety. Government Long (SPTL) rose +0.22% and Taxable Long Term (BLV) gained +0.20%, pushing yields slightly lower. Credit-sensitive areas lagged, with Preferred Stock (PFF) dropping -0.79%, reflecting the broader risk-aversion in the market.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | +0.02% | +0.02% | -0.61% | +2.09% | +6.64% | +6.49% |
| Taxable Core Enhanced (IUSB) | +0.02% | +0.02% | -0.50% | +2.10% | +6.78% | +6.78% |
| Taxable Multisector (PYLD) | -0.07% | -0.07% | +0.04% | +2.23% | +8.20% | +9.20% |
| Taxable Ultrashort (BIL) | 0.00% | 0.00% | +0.31% | +1.00% | +3.66% | +4.25% |
| Taxable Short-Term (BSV) | +0.01% | +0.01% | -0.13% | +1.20% | +5.25% | +5.81% |
| Taxable Long Term (BLV) | +0.20% | +0.20% | -1.83% | +3.25% | +6.84% | +5.03% |
| Government Short (SPTS) | +0.03% | +0.03% | -0.01% | +1.17% | +4.34% | +5.09% |
| Government Intermediate (SPTI) | +0.10% | +0.10% | -0.27% | +1.76% | +7.01% | +7.11% |
| Government Long (SPTL) | +0.22% | +0.22% | -1.60% | +4.09% | +6.27% | +4.37% |
| Inflation Protected (TIP) | +0.02% | +0.02% | -0.49% | +1.55% | +6.96% | +6.41% |
| Corporate (SPIB) | +0.03% | +0.03% | -0.31% | +1.50% | +6.93% | +7.19% |
| Taxable High Yield (HYG) | -0.16% | -0.16% | -0.27% | +1.00% | +6.86% | +7.12% |
| Bank Loans (BKLN) | 0.00% | 0.00% | +1.06% | +1.78% | +5.49% | +6.26% |
| Preferred Stock (PFF) | -0.79% | -0.79% | -1.91% | -0.85% | +2.98% | +0.40% |
| Convertible (CWB) | -0.45% | -0.45% | -4.18% | +3.57% | +14.77% | +14.14% |
| Mortgage Backed (MBS) | -0.06% | -0.06% | -0.55% | +2.62% | +7.37% | +7.49% |
| International USD (BNDX) | +0.08% | +0.08% | -0.39% | +1.39% | +3.09% | +3.50% |
| International (IGOV) | -0.33% | -0.33% | -1.38% | -0.50% | +9.42% | +7.68% |
| Emerging USD (EMB) | +0.02% | +0.02% | +0.70% | +3.59% | +12.63% | +12.29% |
| Emerging (EMLC) | -0.08% | -0.08% | +0.67% | +2.47% | +16.40% | +14.90% |
| Municipal Short (SUB) | +0.01% | +0.01% | -0.01% | +0.30% | +3.03% | +3.39% |
| Municipal Intermediate (MUB) | +0.11% | +0.11% | -0.05% | +3.73% | +3.20% | +2.88% |
| Municipal Long (MLN) | 0.00% | 0.00% | -0.33% | +5.94% | +1.64% | +1.69% |
| Municipal High Yield (HYD) | +0.08% | +0.08% | -0.19% | +4.24% | +1.38% | +1.30% |
Commodities
Commodities were mixed, with distinct divergence between energy/metals and agriculture. Wheat (WEAT) surged +2.73% and Soybeans (SOYB) gained +1.88%, while Natural Gas (UNG) plunged -3.02%. Precious metals also retreated, with Gold (GLD) and Silver (SLV) both down over 1%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.30% | -0.30% | +3.26% | +10.34% | +15.43% | +19.99% |
| Energy (DBE) | -0.21% | -0.21% | +7.71% | +4.45% | +4.47% | +10.80% |
| WTI Crude Oil (USO) | -0.11% | -0.11% | +4.88% | -2.06% | -5.63% | +2.22% |
| Brent Crude Oil (BNO) | -0.24% | -0.24% | +5.24% | -0.41% | -2.07% | +3.60% |
| Natural Gas (UNG) | -3.02% | -3.02% | +18.96% | +10.05% | -16.00% | +5.61% |
| Gasoline (UGA) | -0.99% | -0.99% | +11.91% | +10.98% | +9.18% | +14.08% |
| Precious Metals (DBP) | -1.12% | -1.12% | -3.89% | +22.05% | +53.34% | +56.30% |
| Gold (GLD) | -1.15% | -1.15% | -4.46% | +20.89% | +53.49% | +57.09% |
| Silver (SLV) | -1.07% | -1.07% | -3.23% | +31.80% | +72.69% | +64.93% |
| Platinum (PPLT) | -0.66% | -0.66% | -4.58% | +14.04% | +68.00% | +62.08% |
| Palladium (PALL) | -1.24% | -1.24% | -4.76% | +23.92% | +51.23% | +44.40% |
| Industrial Metals (DBB) | -1.16% | -1.16% | +1.81% | +9.27% | +13.16% | +12.04% |
| Copper (CPER) | -1.31% | -1.31% | +0.29% | +10.71% | +22.85% | +20.74% |
| Agriculture (DBA) | +1.30% | +1.30% | -0.41% | -2.33% | -0.60% | +5.83% |
| Corn (CORN) | +0.66% | +0.66% | +2.73% | +5.42% | -4.01% | -0.29% |
| Soybeans (SOYB) | +1.88% | +1.88% | +9.05% | +7.30% | +10.80% | +11.37% |
| Wheat (WEAT) | +2.73% | +2.73% | +6.79% | +2.49% | -10.27% | -10.64% |
| Sugar (CANE) | +0.05% | +0.05% | -3.75% | -13.85% | -16.76% | -24.67% |
Cryptocurrency
Crypto markets faced a broad pullback, with major assets seeing deep red. Solana (SOLZ) was hit hardest, sliding -6.85%. Ethereum (ETHA) followed with a -4.14% decline, while Bitcoin (IBIT) dropped -2.57%, falling below key support levels as risk-off sentiment permeated the digital asset space.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -6.85% | -6.85% | -29.44% | -32.53% | ||
| Ethereum (ETHA) | -4.14% | -4.14% | -21.53% | -31.49% | -10.20% | -2.91% |
| Multi-Coin (NCIQ) | -2.70% | -2.70% | -15.48% | -24.59% | ||
| Bitcoin (IBIT) | -2.57% | -2.57% | -13.84% | -21.58% | -1.79% | -0.06% |
What to Watch Today
Investors turn their attention to the NAHB Housing Market Index today for a pulse check on homebuilder confidence, a crucial gauge of the housing market’s health amidst fluctuating interest rates. On the corporate front, Home Depot (HD) reports earnings before the bell, providing a key look at the strength of the U.S. consumer and renovation demand. Market participants will be scrutinizing these results for signs of spending resilience as the holiday season approaches.
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.
