Macro Overview
U.S. equities finished higher on Tuesday, driven by a rebound in technology and financial stocks as investors grew more optimistic that a resolution to the ongoing government shutdown could be reached. While the benchmark S&P 500 (IVV) was nearly flat with a slight dip of 0.02%, broader market strength was evident. Investor sentiment was also buoyed by strong early sales data for new tech products, which eased concerns about consumer spending resilience in the face of higher borrowing costs. The CBOE Volatility Index (VIX) fell significantly, signaling reduced market anxiety.
U.S. Size & Style
Tuesday’s session was mixed across U.S. size and style segments, with mid and small caps outperforming. Mid-Cap Growth (IJK) led the way with a 0.61% advance. In contrast, large-cap segments showed slight weakness, with Large Cap (IVV) and Large Growth (IVW) posting modest declines of 0.02% and 0.20%, respectively.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.27% | 1.45% | 2.15% | 6.36% | 10.85% | 6.92% |
| Large Cap (IVV) | -0.02% | 1.01% | 1.13% | 7.08% | 15.63% | 16.45% |
| Large Growth (IVW) | -0.20% | 0.65% | 0.33% | 7.70% | 19.76% | 24.35% |
| Mid Value (IJJ) | +0.12% | 1.51% | 0.15% | 3.62% | 5.43% | 5.74% |
| Mid Cap (IJH) | +0.38% | 1.61% | -0.15% | 4.26% | 6.10% | 5.10% |
| Mid Growth (IJK) | +0.61% | 1.71% | -0.42% | 4.72% | 6.36% | 4.21% |
| Small Value (IJS) | +0.30% | 2.01% | 0.39% | 9.36% | 3.86% | 5.78% |
| Small Cap (IJR) | +0.28% | 1.87% | 0.44% | 7.73% | 5.06% | 5.27% |
| Small Growth (IJT) | +0.21% | 1.75% | 0.50% | 6.12% | 6.20% | 4.36% |
U.S. Sectors & Industries
The Consumer Discretionary (XLY) sector was the day’s top performer, jumping 1.22%, buoyed by optimism around consumer spending. Industrials also posted strong results. On the downside, defensive sectors like Utilities (XLU) and Consumer Staples (XLP) lagged, falling 1.02% and 0.46% respectively. Within industries, Homebuilders and Aerospace & Defense were notable standouts.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Consumer Discretionary (XLY) | +1.22% | 2.03% | -0.74% | 7.34% | 7.30% | 21.84% |
| Industrials (XLI) | +0.89% | 2.08% | 1.57% | 3.22% | 18.74% | 13.30% |
| Communication Services (XLC) | +0.35% | 1.49% | -1.97% | 8.78% | 21.56% | 29.84% |
| Health Care (XLV) | +0.23% | 1.30% | 6.19% | 11.22% | 6.89% | -2.39% |
| Technology (XLK) | +0.05% | 1.17% | 3.51% | 10.52% | 24.58% | 25.07% |
| Financials (XLF) | -0.11% | 1.05% | -2.48% | 0.98% | 10.23% | 13.25% |
| Energy (XLE) | -0.23% | 0.83% | -1.23% | 2.77% | 3.71% | -0.54% |
| Real Estate (XLRE) | -0.31% | 0.74% | 1.96% | 1.60% | 6.53% | -0.07% |
| Materials (XLB) | -0.38% | 0.81% | -2.00% | -1.84% | 6.82% | -6.74% |
| Consumer Staples (XLP) | -0.46% | -0.55% | 0.58% | -1.29% | 2.79% | -0.16% |
| Utilities (XLU) | -1.02% | -1.05% | 7.37% | 8.56% | 22.20% | 14.24% |
Global Thematic
Thematic ETFs saw dramatic divergence. Cloud Computing themes like WisdomTree Cloud Computing Fund (WCLD) soared, gaining 1.98%. Conversely, it was a brutal day for precious metals miners, with Global X Silver Miners ETF (SIL) and Gold Miners (GDX) plummeting 10.86% and 9.42% respectively, following a sharp drop in metals prices.
| Top 5 Performers (Ticker) | 1-Day % Change |
|---|---|
| WisdomTree Cloud Computing Fund (WCLD) | +1.98% |
| iShares U.S. Home Construction ETF (ITB) | +1.75% |
| Invesco Leisure and Entertainment ETF (PEJ) | +1.67% |
| Fidelity Cloud Computing ETF (FCLD) | +1.58% |
| SPDR S&P Homebuilders ETF (XHB) | +1.57% |
| Bottom 5 Performers (Ticker) | 1-Day % Change |
|---|---|
| Amplify Junior Silver Miners ETF (SILJ) | -11.32% |
| iShares MSCI Global Silver Miners ETF (SLVP) | -11.13% |
| Global X Gold Explorers ETF (GOEX) | -10.86% |
| Global X Silver Miners ETF (SIL) | -10.86% |
| Sprott Junior Gold Miners ETF (SGDJ) | -10.64% |
Developed Markets ex-U.S.
International developed markets were broadly negative on Tuesday. Developed ex-U.S. (EFA) declined 0.73%. Major economies like Japan (EWJ) and Canada (EWC) saw significant losses, while European markets posted more moderate declines.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | -0.73% | 0.08% | 1.71% | 6.48% | 27.26% | 20.46% |
| Australia (EWA) | -0.55% | 0.71% | 0.82% | 2.81% | 15.35% | 6.77% |
| Canada (EWC) | -1.44% | -0.58% | -1.46% | 7.02% | 24.87% | 22.10% |
| France (EWQ) | -0.49% | -0.55% | 2.98% | 4.53% | 28.20% | 19.74% |
| Germany (EWG) | -0.45% | 0.75% | 1.14% | -1.72% | 33.18% | 28.58% |
| Hong Kong (EWH) | -0.51% | 0.57% | -0.75% | 4.10% | 30.64% | 24.09% |
| Japan (EWJ) | -1.16% | 0.70% | 2.20% | 13.72% | 24.05% | 22.58% |
| Netherlands (EWN) | -0.85% | -0.51% | 2.66% | 9.25% | 32.90% | 24.10% |
| South Korea (EWY) | -1.98% | 0.14% | 10.73% | 19.99% | 74.18% | 47.41% |
| Switzerland (EWL) | -0.99% | -1.16% | 3.35% | 4.77% | 26.63% | 14.02% |
| U.K. (EWU) | -0.47% | -0.26% | 1.45% | 4.87% | 26.31% | 19.25% |
Emerging Markets
Emerging markets were mostly lower, with the broad Emerging (EEM) index down 1.11%. South Africa (EZA) was a significant underperformer, sliding 4.44%. However, Indonesia (EIDO) bucked the trend, rallying an impressive 1.96%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | -1.11% | 0.24% | 2.45% | 9.94% | 31.11% | 22.28% |
| Brazil (EWZ) | -0.93% | 0.77% | -3.20% | 10.56% | 35.43% | 13.14% |
| China (MCHI) | -1.06% | 0.21% | -1.55% | 9.74% | 36.70% | 30.79% |
| India (INDA) | -0.47% | 0.06% | 1.00% | -0.49% | 3.50% | -2.32% |
| Indonesia (EIDO) | +1.96% | 5.03% | 2.14% | 2.48% | 0.97% | -15.66% |
| Malaysia (EWM) | -0.31% | 0.16% | 0.59% | 7.12% | 7.16% | 3.88% |
| Mexico (EWW) | -1.32% | -1.60% | -1.56% | 9.84% | 41.50% | 27.75% |
| South Africa (EZA) | -4.44% | -3.27% | 1.17% | 13.59% | 52.75% | 33.77% |
| Taiwan (EWT) | -0.59% | 1.06% | 3.79% | 10.82% | 27.09% | 20.85% |
| Thailand (THD) | -0.89% | 0.56% | -3.13% | 4.76% | -0.05% | -10.49% |
Fixed Income
The fixed income markets were mixed. Long-duration government bonds, represented by Government Long (SPTL), gained 0.44% as yields ticked lower. In contrast, higher-risk segments like Taxable High Yield (HYG) and Convertible (CWB) fell, declining 0.15% and 0.79% respectively.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | +0.10% | 0.27% | 1.26% | 3.92% | 7.58% | 6.49% |
| Taxable Core Enhanced (IUSB) | +0.06% | 0.21% | 1.17% | 3.74% | 7.55% | 6.65% |
| Taxable Multisector (PYLD) | +0.15% | 0.37% | 0.82% | 3.63% | 8.56% | 8.94% |
| Taxable Ultrashort (BIL) | 0.00% | 0.02% | 0.30% | 1.02% | 3.37% | 4.29% |
| Taxable Short-Term (BSV) | +0.05% | 0.05% | 0.59% | 1.95% | 5.44% | 5.61% |
| Taxable Long Term (BLV) | +0.29% | 0.68% | 2.64% | 7.35% | 9.58% | 6.10% |
| Government Short (SPTS) | +0.07% | 0.03% | 0.53% | 1.62% | 4.39% | 4.97% |
| Government Intermediate (SPTI) | +0.10% | 0.17% | 0.97% | 2.90% | 7.48% | 6.25% |
| Government Long (SPTL) | +0.44% | 0.80% | 3.24% | 7.54% | 8.86% | 4.82% |
| Inflation Protected (TIP) | +0.21% | 0.30% | 0.70% | 2.67% | 7.82% | 6.24% |
| Corporate (SPIB) | 0.00% | 0.15% | 0.60% | 2.81% | 7.42% | 7.11% |
| Taxable High Yield (HYG) | -0.15% | 0.05% | -0.15% | 1.97% | 7.21% | 7.67% |
| Bank Loans (BKLN) | -0.05% | 0.19% | -0.07% | 1.05% | 4.59% | 6.09% |
| Preferred Stock (PFF) | -0.09% | 0.70% | -1.03% | 3.21% | 5.72% | 1.95% |
| Convertible (CWB) | -0.79% | 0.01% | 1.93% | 8.81% | 19.80% | 21.25% |
| Mortgage Backed (MBB) | +0.17% | 0.25% | 1.33% | 4.40% | 8.24% | 7.27% |
| International USD (BNDX) | +0.08% | 0.16% | 1.21% | 1.73% | 3.65% | 4.23% |
| International (IGOV) | -0.21% | -0.23% | -0.05% | 0.07% | 10.70% | 6.28% |
| Emerging USD (EMB) | +0.12% | 0.56% | 1.79% | 5.73% | 12.48% | 11.35% |
| Emerging (EMLC) | -0.43% | -0.24% | -0.09% | 2.46% | 15.35% | 11.26% |
| Municipal Short (SUB) | -0.02% | -0.21% | -0.31% | 0.68% | 2.82% | 3.12% |
| Municipal Intermediate (MUB) | +0.07% | 0.15% | 1.32% | 4.73% | 3.41% | 3.24% |
| Municipal Long (MLN) | 0.00% | 0.03% | 1.82% | 7.96% | 2.00% | 1.98% |
| Municipal High Yield (HYD) | +0.06% | 0.18% | 0.78% | 5.42% | 1.76% | 1.59% |
Commodities
It was a bloodbath in the precious metals space. Gold (GLD) plunged 6.43% and Silver (SLV) plummeted 8.24%. In contrast, energy markets showed strength, with Natural Gas (UNG) rising 1.70%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | -1.83% | 0.19% | 3.63% | 2.48% | 12.00% | 13.05% |
| WTI Crude Oil (USO) | +0.65% | 0.43% | -7.14% | -9.68% | -9.64% | -5.52% |
| Brent Crude Oil (BNO) | +0.65% | 0.22% | -6.78% | -7.88% | -6.74% | -4.64% |
| Natural Gas (UNG) | +1.70% | 10.78% | 4.61% | -10.42% | -21.77% | -0.75% |
| Gold (GLD) | -6.43% | -3.02% | 11.22% | 20.47% | 55.80% | 50.16% |
| Silver (SLV) | -8.24% | -6.81% | 12.17% | 23.88% | 66.31% | 41.94% |
Cryptocurrency
The digital asset space saw positive momentum, with Bitcoin (IBIT) up 0.89%. Solana (SOLZ) was a standout performer, rallying 2.98% for the session.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Ethereum (ETHA) | +0.46% | 4.63% | -9.80% | 6.92% | 19.73% | 49.09% |
| Bitcoin (IBIT) | +0.89% | 4.99% | -2.88% | -4.28% | 19.68% | 64.61% |
| Multi-Coin (NCIQ) | +0.91% | 4.85% | -5.45% | -3.74% | ||
| Solana (SOLZ) | +2.98% | 6.74% | -18.91% | -6.01% |
What to Watch Today
Investors will be closely watching the release of Existing Home Sales data for September, scheduled for 10:00 AM ET. This report is a key indicator of the health of the housing market and provides insight into broader economic strength. A higher-than-expected number could be seen as positive for the economy, potentially influencing the Federal Reserve’s thinking on interest rates, while a lower number could signal a slowdown. Given the recent moderation in mortgage rates, the market will be keen to see if housing activity is stabilizing or picking up momentum.
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.
