Macro Overview
U.S. equities faced heavy selling pressure on Wednesday as concerns over an “AI bubble” resurfaced, dragging down high-flying tech heavyweights. The S&P 500 (IVV) fell -1.09%, marking its fourth consecutive decline, while the Nasdaq composite dropped 1.8%. Despite the broad tech retreat, energy shares rallied as crude prices jumped following the Trump administration’s escalation of sanctions against Venezuela. Meanwhile, investors navigated mixed economic data, including a rise in the unemployment rate to 4.6% and flat retail sales, adding to the pre-holiday volatility ahead of today’s key inflation print.
U.S. Size & Style
Performance across the cap spectrum reflected a clear flight to safety, with value-oriented strategies significantly outperforming growth. Large Growth (IVW) was the day’s primary laggard, tumbling -1.88%, while Small Value (IJS) remained resilient at +0.00%. Defensively minded ETFs, such as high-dividend and low-volatility small-cap funds, led the way as investors trimmed exposure to momentum and concentrated equity positions.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | -0.15% | -0.91% | 2.08% | 4.03% | 12.29% | 10.05% |
| Large Cap (IVV) | -1.09% | -1.51% | 0.87% | 2.15% | 15.69% | 12.56% |
| Large Growth (IVW) | -1.88% | -2.04% | -0.14% | 0.62% | 18.50% | 14.59% |
| Mid Value (IJJ) | -0.11% | -0.96% | 6.59% | 2.52% | 7.88% | 5.05% |
| Mid Cap (IJH) | -0.45% | -1.28% | 5.23% | 1.53% | 7.39% | 3.65% |
| Mid Growth (IJK) | -0.81% | -1.68% | 3.98% | 0.61% | 6.66% | 2.01% |
| Small Value (IJS) | +0.00% | -1.06% | 7.59% | 5.33% | 8.00% | 3.77% |
| Small Cap (IJR) | -0.29% | -1.35% | 7.13% | 3.82% | 7.39% | 2.76% |
| Small Growth (IJT) | -0.49% | -1.58% | 6.82% | 2.34% | 6.82% | 1.76% |
U.S. Sectors & Industries
Energy emerged as the lone bright spot on Wednesday, with the Energy (XLE) sector jumping +2.21% as oil prices bounced off multi-year lows. Standout performance was seen in Oil & Gas Expl. & Prod (XOP), which climbed +2.35%. Conversely, the Technology (XLK) sector was the hardest hit, falling -2.22% as semiconductors and software faces selling pressure. Semiconductors (XSD) fell -2.81%, and Telecom (XTL) declined -3.24%.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Energy (XLE) | +2.21% | -1.60% | -0.86% | 0.37% | 7.15% | 6.86% |
| Consumer Staples (XLP) | +0.47% | 0.29% | 3.75% | -0.05% | 3.26% | 0.40% |
| Real Estate (XLRE) | +0.44% | -0.05% | 0.12% | -2.36% | 2.45% | -0.72% |
| Materials (XLB) | +0.42% | 0.09% | 5.77% | -0.07% | 8.98% | 4.80% |
| Financial (XLF) | -0.02% | -0.58% | 6.18% | 1.35% | 14.20% | 12.89% |
| Health Care (XLV) | -0.18% | -0.18% | 1.38% | 12.60% | 13.27% | 12.44% |
| Utilities (XLU) | -0.65% | -0.16% | -4.51% | 2.06% | 15.33% | 14.75% |
| Communication Services (XLC) | -0.72% | -0.63% | 4.16% | -2.20% | 20.68% | 16.47% |
| Consumer Discretionary (XLY) | -1.16% | -0.15% | 5.39% | -0.04% | 8.14% | 1.52% |
| Industrials (XLI) | -1.62% | -2.05% | 2.00% | 2.00% | 17.71% | 14.37% |
| Technology (XLK) | -2.22% | -2.99% | -1.71% | 2.84% | 20.45% | 16.90% |
Global Thematic
Thematic performance showed significant dispersion, with cannabis and natural resource-linked themes leading the charge. The Cannabis & Vice (CNBS) segment surged +4.73%, while gold mining themes like Gold Miners (GDX) advanced +1.18%. On the downside, infrastructure and crypto-adjacent themes faced aggressive profit-taking, with Defiance AI & Power Infrastructure ETF (AIPO) plunging -5.30% and Global X Blockchain ETF (BKCH) falling -5.03%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Amplify Seymour Cannabis ETF (CNBS) | +4.73% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | +3.72% |
| Sprott Junior Gold Miners ETF (SGDJ) | +3.19% |
| VanEck Rare Earth and Strategic Metals ETF (REMX) | +2.25% |
| AdvisorShares Pure Cannabis ETF (YOLO) | +2.18% |
| Defiance AI & Power Infrastructure ETF (AIPO) | -5.30% |
| Global X Blockchain ETF (BKCH) | -5.03% |
| CoinShares Bitcoin Mining ETF (WGMI) | -4.82% |
| iShares Blockchain and Tech ETF (IBLC) | -4.70% |
| VanEck Digital Transformation ETF (DAPP) | -4.50% |
Developed Markets ex-U.S.
Developed markets mostly followed the U.S. lower, with Developed ex-U.S. (EFA) slipping -0.81%. The U.K. (EWU) was a notable exception, gaining +0.49% as investors anticipated a festive interest rate cut from the Bank of England today. Conversely, Netherlands (EWN) fell -1.49%, and Japan (EWJ) declined -1.37% as technical pressure persisted.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | -0.81% | -0.66% | 1.96% | 3.08% | 28.98% | 25.91% |
| Australia (EWA) | -0.93% | -1.89% | 1.48% | -4.13% | 10.71% | 6.52% |
| Canada (EWC) | -0.32% | -1.13% | 5.85% | 6.61% | 33.10% | 30.83% |
| France (EWQ) | -0.71% | -0.07% | 1.46% | 3.02% | 27.82% | 26.27% |
| Germany (EWG) | -1.00% | -1.35% | 4.00% | 1.34% | 32.93% | 29.15% |
| Hong Kong (EWH) | -0.33% | -0.53% | -2.71% | -0.21% | 33.36% | 32.72% |
| Japan (EWJ) | -1.37% | -1.48% | 0.35% | 1.96% | 24.33% | 22.91% |
| Netherlands (EWN) | -1.49% | -1.54% | 0.59% | 3.26% | 31.42% | 27.75% |
| South Korea (EWY) | -1.05% | -2.24% | -2.61% | 13.49% | 78.02% | 69.12% |
| Switzerland (EWL) | -0.30% | 0.81% | 3.57% | 6.42% | 30.46% | 26.93% |
| U.K. (EWU) | +0.49% | 1.14% | 3.14% | 4.75% | 31.77% | 29.06% |
Emerging Markets
Emerging markets broadly trended lower, with Emerging (EEM) down -0.72%. South Africa (EZA) was a regional leader, gaining +1.43%, while China-focused ETFs saw mixed action; KraneShares Bosera MSCI China A 50 Connect Index ETF (KBA) rose +1.52%. Latin American markets were under pressure, with Brazil (EWZ) dropping -1.90% and Mexico (EWW) sliding -1.22% as dollar strength and tariff concerns weighed on the region.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | -0.72% | -1.63% | -1.75% | 0.18% | 28.81% | 25.39% |
| Brazil (EWZ) | -1.90% | -3.94% | -2.36% | 3.45% | 44.78% | 35.79% |
| China (MCHI) | -0.39% | -2.14% | -4.11% | -8.51% | 29.72% | 28.73% |
| India (INDA) | +0.04% | -0.32% | -3.07% | -1.94% | 0.63% | -2.93% |
| Indonesia (EIDO) | -0.37% | 0.01% | 2.07% | 4.34% | 4.25% | 1.08% |
| Malaysia (EWM) | -0.71% | 0.16% | 3.02% | 4.13% | 12.50% | 14.89% |
| Mexico (EWW) | -1.22% | -2.73% | 4.39% | 3.35% | 49.52% | 41.08% |
| South Africa (EZA) | +1.43% | 2.44% | 6.31% | 15.52% | 69.73% | 57.09% |
| Taiwan (EWT) | -1.78% | -2.03% | -0.58% | -0.66% | 21.32% | 19.47% |
| Thailand (THD) | -0.75% | 0.75% | 2.25% | -2.62% | 1.75% | 1.48% |
Fixed Income
Treasury yields remained relatively steady as the bond market braced for November’s inflation data. The Taxable Core (AGG) slipped slightly by -0.03%. Notable outperformance was seen in Municipal Long (MLN), which climbed +0.63%, while high-yield credit and bank loans saw modest declines. Convertible (CWB) debt was the major laggard, falling -1.09% alongside the broader tech-led equity selloff.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.03% | 0.26% | 0.38% | 0.48% | 7.04% | 6.17% |
| Taxable Core Enhanced (IUSB) | -0.02% | 0.24% | 0.42% | 0.64% | 7.23% | 6.44% |
| Taxable Multisector (PYLD) | -0.07% | 0.19% | 0.85% | 1.26% | 9.12% | 8.87% |
| Taxable Ultrashort (BIL) | +0.01% | 0.02% | 0.33% | 0.97% | 4.01% | 4.18% |
| Taxable Short-Term (BSV) | -0.01% | 0.14% | 0.52% | 0.89% | 5.80% | 5.89% |
| Taxable Long Term (BLV) | -0.09% | 0.39% | -0.40% | -1.11% | 6.41% | 3.67% |
| Government Short (SPTS) | +0.03% | 0.14% | 0.52% | 0.97% | 4.88% | 5.20% |
| Government Intermediate (SPTI) | -0.03% | 0.24% | 0.34% | 0.63% | 7.38% | 6.80% |
| Government Long (SPTL) | -0.08% | 0.53% | -0.82% | -1.07% | 5.39% | 2.54% |
| Inflation Protected (TIP) | +0.11% | 0.05% | -0.14% | -0.57% | 6.81% | 5.92% |
| Corporate (SPIB) | +0.00% | 0.18% | 0.66% | 0.81% | 7.64% | 7.15% |
| Taxable High Yield (HYG) | -0.12% | -0.01% | 1.06% | 0.84% | 7.99% | 7.55% |
| Bank Loans (BKLN) | -0.19% | -0.14% | 0.72% | 1.61% | 6.25% | 6.45% |
| Preferred Stock (PFF) | -0.11% | 0.06% | 1.89% | -1.69% | 4.92% | 3.30% |
| Convertible (CWB) | -1.09% | -2.42% | 0.14% | -0.92% | 14.93% | 11.23% |
| Mortgage Backed (MBS) | +0.03% | 0.38% | 0.68% | 0.94% | 8.11% | 7.36% |
| International USD (BNDX) | +0.00% | 0.22% | -0.19% | 0.32% | 2.89% | 2.45% |
| International (IGOV) | -0.32% | -0.01% | 0.25% | -2.03% | 9.70% | 7.46% |
| Emerging USD (EMB) | -0.38% | 0.02% | 0.69% | 2.09% | 13.40% | 11.66% |
| Emerging (EMLC) | -0.27% | 0.00% | 0.97% | 1.55% | 17.53% | 15.74% |
| Municipal Short (SUB) | -0.02% | 0.03% | 0.36% | 0.25% | 3.40% | 3.48% |
| Municipal Intermediate (MUB) | -0.03% | 0.10% | 0.15% | 1.08% | 3.36% | 3.01% |
| Municipal Long (MLN) | +0.63% | 0.57% | 0.13% | 1.44% | 1.77% | 2.04% |
| Municipal High Yield (HYD) | -0.08% | 0.08% | 0.89% | 1.26% | 2.29% | 2.27% |
Commodities
Commodities surged on Wednesday, led by a sharp recovery in energy and silver. Broad Commodities (DJP) climbed +1.36%, with Natural Gas (UNG) jumping +4.46% and Silver (SLV) advancing +4.38%. Crude oil saw a relief rally as geopolitical tensions regarding Venezuela escalated, with WTI Crude Oil (USO) up +2.74%. Agriculture was the sole weak spot, with Agriculture (DBA) slipping -0.19%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | +1.36% | -0.08% | 0.73% | 6.51% | 16.27% | 18.21% |
| Energy (DBE) | +2.40% | -0.98% | -6.60% | -6.17% | -2.43% | 0.76% |
| WTI Crude Oil (USO) | +2.74% | -1.21% | -4.66% | -9.32% | -10.02% | -7.26% |
| Brent Crude Oil (BNO) | +2.61% | -1.20% | -4.84% | -8.64% | -6.81% | -5.07% |
| Natural Gas (UNG) | +4.46% | -0.71% | -10.48% | -3.51% | -24.81% | -12.59% |
| Gasoline (UGA) | +1.62% | -2.62% | -10.44% | -6.13% | -2.22% | 0.60% |
| Precious Metals (DBP) | +1.57% | 2.50% | 12.23% | 25.22% | 72.11% | 70.75% |
| Gold (GLD) | +0.86% | 0.97% | 7.44% | 18.49% | 64.91% | 63.68% |
| Silver (SLV) | +4.38% | 7.42% | 32.53% | 59.46% | 128.86% | 116.69% |
| Industrial Metals (DBB) | +0.90% | 0.68% | 4.69% | 10.33% | 18.46% | 17.59% |
| Agriculture (DBA) | -0.19% | -1.21% | -0.87% | -3.61% | -1.47% | -1.57% |
Cryptocurrency
Digital assets faced sharp corrections on Wednesday as the broader “risk-off” sentiment permeated the space. Ethereum (ETHA) was the hardest hit, falling -4.31%, while Bitcoin (IBIT) declined -2.01%. The Solana (SOLZ) ecosystem also saw aggressive selling, dropping -4.32% as investors retreated from high-beta digital assets.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -4.32% | -6.55% | -5.98% | -50.25% | ||
| Ethereum (ETHA) | -4.31% | -8.38% | -6.12% | -37.62% | -15.70% | -28.53% |
| XRP (XRP) | -2.59% | -6.16% | ||||
| Multi-Coin (NCIQ) | -2.41% | -5.57% | -7.16% | -29.69% | ||
| Bitcoin (IBIT) | -2.01% | -4.86% | -6.51% | -25.83% | -8.18% | -19.79% |
What to Watch Today
Today’s primary focus is the release of the U.S. Consumer Price Index (CPI) for November at 8:30 AM ET. This report is highly unusual as it follows a 43-day federal government shutdown, meaning some month-over-month data will be missing while year-over-year rates remain available. Consensus estimates expect headline and core CPI to land between 2.9% and 3.1%, representing a stall in inflationary progress partly attributed to tariff-related cost pass-throughs. Additionally, investors will monitor the Bank of England’s interest rate decision at 12:00 PM GMT, where a 25 basis point cut is widely anticipated despite a stagnating UK economy. These data points will be critical for shaping the Federal Reserve’s rate path heading into early 2026.
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.
