Macro Overview
U.S. equities drifted lower on Wednesday, with major indices taking a pause after a strong recent run. The S&P 500 (IVV) finished the day down -0.34% as investors digested a mixed bag of corporate earnings and economic signals. While some individual stocks like Micron saw volatility despite strong results, the broader market sentiment was one of consolidation. The modest pullback reflects some caution as markets hover near all-time highs, with traders weighing the Federal Reserve’s recent commentary on interest rates against ongoing geopolitical developments.
U.S. Size & Style
Across the U.S. market, a clear defensive tilt was visible as value-oriented large-caps showed the most resilience, with Large Value (IVE) down only -0.19%. In contrast, growth and smaller-cap segments faced stronger headwinds. Small-Cap Growth (IJT) was the weakest performer, falling -1.13%, indicating a risk-off sentiment among investors. Mid-caps also lagged, with both Mid-Cap Growth (IJK) and Mid-Cap Blend (IJH) posting notable declines of -1.05% and -0.75% respectively.
| Ticker | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | -0.19% | 0.04% | 0.81% | 6.43% | 8.57% | 6.31% |
| Large Cap (IVV) | -0.34% | -0.39% | 2.74% | 9.31% | 13.89% | 17.21% |
| Large Growth (IVW) | -0.42% | -0.73% | 4.44% | 11.68% | 18.50% | 26.29% |
| Mid Value (IJJ) | -0.45% | -0.44% | -0.57% | 5.68% | 4.82% | 6.88% |
| Mid Cap (IJH) | -0.75% | -0.87% | 0.06% | 6.05% | 5.34% | 5.81% |
| Mid Growth (IJK) | -1.05% | -1.09% | 0.65% | 6.50% | 5.65% | 4.63% |
| Small Value (IJS) | -0.59% | -0.81% | 0.79% | 11.63% | 2.62% | 4.62% |
| Small Cap (IJR) | -0.83% | -0.77% | 0.24% | 9.34% | 3.79% | 3.66% |
| Small Growth (IJT) | -1.13% | -0.79% | -0.36% | 7.07% | 4.84% | 2.32% |
U.S. Sectors & Industries
Sector performance was decidedly mixed, with defensive and cyclical groups moving in opposite directions. Energy (XLE) was the clear leader, gaining 1.30% as oil prices climbed. Utilities (XLU) and Consumer Discretionary (XLY) also posted gains of 0.71% each. On the other hand, Materials (XLB) was the biggest laggard, dropping -1.22%, followed by Real Estate (XLRE) and Communication Services (XLC). Within industries, Oil & Gas Exploration & Production was a standout performer, while Aerospace & Defense stocks faced selling pressure.
| Sector | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Energy (XLE) | +1.30% | 2.93% | 3.37% | 7.30% | 8.08% | 5.01% |
| Utilities (XLU) | +0.71% | 2.21% | 0.91% | 6.42% | 16.32% | 11.29% |
| Consumer Discretionary (XLY) | +0.71% | -0.57% | 2.97% | 11.33% | 7.49% | 20.56% |
| Consumer Staples (XLP) | +0.22% | -0.40% | -4.13% | -2.78% | 1.79% | -2.72% |
| Financials (XLF) | -0.28% | -0.85% | 0.40% | 4.28% | 12.07% | 20.71% |
| Health Care (XLV) | -0.40% | -0.20% | -0.84% | 2.42% | 0.45% | -9.91% |
| Industrials (XLI) | -0.52% | -0.16% | -0.17% | 5.39% | 16.73% | 14.84% |
| Technology (XLK) | -0.62% | -0.03% | 6.26% | 12.78% | 20.33% | 25.32% |
| Communication Services (XLC) | -0.83% | -1.31% | 5.87% | 11.98% | 22.37% | 33.08% |
| Real Estate (XLRE) | -1.02% | 0.09% | -1.07% | -0.89% | 4.56% | -4.19% |
| Materials (XLB) | -1.22% | -1.57% | -3.01% | 1.99% | 7.29% | -5.24% |
Global Thematic
Thematic ETFs showed significant divergence, with themes tied to commodities and cryptocurrency miners surging while others, like hydrogen and precious metals miners, fell sharply. The Rare Earth and Strategic Metals ETF (REMX) was the top performer with a remarkable 6.46% gain. Cannabis ETFs also had a strong session. Conversely, the Global X Hydrogen ETF (HYDR) plummeted -4.73%, making it the worst-performing thematic fund of the day.
| Ticker | Name | 1-Day % Change |
|---|---|---|
| Top 5 Performers | ||
| REMX | VanEck Rare Earth and Strategic Metals ETF | +6.46% |
| MSOS | AdvisorShares Pure US Cannabis ETF | +5.92% |
| WGMI | CoinShares Bitcoin Mining ETF | +4.90% |
| MJ | Amplify Alternative Harvest ETF | +4.25% |
| CNBS | Amplify Seymour Cannabis ETF | +3.92% |
| Bottom 5 Performers | ||
| HYDR | Global X Hydrogen ETF | -4.73% |
| GPZ | VanEck Alternative Asset Manager ETF | -3.96% |
| URA | Global X Uranium ETF | -3.51% |
| GOEX | Global X Gold Explorers ETF | -3.28% |
| SLVR | Sprott Silver Miners & Physical Silver ETF | -3.01% |
Developed Markets ex-U.S.
Developed international markets were broadly negative, with the broad EAFE index (EFA) down -0.58%. South Korea (EWY) was the notable underperformer, declining by -1.73%. Other significant losers included Australia (EWA) and Switzerland (EWL). Germany (EWG) bucked the trend, finishing nearly flat with a slight loss of -0.07%, showing relative strength in a weak European session.
| Country | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Germany (EWG) | -0.07% | 0.05% | -3.33% | -0.36% | 31.74% | 26.42% |
| U.K. (EWU) | -0.29% | -0.02% | -1.73% | 4.92% | 24.47% | 14.79% |
| Japan (EWJ) | -0.30% | 0.07% | 1.04% | 11.15% | 21.47% | 16.46% |
| Hong Kong (EWH) | -0.47% | -1.82% | -1.86% | 5.93% | 29.23% | 24.00% |
| Canada (EWC) | -0.57% | -0.97% | 4.60% | 10.13% | 25.50% | 23.03% |
| Dev ex-U.S. (EFA) | -0.58% | -0.45% | -0.70% | 5.16% | 24.56% | 14.93% |
| Netherlands (EWN) | -0.61% | 0.76% | 5.69% | 5.74% | 30.44% | 17.24% |
| France (EWQ) | -1.09% | -0.62% | -1.74% | 3.26% | 23.72% | 11.14% |
| Switzerland (EWL) | -1.32% | -1.36% | -2.03% | 0.35% | 20.86% | 7.59% |
| Australia (EWA) | -1.49% | -1.56% | -2.90% | 1.61% | 12.63% | 1.65% |
| South Korea (EWY) | -1.73% | -0.01% | 8.88% | 10.17% | 57.28% | 26.04% |
Emerging Markets
Emerging markets showed resilience compared to their developed counterparts, with the broad EM index (EEM) down a modest -0.34%. The standout performer was China (MCHI), which rallied 1.45% on reports of increased government spending on AI. This contrasted sharply with other emerging economies, such as Malaysia (EWM) and South Africa (EZA), which saw declines of -1.59% and -1.43% respectively. India (INDA) also continued its recent weak spell, falling -0.60%.
| Country | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| China (MCHI) | +1.45% | 0.22% | 4.89% | 16.21% | 39.16% | 40.88% |
| Emerging (EEM) | -0.34% | 0.21% | 4.92% | 10.85% | 28.24% | 19.78% |
| Indonesia (EIDO) | -0.45% | -0.62% | -5.20% | 1.73% | -1.75% | -21.76% |
| India (INDA) | -0.60% | -2.22% | -1.57% | -3.76% | 0.19% | -9.79% |
| Brazil (EWZ) | -0.86% | 0.39% | 8.53% | 10.97% | 40.45% | 11.29% |
| Taiwan (EWT) | -1.12% | 0.30% | 6.55% | 11.88% | 22.82% | 18.86% |
| Thailand (THD) | -1.29% | -2.95% | 1.35% | 16.87% | 0.13% | -12.07% |
| Mexico (EWW) | -1.42% | 0.56% | 5.84% | 12.26% | 44.54% | 25.41% |
| South Africa (EZA) | -1.43% | -0.91% | 5.39% | 15.92% | 49.61% | 30.32% |
| Malaysia (EWM) | -1.59% | -1.02% | -1.52% | 6.56% | 5.45% | -3.61% |
Fixed Income
The fixed income market saw widespread losses as yields ticked higher. The core aggregate bond ETF (AGG) fell by -0.19%. Longer-duration assets were hit hardest, with Long Term Taxable bonds (BLV) down -0.38%. Riskier segments like High Yield (HYG) and Convertibles (CWB) also declined. The only bright spot was the ultrashort end of the curve, with BIL posting a small gain of 0.02%.
| Ticker | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Ultrashort (BIL) | +0.02% | 0.03% | 0.37% | 1.09% | 3.10% | 4.37% |
| International USD (BNDX) | 0.00% | -0.02% | 0.43% | 0.47% | 2.40% | 2.47% |
| Government Short (SPTS) | -0.03% | 0.00% | 0.47% | 1.28% | 3.84% | 3.76% |
| Taxable Multisector (PYLD) | -0.04% | -0.07% | 1.40% | 3.17% | 7.60% | 6.91% |
| Bank Loans (BKLN) | -0.05% | 0.02% | 0.74% | 2.11% | 4.69% | 7.44% |
| Emerging USD (EMB) | -0.06% | 0.55% | 1.81% | 5.20% | 11.11% | 8.12% |
| Municipal Intermediate (MUB) | -0.08% | -0.11% | 2.31% | 2.88% | 1.95% | 1.15% |
| Taxable Short-Term (BSV) | -0.08% | -0.08% | 0.47% | 1.46% | 4.74% | 3.85% |
| Municipal High Yield (HYD) | -0.08% | -0.35% | 3.25% | 2.64% | 0.62% | 0.17% |
| Municipal Short (SUB) | -0.11% | -0.12% | 0.20% | 1.32% | 3.02% | 3.07% |
| Taxable High Yield (HYG) | -0.14% | -0.14% | 0.85% | 2.70% | 7.22% | 7.34% |
| Corporate (SPIB) | -0.15% | -0.18% | 0.82% | 2.45% | 6.59% | 4.90% |
| Municipal Long (MLN) | -0.17% | -0.14% | 4.15% | 4.14% | 0.04% | -0.80% |
| Inflation Protected (TIP) | -0.18% | -0.15% | 0.69% | 2.58% | 6.90% | 3.31% |
| Taxable Core (AGG) | -0.19% | -0.15% | 1.08% | 2.34% | 6.07% | 2.47% |
| Taxable Core Enhanced (IUSB) | -0.19% | -0.13% | 1.07% | 2.47% | 6.17% | 2.94% |
| Mortgage Backed (MBS) | -0.20% | -0.07% | 1.47% | 2.80% | 6.74% | 3.01% |
| Government Intermediate (SPTI) | -0.24% | -0.14% | 0.63% | 1.80% | 6.30% | 2.91% |
| Government Long (SPTL) | -0.33% | -0.07% | 2.42% | 3.00% | 5.36% | -4.38% |
| Convertible (CWB) | -0.37% | -0.44% | 4.89% | 10.71% | 17.01% | 20.90% |
| Taxable Long Term (BLV) | -0.38% | -0.25% | 2.31% | 3.61% | 6.48% | -2.06% |
| Emerging (EMLC) | -0.43% | -0.31% | 1.05% | 3.43% | 15.10% | 6.82% |
| Preferred Stock (PFF) | -0.50% | -0.78% | 1.02% | 5.96% | 5.99% | 1.51% |
| International (IGOV) | -0.70% | -0.31% | 0.09% | -0.47% | 10.41% | 1.62% |
Commodities
Commodities had a mixed session, with strong gains in energy and industrial metals contrasting with losses in precious metals. WTI Crude Oil (USO) jumped 1.79%, and Copper (CPER) surged 3.77%. Gold (GLD) fell -0.91%, and Palladium (PALL) was the worst performer, dropping -1.30%. Agriculture was mostly down, with Wheat (WEAT) losing -0.48%.
| Commodity | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Copper (CPER) | +3.77% | 3.92% | 6.95% | -3.23% | 18.04% | 4.95% |
| WTI Crude Oil (USO) | +1.79% | 3.90% | 2.34% | 4.64% | 1.11% | 4.23% |
| Brent Crude Oil (BNO) | +1.54% | 3.50% | 2.48% | 6.16% | 3.54% | 5.66% |
| Industrial Metals (DBB) | +1.40% | 0.69% | 3.56% | 7.01% | 7.90% | 3.27% |
| Energy (DBE) | +1.14% | 2.53% | 2.20% | 3.30% | 4.35% | 8.01% |
| Broad Commodities (DJP) | +0.42% | 1.18% | 3.11% | 2.48% | 9.35% | 8.50% |
| Gasoline (UGA) | +0.38% | 2.24% | 1.38% | 7.98% | 3.78% | 8.09% |
| Agriculture (DBA) | +0.34% | -0.26% | -2.50% | 2.32% | 1.17% | 7.13% |
| Sugar (CANE) | +0.16% | -0.14% | -5.78% | -5.29% | -9.45% | -22.91% |
| Natural Gas (UNG) | 0.00% | -1.67% | 3.78% | -23.94% | -26.47% | -21.82% |
| Soybeans (SOYB) | -0.14% | -1.37% | -3.30% | -1.32% | 0.84% | -5.08% |
| Corn (CORN) | -0.17% | -0.11% | 2.43% | -0.67% | -5.59% | -2.48% |
| Platinum (PPLT) | -0.24% | 4.65% | 8.43% | 12.15% | 61.87% | 48.03% |
| Silver (SLV) | -0.35% | 2.00% | 12.68% | 22.11% | 51.23% | 35.53% |
| Wheat (WEAT) | -0.48% | -0.71% | -0.95% | -8.33% | -13.28% | -19.46% |
| Precious Metals (DBP) | -0.85% | 1.30% | 10.65% | 13.63% | 40.94% | 37.46% |
| Gold (GLD) | -0.91% | 1.22% | 10.54% | 12.13% | 41.79% | 39.52% |
| Palladium (PALL) | -1.30% | 5.24% | 7.43% | 13.58% | 32.11% | 12.82% |
Cryptocurrency
The cryptocurrency market saw a recovery, with Bitcoin (IBIT) leading the way with a 1.59% gain. Ethereum (ETHA) was more subdued, rising just 0.16%. The only major asset in the red was Solana (SOLZ), which slipped -0.61%, continuing its recent underperformance relative to the two largest cryptocurrencies.
| Asset | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -0.61% | -9.87% | 5.02% | 41.77% | ||
| Ethereum (ETHA) | +0.16% | -6.29% | -14.02% | 70.51% | 24.40% | 56.52% |
| Bitcoin (IBIT) | +1.59% | -1.45% | -2.76% | 7.26% | 21.43% | 75.82% |
| Multi-Coin (NCIQ) | +1.59% | -2.30% | -4.82% | 14.92% |
What to Watch Today
Investors today are closely watching the release of the final Q2 GDP figures and August’s Durable Goods Orders, both due out at 8:30 AM ET. The final GDP reading will provide a comprehensive look at the health of the U.S. economy in the second quarter and could influence the Federal Reserve’s outlook on interest rates. The Durable Goods report is a key indicator of business investment and consumer demand for big-ticket items. A strong report could signal economic resilience, while a weak one might raise concerns about a slowdown. The market’s reaction to this data will be a key factor in today’s trading session.
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.
