Macro Overview
The market ended its best week in over a month on a quiet note, with the S&P 500 (IVV) finishing nearly flat, down just 0.03%. Friday’s session was characterized by consolidation as investors took profits after a strong multi-day rally fueled by rate cut expectations. The soft consumer sentiment data released in the morning, which showed a slight deterioration in confidence, gave investors a reason to pause. While the overarching narrative of a forthcoming Fed rate cut remains intact, the weak consumer data injects a note of caution about the economic outlook.
U.S. Size & Style
Friday saw a reversal of the week’s trend, with large-cap growth stocks outperforming. The Large Growth index (IVW) eked out a small gain of 0.11%, while the small- and mid-cap segments, which had led the rally earlier in the week, pulled back. Small-caps (IJR) were the weakest group, falling 1.37% as investors rotated back into the perceived safety of mega-cap names. This defensive shift suggests some apprehension after the weak consumer sentiment report.
| Name | Ticker | 1-Day % Change | 1-Month % Change | 3-Month % Change | YTD % Change | 1-Year % Change |
|---|---|---|---|---|---|---|
| Large Growth | IVW | +0.11% | 2.74% | 11.96% | 17.47% | 28.72% |
| Large Cap | IVV | -0.03% | 2.32% | 9.27% | 12.94% | 19.14% |
| Large Value | IVE | -0.22% | 1.77% | 6.20% | 7.72% | 7.68% |
| Mid Cap | IJH | -1.10% | 3.25% | 7.82% | 6.19% | 11.65% |
| Mid Value | IJJ | -1.11% | 4.03% | 7.64% | 5.75% | 12.88% |
| Mid Growth | IJK | -1.22% | 2.60% | 7.90% | 6.34% | 10.28% |
| Small Value | IJS | -1.30% | 5.28% | 12.12% | 2.54% | 9.33% |
| Small Growth | IJT | -1.32% | 1.95% | 7.49% | 4.47% | 7.43% |
| Small Cap | IJR | -1.37% | 3.57% | 9.68% | 3.50% | 8.50% |
U.S. Sectors & Industries
Defensive sectors found favor on Friday, while the cyclical areas that had prospered earlier in the week took a breather. Communication Services (+0.83%), Consumer Discretionary (+0.52%), and Utilities (+0.51%) were the only sectors to finish in the green. In contrast, Health Care was the biggest loser, falling 1.15%, with significant weakness in Pharmaceuticals (XPH, -2.33%) and Homebuilders (XHB, -2.20%). This rotation suggests investors are becoming more selective and cautious heading into a new week.
| Sector | 1-Day % Change | 1-Month % Change | 3-Month % Change | YTD % Change | 1-Year % Change |
|---|---|---|---|---|---|
| Communication Services (XLC) | +0.83% | 6.44% | 13.51% | 21.86% | 37.89% |
| Consumer Discretionary (XLY) | +0.52% | 5.24% | 11.89% | 6.87% | 25.90% |
| Utilities (XLU) | +0.51% | -0.90% | 5.12% | 14.54% | 13.62% |
| Technology (XLK) | -0.07% | 1.00% | 11.85% | 16.89% | 24.34% |
| Consumer Staples (XLP) | -0.34% | -2.80% | -1.34% | 3.41% | -1.19% |
| Financials (XLF) | -0.43% | 2.55% | 5.85% | 12.09% | 23.04% |
| Real Estate (XLRE) | -0.45% | 3.09% | 1.18% | 5.72% | -2.52% |
| Energy (XLE) | -0.59% | 4.65% | 3.18% | 5.10% | 7.53% |
| Industrials (XLI) | -0.80% | -0.21% | 5.68% | 15.74% | 18.95% |
| Materials (XLB) | -1.00% | 2.67% | 4.22% | 10.02% | 1.75% |
| Health Care (XLV) | -1.15% | 5.27% | 1.43% | 1.26% | -9.88% |
Global Thematic
Thematic performance on Friday was a mixed bag. The Crypto Miners (WGMI) theme continued its strong run, surging another 4.63%, demonstrating persistent speculative interest. However, many high-beta themes saw profit-taking after a strong week. Genomics & Immunology (ARKG), a top performer on Thursday, fell 2.25%, and the Cannabis (MSOS) theme continued its slide, dropping another 4.11%.
| Ticker | Name | 1-Day % Change |
|---|---|---|
| WGMI | CoinShares Bitcoin Mining ETF | +4.63% |
| STCE | Schwab Crypto Thematic ETF | +3.69% |
| BKCH | Global X Blockchain ETF | +3.68% |
| DAPP | VanEck Digital Transformation ETF | +2.43% |
| IBLC | iShares Blockchain and Tech ETF | +2.21% |
| XHB | SPDR S&P Homebuilders ETF | -2.20% |
| ARKG | ARK Genomic Revolution ETF | -2.25% |
| CNBS | Amplify Seymour Cannabis ETF | -3.62% |
| URNJ | Sprott Junior Uranium Miners ETF | -3.75% |
| MSOS | AdvisorShares Pure US Cannabis ETF | -4.11% |
Developed Markets ex-U.S.
International developed markets gave back some of their strong weekly gains on Friday. The broad EFA index fell 0.40%. South Korea (EWY) was a notable bright spot, continuing its outperformance with a 1.03% gain. Most other regions, including Japan (EWJ, -0.69%) and Canada (EWC, -0.64%), ended the day lower as global investors took a more cautious stance to end the week.
| Name | Ticker | 1-Day % Change | 1-Month % Change | 3-Month % Change | YTD % Change | 1-Year % Change |
|---|---|---|---|---|---|---|
| South Korea | EWY | +1.03% | 6.15% | 16.21% | 54.57% | 28.89% |
| Netherlands | EWN | +0.37% | 3.20% | 1.21% | 24.50% | 13.81% |
| France | EWQ | -0.09% | 1.40% | 2.07% | 23.95% | 14.92% |
| Germany | EWG | -0.19% | -1.99% | -0.54% | 31.97% | 30.69% |
| Dev ex-U.S. | EFA | -0.40% | 2.09% | 4.65% | 25.11% | 17.88% |
| Hong Kong | EWH | -0.54% | 3.45% | 12.33% | 34.38% | 43.52% |
| U.K. | EWU | -0.59% | 2.22% | 4.95% | 26.25% | 18.77% |
| Australia | EWA | -0.62% | 1.04% | 3.81% | 15.90% | 7.94% |
| Canada | EWC | -0.64% | 4.40% | 8.55% | 23.90% | 25.25% |
| Japan | EWJ | -0.69% | 1.93% | 9.71% | 21.33% | 17.71% |
| Switzerland | EWL | -0.84% | 3.42% | 0.78% | 23.39% | 11.04% |
Emerging Markets
Emerging markets ended the day nearly unchanged, closing down just 0.06%. It was a day of stark regional divergence. Indonesia (EIDO) had a strong session, gaining 1.08%, while China (MCHI) gave back some of its recent gains, falling 0.40%. The performance was lackluster across most of the complex, with countries like Brazil (EWZ) and India (INDA) finishing slightly in the red.
| Name | Ticker | 1-Day % Change | 1-Month % Change | 3-Month % Change | YTD % Change | 1-Year % Change |
|---|---|---|---|---|---|---|
| Indonesia | EIDO | +1.08% | -4.19% | -3.12% | -0.92% | -16.61% |
| Mexico | EWW | +0.62% | 6.08% | 9.33% | 43.78% | 29.18% |
| Malaysia | EWM | +0.55% | 2.13% | 5.99% | 6.04% | 4.12% |
| Taiwan | EWT | +0.14% | 2.85% | 10.73% | 21.39% | 23.59% |
| South Africa | EZA | +0.02% | 5.34% | 11.89% | 46.23% | 39.58% |
| Emerging | EEM | -0.06% | 4.73% | 10.21% | 26.16% | 25.86% |
| Brazil | EWZ | -0.07% | 5.78% | 8.62% | 35.84% | 9.18% |
| India | INDA | -0.17% | 1.31% | -3.01% | 0.97% | -7.31% |
| Thailand | THD | -0.18% | 5.08% | 17.11% | 3.37% | -3.78% |
| China | MCHI | -0.40% | 8.89% | 15.74% | 37.80% | 61.37% |
Fixed Income
The bond market saw a modest pullback on Friday as Treasury yields rose, recovering some of their sharp declines from earlier in the week. The risk-off move was most pronounced in longer-duration and credit-sensitive assets. International government bonds (IGOV) were hit hardest, falling 0.40%, while Government Long bonds (SPTL) dropped 0.37%. In contrast, the shortest-term instruments like Bank Loans (BKLN) and Ultrashort bonds (BIL) finished flat to slightly positive.
| Category | Ticker | 1-Day % Change | 1-Month % Change | 3-Month % Change | YTD % Change | 1-Year % Change |
|---|---|---|---|---|---|---|
| Taxable Multisector | PYLD | +0.07% | 1.74% | 3.64% | 7.60% | 7.44% |
| Convertible | CWB | +0.05% | 3.87% | 9.85% | 14.96% | 22.07% |
| Taxable Ultrashort | BIL | +0.03% | 0.40% | 1.11% | 2.97% | 4.45% |
| Bank Loans | BKLN | 0.00% | 0.69% | 2.02% | 4.42% | 7.26% |
| Government Short | SPTS | -0.03% | 0.61% | 1.53% | 3.77% | 4.01% |
| Taxable Short-Term | BSV | -0.04% | 0.79% | 1.98% | 4.80% | 4.24% |
| Emerging | EMLC | -0.04% | 1.37% | 3.81% | 14.97% | 9.05% |
| Mortgage Backed | MBS | -0.04% | 2.30% | 3.70% | 7.07% | 3.31% |
| Municipal Intermediate | MUB | -0.05% | 2.46% | 3.06% | 2.03% | 1.34% |
| Municipal Long | MLN | -0.06% | 3.66% | 4.27% | -0.25% | -0.92% |
| Municipal Short | SUB | -0.08% | 0.51% | 1.75% | 3.26% | 3.58% |
| Taxable Core | AGG | -0.09% | 1.88% | 3.28% | 6.50% | 2.93% |
| Taxable High Yield | HYG | -0.10% | 1.18% | 3.20% | 6.97% | 8.05% |
| Government Intermediate | SPTI | -0.10% | 1.40% | 2.76% | 6.71% | 3.34% |
| Taxable Core Enhanced | IUSB | -0.11% | 1.79% | 3.30% | 6.53% | 3.49% |
| Corporate | SPIB | -0.12% | 1.30% | 3.10% | 6.72% | 5.42% |
| Inflation Protected | TIP | -0.13% | 1.75% | 3.67% | 7.29% | 4.39% |
| Municipal High Yield | HYD | -0.14% | 3.22% | 2.99% | 0.62% | 0.48% |
| International USD | BNDX | -0.20% | 0.49% | 0.51% | 2.46% | 2.80% |
| Preferred Stock | PFF | -0.22% | 2.60% | 7.10% | 6.32% | 3.91% |
| Taxable Long Term | BLV | -0.27% | 3.63% | 5.04% | 7.51% | -1.46% |
| Emerging USD | EMB | -0.29% | 2.11% | 5.45% | 10.82% | 8.74% |
| Government Long | SPTL | -0.37% | 3.57% | 4.28% | 6.34% | -4.56% |
| International | IGOV | -0.40% | 0.95% | 0.16% | 11.04% | 3.00% |
Commodities
Commodities finished the week on a positive note, with the broad index (DJP) gaining 0.64% on Friday. Precious metals were particularly strong, with Silver (SLV) jumping 1.46% and Palladium (PALL) adding another 1.79% to its weekly gains. The energy complex also rebounded from Thursday’s losses, with Brent Crude (BNO) up 0.87%. The only notable weak spot was Copper (CPER), which slipped 0.69%.
| Name | Ticker | 1-Day % Change | 1-Month % Change | 3-Month % Change | YTD % Change | 1-Year % Change |
|---|---|---|---|---|---|---|
| Palladium | PALL | +1.79% | 7.61% | 14.09% | 32.50% | 14.83% |
| Corn | CORN | +1.70% | 7.12% | -2.24% | -4.64% | -0.28% |
| Silver | SLV | +1.46% | 11.42% | 15.97% | 45.61% | 40.59% |
| Platinum | PPLT | +0.98% | 4.55% | 8.20% | 53.56% | 41.95% |
| Soybeans | SOYB | +0.95% | 1.57% | 2.90% | 3.91% | 0.54% |
| Brent Crude Oil | BNO | +0.87% | 2.11% | 0.77% | 0.40% | 6.78% |
| Gasoline | UGA | +0.87% | 4.38% | 3.71% | 2.16% | 11.42% |
| Industrial Metals | DBB | +0.84% | 3.40% | 8.88% | 8.17% | 9.69% |
| Natural Gas | UNG | +0.72% | 1.87% | -22.15% | -25.58% | -15.64% |
| Broad Commodities | DJP | +0.64% | 4.31% | 1.27% | 8.70% | 14.20% |
| Precious Metals | DBP | +0.54% | 9.28% | 8.94% | 37.68% | 40.82% |
| Wheat | WEAT | +0.48% | -0.47% | -6.46% | -12.86% | -18.92% |
| WTI Crude Oil | USO | +0.42% | 0.49% | -2.32% | -2.96% | 4.89% |
| Agriculture | DBA | +0.33% | 2.57% | 1.81% | 3.42% | 14.75% |
| Gold | GLD | +0.20% | 8.81% | 7.44% | 38.53% | 41.93% |
| Sugar | CANE | +0.09% | -5.82% | -4.30% | -7.31% | -9.21% |
| Copper | CPER | -0.69% | 1.92% | -5.49% | 13.67% | 8.66% |
Cryptocurrency
Cryptocurrencies had a spectacular day, with major assets surging. Solana (SOLZ) led the charge with a massive 6.62% gain. Ethereum (ETHA) wasn’t far behind, jumping 5.58%. Bitcoin (IBIT) also participated in the rally, climbing 2.08%. The broad and powerful move across the digital asset space suggests a significant return of speculative appetite to end the week.
| Name | Ticker | 1-Day % Change | 1-Month % Change | 3-Month % Change | YTD % Change | 1-Year % Change |
|---|---|---|---|---|---|---|
| Solana | SOLZ | +6.62% | 24.56% | 49.44% | N/A | N/A |
| Ethereum | ETHA | +5.58% | 3.24% | 73.42% | 39.82% | 97.43% |
| Multi-Coin | NCIQ | +2.62% | -1.49% | 17.23% | N/A | N/A |
| Bitcoin | IBIT | +2.08% | -2.31% | 9.36% | 25.13% | 99.64% |
What to Watch Today
With no major economic releases scheduled for Monday, the market will likely focus on digesting last week’s pivotal inflation and employment data. The key report to watch is the NY Empire State Manufacturing Index at 8:30 AM ET, which provides a timely read on manufacturing activity in the New York region. A significant deviation from the consensus forecast of 10.0 could influence sentiment about the broader economic picture. However, the main driver for the week will likely be anticipation of the Federal Reserve’s interest rate decision and press conference on Wednesday.
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.
