Macro Overview
The U.S. market finished a volatile session with a mixed picture on Tuesday, as escalating trade tensions between the U.S. and China weighed on the technology sector. While the broader market saw gains, with the Dow Jones Industrial Average rising, the tech-heavy Nasdaq Composite fell sharply. The benchmark S&P 500 (IVV) ultimately closed slightly lower, erasing earlier gains to end the day down -0.11%. The divergence was clear as value-oriented and smaller-cap stocks outperformed their growth counterparts, reflecting a rotation in investor sentiment amid geopolitical uncertainty.
U.S. Size & Style
Tuesday’s session highlighted a significant preference for smaller, value-oriented companies over large-cap growth stocks. Small-cap value stocks, as measured by Small Value (IJS), were the standout performers with a gain of 1.54%. In contrast, Large Growth (IVW) was the weakest segment, falling -0.75%. This rotation suggests investors are seeking opportunities in less-crowded trades and potentially shielding themselves from the international trade headwinds impacting mega-cap technology names.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Value (IVE) | +0.65% | 1.54% | 1.26% | 4.43% | 9.08% | 4.78% |
| Large Cap (IVV) | -0.11% | 1.41% | 1.02% | 6.33% | 14.09% | 14.80% |
| Large Growth (IVW) | -0.75% | 1.29% | 0.81% | 7.96% | 18.42% | 23.09% |
| Mid Value (IJJ) | +1.37% | 3.24% | -0.77% | 1.94% | 4.94% | 5.08% |
| Mid Cap (IJH) | +0.91% | 2.89% | -0.74% | 2.59% | 5.40% | 4.02% |
| Mid Growth (IJK) | +0.63% | 2.72% | -0.62% | 3.26% | 5.69% | 2.78% |
| Small Value (IJS) | +1.54% | 3.89% | 0.06% | 6.58% | 2.60% | 4.38% |
| Small Cap (IJR) | +1.52% | 3.57% | 0.28% | 5.02% | 3.80% | 3.19% |
| Small Growth (IJT) | +1.52% | 3.32% | 0.40% | 3.47% | 4.89% | 1.69% |
U.S. Sectors & Industries
Defensive and cyclical sectors led the way, with Consumer Staples (XLP) posting a strong 1.61% gain. Industrials and Financials also performed well. The clear laggard was the Technology (XLK) sector, which dropped -1.28% on trade concerns. At the industry level, homebuilders and regional banks were notable bright spots, with the Homebuilders (XHB) and Regional Banking (KRE) ETFs surging 3.14% and 3.09% respectively. Conversely, oil and gas exploration and production companies faced headwinds.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Consumer Staples (XLP) | +1.61% | 1.27% | -0.85% | -1.53% | 2.53% | -0.92% |
| Industrials (XLI) | +1.18% | 2.23% | 1.51% | 1.89% | 17.48% | 11.72% |
| Financial (XLF) | +1.10% | 2.07% | -0.71% | 1.65% | 11.29% | 15.42% |
| Materials (XLB) | +1.00% | 2.60% | -2.34% | -1.62% | 7.45% | -5.77% |
| Real Estate (XLRE) | +0.95% | 1.52% | -1.74% | -0.56% | 3.88% | -2.35% |
| Utilities (XLU) | +0.89% | 1.66% | 7.97% | 11.51% | 23.67% | 17.60% |
| Communication Services (XLC) | +0.66% | 1.59% | -2.01% | 7.42% | 19.41% | 27.57% |
| Health Care (XLV) | +0.27% | 0.16% | 3.53% | 5.90% | 4.84% | -6.38% |
| Consumer Discretionary (XLY) | +0.21% | 2.45% | -1.62% | 5.63% | 5.14% | 19.69% |
| Energy (XLE) | -0.01% | 1.35% | -1.68% | -1.18% | 3.33% | -3.79% |
| Technology (XLK) | -1.28% | 1.12% | 4.06% | 10.26% | 21.63% | 21.15% |
Global Thematic
Thematic investing saw wide performance dispersion. Crypto and clean energy themes rallied, with Crypto Miners (WGMI) jumping 4.81%. On the other end of the spectrum, themes tied to innovation and AI, such as the Spear Alpha ETF (SPRX), experienced significant pullbacks, falling -4.77%.
| Top 5 Performers (Ticker) | 1-Day % Change |
|---|---|
| CoinShares Bitcoin Mining ETF (WGMI) | +4.81% |
| Global X Blockchain ETF (BKCH) | +4.65% |
| Sprott Junior Uranium Miners ETF (URNJ) | +4.58% |
| Sprott Uranium Miners ETF (URNM) | +4.51% |
| Global X Hydrogen ETF (HYDR) | +3.28% |
| Bottom 5 Performers (Ticker) | 1-Day % Change |
|---|---|
| Spear Alpha ETF (SPRX) | -4.77% |
| iShares A.J. Innovation and Tech Active ETF (BAI) | -3.25% |
| AdvisorShares Pure US Cannabis ETF (MSOS) | -3.23% |
| Global X Copper Miners ETF (COPX) | -3.12% |
| Roundhill Generative Al & Technology ETF (CHAT) | -2.98% |
Developed Markets ex-U.S.
Developed international markets were broadly positive, with the Dev ex-U.S. (EFA) benchmark gaining 0.45%. France was a notable outperformer, with France (EWQ) rising 1.80%. However, South Korea (EWY) lagged significantly, falling -1.11%, likely impacted by the regional trade tensions involving China.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Dev ex-U.S. (EFA) | +0.45% | 1.26% | 0.44% | 5.00% | 25.66% | 16.68% |
| Australia (EWA) | +0.15% | 0.98% | -1.98% | 1.17% | 13.61% | 3.89% |
| Canada (EWC) | -0.12% | 1.34% | 1.88% | 8.81% | 26.22% | 23.89% |
| France (EWQ) | +1.80% | 1.94% | 1.47% | 2.34% | 25.77% | 15.57% |
| Germany (EWG) | -0.26% | 0.36% | 0.87% | -1.61% | 33.12% | 26.94% |
| Hong Kong (EWH) | -0.19% | 1.94% | -3.92% | 4.72% | 29.11% | 18.15% |
| Japan (EWJ) | +0.95% | 2.14% | -0.89% | 10.54% | 20.25% | 15.15% |
| Netherlands (EWN) | +0.02% | 1.98% | 5.67% | 6.18% | 31.56% | 16.77% |
| South Korea (EWY) | -1.11% | 2.44% | 5.12% | 12.96% | 62.49% | 33.23% |
| Switzerland (EWL) | +0.45% | 0.41% | 1.22% | 2.96% | 24.90% | 11.29% |
| U.K. (EWU) | +0.17% | 0.79% | 0.29% | 5.07% | 26.61% | 19.05% |
Emerging Markets
Emerging markets broadly declined, with the Emerging (EEM) index down -0.90%. Asian markets felt the pressure from U.S.-China trade friction, with China (MCHI) and Taiwan (EWT) falling -1.14% and -1.33%, respectively. Indonesia was the weakest performer, as Indonesia (EIDO) dropped -1.99%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Emerging (EEM) | -0.90% | 1.98% | 1.36% | 9.60% | 27.87% | 17.79% |
| Brazil (EWZ) | -0.27% | 1.08% | -3.10% | 6.55% | 31.63% | 7.00% |
| China (MCHI) | -1.14% | 1.94% | -2.14% | 12.66% | 34.85% | 24.82% |
| India (INDA) | -0.36% | 0.02% | -0.70% | -3.90% | 0.27% | -7.25% |
| Indonesia (EIDO) | -1.99% | -0.52% | -3.42% | -2.33% | -4.31% | -18.21% |
| Malaysia (EWM) | +0.04% | 1.54% | 0.98% | 6.77% | 7.08% | 3.40% |
| Mexico (EWW) | -0.96% | 0.70% | -1.94% | 8.77% | 41.00% | 25.47% |
| South Africa (EZA) | -1.06% | 3.14% | 7.83% | 23.25% | 57.67% | 40.42% |
| Taiwan (EWT) | -1.33% | 3.38% | 1.38% | 10.19% | 23.07% | 18.80% |
| Thailand (THD) | -0.91% | 0.53% | -4.16% | 10.39% | -0.93% | -11.46% |
Fixed Income
The fixed income market saw broad gains as investors sought safety amid equity market volatility. The benchmark Taxable Core (AGG) rose 0.16%. Longer-duration assets performed particularly well, with Taxable Long Term (BLV) gaining 0.36%. Inflation-protected securities were a notable exception, with Inflation Protected (TIP) declining by -0.11%.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | +0.16% | 0.35% | 0.56% | 3.81% | 7.10% | 5.40% |
| Taxable Core Enhanced (IUSB) | +0.13% | 0.34% | 0.53% | 3.68% | 7.09% | 5.62% |
| Taxable Multisector (PYLD) | +0.19% | 0.22% | 0.26% | 3.29% | 7.88% | 8.09% |
| Taxable Ultrashort (BIL) | +0.00% | 0.01% | 0.32% | 1.06% | 3.30% | 4.34% |
| Taxable Short-Term (BSV) | +0.06% | 0.20% | 0.45% | 2.04% | 5.27% | 5.29% |
| Taxable Long Term (BLV) | +0.36% | 0.57% | 0.95% | 6.99% | 8.53% | 3.50% |
| Government Short (SPTS) | +0.10% | 0.10% | 0.50% | 1.73% | 4.28% | 4.86% |
| Government Intermediate (SPTI) | +0.16% | 0.24% | 0.45% | 3.01% | 7.18% | 5.70% |
| Government Long (SPTL) | +0.29% | 0.22% | 1.22% | 6.87% | 7.64% | 2.19% |
| Inflation Protected (TIP) | -0.11% | 0.14% | 0.18% | 2.89% | 7.48% | 5.13% |
| Corporate (SPIB) | +0.21% | 0.38% | 0.45% | 2.99% | 7.20% | 6.50% |
| Taxable High Yield (HYG) | +0.11% | 0.74% | -0.05% | 2.03% | 6.92% | 7.20% |
| Bank Loans (BKLN) | -0.05% | 0.19% | -0.12% | 0.85% | 4.29% | 6.01% |
| Preferred Stock (PFF) | +0.16% | 0.87% | -1.29% | 2.50% | 4.95% | 0.45% |
| Convertible (CWB) | +0.01% | 2.21% | 5.16% | 10.75% | 20.89% | 22.31% |
| Mortgage Backed (MBS) | +0.08% | 0.27% | 0.48% | 4.16% | 7.59% | 5.78% |
| International USD (BNDX) | +0.10% | 0.20% | 0.82% | 1.88% | 3.30% | 3.96% |
| International (IGOV) | +0.45% | 0.26% | -0.68% | 0.31% | 10.28% | 5.05% |
| Emerging USD (EMB) | -0.04% | 0.64% | 0.40% | 5.12% | 11.26% | 9.18% |
| Emerging (EMLC) | +0.04% | 0.36% | -0.10% | 2.54% | 14.85% | 9.48% |
| Municipal Short (SUB) | -0.02% | 0.08% | -0.21% | 0.90% | 3.04% | 3.25% |
| Municipal Intermediate (MUB) | -0.06% | 0.09% | 0.76% | 3.84% | 2.80% | 2.55% |
| Municipal Long (MLN) | -0.17% | 0.31% | 1.57% | 6.21% | 1.31% | 1.46% |
| Municipal High Yield (HYD) | -0.04% | 0.12% | 0.54% | 3.81% | 1.16% | 0.97% |
Commodities
Commodities were mixed, with precious metals gaining while energy prices fell. Gold (GLD) rose 0.71% as a safe-haven asset. In contrast, energy commodities declined, with WTI Crude Oil (USO) dropping -1.82%. Palladium was the day’s strongest performer, as Palladium (PALL) surged 2.59%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Broad Commodities (DJP) | -0.45% | 1.05% | 2.18% | 2.92% | 11.06% | 11.27% |
| Energy (DBE) | -1.72% | -0.43% | -4.33% | -6.93% | -2.52% | -2.80% |
| WTI Crude Oil (USO) | -1.82% | -0.56% | -5.88% | -8.75% | -8.67% | -9.13% |
| Brent Crude Oil (BNO) | -2.15% | -0.84% | -6.05% | -6.89% | -5.68% | -7.77% |
| Natural Gas (UNG) | -1.89% | -3.08% | -4.48% | -21.84% | -28.91% | -14.58% |
| Gasoline (UGA) | -1.44% | 0.19% | -5.18% | -3.35% | -3.13% | -4.68% |
| Precious Metals (DBP) | +0.40% | 3.58% | 13.99% | 24.47% | 56.94% | 54.73% |
| Gold (GLD) | +0.71% | 3.16% | 13.53% | 23.63% | 57.27% | 55.38% |
| Silver (SLV) | -0.97% | 3.02% | 22.07% | 35.14% | 77.74% | 63.98% |
| Platinum (PPLT) | +0.77% | 2.51% | 17.19% | 20.25% | 79.95% | 63.60% |
| Palladium (PALL) | +2.59% | 6.84% | 25.06% | 26.84% | 65.70% | 45.35% |
| Industrial Metals (DBB) | -1.23% | 0.24% | 2.35% | 8.75% | 10.72% | 5.50% |
| Copper (CPER) | -2.34% | 1.92% | 7.87% | -10.01% | 22.62% | 11.53% |
| Agriculture (DBA) | +0.68% | 1.03% | -3.31% | 2.74% | 0.00% | 7.25% |
| Corn (CORN) | +0.23% | -0.23% | -3.58% | -1.15% | -8.04% | -3.20% |
| Soybeans (SOYB) | -0.09% | 0.02% | -3.41% | 0.51% | 0.37% | -1.21% |
| Wheat (WEAT) | +0.25% | 0.00% | -3.81% | -10.02% | -16.18% | -23.34% |
| Sugar (CANE) | +1.19% | -1.70% | -4.67% | -7.85% | -11.64% | -21.58% |
Cryptocurrency
The cryptocurrency market saw a broad sell-off on Tuesday. Bitcoin (IBIT) fell -2.89%, and Ethereum (ETHA) declined -3.42%. The weakness was even more pronounced in other digital assets, with Solana (SOLZ) dropping -4.30% as risk-off sentiment prevailed across asset classes.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -4.30% | -2.97% | -19.23% | 14.90% | ||
| Ethereum (ETHA) | -3.42% | 2.91% | -12.10% | 36.62% | 22.89% | 56.34% |
| Multi-Coin (NCIQ) | -2.99% | -2.93% | -6.44% | -2.20% | ||
| Bitcoin (IBIT) | -2.89% | -3.46% | -3.72% | -6.26% | 20.47% | 70.11% |
What to Watch Today
The key economic release investors were anticipating, the September Consumer Price Index (CPI) report, will not be released today as scheduled. Due to the ongoing government shutdown, the Bureau of Labor Statistics has officially postponed the release to Friday, October 24, 2025, at 8:30 A.M. ET. While this removes immediate inflation data as a market catalyst, the report’s eventual release remains a critical event. It will be a key factor in the Federal Reserve’s upcoming policy decisions and is also used to determine the Social Security Administration’s annual cost-of-living adjustment (COLA) for 2026. With this delay, markets will likely turn to corporate earnings and geopolitical developments for direction.
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.
