Macro Overview
U.S. equities continued their early-year “Freedom Rally” on Tuesday, January 6, with the S&P 500 (IVV) climbing 0.59% to reach a new record high. Sentiment remains buoyed by the administration’s geopolitical pivot in Venezuela, which has sparked optimism regarding global energy supply stability and U.S. corporate access to oil reserves. While the tech-heavy Nasdaq broke its losing streak, the broader market participation was notably strong, particularly in mid-cap and value-oriented segments. Investors are now shifting focus toward critical labor data due later this week, as the Federal Reserve’s roadmap for 2026 enters a “policy normalization” phase.
U.S. Size & Style
Mid-cap and small-cap stocks outperformed their large-cap counterparts on Tuesday, signaling a broadening of the current rally beyond the “Magnificent Seven” tech giants. The Mid Growth (IJK) lead the style box with a 1.79% gain, while Small Value (IJS) advanced 1.65%. Large-cap growth saw more tempered gains as the Large Growth (IVW) rose only 0.54%, as investors rebalanced toward cyclical names and value plays.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Mid Growth (IJK) | +1.79% | 3.08% | 4.01% | 5.19% | 4.69% | 10.36% |
| Small Value (IJS) | +1.65% | 3.08% | 3.96% | 6.19% | 3.95% | 10.42% |
| Small Cap (IJR) | +1.49% | 2.76% | 3.02% | 4.62% | 3.78% | 8.95% |
| Mid Cap (IJH) | +1.45% | 2.76% | 3.85% | 4.89% | 4.18% | 10.66% |
| Small Growth (IJT) | +1.34% | 2.50% | 2.22% | 3.11% | 3.58% | 7.50% |
| Mid Value (IJJ) | +1.13% | 2.53% | 3.77% | 4.80% | 3.69% | 10.67% |
| Large Value (IVE) | +0.70% | 1.65% | 2.52% | 4.32% | 1.99% | 14.89% |
| Large Cap (IVV) | +0.59% | 1.27% | 1.20% | 3.33% | 1.45% | 17.64% |
| Large Growth (IVW) | +0.54% | 0.91% | 0.07% | 2.43% | 0.97% | 19.81% |
U.S. Sectors & Industries
Sector performance was dominated by cyclical and growth-sensitive groups. Materials (XLB) led the way, surging 1.98%, while Health Care (XLV) advanced 1.97%. Conversely, the Energy (XLE) sector plummeted -2.67%, retracing earlier gains as the market digested the long-term logistical hurdles of restoring Venezuelan output. Within industries, Semiconductors (XSD) jumped 4.01% and Metals & Mining (XME) gained 3.57%, bolstered by safe-haven demand in precious metals.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Materials (XLB) | +1.98% | 2.99% | 8.28% | 6.35% | 4.74% | 15.67% |
| Health Care (XLV) | +1.97% | 1.66% | 3.59% | 10.16% | 2.13% | 15.71% |
| Technology (XLK) | +1.40% | 1.63% | 0.18% | 2.14% | 1.86% | 23.60% |
| Industrials (XLI) | +1.36% | 2.56% | 5.17% | 4.79% | 4.45% | 24.01% |
| Real Estate (XLRE) | +0.67% | 0.79% | 0.37% | -1.24% | 0.87% | 4.49% |
| Consumer Discretionary (XLY) | +0.64% | 2.30% | 1.32% | 1.13% | 1.39% | 7.69% |
| Financial (XLF) | +0.48% | 2.68% | 5.43% | 5.39% | 2.98% | 18.04% |
| Utilities (XLU) | +0.49% | -0.63% | -0.16% | -3.69% | 0.52% | 15.79% |
| Consumer Staples (XLP) | +0.16% | -0.28% | -0.47% | 0.82% | -0.27% | 2.68% |
| Communication Services (XLC) | -0.36% | 0.37% | 0.49% | 1.03% | -0.33% | 20.02% |
| Energy (XLE) | -2.67% | -0.02% | 0.23% | 3.02% | 2.08% | 8.34% |
Global Thematic
Thematic performance saw massive divergence, with precious metal miners and genomics leading the market. The Amplify Junior Silver Miners (SILJ) soared 5.79% as silver prices spiked toward multi-year highs. On the flip side, energy infrastructure themes were dragged lower by the volatility in oil markets, with VanEck Energy Income (EINC) falling -2.40%.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Amplify Junior Silver Miners ETF (SILJ) | +5.79% |
| iShares MSCI Global Silver Miners ETF (SLVP) | +5.71% |
| Sprott Silver Miners & Physical Silver ETF (SLVR) | +5.40% |
| VanEck Rare Earth and Strategic Metals ETF (REMX) | +5.24% |
| ARK Genomic Revolution ETF (ARKG) | +5.07% |
| Alerian Energy Infrastructure ETF (ENFR) | -2.13% |
| CoinShares Bitcoin Mining ETF (WGMI) | -2.11% |
| USCF Midstream Energy Income Fund ETF (UMI) | -2.24% |
| Global X MLP & Energy Infrastructure ETF (MLPX) | -2.26% |
| VanEck Energy Income ETF (EINC) | -2.40% |
Developed Markets ex-U.S.
International developed markets posted moderate gains, with the Developed ex-U.S. (EFA) up 0.15%. South Korea led the country-specific performance, as the South Korea (EWY) advanced 2.65%. However, weakness in European financials and the Australian mining sector provided a headwind for the broader region.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| South Korea (EWY) | +2.65% | 5.27% | 16.71% | 29.82% | 10.69% | 102.31% |
| Hong Kong (EWH) | +1.14% | 1.69% | 4.13% | 6.60% | 4.66% | 42.39% |
| U.K. (EWU) | +0.54% | 1.33% | 6.26% | 7.85% | 2.43% | 37.31% |
| Netherlands (EWN) | +0.50% | 3.07% | 7.18% | 5.15% | 5.98% | 39.08% |
| France (EWQ) | +0.40% | 0.64% | 2.71% | 3.71% | 1.36% | 29.33% |
| Switzerland (EWL) | +0.20% | 0.35% | 4.34% | 6.75% | 0.98% | 32.64% |
| Germany (EWG) | +0.19% | 1.34% | 4.15% | 1.67% | 1.48% | 35.86% |
| Dev ex-U.S. (EFA) | +0.15% | 1.30% | 4.47% | 5.03% | 2.36% | 33.27% |
| Canada (EWC) | +0.11% | 0.85% | 3.47% | 7.49% | 1.34% | 35.98% |
| Japan (EWJ) | -0.07% | 2.14% | 3.01% | 3.54% | 2.89% | 28.89% |
| Australia (EWA) | -0.45% | 0.08% | 2.30% | -1.52% | 1.15% | 12.44% |
Emerging Markets
Emerging markets showed broad resilience as the Emerging (EEM) rose 0.74%. South Africa was the standout performer, with Africa (EZA) jumping 3.56%. While Brazil and Taiwan posted gains, the India and Mexico markets faced selling pressure, as investors weighed local economic signals against the global geopolitical landscape.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Africa (EZA) | +3.56% | 4.81% | 13.05% | 17.48% | 5.73% | 82.99% |
| Brazil (EWZ) | +0.98% | 2.83% | 5.44% | 13.16% | 4.22% | 52.91% |
| Taiwan (EWT) | +0.81% | 1.64% | 5.38% | 5.89% | 3.62% | 27.95% |
| Emerging (EEM) | +0.74% | 1.85% | 6.15% | 6.65% | 4.70% | 38.68% |
| Indonesia (EIDO) | +0.21% | 1.44% | 2.36% | 10.59% | 2.03% | 6.02% |
| Malaysia (EWM) | +0.07% | 0.77% | 5.36% | 7.58% | 0.99% | 18.25% |
| China (MCHI) | +0.06% | 0.76% | 1.31% | -4.74% | 4.39% | 40.51% |
| India (INDA) | -0.39% | -0.88% | 0.20% | 2.50% | 0.06% | 2.74% |
| Thailand (THD) | -0.70% | 1.55% | 2.50% | 3.40% | 1.96% | 7.02% |
| Mexico (EWW) | -0.77% | 0.55% | 3.96% | 9.11% | 1.02% | 51.42% |
Fixed Income
Fixed income markets were relatively stable as investors braced for the January employment situation reports. Risk-on sentiment favored hybrid securities, with the Convertible (CWB) jumping 1.27% and Preferred Stock (PFF) gaining 0.38%. Conversely, long-term government bonds faced slight pressure as yields adjusted higher in anticipation of potentially firm labor data.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.02% | 0.17% | 0.32% | 1.05% | 0.14% | 7.55% |
| Taxable Core Enhanced (IUSB) | +0.02% | 0.19% | 0.35% | 1.15% | 0.17% | 7.81% |
| Taxable Multisector (PYLD) | +0.15% | 0.22% | 0.85% | 2.03% | 0.34% | 9.86% |
| Taxable Ultrashort (BIL) | +0.01% | 0.01% | 0.30% | 0.95% | 0.05% | 4.16% |
| Taxable Short-Term (BSV) | 0.00% | 0.09% | 0.45% | 1.16% | 0.08% | 6.14% |
| Taxable Long Term (BLV) | -0.04% | 0.37% | -0.26% | -0.08% | 0.19% | 7.31% |
| Government Short (SPTS) | -0.03% | 0.03% | 0.39% | 1.04% | 0.00% | 5.19% |
| Government Intermediate (SPTI) | -0.03% | 0.17% | 0.29% | 1.20% | 0.10% | 7.65% |
| Government Long (SPTL) | -0.11% | 0.30% | -0.26% | 0.05% | 0.11% | 5.97% |
| Inflation Protected (TIP) | -0.07% | 0.20% | -0.02% | 0.22% | 0.15% | 6.99% |
| Corporate (SPIB) | 0.00% | 0.15% | 0.49% | 1.25% | 0.18% | 8.27% |
| Taxable High Yield (HYG) | +0.02% | 0.29% | 0.66% | 1.51% | 0.33% | 8.34% |
| Bank Loans (BKLN) | +0.05% | 0.14% | 0.87% | 2.14% | 0.19% | 6.88% |
| Preferred Stock (PFF) | +0.38% | 0.58% | 2.09% | 0.26% | 1.58% | 4.76% |
| Convertible (CWB) | +1.27% | 2.36% | 2.44% | 0.38% | 3.91% | 18.67% |
| Mortgage Backed (MBS) | -0.05% | 0.17% | 0.52% | 1.51% | 0.08% | 8.83% |
| International USD (BNDX) | +0.12% | 0.27% | 0.18% | 0.66% | 0.25% | 3.31% |
| International (IGOV) | -0.10% | 0.22% | 0.57% | -0.23% | 0.07% | 10.42% |
| Emerging USD (EMB) | -0.10% | 0.05% | 0.42% | 2.57% | 0.07% | 13.30% |
| Emerging (EMLC) | +0.27% | 0.39% | 1.95% | 3.67% | 0.62% | 18.77% |
| Municipal Short (SUB) | +0.07% | 0.15% | 0.63% | 0.94% | 0.18% | 3.67% |
| Municipal Intermediate (MUB) | +0.07% | 0.17% | 0.75% | 1.71% | 0.29% | 3.99% |
| Municipal Long (MLN) | -0.09% | -0.09% | 0.76% | 1.56% | 0.25% | 2.28% |
| Municipal High Yield (HYD) | -0.08% | -0.08% | 0.82% | 1.93% | 0.00% | 2.85% |
Commodities
Commodity markets were split by sector on Tuesday. Precious metals surged on a mix of geopolitical hedging and technical momentum, with Silver (SLV) exploding 6.70% and Platinum (PPLT) rising 7.80%. Conversely, energy commodities were hit hard as the earlier Venezuela-driven rally cooled; Natural Gas (UNG) dropped -3.01% and WTI Crude Oil (USO) fell -2.44%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Platinum (PPLT) | +7.80% | 13.34% | 47.27% | 48.78% | 18.25% | 157.69% |
| Palladium (PALL) | +6.94% | 11.00% | 24.34% | 36.30% | 13.75% | 95.87% |
| Silver (SLV) | +6.70% | 12.11% | 39.21% | 67.29% | 14.42% | 170.60% |
| Gold (GLD) | +1.08% | 3.74% | 6.92% | 13.39% | 4.26% | 69.90% |
| Broad Commodities (DJP) | +1.01% | 3.13% | 1.10% | 8.19% | 3.30% | 20.54% |
| Copper (CPER) | +1.36% | 6.55% | 11.75% | 19.72% | 6.61% | 43.35% |
| Corn (CORN) | -0.28% | 1.02% | -0.22% | 1.19% | 0.45% | -5.17% |
| Soybeans (SOYB) | -0.68% | 0.92% | -4.39% | 1.10% | 0.73% | 3.92% |
| WTI Crude Oil (USO) | -2.44% | -0.65% | -4.74% | -5.98% | -0.94% | -11.37% |
| Natural Gas (UNG) | -3.01% | -6.47% | -31.09% | -15.19% | -7.99% | -34.27% |
Cryptocurrency
Digital assets saw significant volatility on Tuesday as XRP-related products faced a sharp correction following a strong weekly run. The Bitcoin (IBIT) fell -1.89%, while Solana (SOLZ) managed to decouple from the broader market with a 0.85% gain. Risk-off sentiment in the crypto space appeared to mirror a general rotation out of high-growth tech into defensive or commodity-linked assets.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| REX-Osprey XRP ETF (XRPR) | -3.14% | 13.92% | 11.46% | N/A | 23.25% | N/A |
| Bitcoin (IBIT) | -1.89% | 2.96% | 3.47% | -26.43% | 5.64% | -9.83% |
| Multi-Coin (NCIQ) | -1.43% | 4.13% | 4.44% | -28.01% | 7.65% | N/A |
| Ethereum (ETHA) | -0.08% | 3.90% | 7.22% | -31.55% | 9.23% | -12.31% |
| Solana (SOLZ) | +0.85% | 5.95% | 4.44% | -42.42% | 11.77% | N/A |
What to Watch Today
Wednesday, January 7, 2026, marks the first significant labor market data test of the year. Investors are closely monitoring the ADP Nonfarm Employment Change report, which was released at 8:15 AM ET. The report showed a rebound of +50,000 private sector jobs, a positive swing following November’s surprise decline of 32,000. This data provides a crucial preview for Friday’s official government employment situation report and helps set market expectations for the Federal Reserve’s interest rate trajectory in late January. Additionally, the 10:00 AM ET releases of JOLTS Job Openings and the ISM Non-Manufacturing PMI will offer deeper insights into whether the services sector remains in expansion territory.
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.
