Macro Overview
U.S. equities took a breather on Thursday, with the S&P 500 (IVV) pulling back slightly by -0.28% from its recent record highs. The market sentiment was cautious as investors paused to digest a remarkable rally, weighing the prospects of future Federal Reserve rate cuts against potential economic headwinds. The ongoing government shutdown, which has delayed key economic data releases, added to the uncertainty, leading to a day of modest consolidation across major indices.
U.S. Size & Style
The divergence between growth and value was evident, as large-cap growth stocks managed a slight gain while smaller-cap and value-oriented segments saw declines. Large Growth (IVW) was the only segment in positive territory with a 0.05% gain, whereas Small Value (IJS) experienced the most significant drop of -1.21%, reflecting a risk-off sentiment in the broader market.
| Name (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Large Growth (IVW) | +0.05% | 0.83% | 4.31% | 10.21% | 20.63% | 26.77% |
| Large Cap (IVV) | -0.28% | 0.31% | 3.51% | 7.90% | 15.64% | 17.82% |
| Large Value (IVE) | -0.66% | -0.36% | 2.51% | 5.14% | 9.85% | 7.06% |
| Small Growth (IJT) | -1.02% | -1.38% | 0.33% | 3.45% | 4.43% | 3.01% |
| Mid Growth (IJK) | -1.06% | -0.78% | 0.01% | 3.20% | 5.75% | 4.53% |
| Mid Cap (IJH) | -1.09% | -1.03% | -0.23% | 2.59% | 5.42% | 5.87% |
| Mid Value (IJJ) | -1.12% | -1.45% | -0.70% | 1.72% | 4.68% | 7.04% |
| Small Cap (IJR) | -1.15% | -1.77% | 0.41% | 4.82% | 3.44% | 4.74% |
| Small Value (IJS) | -1.21% | -2.23% | 0.47% | 6.30% | 2.43% | 6.12% |
U.S. Sectors & Industries
Defensive sectors showed relative strength, with Consumer Staples (XLP) leading the way with a 0.32% gain. On the other hand, cyclical sectors like Industrials (XLI) and Energy (XLE) faced headwinds, falling -1.48% and -1.36% respectively. Within industries, Biotech stocks were a bright spot, with Biotech (XBI) rallying 1.02%, while Oil & Gas Exploration & Production names lagged.
| Sector (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Consumer Staples (XLP) | +0.32% | 0.01% | -2.66% | -2.77% | 1.17% | -1.73% |
| Technology (XLK) | -0.17% | 1.92% | 9.51% | 12.70% | 25.38% | 26.71% |
| Health Care (XLV) | -0.22% | -0.44% | 4.52% | 6.91% | 6.20% | -4.30% |
| Utilities (XLU) | -0.25% | 1.87% | 9.60% | 11.32% | 22.14% | 18.29% |
| Financial (XLF) | -0.36% | -0.74% | 0.29% | 2.09% | 11.46% | 18.19% |
| Real Estate (XLRE) | -0.46% | -2.26% | -1.04% | 0.10% | 3.46% | -1.90% |
| Consumer Discretionary (XLY) | -0.50% | -1.11% | -0.02% | 7.62% | 5.53% | 19.56% |
| Communication Services (XLC) | -0.57% | -1.26% | -0.13% | 7.72% | 19.76% | 28.47% |
| Energy (XLE) | -1.36% | -1.29% | 1.06% | 0.51% | 4.99% | -1.02% |
| Materials (XLB) | -1.37% | -1.32% | -1.60% | -2.93% | 6.92% | -4.86% |
| Industrials (XLI) | -1.48% | -0.73% | 2.44% | 2.68% | 17.52% | 13.85% |
Global Thematic
Thematic ETFs saw significant divergence. Cannabis-related funds like the Amplify Alternative Harvest ETF (MJ) surged 4.22%, and Crypto Miners (WGMI) jumped 3.95%. In stark contrast, precious metal miners plummeted, with the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) dropping -5.42% as gold prices retreated from recent highs.
| Name (Ticker) | 1-Day % Change |
|---|---|
| Top 5 Performers | |
| Amplify Alternative Harvest ETF (MJ) | +4.22% |
| CoinShares Bitcoin Mining ETF (WGMI) | +3.95% |
| Global X Blockchain ETF (BKCH) | +3.65% |
| Invesco Solar ETF (TAN) | +3.03% |
| Schwab Crypto Thematic ETF (STCE) | +2.03% |
| Bottom 5 Performers | |
| Amplify Junior Silver Miners ETF (SILJ) | -4.11% |
| Global X Silver Miners ETF (SIL) | -4.14% |
| VanEck Junior Gold Miners ETF (GDXJ) | -4.69% |
| Global X Gold Explorers ETF (GOEX) | -4.76% |
| U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) | -5.42% |
Developed Markets ex-U.S.
International developed markets broadly declined, with the benchmark Developed ex-U.S. (EFA) fund down -0.82%. European markets were particularly weak, while Hong Kong (EWH) bucked the trend with a modest gain of 0.09%.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Hong Kong (EWH) | +0.09% | 0.00% | 0.00% | 8.18% | 32.17% | 20.11% |
| Japan (EWJ) | -0.24% | -0.28% | 1.86% | 11.26% | 22.52% | 17.79% |
| Germany (EWG) | -0.59% | -0.80% | 1.47% | -2.70% | 34.46% | 29.30% |
| Dev ex-U.S. (EFA) | -0.82% | -1.17% | 1.70% | 4.56% | 26.43% | 18.20% |
| Switzerland (EWL) | -0.83% | -0.53% | 0.61% | 1.95% | 24.96% | 12.50% |
| Netherlands (EWN) | -0.89% | -2.90% | 6.97% | 6.06% | 31.86% | 17.61% |
| South Korea (EWY) | -0.90% | -0.50% | 11.36% | 15.75% | 63.94% | 34.44% |
| France (EWQ) | -0.93% | -2.27% | 1.93% | 0.11% | 25.09% | 15.38% |
| Australia (EWA) | -1.14% | -1.86% | 0.11% | 2.59% | 14.54% | 5.98% |
| Canada (EWC) | -1.19% | -1.39% | 2.56% | 9.54% | 26.22% | 24.64% |
| U.K. (EWU) | -1.43% | -1.34% | 0.77% | 5.15% | 26.64% | 19.70% |
Emerging Markets
Emerging markets were mostly negative, with the broad Emerging (EEM) markets fund declining -1.03%. South Africa (EZA) was a notable underperformer, down -2.60%. However, Indonesia (EIDO) and India (INDA) showed resilience, posting gains of 1.15% and 0.34% respectively.
| Country (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Indonesia (EIDO) | +1.15% | 1.26% | 3.46% | 1.03% | -1.92% | -15.40% |
| India (INDA) | +0.34% | 0.69% | 0.19% | -5.12% | 0.32% | -7.23% |
| Malaysia (EWM) | -0.15% | -0.84% | 3.22% | 8.34% | 8.16% | 4.24% |
| Mexico (EWW) | -0.47% | -2.08% | 1.81% | 8.53% | 42.26% | 27.29% |
| Thailand (THD) | -0.61% | -0.38% | -0.61% | 17.15% | 1.44% | -7.89% |
| Brazil (EWZ) | -0.67% | -2.18% | 0.44% | 5.36% | 34.21% | 11.37% |
| Emerging (EEM) | -1.03% | -0.55% | 5.35% | 11.68% | 30.19% | 20.52% |
| Taiwan (EWT) | -1.25% | 0.29% | 5.21% | 11.72% | 25.25% | 23.25% |
| China (MCHI) | -1.53% | -2.15% | 3.41% | 19.31% | 40.32% | 28.92% |
| South Africa (EZA) | -2.60% | 0.00% | 10.22% | 20.48% | 57.07% | 42.35% |
Fixed Income
The fixed income market saw muted activity, with most categories posting small losses. Taxable Core (AGG) bonds edged down -0.12%. Taxable High Yield (HYG) bonds also declined, falling -0.29%, reflecting the broader risk-off tone.
| Category (Ticker) | 1 Day | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Taxable Core (AGG) | -0.12% | -0.16% | 0.10% | 2.56% | 6.29% | 4.48% |
| Taxable Core Enhanced (IUSB) | -0.11% | -0.15% | 0.12% | 2.59% | 6.41% | 4.84% |
| Taxable Multisector (PYLD) | -0.11% | -0.07% | 0.37% | 2.82% | 7.68% | 8.05% |
| Taxable Ultrashort (BIL) | 0.00% | 0.04% | 0.32% | 1.06% | 3.24% | 4.34% |
| Taxable Short-Term (BSV) | -0.05% | -0.05% | 0.08% | 1.59% | 4.85% | 4.99% |
| Taxable Long Term (BLV) | -0.07% | -0.32% | 0.28% | 4.12% | 6.94% | 1.51% |
| Government Short (SPTS) | 0.00% | 0.00% | 0.22% | 1.38% | 4.00% | 4.69% |
| Government Intermediate (SPTI) | -0.10% | -0.10% | -0.21% | 1.94% | 6.41% | 4.90% |
| Government Long (SPTL) | 0.00% | -0.04% | 0.30% | 3.78% | 5.94% | -0.10% |
| Inflation Protected (TIP) | -0.12% | 0.06% | -0.14% | 2.25% | 6.95% | 4.73% |
| Corporate (SPIB) | -0.12% | -0.18% | 0.10% | 2.33% | 6.67% | 6.13% |
| Taxable High Yield (HYG) | -0.29% | -0.52% | 0.02% | 1.73% | 6.76% | 7.32% |
| Bank Loans (BKLN) | -0.19% | -0.38% | 0.12% | 1.24% | 4.44% | 6.42% |
| Preferred Stock (PFF) | -0.76% | -0.94% | -0.54% | 2.46% | 5.15% | 1.40% |
| Convertible (CWB) | -0.13% | 0.53% | 5.95% | 11.41% | 20.50% | 23.38% |
| Mortgage Backed (MBS) | -0.22% | -0.18% | 0.16% | 2.84% | 6.89% | 5.00% |
| International USD (BNDX) | -0.14% | -0.02% | 0.17% | 0.90% | 2.66% | 3.44% |
| International (IGOV) | -0.50% | -1.46% | -1.50% | -1.64% | 9.24% | 3.98% |
| Emerging USD (EMB) | -0.05% | -0.17% | 0.83% | 4.22% | 11.04% | 9.15% |
| Emerging (EMLC) | -0.20% | -0.28% | 0.65% | 2.26% | 14.99% | 9.69% |
| Municipal Short (SUB) | -0.03% | -0.07% | -0.28% | 0.82% | 2.90% | 3.03% |
| Municipal Intermediate (MUB) | -0.01% | 0.17% | 1.11% | 3.03% | 2.43% | 2.10% |
| Municipal Long (MLN) | +0.09% | 0.23% | 2.28% | 5.16% | 0.74% | 0.77% |
| Municipal High Yield (HYD) | -0.06% | -0.24% | 0.78% | 2.34% | 0.75% | 0.61% |
Commodities
Commodities were mostly lower, with the broad Broad Commodities (DJP) index down -1.07%. Energy products saw losses, with WTI Crude Oil (USO) falling -1.39%. Precious metals also pulled back sharply from recent highs, as Gold (GLD) dropped -1.85%. However, Industrial Metals bucked the trend, with the Industrial Metals (DBB) fund gaining 1.38%.
| Commodity (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Industrial Metals (DBB) | +1.38% | 1.62% | 6.82% | 10.76% | 13.00% | 9.09% |
| Silver (SLV) | +0.34% | 2.73% | 20.25% | 35.48% | 69.81% | 60.48% |
| Agriculture (DBA) | -0.56% | -0.67% | -2.25% | 2.16% | -0.38% | 7.85% |
| Broad Commodities (DJP) | -1.07% | 0.65% | 3.41% | 4.28% | 11.62% | 11.90% |
| Energy (DBE) | -1.35% | 0.54% | -0.97% | -3.25% | 1.19% | 1.72% |
| Gold (GLD) | -1.85% | 2.18% | 9.39% | 19.61% | 50.92% | 51.60% |
| Precious Metals (DBP) | -1.93% | 1.47% | 10.18% | 20.98% | 50.18% | 50.63% |
| Platinum (PPLT) | -2.98% | 0.87% | 18.14% | 20.19% | 77.81% | 69.11% |
| Palladium (PALL) | -3.61% | 11.89% | 24.58% | 27.83% | 54.97% | 35.34% |
Cryptocurrency
The cryptocurrency market saw a broad sell-off on Thursday. Bitcoin (IBIT) fell -1.88%, while Ethereum (ETHA) experienced a steeper decline of -3.98%. The weakness was more pronounced in altcoins, with Solana (SOLZ) dropping -4.93% as digital assets mirrored the risk-off sentiment seen in traditional equity markets.
| Asset (Ticker) | 1-Day % Change | WTD | 1 Month | 3 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Solana (SOLZ) | -4.93% | -6.85% | -1.10% | 31.86% | ||
| Ethereum (ETHA) | -3.98% | -4.23% | 1.03% | 56.46% | 29.74% | 79.09% |
| Multi-Coin (NCIQ) | -2.60% | -2.68% | 6.30% | 13.06% | ||
| Bitcoin (IBIT) | -1.88% | -1.53% | 8.73% | 8.12% | 29.58% | 98.21% |
What to Watch Today
Investors will be closely watching the preliminary release of the University of Michigan’s Consumer Sentiment Index for October, scheduled for 10:00 AM ET. This report is a key indicator of consumer confidence and their outlook on the economy and personal finances. A strong reading could suggest resilience in consumer spending, a major driver of the U.S. economy, while a weaker-than-expected figure could heighten concerns about a potential slowdown, especially in the current environment of market uncertainty.
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.
