Market Overview - Wall Street experienced mixed performance last week, with the S&P 500 down 0.6%, the Dow Jones up 1.1%, and the Nasdaq down approximately 1.6% [1] - Tech stocks faced significant pressure, impacting the Nasdaq-100 and S&P 500, with Roundhill Magnificent Seven ETF (MAGS) down 1.7% and State Street Technology Select Sector SPDR ETF (XLK) down 2.5% [1] Tech Sector Performance - Oracle's shares fell 14% due to revenue misses, negatively affecting related AI companies like NVIDIA and Micron [2] - Broadcom's stock dropped about 11% despite strong earnings, raising concerns over high capital expenditures and delayed AI revenue realization [2] Federal Reserve Actions - The Federal Reserve implemented its final rate cut of the year, lowering the benchmark federal funds rate to a range of 3.5% to 3.75% following a divided vote [3] - The Fed's outlook for 2026 appears more cautious, projecting only one rate cut next year, consistent with previous forecasts [4] Winning ETF Areas - **Cannabis Sector**: Roundhill Cannabis ETF (WEED) rose 51.2% and Amplify Seymour Cannabis ETF (CNBS) increased 51.0% due to speculation about potential easing of federal marijuana regulations [5] - **Silver Miners**: Global X Silver Miners ETF (SIL) gained 8.4% and Amplify Junior Silver Miners ETF (SILJ) rose 7.6% driven by increased industrial demand and supply shortages [6] - **Space Economy**: Procure Space ETF (UFO) increased by 7.8%, with Rocket Lab Corp (RKLB) surging 22.8% due to heightened investor interest in the space sector [7] - **Gold Miners**: VanEck Junior Gold Miners ETF (GDXJ) rose 7.1%, and SPDR Gold Trust (GLD) gained 2.2% as the U.S. dollar weakened [9] - **Platinum**: GraniteShares Platinum Trust (PLTM) increased by 6.3%, with platinum prices surpassing $1,700 per ounce amid projected market deficits [10] - **Health Care**: Roundhill GLP-1 & Weight Loss ETF (OZEM) rose 6.3%, being the first actively-managed GLP-1 ETF, highlighting advancements in weight loss pharmaceuticals [11]

Core Insights - Silver is outperforming gold in both ETF performance and commodity price increase, with the iShares MSCI Global Silver & Metals Miners ETF (SLVP) up 141.2% this year, surpassing the VanEck Junior Gold Miner ETF (GDXY) which is up 139.7% [1] - The Abrdn Physical Silver Shares ETF (SIVR) has increased by 67.9%, outperforming the iShares Gold Trust Micro (IAUM) which is up 50.9% [2] - The current surge in precious metals is driven by macroeconomic factors including uncertainty over the U.S. government shutdown, a weaker dollar, and ongoing foreign central bank buying [3][4] Performance of Precious Metals - The WisdomTree Efficient Gold Plus Gold Miners Strategy ETF (GDMN) has seen an extraordinary increase of 192% this year, although this is achieved through leverage [5] - Platinum is also performing well, with the GraniteShares Platinum Trust (PLTM) up nearly 80% this year [5] - Gold prices have surged past $4,000 an ounce, indicating strong momentum in the gold market [6] Comparative Performance of ETFs - The following ETFs have shown significant year-to-date returns: - WisdomTree Efficient Gold Plus Gold Miners Strategy (GDMN): 192.0% - GraniteShares Platinum Trust (PLTM): 79.6% - Abrdn Physical Platinum Shares (PPLT): 78.4% - Abrdn Physical Silver Shares (SIVR): 67.8% - iShares Silver Trust (SLV): 67.3% - iShares Gold Trust Micro (IAUM): 50.8% - SPDR Gold MiniShares (GLDM): 50.7% - GraniteShares Gold Trust (BAR): 50.7% - VanEck Merk Gold Trust (OUNZ): 50.7% - Goldman Sachs Physical Gold (AAAU): 50.7% [7]

Market Performance - Wall Street experienced a downbeat performance last week, with the S&P 500 declining by 0.3%, the Dow edging lower by 0.2%, and the Nasdaq slipping by 0.7%, marking the first weekly loss in four weeks for both the Nasdaq and the S&P 500 [1] Inflation Data - August's personal consumption expenditures (PCE) price index showed core PCE rising at an annual rate of 2.9%, while the all-items index recorded a 2.7% year-over-year increase and a 0.3% monthly gain, reinforcing expectations for two quarter-point interest rate cuts by year-end [2] Consumer Sentiment - The University of Michigan reported a consumer sentiment index of 55.1 for September, slightly below the Dow Jones consensus forecast of 55.4, indicating steady sentiment among households with larger stock holdings [3] Economic Growth - The U.S. economy grew at a robust 3.8% in Q2 of 2025, an upward revision from the previously reported 3.3% growth, driven by stronger consumer spending after a 0.6% decline in Q1 [5] Federal Reserve Actions - The Federal Reserve enacted its first rate cut of 2025 in September, with an 87.7% chance of a 25-basis point rate cut in the upcoming October meeting [6] Tariff Developments - President Trump announced new tariffs ranging from 30% to 100% on various imported goods, effective October 1, with exemptions for drugmakers building manufacturing plants in the U.S. [7] Commodity Performance - Platinum prices surged, with the GraniteShares Platinum Trust and abrdn Physical Platinum Shares ETF both up 12%, driven by supply-demand imbalances and declining mine output [9] - Palladium prices rose by 10.6% due to supply crunches and increased industrial demand, influenced by geopolitical tensions [11] - The Sprott Lithium Miners ETF increased by 10.3% following reports of potential U.S. government intervention in Lithium Americas' Thacker Pass mine [13] - The Sprott Silver Miners & Physical Silver ETF rose by 10.2%, supported by strong safe-haven demand amid ongoing trade tensions [14]