Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Friday as Earnings Season Tapers Off

08:24 AM EDT, 08/16/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1% and the actively traded Invesco QQQ Trust (QQQ) also retreated 0.1% in Friday's premarket activity, as the earnings season tapers off at the end of a busy week.

US stock futures were mixed, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures slipping 0.04%, and Nasdaq futures gaining marginally by 0.02% before the start of regular trading.

The July housing starts and permits bulletin for July will be released at 8:30 am ET, followed by the August University of Michigan consumer sentiment report at 10 am ET.

The weekly Baker Hughes domestic oil-and-gas rig count posts at 1 pm ET.

Federal Reserve of Chicago President Austan Goolsbee speaks at 1:25 pm ET.

In premarket action, bitcoin was up by 2.6% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.8% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.1%. The Vanguard Health Care Index Fund (VHT) was flat while the iShares US Healthcare ETF (IYH) and the iShares Biotechnology ETF (IBB) were inactive.

Sonida Senior Living (SNDA) shares were down more than 15% premarket after the company said it priced an upsized public offering of 4.3 million shares at $27 per share, increasing from the originally planned 4 million shares, expecting to raise $102.9 million primarily to finance the acquisition of eight senior living communities.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.1%, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF (IYK) advanced 0.7%, and the Consumer Discretionary Select Sector SPDR Fund (XLY) gained 0.2%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was flat.

Sunlands Technology Group (STG) stock traded up more than 6% pre-bell even after the company reported lower Q2 results.

Industrial

Industrial Select Sector SPDR Fund (XLI) was flat while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.

Tutor Perini (TPC) shares gained nearly 6% before the opening bell after the company said Thursday that it secured a $1.66 billion contract with the Honolulu Authority for Rapid Transportation for the City Center Guideway and Stations Project in Honolulu, Hawaii.

Energy

The iShares US Energy ETF (IYE) was down 1,5%, while the Energy Select Sector SPDR Fund (XLE) retreated 0.9%.

Vital Energy (VTLE) stock was down 1.7% before Friday's opening bell after KeyBanc downgraded the company to sector weight from overweight.

Technology

Technology Select Sector SPDR Fund (XLK) advanced 0.1%, and the iShares US Technology ETF (IYW) was 0.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) declined by 0.1%.

Texas Instruments (TXN) shares were up 1.3% in recent Friday premarket activity after the company said it signed a non-binding preliminary memorandum of terms with the US Department of Commerce for up to $1.6 billion in proposed direct funding to support three 300mm wafer fabs that the company is building in Texas and Utah.

Financial

Financial Select Sector SPDR Fund (XLF) retreated 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.7% higher.

Deutsche Bank's (DB) stock was up 1% premarket Friday after Reuters reported, citing a lawyer for the plaintiffs, that the bank's settlement offer to shareholders, who sued the company for underpaying them following its Postbank acquisition, was rejected for being too low.

Commodities

Front-month US West Texas Intermediate crude oil retreated 2.7% to $76.07 per barrel on the New York Mercantile Exchange. Natural gas was down 0.1% at $2.19 per 1 million British Thermal Units. United States Oil Fund (USO) declined 2.4%, while the United States Natural Gas Fund (UNG) was 0.8% lower.

Gold futures for December advanced 0.6% to $2,506.10 an ounce on the Comex, while silver futures were 0.8% lower at $28.60 an ounce. SPDR Gold Shares (GLD) gained 0.6%, and iShares Silver Trust (SLV) fell nearly 1%.