Exchange-Traded Funds, Equity Futures Higher Pre-Bell Ahead of Jackson Hole Conference

08:27 AM EDT, 08/22/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% higher in Thursday's premarket activity, ahead of the US central bank's annual economic summit in Jackson Hole, Wyoming, later in the day.

US stock futures were also higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.3% before the start of regular trading.

The weekly jobless claims report and the Chicago Fed National Activity Index for July will be released at 8:30 am ET.

The S&P Global US flash for August PMI composite, manufacturing, and service sectors posts at 9:45 am ET.

The existing home sales report posts at 10 am ET, and the weekly EIA natural gas bulletin is due at 10:30 am ET. The Kansas City Fed Manufacturing Index for August is scheduled for 11 am ET.

In premarket action, bitcoin was down by 0.5% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.3%. The Vanguard Health Care Index Fund (VHT), the iShares US Healthcare ETF (IYH) and the iShares Biotechnology ETF (IBB) were inactive.

Cyclo Therapeutics (CYTH) shares were down 23% premarket while Rafael Holdings (RFL) stock slipped 0.7% after Rafael agreed to merge with Cyclo.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.1%, while the Vanguard Consumer Staples Fund (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was flat, and the Consumer Discretionary Select Sector SPDR Fund (XLY) gained 0.3%. The VanEck Retail ETF (RTH) and the SPDR S&P Retail ETF (XRT) were inactive.

Advance Auto Parts (AAP) shares traded down 12% pre-bell after the company reported lower fiscal Q2 earnings and net sales. The company also agreed to sell Worldpac, its automotive parts wholesale distribution business, to funds managed by Carlyle Group (CG) for $1.5 billion in cash.

Financial

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

Aegon (AEG) stock was down 7% pre-bell Thursday after the company reported lower H1 operating results.

Industrial

Industrial Select Sector SPDR Fund (XLI) advanced 0.1% while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.

EHang (EH) gained 4% before the opening bell after the company swung to adjusted net income in Q2 and reported a nearly 920% increase in revenue.

Technology

Technology Select Sector SPDR Fund (XLK) advanced 0.4%, and the iShares US Technology ETF (IYW) was 0.3% 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) rose by 0.4%.

Bilibili (BILI) shares were up 2.6% in recent Thursday premarket activity after the company reported a narrowed Q2 adjusted loss and higher revenue.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was up by 0.1%.

California Resources (CRC) stock was flat before Thursday's opening bell after the company said late Wednesday it had received $488.5 million in tenders for its Aug. 8 offer to repurchase up to $300 million worth of its 7.125% senior notes due 2026.

Commodities

Front-month US West Texas Intermediate crude oil gained 0.4% to $72.25 per barrel on the New York Mercantile Exchange. Natural gas was down 1.3% at $2.15 per 1 million British Thermal Units. United States Oil Fund (USO) advanced 0.5%, while the United States Natural Gas Fund (UNG) was 1.7% lower.

Gold futures for December declined 0.4% to $2,537.80 an ounce on the Comex, while silver futures slipped 0.04% at $29.96 an ounce. SPDR Gold Shares (GLD) retreated 0.5%, and iShares Silver Trust (SLV) was 0.04% lower.