Exchange-Traded Funds Edge Lower, Equity Futures Mixed Pre-Bell Tuesday as Stocks Struggle for Direction

08:31 AM EDT, 08/27/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down by 0.1% and the actively traded Invesco QQQ Trust (QQQ) retreated marginally by 0.04% in Tuesday's premarket activity as stocks struggled to find a direction.

US stock futures were mixed, with S&P 500 Index futures up marginally by 0.01%, Dow Jones Industrial Average futures slipping 0.04%, and Nasdaq futures gaining 0.1% before the start of regular trading.

The Case-Shiller Home Price Index for June and the FHFA Home Price Index for June will be released at 9 am ET.

The Consumer Confidence report for August from the Conference Board posts at 10 am ET, along with the Richmond Fed Manufacturing Index for August.

In premarket activity, bitcoin was down by 1.3% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.5% lower.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) retreated 0.2%. The Vanguard Health Care Index Fund (VHT) was up 0.2% while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was also inactive.

Trinity Biotech (TRIB) shares were up more than 66% premarket after the company said late Monday it received substantial additional orders for TrinScreen HIV and is increasing its 2024 sales revenue outlook for the product to $10 million from $8 million.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was marginally lower at 0.04%, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF (IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) gained 0.1%. The VanEck Retail ETF (RTH) and the SPDR S&P Retail ETF (XRT) were inactive.

CAVA Group (CAVA) shares were down more than 9% pre-bell Tuesday after regulatory filings late Monday showed share divestitures by key company executives, including Chief Executive Brent Schulman, who sold 210,504 shares for about $24.9 million. Another filing showed that Artal International sold 6 million CAVA shares worth around $732 million.

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.

Ryanair Holdings (RYAAY) stock rose more than 6% before the opening bell after Reuters reported that group Chief Executive Michael O'Leary expressed disappointment with ongoing Boeing (BA) delivery delays, but thinks that the airplane manufacturer's production problems are "getting to the end."

Financial

Financial Select Sector SPDR Fund (XLF) gained marginally by 0.02%. Direxion Daily Financial Bull 3X Shares (FAS) was flat, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.1% lower.

Bank of Montreal (BMO) shares were down 2.8% pre-bell Tuesday after the company reported lower fiscal Q3 adjusted earnings and lower-than-expected revenue.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was up by 0.03%.

Woodside Energy Group (WDS) shares were up 2.6% before Tuesday's opening bell after The Wall Street Journal reported, citing CEO Meg O'Neill, that potential investors are looking to acquire equity in its planned $2.35 billion US ammonia project acquisition from OCI Global.

Technology

Technology Select Sector SPDR Fund (XLK) was flat, and the iShares US Technology ETF (IYW) was inactive, while the iShares Expanded Tech Sector ETF (IGM) was up 0.3%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 0.2%.

GDS Holdings (GDS) stock was up over 2% in recent Tuesday premarket activity after the company reported progress in renewable energy usage, carbon reduction initiatives, and green data center certifications in its 2023 ESG report.

Commodities

Front-month US West Texas Intermediate crude oil lost 0.5% to reach $77.03 per barrel on the New York Mercantile Exchange. Natural gas was down nearly 1% at $1.94 per 1 million British Thermal Units. United States Oil Fund (USO) retreated 0.1%, while the United States Natural Gas Fund (UNG) was 1.1% lower.

Gold futures for December declined 0.4% to $2,545.90 an ounce on the Comex, while silver futures retreated 0.2% to $30.39 an ounce. SPDR Gold Shares (GLD) declined 0.3%, and iShares Silver Trust (SLV) was flat.