Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday Ahead of Key Economic Data

08:23 AM EDT, 08/29/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3% and the actively traded Invesco QQQ Trust (QQQ) was 0.2% higher in Thursday's premarket activity, ahead of key economic data due later in the day.

US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.6%, and Nasdaq futures gaining 0.3% before the start of regular trading.

Reports slated to be released at 8:30 am ET include the second estimate for Q2 gross domestic product, the July international trade in goods, the weekly jobless claims bulletin, Q2 corporate profits, and the July retail and wholesale inventories report.

The National Association of Realtors Pending Home Sales Index for July posts at 10 am ET, followed by the weekly EIA domestic natural gas report at 10:30 am ET.

In premarket activity, bitcoin was up by 2.2% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.2%. The Vanguard Health Care Index Fund (VHT) and the iShares US Healthcare ETF (IYH) were inactive. The iShares Biotechnology ETF (IBB) was 0.2% higher.

BioCardia (BCDA) stock was up more than 123% premarket after the company said late Wednesday that the US Food and Drug Administration cleared the company to market its Morph DNA Steerable Introducer product family

Winners and Losers:

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was up by 0.3%.

EnLink Midstream (ENLC) stock was up more than 14% before Thursday's opening bell after ONEOK (OKE) said late Wednesday it will acquire Global Infrastructure Partners' 43% stake in EnLink Midstream for $14.90 per unit and 100% of the interests in the managing member for $300 million for aggregate cash consideration of about $3.30 billion. Shares of ONEOK were 0.6% higher.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.5%, while the Vanguard Consumer Staples Fund (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) gained 0.5%. The VanEck Retail ETF (RTH) and the SPDR S&P Retail ETF (XRT) were inactive.

Birkenstock Holding (BIRK) shares were down more than 12% pre-bell after the company reported fiscal Q3 adjusted earnings and revenue that trailed analyst estimates.

Industrial

Industrial Select Sector SPDR Fund (XLI) advanced 0.2%, the Vanguard Industrials Index Fund (VIS) gained 0.7%, while the iShares US Industrials ETF (IYJ) was inactive.

GMS (GMS) shares lost 6.8% before the opening bell after the company reported fiscal Q1 adjusted earnings of $1.93 per diluted share, down from $2.49 a year earlier.

Technology

Technology Select Sector SPDR Fund (XLK) retreated 0.4%, and the iShares US Technology ETF (IYW) fell 1.9%, 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 0.2%.

Photronics (PLAB) shares were down 4.5% in recent Thursday premarket activity after the company reported flat fiscal Q3 adjusted earnings and lower revenue.

Financial

Financial Select Sector SPDR Fund (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.3%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.1% lower.

Canadian Imperial Bank of Commerce (CM) shares were up 2.7% pre-bell Thursday after the company said that it plans to buy back up to 20 million common shares.

Commodities

Front-month US West Texas Intermediate crude oil gained 0.5% to reach $74.88 per barrel on the New York Mercantile Exchange. Natural gas was down 1.1% at $2.07 per 1 million British Thermal Units. United States Oil Fund (USO) advanced 0.3%, while the United States Natural Gas Fund (UNG) was 1.3% lower.

Gold futures for December gained 0.7% to reach $2,555.50 an ounce on the Comex, while silver futures rose 1.1% to $29.95 an ounce. SPDR Gold Shares (GLD) were up 0.5%, and iShares Silver Trust (SLV) was 0.8% higher.