The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% lower in Tuesday's premarket activity after recent weak economic data added to the pessimism about interest rate cuts.
US stock futures were also lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures slipping 0.4%, and Nasdaq futures retreating 0.3% before the start of regular trading.
The April factory orders report will be released at 10 am ET, along with the April Job Openings and Labor Turnover Survey or JOLTS.
In premarket action, bitcoin was down by 0.4% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was also 0.4% lower.
Power Play:
Technology
Technology Select Sector SPDR Fund (XLK) retreated 0.3%, and the iShares US Technology ETF (IYW) slipped by 0.03%, while the iShares Expanded Tech Sector ETF (IGM) was flat. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was flat, while the iShares Semiconductor ETF (SOXX) fell by 0.6%.
MicroAlgo (MLGO) shares were up more than 150% in recent premarket activity on a collaboration with WiMi Hologram Cloud to jointly establish a micro-consciousness quantum research center.
Winners and Losers:
Health Care
The Health Care Select Sector SPDR Fund (XLV) fell 0.2%. The Vanguard Health Care Index Fund (VHT), the iShares US Healthcare ETF (IYH), and the iShares Biotechnology ETF (IBB) were inactive.
Annexon (ANNX) was up more than 29% premarket after the company said its Phase 3 trial evaluating investigational monoclonal antibody ANX005 in patients with the neurological disease Guillain-Barre syndrome met its primary endpoint and showed early and sustained improvements in key secondary endpoints.
Energy
The iShares US Energy ETF (IYE) was 0.3% lower, while the Energy Select Sector SPDR Fund (XLE) retreated 1.1%.
Clean Energy Fuels (CLNE) stock was up more than 8% before Tuesday's opening bell after the company said it is expanding its renewable natural gas fueling network in Southern California with new stations in San Bernardino and Perris.
Consumer
The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.2%, 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) lost 0.3%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was 2.4% lower.
Bath & Body Works (BBWI) shares traded down more than 7% pre-bell after the company posted lower fiscal Q1 net sales.
Financial
Financial Select Sector SPDR Fund (XLF) lost 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.8%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.8% higher.
Deutsche Bank (DB) shares were down 3% pre-bell after the company and Bitpanda said they expanded their partnership, allowing the crypto broker's users in Germany to use the bank's real-time payment solutions for incoming and outgoing transactions.
Industrial
Industrial Select Sector SPDR Fund (XLI) retreated 0.5%m while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.
Ferguson (FERG) shares retreated 2.6% before the opening bell after the company reduced its guidance for fiscal 2024 capital expenditures to $350 million to $400 million, from $400 million to $450 million.
Commodities
Front-month US West Texas Intermediate crude oil retreated 1.7% to $72.94 per barrel on the New York Mercantile Exchange. Natural gas was 2.4% higher at $2.82 per 1 million British Thermal Units. United States Oil Fund (USO) was down 1.8%, while the United States Natural Gas Fund (UNG) gained 2%.
Gold futures for August were down 0.9% at $2,347.30 an ounce on the Comex, while silver futures lost 3% to reach $29.87 an ounce. SPDR Gold Shares (GLD) retreated 0.8%, and iShares Silver Trust (SLV) fell 2.7%.
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