The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.3% and the actively traded Invesco QQQ Trust (QQQ) was 0.1% lower in Friday's premarket activity as investors look forward to the US Federal Reserve policy easing.
US stock futures were also lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures retreating 0.7%, and Nasdaq futures slipping 0.2% before the start of regular trading.
The University of Michigan's consumer sentiment bulletin for June will be released at 10 am ET, while the weekly Baker Hughes domestic oil-and-gas rig count is due at 1 pm ET. Chicago Federal Reserve President Austan Goolsbee will speak at the Iowa Farm Bureau Economic Summit at 2 pm ET and Fed Governor Lisa Cook will speak at 7 pm ET.
US import prices declined by 0.4% in May, below the 0.1% decrease expected in a survey compiled by Bloomberg as of 7:50 am ET and following a 0.9% gain in April. Export prices declined by 0.6% in May, compared with expectations for a 0.1% gain and following a 0.6% revised gain in April.
In premarket action, bitcoin was up 0.7% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.6% higher.
Power Play:
Health Care
The Health Care Select Sector SPDR Fund (XLV) slipped 0.3%, while the Vanguard Health Care Index Fund (VHT) and the iShares US Healthcare ETF (IYH) were both flat. The iShares Biotechnology ETF (IBB) was off 0.3%.
Gain Therapeutics (GANX) shares were down 26% pre-bell Friday, a day after the company said it priced an underwritten public offering of its 7.1 million common shares at $1.35 apiece for gross proceeds of roughly $11 million.
Winners and Losers:
Technology
Technology Select Sector SPDR Fund (XLK) was down 0.1%, and the iShares US Technology ETF (IYW) was slightly lower, while the iShares Expanded Tech Sector ETF (IGM) gained 0.5%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was 0.6% lower, while the iShares Semiconductor ETF (SOXX) slipped 0.9%.
Adobe (ADBE) shares were over 15% higher before the opening bell, a day after the company reported higher fiscal Q2 non-GAAP net income and revenue in addition to raising its full-year adjusted EPS outlook.
Industrial
Industrial Select Sector SPDR Fund (XLI) retreated 0.9%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were both flat.
MSC Industrial Direct (MSM) shares were down 11% before the opening bell Friday, a day after the company posted lower-than-expected preliminary fiscal Q3 adjusted earnings and net sales.
Energy
The iShares US Energy ETF (IYE) was flat, while the Energy Select Sector SPDR Fund (XLE) declined by 0.2%.
Permian Resources (PR) shares were marginally higher in Friday's premarket activity after UBS upgraded the company's stock to buy from neutral with a $21 price target.
Consumer
The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.4%, 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) retreated 0.4%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was 0.5% lower.
Home Depot (HD) shares were down by 0.7% pre-bell after the company said that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for its pending acquisition of SRS Distribution expired on June 13.
Financial
Financial Select Sector SPDR Fund (XLF) fell 1%. Direxion Daily Financial Bull 3X Shares (FAS) was down 2.4%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) advanced 2.6%.
Barclays (BCS) stock was down 4% pre-bell Friday after media outlets reported that the company has been asked by the Prudential Regulation Authority to review its exposure to leveraged private equity deals into the risks taken by lenders.
Commodities
Front-month US West Texas Intermediate crude oil gained 0.5% to reach $79.02 per barrel on the New York Mercantile Exchange. Natural gas was 0.4% lower at $2.95 per 1 million British Thermal Units. United States Oil Fund (USO) rose 1.2%, while the United States Natural Gas Fund (UNG) was 0.1% lower.
Gold futures for August advanced 1.2% to $2,346 an ounce on the Comex, while silver futures were up 1% at $29.35 an ounce. SPDR Gold Shares (GLD) gained 1.3%, and iShares Silver Trust (SLV) was 1% higher.
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