The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.1% higher in Tuesday's premarket activity, as traders awaited potential signals from Federal Reserve Chair Jerome Powell on interest rate cuts.
US stock futures were mixed, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures slipping 0.04%, and Nasdaq futures gaining 0.1% before the start of regular trading.
Federal Reserve Atlanta President Raphael Bostic speaks at 1:35 pm ET, and Fed Vice Chair Michael Barr at 2:45 pm ET.
In premarket action, bitcoin was up by 2.8% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.9% higher.
Power Play:
Industrial
Industrial Select Sector SPDR Fund (XLI) was flat and the Vanguard Industrials Index Fund (VIS) was down 0.4%, while the iShares US Industrials ETF (IYJ) was 0.5% higher.
Hawaiian Airlines (HA) shares rose more than 11% before the opening bell and Alaska Air Group (ALK) gained 2.1% after a regulatory filing showed that the airlines cleared a major regulatory hurdle for their $1 billion merger after the US Department of Justice did not raise antitrust objections by the deadline.
Winners and Losers:
Consumer
The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.1%, while the Vanguard Consumer Staples Fund (VDC) was 0.4% lower. The iShares US Consumer Staples ETF (IYK) was 0.4% higher, and the Consumer Discretionary Select Sector SPDR Fund (XLY) up 0.3%. The VanEck Retail ETF (RTH) was down nearly 2%, while the SPDR S&P Retail ETF (XRT) was flat.
Vipshop Holdings (VIPS) shares traded down 6% pre-bell after the company reported lower Q2 non-GAAP earnings and revenue.
Health Care
The Health Care Select Sector SPDR Fund (XLV) advanced 0.4%. The Vanguard Health Care Index Fund (VHT) was flat while the iShares US Healthcare ETF (IYH) gained 0.03%. The iShares Biotechnology ETF (IBB) was 0.1% higher.
Dentsply Sirona (XRAY) stock was down 1.5% premarket after the company said its Chief Financial Officer Glenn Coleman will resign, effective Nov. 7, to take an executive position at another public company.
Technology
Technology Select Sector SPDR Fund (XLK) was marginally lower and the iShares US Technology ETF (IYW) was 0.4% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 1.6%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) was 0.2% lower.
Palo Alto Networks (PANW) stock was up 1.3% in recent Tuesday premarket activity after multiple analyst price target raises followed the company's report of higher fiscal Q4 non-GAAP earnings and revenue.
Financial
Financial Select Sector SPDR Fund (XLF) retreated 0.02%. 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.
Yiren Digital (YRD) shares rose 4% premarket after the company reported lower Q2 income per American depositary share and said Chief Financial Officer Na Mei will resign from her role for personal reasons, effective at the close of business on Aug. 20.
Energy
Both the iShares US Energy ETF (IYE) and the Energy Select Sector SPDR Fund (XLE) were marginally lower.
Antero Resources (AR) stock was up 1.5% before Tuesday's opening bell after Scotiabank upgraded the company to sector outperform from sector perform, and raised its price target to $44 from $40.
Commodities
Front-month US West Texas Intermediate crude oil fell 0.1% to $74.33 per barrel on the New York Mercantile Exchange. Natural gas was up 0.03% at $2.27 per 1 million British Thermal Units. United States Oil Fund (USO) declined 0.04%, while the United States Natural Gas Fund (UNG) was 1.8% higher.
Gold futures for December advanced 0.9% to $2,563.60 an ounce on the Comex, while silver futures were up 1.8% at $30.28 an ounce. SPDR Gold Shares (GLD) gained 0.7%, and iShares Silver Trust (SLV) was 1.1% higher.
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