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, as investors awaited new inflation and labor data to solidify expectations for a quarter-point rate cut next week.
US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.1% before the start of regular trading.
The August producer price index and the weekly jobless claims report will be released at 8:30 am ET. The weekly EIA domestic natural gas supplies bulletin is slated for a 10:30 am ET release.
In premarket activity, bitcoin was up by 0.7% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.6% higher.
Power Play:
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 0.1%. The VanEck Retail ETF (RTH) and the SPDR S&P Retail ETF (XRT) were inactive.
Caleres (CAL) shares were down more than 19% premarket Thursday after the company reported lower fiscal Q2 results and cut its fiscal 2024 guidance.
Winners and Losers:
Health Care
The Health Care Select Sector SPDR Fund (XLV) advanced 0.2%. The Vanguard Health Care Index Fund (VHT) was down 1.8% while the iShares US Healthcare ETF (IYH) and the iShares Biotechnology ETF (IBB) were inactive.
Moderna (MRNA) shares were down nearly 10% premarket after the company said it is reducing its annual R&D expense by about $1.1 billion starting in 2027 in light of "recent commercial challenges."
Energy
The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was up by 0.6%.
Viper Energy (VNOM) stock was down 4.7% before Thursday's opening bell after the company said late Wednesday it had priced an underwritten public offering of 10 million of its Class A common shares at $42.50 apiece, upsizing it from its initial 8.5 million stock offering.
Technology
Technology Select Sector SPDR Fund (XLK) advanced 0.1%, and the iShares US Technology ETF (IYW) was 0.1% higher, while the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was down 0.4%, while the iShares Semiconductor ETF (SOXX) declined by 0.1%.
Micron Technology (MU) shares were down 3.5% in recent Thursday premarket activity after BNP Paribas Exane downgraded the company's rating to underperform and Raymond James cut its price target to $125 from $160.
Industrial
Industrial Select Sector SPDR Fund (XLI) advanced 0.3% while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.
Ryanair Holdings (RYAAY) shares were down 2% before the opening bell after Bloomberg reported, citing Chief Executive Officer Michael O'Leary, that the company now expects a potential 10% drop in ticket prices, compared with its earlier expectation of a 5% fall.
Financial
Financial Select Sector SPDR Fund (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.7%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.8% lower.
U.S. Bancorp (USB) stock was up 1.8% pre-bell Thursday after the company said the board authorized a stock buyback plan of up to $5 billion of its outstanding common shares, starting Friday, and raised its quarterly dividend by 2%.
Commodities
Front-month US West Texas Intermediate crude oil rose 1.7% to $68.44 per barrel on the New York Mercantile Exchange. Natural gas was up nearly 0.1% at $2.27 per 1 million British Thermal Units. United States Oil Fund (USO) was nearly 2% higher, while the United States Natural Gas Fund (UNG) declined by 0.1%.
Gold futures for December were up by 0.1% at $2,544.20 an ounce on the Comex, while silver futures were up 0.5% at $29.08 an ounce. SPDR Gold Shares (GLD) advanced 0.2%, and iShares Silver Trust (SLV) was 0.5% higher.
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