The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% lower in Thursday's premarket activity, as Oracle's (ORCL) fiscal Q2 results soured the elation of an interest rate cut.
US stock futures were mixed, with S&P 500 Index futures down 0.3%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures retreating 0.5% before the start of regular trading.
US initial jobless claims rose to 236,000, above expectations for 220,000 and up from 192,000 previously.
The US trade deficit narrowed to $52.83 billion in September, below expectations for $63.1 billion and down from a revised $59.27 billion previously.
In premarket activity, bitcoin was down by 2.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.3% lower, Ether ETF (EETH) declined 4.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated 2.1%.
Power Play:
Financial
The State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.3% lower.
Gemini Space Station (GEMI) shares were up more than 15% pre-bell after the company said overnight it has received regulatory approval to offer event contracts in prediction markets to its US customers.
Winners and Losers:
Technology
The State Street Technology Select Sector SPDR ETF (XLK) retreated 0.8%, and the iShares US Technology ETF (IYW) was 0.3% lower, while the iShares Expanded Tech Sector ETF (IGM) fell 1.9%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was down 0.5%, while the iShares Semiconductor ETF (SOXX) declined by 0.9%.
Oracle (ORCL) shares were down more than 12% in recent premarket activity after the company reported overnight fiscal Q2 sales below market expectations, taking the shine off its earnings beat.
Health Care
The State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.3%. The Vanguard Health Care Index Fund (VHT) advanced 0.2%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was down 0.6%.
Immunovant (IMVT) stock was down more than 4% premarket after the company said it has priced an underwritten offering of 26.2 million common shares at $21 apiece for expected gross proceeds of about $550 million.
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.1%, the Vanguard Industrials Index Fund (VIS) was up 0.2%, while the iShares US Industrials ETF (IYJ) was inactive.
Brink's (BCO) stock was up more than 2% before the opening bell after the company said its board approved a new $750 million share buyback plan.
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.5%. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) gained 0.1%.
American Eagle Outfitters (AEO) shares were down nearly 2% pre-bell after Goldman Sachs began coverage of the company's stock at neutral with a $25 price target.
Energy
The iShares US Energy ETF (IYE) was inactive, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.4%.
Equinor (EQNR) stock was down more than 1% before Thursday's opening bell after the company said it plans to invest over 4 billion Norwegian kroner ($396.1 million) in the Isflak oil discovery made in the Barents Sea, along with partners Var Energi and Petoro.
Commodities
Front-month US West Texas Intermediate crude oil was down 1.1% at $57.81 per barrel on the New York Mercantile Exchange. Natural gas was down 3.2% at $4.45 per 1 million British Thermal Units. The United States Oil Fund (USO) retreated by 1.8%, while the United States Natural Gas Fund (UNG) fell by 3.9%.
Gold futures for February were up by 0.5% at $4,244.90 an ounce on the Comex, and silver futures advanced by 2.5% to $62.46 an ounce. SPDR Gold Shares (GLD) retreated by 0.4%, and the iShares Silver Trust (SLV) was 0.5% higher.
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