The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.5% lower in Friday's premarket activity as Broadcom's (AVGO) quarterly results deepened fears of tech overvaluation.
US stock futures were mixed, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures gaining 0.2%, and Nasdaq futures retreating 0.5% before the start of regular trading.
Chicago Fed President Austan Goolsbee is slated to speak at 10:35 am ET.
The weekly Baker Hughes oil-and-gas rig count posts at 1 pm ET.
In premarket activity, bitcoin was up by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.8% higher, Ether ETF (EETH) advanced 0.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated 0.4%.
Power Play:
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.3% while the Vanguard Industrials Index Fund (VIS) was up 0.5% and the iShares US Industrials ETF (IYJ) was inactive.
Quanex Building Products (NX) stock was up more than 25% before the opening bell after the company posted a fiscal Q4 adjusted EPS gain and positive free cash flow.
Winners and Losers:
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 0.1%. The iShares US Consumer Staples ETF (IYK) advanced 0.8%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increased by 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.7% higher.
Lululemon Athletica (LULU) shares were up more than 9% pre-bell after the company posted higher-than-expected fiscal Q3 earnings and revenue.
Technology
The State Street Technology Select Sector SPDR ETF (XLK) retreated 0.6%, and the iShares US Technology ETF (IYW) was 0.6% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 0.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) retreated 1.1%, while the iShares Semiconductor ETF (SOXX) fell by 1.2%.
Broadcom (AVGO) shares were down more than 6% in recent premarket activity amid gross profit margin concerns. Gross profit margin on new orders for AI server racks, specialized computer hardware that runs AI applications, is "significantly below average," Truist analysts said in a Thursday note.
Energy
The iShares US Energy ETF (IYE) was inactive, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.3%.
T1 Energy (TE) stock was down more than 5% before Friday's opening bell after the company said late Thursday it has priced its public offerings comprising $140 million in 5.25% convertible senior notes due 2030 and 28.3 million shares at $4.95 per share.
Health Care
The State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.5%. The Vanguard Health Care Index Fund (VHT) was down 0.03%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was up 0.4%.
BioCryst Pharmaceuticals (BCRX) stock was up more than 4% premarket after the company said the US Food and Drug Administration approved Orladeyo oral pellets to help prevent hereditary angioedema attacks in children ages 2 to under 12.
Financial
The State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.2%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.9% lower.
Citigroup (C) shares were up more than 1% pre-bell after RBC lifted its price target on the company to $121 from $112, while maintaining its outperform rating.
Commodities
Front-month US West Texas Intermediate crude oil was down 0.1% at $57.56 per barrel on the New York Mercantile Exchange. Natural gas was down 0.3% at $4.22 per 1 million British Thermal Units. The United States Oil Fund (USO) retreated by 0.4%, while the United States Natural Gas Fund (UNG) fell by 1.3%.
Gold futures for February were up by 1.4% at $4,372.20 an ounce on the Comex, and silver futures retreated by 0.6% to $64.78 an ounce. SPDR Gold Shares (GLD) rose by 1.5%, and the iShares Silver Trust (SLV) was 1.3% higher.
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