The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 1.1%, and the actively traded Invesco QQQ Trust (QQQ) was 2.6% lower in Friday's premarket activity amid steep declines in technology stocks.
US stock futures were mixed, with S&P 500 Index futures down 1.1%, Dow Jones Industrial Average futures gaining 0.02%, and Nasdaq futures slipping 2.6% before the start of regular trading.
The Chicago purchasing managers' index for October will be released at 9:45 am ET, followed by the weekly Baker Hughes oil-and-gas rig count at 1 pm ET.
San Francisco Fed President Mary Daly and St. Louis Fed President Alberto Musalem are slated to speak on Friday.
In premarket activity, bitcoin was down by 4.2%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 4.3% lower, Ether ETF (EETH) retreated 4.6%, and Bitcoin & Ether Market Cap Weight ETF (BETH) fell 2.1%.
Power Play:
Technology
The State Street Technology Select Sector SPDR ETF (XLK) retreated 3.5%, the iShares US Technology ETF (IYW) was 3.1% lower, and the iShares Expanded Tech Sector ETF (IGM) was down 3.4%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell 7%, while the iShares Semiconductor ETF (SOXX) declined by 6.8%.
Intel (INTC) shares were down 25% after the company's Q3 revenue fell short of analyst estimates, while the company offered a downbeat Q4 outlook.
Winners and Losers:
Healthcare
The State Street Health Care Select Sector SPDR ETF (XLV) advanced 1.5%, the Vanguard Health Care Index Fund (VHT) was up 1.3%, while the iShares US Healthcare ETF (IYH) gained 1.5%. The iShares Biotechnology ETF (IBB) was 0.4% higher.
Regeneron Pharmaceuticals (REGN) was up 7% after the company reported higher Q3 non-GAAP net income and revenue.
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 2.4%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was inactive, and the iShares US Consumer Staples ETF (IYK) was 1.8% higher. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 1.4%. The VanEck Retail ETF (RTH) was 0.2% lower, while the State Street SPDR S&P Retail ETF (XRT) gained 0.2%.
Amazon.com (AMZN) shares were down more than 7% after the company reported a drop in Q3 earnings and a free cash outflow following investments in artificial intelligence infrastructure.
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.1%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.
SpaceX (SPCX) stock was down more than 4% after a 0.9% retreat in the prior session. Bloomberg reported Thursday that Anthropic is SpaceX's largest single client, accounting for more than a third of its Q3 revenue.
Energy
The iShares US Energy ETF (IYE) advanced 1.1%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.5%.
Exxon Mobil (XOM) stock was up more than 2% after the company posted higher-than-expected Q3 adjusted earnings and revenue.
Financial
The State Street Financial Select Sector SPDR ETF (XLF) advanced 0.8%. Direxion Daily Financial Bull 3X Shares (FAS) was up 2.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 2.3% lower.
Banco de Chile (BCH) shares were down 1% in early-hours activity after the company reported lower Q3 earnings.
Commodities
Front-month US West Texas Intermediate crude oil advanced 1.9% to $103.93 per barrel on the New York Mercantile Exchange. Natural gas was down 2.6% at $2.88 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 1.2%, while the United States Natural Gas Fund (UNG) was 1.7% lower.
Gold futures for November lost 1.3% to reach $3,978.50 an ounce on the Comex. Silver futures retreated 4.2% to $50.20 an ounce. SPDR Gold Shares (GLD) was down 1.7%, and the iShares Silver Trust (SLV) was 4.4% lower.
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