The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.9% and the actively traded Invesco QQQ Trust (QQQ) was 0.2% higher in Wednesday's premarket activity as investors reacted to the results of the US midterm elections.
US stock futures were also higher, with S&P 500 Index futures up 0.8%, Dow Jones Industrial Average futures advancing 1.6%, and Nasdaq futures gaining 0.3% before the start of regular trading.
Mortgage applications declined in the week ended Oct. 30 despite a further drop in mortgage rates, the Mortgage Bankers Association reported Wednesday.
ADP's monthly measure of private payrolls showed an 86,000 increase in October, well above the expectations compiled by Bloomberg for an increase of 67,000.
The US international trade deficit narrowed to $105.047 billion in September from a $105.737 billion gap in August, compared with a $107.9 billion gap expected in a survey compiled by Bloomberg as of 7:50 am ET.
Nonmanufacturing data for October are due from S&P Global at 9:45 am ET and from ISM at 10 am ET.
Weekly EIA petroleum data will be released at 10:30 am ET.
In premarket activity, bitcoin was up by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.6% higher, Ether ETF (EETH) advanced 0.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was 1.6% lower.
Power Play:
Healthcare
The State Street Health Care Select Sector SPDR ETF (XLV) advanced 2.3%, the Vanguard Health Care Index Fund (VHT) was up 2.2%, while the iShares US Healthcare ETF (IYH) gained 0.9%. The iShares Biotechnology ETF (IBB) rose 2.2%.
Nurix Therapeutics (NRIX) shares were 33% lower after the company said that Sanofi (SNY) had decided to discontinue the phase 1 clinical trial and terminate development of SAR448272, an oral STAT6 degrader co-developed under the companies' 2019 partnership. Sanofi stock was 3% higher premarket.
Winners and Losers:
Technology
The State Street Technology Select Sector SPDR ETF (XLK) retreated 0.1%, the iShares US Technology ETF (IYW) was 0.2% lower, and the iShares Expanded Tech Sector ETF (IGM) was down 0.2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined 2.6%, while the iShares Semiconductor ETF (SOXX) fell by 1 %.
Skyworks Solutions (SWKS) shares were down 11% after the company reported lower fiscal Q4 adjusted earnings and revenue.
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.
Space Exploration Technologies (SPCX) shares were down nearly 6% after multiple news outlets reported that US midterm election results raised concerns about increased regulatory scrutiny on AI projects and companies.
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 2.8%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was inactive, and the iShares US Consumer Staples ETF (IYK) was 1.3% higher. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 1.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was up 1.9%.
Tesla (TSLA) shares were down more than 4% pre-bell, extending the 1% loss in the prior session. Reuters reported that the EV-maker is being accused by a South Korean consumer protection organization of misleading tens of thousands of customers by selling driver-assistance software the company knows cannot be legally used in most vehicles in the country.
Financial
The State Street Financial Select Sector SPDR ETF (XLF) advanced 1.7%. Direxion Daily Financial Bull 3X Shares (FAS) was up 5.3%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 4.9% lower.
Blackstone (BX) shares were up 2% after Bloomberg News reported the company has raised about 13 billion euros ($14.62 billion) for its European direct lending strategy, completing its fourth fund targeting mid-market and upper-mid-market borrowers in the region.
Energy
The iShares US Energy ETF (IYE) was down 2%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated 0.4%.
Vermilion Energy (VET) stock was down more than 2% after the company reported a wider Q3 loss.
Commodities
Front-month US West Texas Intermediate crude oil fell 1.8%% to $94.39 per barrel on the New York Mercantile Exchange. Natural gas was up 0.7% at $2.91 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 2.5%, while the United States Natural Gas Fund (UNG) was 0.7% higher.
Gold futures for November rose 2.8% to $4,049.10 an ounce on the Comex. Silver futures advanced 4.1% to $51.81 an ounce. SPDR Gold Shares (GLD) was up 3%, and the iShares Silver Trust (SLV) was 4.6% higher.
Comments