08:29 AM EDT, 08/23/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.5% higher in Friday's premarket activity as investors hope for dovish remarks from US Federal Reserve Chair Jerome Powell in his keynote address later in the day.

US stock futures were also higher, with S&P 500 Index futures up 0.5%, Dow Jones Industrial Average futures advancing 0.4%, and Nasdaq futures gaining 0.8% before the start of regular trading.

Powell is scheduled to speak at 10 am ET on the last day of the Jackson Hole, Wyoming, annual Fed conference.

The July new home sales report will also be released at 10 am, while the weekly Baker Hughes domestic oil-and-gas rig count will be released at 1 pm ET.

In premarket action, bitcoin was up by 0.9% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 1% higher.

Power Play:

Technology

Technology Select Sector SPDR Fund ( XLK ) gained 1%, and the iShares US Technology ETF ( IYW ) was 1.8% higher, while the iShares Expanded Tech Sector ETF ( IGM ) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was inactive, while the iShares Semiconductor ETF ( SOXX ) rose by 1.1%.

Sequans Communications ( SQNS ) stock was up more than 144% after the company agreed to sell its 4G Internet of Things technologies to Qualcomm ( QCOM ) unit Qualcomm Technologies for $200 million. Qualcomm ( QCOM ) shares gained 1.2% pre-bell.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was down 0.2%, while the Vanguard Consumer Staples Fund (VDC) was up 2.1%. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) gained 0.7%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was 0.1% higher.

Ross Stores ( ROST ) stock traded up more than 5% pre-bell after the company reported higher fiscal Q2 results late Thursday and raised its fiscal 2025 EPS guidance.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.2%. The Vanguard Health Care Index Fund ( VHT ) was down 0.1% while the iShares US Healthcare ETF ( IYH ) was inactive. The iShares Biotechnology ETF ( IBB ) was 0.2% higher.

Galapagos (GLPG) shares were up more than 5% premarket after the company said the US Food and Drug Administration has approved an investigational new drug application for the study of its experimental therapy, GLPG5101, in patients with relapsed/refractory non-Hodgkin lymphoma.

Financial

Financial Select Sector SPDR Fund ( XLF ) advanced 0.3%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up nearly 1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.8% lower.

Unusual Machines ( UMAC ) shares were up 3.4% pre-bell Friday after the company said it had received orders for over 6,700 Rotor Riot Brave F7 flight controllers since being approved and listed on the Blue UAS Framework on Aug. 7.

Energy

The iShares US Energy ETF ( IYE ) was down 1.7%, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.5%.

Range Resources ( RRC ) was up 2.2% before Friday's opening bell after the company said late Thursday that Steve Gray will retire from the board effective Oct. 1.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) , the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Hafnia ( HAFN ) shares gained 1% before the opening bell after the company reported higher Q2 earnings and revenue.

Commodities

Front-month US West Texas Intermediate crude oil gained 1.5% to reach $74.07 per barrel on the New York Mercantile Exchange. Natural gas was down 1.4% at $2.02 per 1 million British Thermal Units. United States Oil Fund ( USO ) advanced 1.9%, while the United States Natural Gas Fund ( UNG ) was 1.8% lower.

Gold futures for December rose 0.7% to $2,534.70 an ounce on the Comex, while silver futures gained 1.5% to reach $29.93 an ounce. SPDR Gold Shares ( GLD ) advanced 0.7%, and iShares Silver Trust ( SLV ) was 1.8% higher.