08:24 AM EDT, 10/08/2024 (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 Tuesday's premarket activity, ahead of economic data releasing later in the day.

US stock futures were also higher, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.5% before the start of regular trading.

The NFIB's Small Business Optimism Index rose slightly to 91.5 in September, with gains in sales expectations and employment plans, though uncertainty around inflation and financing remains a concern for small business owners.

The August international trade in goods and services report will be released at 8:30 am ET.

Atlanta Fed President Raphael Bostic speaks at 12:45 pm ET, Boston Fed President Susan Collins at 4 pm ET, and Vice Chair Philip Jefferson at 7:30 pm ET.

In premarket activity, bitcoin was down by 1.4% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.2% lower.

Power Play:

Financial

Financial Select Sector SPDR Fund ( XLF ) increased by 0.4%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 1.3%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 1% lower.

Ares Management ( ARES ) shares were down 2.5% pre-bell Tuesday after the company said it agreed to acquire the international business of GLP Capital Partners and some of its affiliates, excluding its China operations, for $3.70 billion.

Winners and Losers:

Industrial

Industrial Select Sector SPDR Fund ( XLI ) retreated marginally by 0.04% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Honeywell International ( HON ) stock was up 1.9% before the opening bell after the company said it plans to spin off its advanced materials division as a separate publicly traded company.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was down nearly 1%.

Equinor ( EQNR ) shares were down 1.6% before Tuesday's opening bell after the company said Monday it had acquired 41.2 million shares or a 9.8% stake worth $2.50 billion in Orsted.

Technology

Technology Select Sector SPDR Fund ( XLK ) gained 0.6%, and the iShares US Technology ETF ( IYW ) was 0.3% 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 0.3%.

Nvidia ( NVDA ) stock was up nearly 2% in recent Tuesday premarket activity after media reports said that Foxconn is building the world's biggest production facility in Mexico for bundling Nvidia's ( NVDA ) GB200 superchips.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.3%. The Vanguard Health Care Index Fund ( VHT ) was up 0.2% while the iShares US Healthcare ETF ( IYH ) was inactive. The iShares Biotechnology ETF ( IBB ) was down 0,5%.

CareDx ( CDNA ) shares were up 1.1% premarket after the company said Tuesday that the US Department of Justice concluded its investigation in a qui tam action filed by a former firm's employee and found no "wrongdoing."

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.1%, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF ( IYK ) was down 1,1%, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) gained 0.1%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) advanced 0.3%.

Pepsico ( PEP ) shares were down 1% pre-bell after the company reported lower fiscal Q3 net revenue.

Commodities

Front-month US West Texas Intermediate crude oil fell 2.2% to $75.44 per barrel on the New York Mercantile Exchange. Natural gas was up nearly 1% at $2.77 per 1 million British Thermal Units. United States Oil Fund ( USO ) declined 2.3%, while the United States Natural Gas Fund ( UNG ) rose 1.2%.

Gold futures for December advanced 0.1% to $2,667.60 an ounce on the Comex, while silver futures fell 1.2% to $31.61 an ounce. SPDR Gold Shares ( GLD ) advanced 0.3%, and iShares Silver Trust ( SLV ) was 1.1% lower.