08:06 AM EDT, 09/19/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 1.6% and the actively traded Invesco QQQ Trust (QQQ) was 2.1% higher in Thursday's premarket activity, following the Federal Reserve's decision to cut interest rates after four years.

US stock futures were also higher, with S&P 500 Index futures up 1.7%, Dow Jones Industrial Average futures rising 1.2%, and Nasdaq futures gaining 2.1% before the start of regular trading.

The weekly jobless claims bulletin, the Philadelphia Fed's manufacturing index for September, and the Q2 current account deficit report will be released at 8:30 am ET. The existing home sales report and the leading indicators index, both for August, are slated for a 10 am ET release, followed by the weekly EIA domestic natural gas supplies report at 10:30 am ET.

In premarket action, bitcoin was up by 3.9% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 4.1% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.8%. The Vanguard Health Care Index Fund ( VHT ) and the iShares US Healthcare ETF ( IYH ) were inactive. The iShares Biotechnology ETF ( IBB ) was up 1.7%.

Progyny ( PGNY ) shares fell 24% in premarket activity Thursday after the company said that a client accounting for 13% of its 2023 revenue had elected to exercise a 90-day option to terminate its services agreement, effective Jan. 1.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.5%, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) gained 2.1%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was nearly 2% higher.

Darden Restaurants ( DRI ) stock was up more than 11% pre-bell after the company reported higher fiscal Q1 adjusted net earnings and sales.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) advanced 1.3% while the Vanguard Industrials Index Fund ( VIS ) was flat and the iShares US Industrials ETF ( IYJ ) was inactive.

Comstock (LODE) shares were down 4% before the opening bell after the company said it had secured a $3.5 million convertible debt financing with an option for another $1.5 million to support its commercial expansion in the fuels and metals sectors.

Energy

The iShares US Energy ETF ( IYE ) was up 1.3%, while the Energy Select Sector SPDR Fund ( XLE ) rose by 1.5%.

TotalEnergies (TTE) stock was up 2.7% before Thursday's opening bell after the company said it had secured a five-year extension of a liquefied natural gas supply agreement with China's CNOOC.

Financial

Financial Select Sector SPDR Fund ( XLF ) gained 1.4%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 4.2%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was down 4%.

Regions Financial ( RF ) shares were up 2.3% pre-bell Thursday after Citigroup raised its price target to $26 from $25 and maintained a buy rating.

Technology

Technology Select Sector SPDR Fund ( XLK ) was up 2.3%, and the iShares US Technology ETF ( IYW ) was 1.9% higher, while the iShares Expanded Tech Sector ETF ( IGM ) rose 2.6%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) advanced 0.1%, while the iShares Semiconductor ETF ( SOXX ) rose by 3.2%.

Alphabet (GOOG, GOOGL) shares were up nearly 2% in recent Thursday premarket activity after South Korean newspaper Electronic Times reported late Wednesday, citing industry sources, that Waymo is reportedly in talks with South Korea's Hyundai Motor to outsource the manufacturing of its self-driving vehicles.

Commodities

Front-month US West Texas Intermediate crude oil advanced 0.8% at $71.44 per barrel on the New York Mercantile Exchange. Natural gas was up 0.2% at $2.29 per 1 million British Thermal Units. United States Oil Fund ( USO ) rose 2.2%, while the United States Natural Gas Fund ( UNG ) retreated by 1%.

Gold futures for December were up 0.5% at $2,612 an ounce on the Comex, while silver futures rose 2.5% to $31.44 an ounce. SPDR Gold Shares ( GLD ) gained 1.5%, and iShares Silver Trust ( SLV ) was 4.2% higher.