08:16 AM EDT, 06/05/2025 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.1% in Thursday's premarket activity, as investors weigh the potential for Federal Reserve rate cuts against ongoing trade uncertainties.

US stock futures were little changed, with S&P 500 Index futures, Dow Jones Industrial Average futures, and Nasdaq futures nearly flat before the start of regular trading.

US employers announced plans to cut 93,816 jobs in May, down from April but still higher than a year ago, with most cuts coming from services and retail, Challenger, Gray & Christmas said Thursday.

The April international trade in goods and services bulletin, the weekly jobless claims report and the Q1 productivity and costs report will be released at 8:30 am ET.

The weekly EIA natural gas bulletin is slated for a 10:30 am ET release.

Federal Reserve Governor Adriana Kugler, Philadelphia President Patrick Harker, and Kansas City President Jeffrey Schmid are slated to speak Thursday.

In premarket action, bitcoin was down by 0.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.2% lower.

Power Play:

Industrial

Industrial Select Sector SPDR Fund ( XLI ) advanced 0.1% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Babcock & Wilcox Enterprises ( BW ) stock was up 23% before the opening bell after the company said that it has agreed to sell its Diamond Power International business to Austria-based Andritz for $177 million.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) advanced 0.1%, and the iShares US Technology ETF ( IYW ) was 0.03% lower, while the iShares Expanded Tech Sector ETF ( IGM ) was up 0.5%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) gained 0.8%, while the iShares Semiconductor ETF (SOXX) rose by 0.4%.

Verint Systems ( VRNT ) shares were up more than 15% in recent Thursday premarket activity after the company reported higher-than-expected fiscal Q1 non-GAAP earnings and revenue.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.1%. 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 0.1% higher.

Avadel Pharmaceuticals ( AVDL ) stock was up more than 3% premarket after the company said that LUMRYZ has been granted Orphan Drug Designation from the US Food and Drug Administration to treat Idiopathic Hypersomnia, a chronic sleep disorder.

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 flat, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) lost 0.1%. The VanEck Retail ETF ( RTH ) and the SPDR S&P Retail ETF ( XRT ) were inactive

Tesla (TSLA) shares were down 2.3% pre-bell Thursday amid reports of a growing split between the electric vehicle maker's chief executive, Elon Musk, and US President Donald Trump.

Energy

The iShares US Energy ETF ( IYE ) was flat, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.2%.

Petroleo Brasileiro (PBR) stock was up nearly 1% before Thursday's opening bell after the company said late Wednesday it submitted a declaration of interest for nine offshore exploratory blocks in the Ivory Coast.

Financial

Financial Select Sector SPDR Fund (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 0.01%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.4% lower.

Commodities

Front-month US West Texas Intermediate crude oil gained 0.3% to $63.04 per barrel on the New York Mercantile Exchange. Natural gas gained 0.8% to $3.69 per 1 million British Thermal Units. United States Oil Fund ( USO ) was 0.5% higher, while the United States Natural Gas Fund ( UNG ) was down 1.1%.

Gold futures for August were up 0.6% to $3,419.40 an ounce on the Comex, while silver futures rose 4% to $36.03 an ounce. SPDR Gold Shares ( GLD ) was 0.6% higher, and the iShares Silver Trust ( SLV ) advanced 3.7%.