08:17 AM EDT, 05/24/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% higher in Friday's premarket activity as investors hope for a rate cut this September.

US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.3% before the start of regular trading.

The durable goods orders report will be released at 8:30 am ET.

Federal Reserve Governor Christopher Waller speaks at 9:35 am ET.

The University of Michigan consumer sentiment bulletin for May will be released at 10 am ET followed by the weekly Baker Hughes oil-and-gas rig count at 1 pm ET.

In premarket action, bitcoin was up by 0.5% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 0.6% higher.

Power Play:

Technology

Technology Select Sector SPDR Fund ( XLK ) advanced 0.4%, and the iShares US Technology ETF ( IYW ) was 0.2% 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 0.9%.

Workday (WDAY) shares were down 11% in premarket activity on Friday after the company cut its fiscal 2025 subscription-revenue guidance.

Winners and Losers:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.1%. The Vanguard Health Care Index Fund ( VHT ) and the iShares US Healthcare ETF ( IYH ) were inactive. The iShares Biotechnology ETF ( IBB ) advanced 0.1%.

Guardant Health ( GH ) shares were up more than 10% premarket after the company said late Thursday that a panel of the US Food and Drug Administration's Medical Devices Advisory Committee recommended approval of the company's Shield blood test for colorectal cancer screening in adults who are at least 45 years old and at average risk for the disease.

Financial

Financial Select Sector SPDR Fund ( XLF ) gained 0.1%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 0.7%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.7% lower.

The9 ( NCTY ) was up more than 7% pre-bell after the company announced a $3.5 million private placement agreement with Fine Vision Fund, which includes a premium on the company's average closing price.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) advanced 0.3% and the Vanguard Industrials Index Fund ( VIS ) was inactive, while the iShares US Industrials ETF ( IYJ ) was inactive.

Bloom Energy ( BE ) shares gained nearly 3% before the opening bell after the company said it priced a $350 million private offering of 3% green convertible senior notes due 2029 to qualified institutional buyers.

Consumer

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

New Oriental Education & Technology Group ( EDU ) traded down 1.4% pre-bell after the company said that its board has authorized the company to extend its current share repurchase program for 12 months through May 31, 2025.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.1%.

+0.6% Devon Energy ( DVN ) was up 0.6% before Friday's opening bell after Morgan Stanley raised the company's price target to $52 from $50.

Commodities

Front-month US West Texas Intermediate crude oil retreated 0.4% to $76.59 per barrel on the New York Mercantile Exchange. Natural gas was flat at $2.66 per 1 million British Thermal Units. United States Oil Fund ( USO ) was 0.4% lower, while the United States Natural Gas Fund ( UNG ) fell by 2%.

Gold futures for August gained 0.1% to reach $2,362.40 an ounce on the Comex, while silver futures advanced 0.9% to $30.73 an ounce. SPDR Gold Shares ( GLD ) were up 0.4%, and iShares Silver Trust ( SLV ) was 1.2% higher.