08:29 AM EDT, 05/10/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% higher in Friday's premarket activity, as traders wait for Federal speakers' opinions for clues about potential interest rate cuts.

US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.4% before the start of regular trading.

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

Federal Reserve Governor Michelle Bowman speaks at 9 am ET, Dallas Fed President Lorie Logan at 10 am ET, Minneapolis President Neel Kashkari at 10 am ET, Chicago President Austan Goolsbee at 12:45 pm ET, and Fed Vice Chair Michael Barr at 1:30 pm ET.

In premarket action, bitcoin was up by 1.3% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.5% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.1%. The Vanguard Health Care Index Fund (VHT) was marginally higher while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was up 0.3%.

Novavax ( NVAX ) was up more than 118% premarket after the company said it signed a co-exclusive licensing agreement with Sanofi (SNY) to provide broader access to a protein-based non-mRNA adjuvanted COVID-19 vaccine from 2025 onwards.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) gained 0.5%, and the iShares US Technology ETF (IYW) was 0.1% higher, while the iShares Expanded Tech Sector ETF (IGM) was flat. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 1.1%.

SoundHound AI ( SOUN ) was up nearly 14% in recent Friday premarket activity after the company reported a Q1 adjusted loss late Thursday of $0.07 per share, narrower than a loss of $0.08 per share a year earlier.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) and the Vanguard Consumer Staples Fund (VDC) were flat. The iShares US Consumer Staples ETF (IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was up 0.6%.

Victoria's Secret (VSCO) traded up 9.5% pre-bell after the company reported preliminary fiscal Q1 adjusted earnings Thursday of $0.07 to $0.12 per diluted share, compared with a guidance of a loss of $0.15 to earnings of $0.10.

Financial

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

Runway Growth Finance ( RWAY ) was down 6% pre-bell Friday after the company announced the pricing of its secondary offering of 3.75 million shares by OCM Growth Holding at a public offering price of $11.50 per share.

Industrial

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

Construction Partners ( ROAD ) gained 3.4% before the opening bell after the company reported higher year-over-year fiscal Q2 revenue and raised its outlook for 2024.

Energy

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

Baytex Energy ( BTE ) was down nearly 3% before the opening bell after the company reported a Q1 loss Thursday of 0.02 Canadian dollars ($0.02) per diluted share, swinging from earnings of CA$0.09 per share a year earlier.

Commodities

Front-month US West Texas Intermediate crude oil gained 0.7% to $79.84 per barrel on the New York Mercantile Exchange. Natural gas advanced 0.7% to $2.32 per 1 million British Thermal Units. United States Oil Fund (USO) was up 0.3%, while the United States Natural Gas Fund (UNG) was 0.4% lower.

Gold futures for June rose 1.7% to $2,379.40 an ounce on the Comex, and silver futures were up 1.7% to $28.86 an ounce. SPDR Gold Shares (GLD) advanced 1.2%, and iShares Silver Trust (SLV) was 1% higher.