08:26 AM EST, 11/07/2024 (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 0.3% higher in Thursday's premarket activity, ahead of the Federal Open Market Committee's announcement due later in the day.

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

The weekly jobless claims bulletin will be released at 8:30 am ET, along with the Q3 productivity and costs report.

The wholesale inventories report for September posts at 10 am ET, followed by the weekly EIA natural gas bulletin at 10:30 am ET.

The US central bank will disclose its rate decision at 2 pm ET, followed by a 2:30 pm ET press conference with Chair Jerome Powell.

In premarket action, bitcoin was down by 1.6% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.2% lower.

Power Play:

Financial

Financial Select Sector SPDR Fund (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 0.9%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.8% lower.

Wolfspeed ( WOLF ) shares were down more than 24% pre-bell Thursday after the company reported a wider fiscal Q1 non-GAAP loss and lower revenue late Wednesday.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund ( XLK ) advanced 0.5%, and the iShares US Technology ETF ( IYW ) was 0.6% higher, while the iShares Expanded Tech Sector ETF ( IGM ) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) increased 0.1%, while the iShares Semiconductor ETF (SOXX) rose by 1.2%.

EPAM Systems ( EPAM ) shares were up 12% in recent Thursday premarket activity after the company reported higher Q3 adjusted earnings and revenue and lifted its 2024 guidance.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) advanced 0.6% while the Vanguard Industrials Index Fund ( VIS ) was up 1.2% and the iShares US Industrials ETF ( IYJ ) was inactive.

Rockwell Automation ( ROK ) stock was down 4.8% before the opening bell after the company reported lower fiscal Q4 adjusted earnings and sales.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.2%, while the Vanguard Consumer Staples Fund (VDC) was down 0,9%. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) gained marginally by 0.01%. The VanEck Retail ETF ( RTH ) and the SPDR S&P Retail ETF ( XRT ) were inactive.

Coty ( COTY ) shares were down 2.4% pre-bell after the company posted lower-than-expected fiscal Q1 adjusted earnings.

Energy

The iShares US Energy ETF ( IYE ) was down 0.5%, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.1%.

Murphy Oil ( MUR ) stock was up 1.1% before Thursday's opening bell after the company posted forecast-beating Q3 adjusted net income and revenue.

Health Care

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

Becton, Dickinson ( BDX ) stock was up 1.3% premarket after the company reported higher fiscal Q4 adjusted earnings and revenue.

Commodities

Front-month US West Texas Intermediate crude oil fell by 1% to $70.98 per barrel on the New York Mercantile Exchange. Natural gas gained 0.1% to $2.75 per 1 million British Thermal Units. United States Oil Fund ( USO ) was down 1.3%, while the United States Natural Gas Fund ( UNG ) advanced 0.2%.

Gold futures for December decreased 0.1% to $2,673.30 an ounce on the Comex, while silver futures retreated 0.3% to $31.23 an ounce. SPDR Gold Shares ( GLD ) advanced by 0.3%, and iShares Silver Trust ( SLV ) slipped marginally by 0.04%.