08:19 AM EDT, 05/02/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.7% and the actively traded Invesco QQQ Trust (QQQ) was 0.9% higher in Thursday's premarket activity as the earnings deluge continued.

US stock futures were also higher, with S&P 500 Index futures up 0.7%, Dow Jones Industrial Average futures advancing 0.5%, and Nasdaq futures gaining 0.8% before the start of regular trading.

Challenger, Gray & Christmas reported a decrease in planned job cuts for April, with the automotive and education industries seeing the highest numbers. Market and economic conditions were cited as the main reason for layoffs, while real estate led in hiring plans, although at a lower rate compared to previous months.

The weekly jobless claims bulletin posts at 8:30 am ET, along with the March international trade in goods and services report, and the Q1 productivity and costs release.

The March factory orders report posts at 10 am ET, followed by the weekly EIA domestic natural gas supplies bulletin at 10:30 am ET.

In premarket action, bitcoin was up by 2.8% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 3.2% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) was 0.8% higher and the Vanguard Health Care Index Fund (VHT) was up 1.5%, while the iShares US Healthcare ETF (IYH) and the iShares Biotechnology ETF (IBB) were inactive.

Emergent BioSolutions Inc. ( EBS ) shares were up more than 53% premarket after the company reported higher year-over-year Q1 financial results.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) gained 0.4%, while the Vanguard Consumer Staples Fund (VDC) was 0.3% lower. The iShares US Consumer Staples ETF (IYK) was flat, and the Consumer Discretionary Select Sector SPDR Fund (XLY) advanced 1.5%. The VanEck Retail ETF (RTH) was inactive while the SPDR S&P Retail ETF (XRT) added 2%.

Carvana ( CVNA ) shares were up more than 36% pre-bell Thursday, a day after reporting Q1 earnings of $0.23 per diluted share, compared with a loss of $1.51 a year earlier.

Technology

Technology Select Sector SPDR Fund (XLK) was up 1.1%, and the iShares US Technology ETF (IYW) was 2.4% higher, while the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) gained 5.8%, while the iShares Semiconductor ETF (SOXX) rose by 1.7%.

Freshworks ( FRSH ) shares were down nearly 27% in recent Thursday premarket activity after the company late Wednesday lowered its guidance for 2024 revenue to between $695 million and $705 million from $703.5 million to $711.5 million.

Financial

Financial Select Sector SPDR Fund (XLF) was up 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 1.2%.

World Acceptance ( WRLD ) shares were up 2.7% pre-bell Thursday after the company reported higher Q1 earnings compared with a year earlier.

Industrial

Industrial Select Sector SPDR Fund (XLI) advanced 0.8% and the Vanguard Industrials Index Fund (VIS) was flat, while the iShares US Industrials ETF (IYJ) was inactive.

Stanley Black & Decker ( SWK ) shares were down 4.3% before the opening bell after the company reported lower-than-expected fiscal Q1 non-GAAP earnings and lower year-over-year sales.

Energy

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

Linde ( LIN ) shares were down 3.8% before Thursday's opening bell after the company reported lower Q1 sales compared with a year earlier.

Commodities

Front-month US West Texas Intermediate crude oil advanced 0.9% to $79.75 per barrel on the New York Mercantile Exchange. Natural gas rose 1.9% to $1.97 per 1 million British Thermal Units. United States Oil Fund (USO) was 1% higher, while the United States Natural Gas Fund (UNG) gained 2.1%.

Gold futures for June edged down 0.1% to $2,308.70 an ounce on the Comex, and silver futures lost 0.8% to $26.54 an ounce. SPDR Gold Shares (GLD) advanced 0.4%, and iShares Silver Trust (SLV) was 1% lower.