08:17 AM EST, 01/02/2025 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 1% and the actively traded Invesco QQQ Trust (QQQ) advanced 1.2% in Thursday's premarket activity as traders tested the waters ahead of the new year's first trading day.

US stock futures were also higher, with S&P 500 Index futures up 1%, Dow Jones Industrial Average futures advancing 0.8%, and Nasdaq futures gaining 1.2% before the start of regular trading.

US mortgage applications fell 21.9% in the two weeks ended Dec. 27, with refinancing down 36% and purchases falling 13%, as 30-year fixed rates rose to 6.97%, MBA data showed Thursday.

The weekly jobless claims report will be released at 8:30 am ET.

The final Purchasing Managers' Manufacturing index for December posts at 9:45 am ET, followed by the construction spending report for November at 10 am ET.

The weekly EIA petroleum inventories report is due at 11 am ET.

In premarket activity, bitcoin was up by 2.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 3.5% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.7%. The Vanguard Health Care Index Fund ( VHT ) was up 0.7% while the iShares US Healthcare ETF ( IYH ) slipped 0.1%. The iShares Biotechnology ETF (IBB) was inactive.

Hutchmed ( HCM ) stock was up 5.8% in recent premarket activity Thursday after the company said overnight that the China National Medical Products Administration granted priority review to its drug application for Orpathys and Tagrisso. Hutchmed ( HCM ) also announced a $608 million deal to sell a 45% stake in Shanghai Hutchison Pharmaceuticals.

Winners and Losers:

Industrial

Industrial Select Sector SPDR Fund ( XLI ) rose 0.9% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Tutor Perini ( TPC ) stock was up nearly 4% before the opening bell after the company said that it had appointed Gary Smalley to succeed Ronald Tutor as its chief executive officer.

Energy

The iShares US Energy ETF ( IYE ) was up 0.1%, while the Energy Select Sector SPDR Fund ( XLE ) rose 1%.

Kosmos Energy ( KOS ) stock was up 3.3% before Thursday's opening bell after the company said it expects to start recognizing revenue from the Greater Tortue Ahmeyim liquefied natural gas project with the first LNG cargo in Q1.

Technology

Technology Select Sector SPDR Fund (XLK) rose 1.4%, and the iShares US Technology ETF ( IYW ) was 1.5% 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) was up 1.6%.

Nvidia ( NVDA ) shares were up 1.6% in recent Thursday premarket activity after The Financial Times reported Wednesday, citing filings and Dealroom research, that Nvidia ( NVDA ) invested an aggregate of $1 billion in artificial intelligence companies last year that ranged across 50 start-up funding rounds and numerous corporate agreements.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.3%, while the Vanguard Consumer Staples Fund (VDC) gained marginally by 0.01%. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) advanced 1.3%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) gained 0.1%.

Alibaba Group ( BABA ) shares were down 1% pre-bell after the company said Wednesday it struck a deal to sell its 73.7% stake in hypermarket operator Sun Art to DCP Capital subsidiary Paragon Shine for up to 12.30 billion Hong Kong dollars ($1.58 billion).

Financial

Financial Select Sector SPDR Fund (XLF) advanced 0.9%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 2.6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 2.8% lower.

Arrow Financial ( AROW ) shares were down nearly 1% pre-bell Thursday after the company said that its subsidiaries Glens Falls National Bank and Trust and Saratoga National Bank and Trust have combined, with the resulting bank legally changing its name to Arrow Bank National Association.

Commodities

Front-month US West Texas Intermediate crude oil advanced 1.5% to $72.78 per barrel on the New York Mercantile Exchange. Natural gas gained 1.5% at $3.69 per 1 million British Thermal Units. United States Oil Fund ( USO ) was up 1.4%, while the United States Natural Gas Fund ( UNG ) was 1.8% higher.

Gold futures for February were up 0.7% at $2,659.40 an ounce on the Comex, while silver futures rose 2.1% to $29.86 an ounce. SPDR Gold Shares ( GLD ) increased 0.8%, while the iShares Silver Trust ( SLV ) advanced 1.6%.