09:11 AM EDT, 08/02/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down by nearly 1.5% and the actively traded Invesco QQQ Trust (QQQ) was 2.2% lower in Friday's premarket activity, as technology stocks including Intel ( INTC ) and Procore Technologies ( PCOR ) issued weaker outlooks while the July jobless rate rose.

US stock futures were also lower, with the S&P 500 Index futures down 1.1%, the Dow Jones Industrial Average futures slipping 0.8% and the Nasdaq futures declining 1.7% before the start of regular trading.

The June factory orders report will be released at 10 am ET, followed by the Baker Hughes domestic oil-and-gas rig count report at 1 pm ET.

July nonfarm payrolls rose by 114,000, below the 175,000 increase expected in a survey compiled by Bloomberg as of 7:25 am ET, while private payrolls increased by 97,000 after a 136,000 increase in June, below the 140,000 gain expected. The unemployment rate rose to 4.3% from 4.1%, compared with an unchanged 4.1% rate expected.

In premarket action, bitcoin was up by 2% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 2.3% higher.

Power Play:

Technology

Technology Select Sector SPDR Fund ( XLK ) slipped 2.7%, and the iShares US Technology ETF ( IYW ) was down 3.1%, while the iShares Expanded Tech Sector ETF ( IGM ) was 1.2% lower. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) fell 3.9%, while the iShares Semiconductor ETF ( SOXX ) declined 3.7%.

Intel ( INTC ) slumped by 24% in premarket activity after reporting overnight lower fiscal Q2 non-GAAP diluted earnings and net revenue from a year earlier.

Winners and Losers:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 0.1%. The Vanguard Health Care Index Fund ( VHT ) was flat while the iShares US Healthcare ETF ( IYH ) was down 0.9%. The iShares Biotechnology ETF ( IBB ) was 1.9% lower.

Bausch Health ( BHC ) shares slipped more than 11% before Friday's opening bell after Piper Sandler downgraded it to underweight from neutral and cut its price target to $3 from $9.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was 0.4% higher, while the Vanguard Consumer Staples Fund (VDC) was flat. The iShares US Consumer Staples ETF ( IYK ) slipped 1.2%, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) was 3.8% lower. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was down 3.5%.

DoorDash ( DASH ) stock rose more than 8% before the opening bell, after posting late Thursday a narrower Q2 net loss and higher revenue from a year earlier.

Financial

Financial Select Sector SPDR Fund ( XLF ) lost 1.1%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 3.6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) gained 4.1%.

Block (SQ) shares were 1.8% lower before Friday's opening bell, after posting late Thursday lower-than-expected Q2 total net revenue.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) declined by 1.5%. The Vanguard Industrials Index Fund ( VIS ) was slightly down by 0.1% and the iShares US Industrials ETF ( IYJ ) was flat.

Fluor (FLR) stock was down 1% before the bell Friday, after posting lower-than-expected Q2 revenue.

Energy

The iShares US Energy ETF ( IYE ) was flat, while the Energy Select Sector SPDR Fund ( XLE ) was marginally lower by 1.4%.

Coterra Energy ( CTRA ) shares slipped 0.4% pre-bell Friday, after posting overnight lower Q2 adjusted earnings from a year earlier.

Commodities

Front-month US West Texas Intermediate crude oil lost 1% to $75.55 per barrel on the New York Mercantile Exchange. Natural gas was up 1.8% at $2 per 1 million British Thermal Units. United States Oil Fund ( USO ) fell 1.6%, while the United States Natural Gas Fund ( UNG ) was 1.5% higher.

Gold futures for December were up 0.9% at $2,502.60 an ounce on the Comex, while silver futures gained 1.9% to reach $29.03 an ounce. SPDR Gold Shares ( GLD ) advanced 0.6%, and iShares Silver Trust ( SLV ) was 1.3% higher.