08:26 AM EDT, 05/30/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.2% lower in Thursday's premarket activity, ahead of key inflation reports.

US stock futures were also lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures declining 0.8%, and Nasdaq futures retreating 0.3% before the start of regular trading.

Reports slated for an 8:30 am ET release include the weekly jobless claims, the revised Q1 GDP report, the April international trade in goods report, the Q1 corporate profits release, and the April retail and wholesale inventories bulletins.

The pending home sales index posts at 10 am ET, followed by the weekly EIA natural gas report at 10:30 am ET. The weekly EIA weekly petroleum report follows at 11 am ET.

New York Fed President John Williams speaks at 12:05 pm ET, and Dallas Fed President Lorie Logan at 5 pm ET.

In premarket action, bitcoin was up by 1.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 1.2% higher.

Power Play:

Industrial

Industrial Select Sector SPDR Fund ( XLI ) retreated 0.1% and the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

BW LPG ( BWLP ) shares rose more than 10% before the opening bell after the company reported higher Q1 earnings and revenue.

Winners and Losers:

Consumer

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

Birkenstock Holding ( BIRK ) stock traded up more than 8% after the company reported forecast-beating fiscal Q2 financial results.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) slipped by 0.02%. The Vanguard Health Care Index Fund ( VHT ) and the iShares US Healthcare ETF ( IYH ) were inactive, while the iShares Biotechnology ETF ( IBB ) was 0.3% lower.

Sarepta Therapeutics ( SRPT ) shares were up more than 5% premarket after S&P Dow Jones Indices said late Wednesday the company is set to join the S&P MidCap 400 effective June 3.

Financial

Financial Select Sector SPDR Fund ( XLF ) retreated 0.1%. Direxion Daily Financial Bull 3X Shares ( FAS ) slipped 0.01%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.6% higher.

Canadian Imperial Bank of Commerce ( CM ) was up 4% pre-bell Thursday after the company reported higher fiscal Q2 adjusted earnings and revenue.

Technology

Technology Select Sector SPDR Fund ( XLK ) retreated 0.9%, and the iShares US Technology ETF ( IYW ) was 0.3% lower, while the iShares Expanded Tech Sector ETF ( IGM ) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was up 1.8%, while the iShares Semiconductor ETF ( SOXX ) fell by 0.3%.

Palantir Technologies ( PLTR ) was up nearly 3% after the US Department of Defense said it awarded the company a $480 million firm-fixed-price contract for the Maven Smart System prototype, an artificial intelligence tool that assists in combat using image and video analysis.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was down by 0.2%.

Hess Midstream ( HESM ) was down 3.7% before Thursday's opening bell after the company said late Wednesday that a secondary public offering of 10 million of its Class A shares was priced for gross proceeds of $343 million to the selling shareholder.

Commodities

Front-month US West Texas Intermediate crude oil fell by 0.3% to $78.97 per barrel on the New York Mercantile Exchange. Natural gas was 0.2% lower at $2.66 per 1 million British Thermal Units. United States Oil Fund ( USO ) gained 0.1%, while the United States Natural Gas Fund ( UNG ) gained 0.7%.

Gold futures for August were down 0.2% at $2,360.50 an ounce on the Comex, while silver futures retreated 2.4% to $31.61 an ounce. SPDR Gold Shares ( GLD ) advanced marginally by 0.03%, and iShares Silver Trust ( SLV ) was down 1.8%.