08:25 AM EDT, 10/31/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 0.7% and the actively traded Invesco QQQ Trust (QQQ) was 0.8% lower in Thursday's premarket activity after Microsoft (MSFT) and Meta Platforms (META) said they expect to increase spending on AI.

US stock futures were also lower, with S&P 500 Index futures down 0.7%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures losing 0.8% before the start of regular trading.

US companies planned 55,597 job cuts in October, a decrease from September but higher than a year ago, with the aerospace and defense sector, especially Boeing, leading layoffs, according to Challenger, Gray & Christmas data Thursday.

Reports releasing at 8.30 am ET include the September personal income and outlays report, the weekly jobless claims bulletin, and the Q3 employment cost index.

The Chicago PMI posts at 9:45 am ET, followed by the weekly EIA natural gas report at 10:30 am ET.

In premarket action, bitcoin was up by 0.7% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.7% higher.

Power Play:

Industrial

Industrial Select Sector SPDR Fund ( XLI ) declined 0.4% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Generac Holdings (GNRC) stock was up 5.5% before the opening bell after the company reported higher Q3 adjusted earnings and revenue, and lifted its 2024 net sales growth outlook.

Winners and Losers:

Consumer

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

Li Auto (LI) shares were down 5% pre-bell after the company posted forecast-beating Q3 results but guided for a Q4 revenue outlook that trailed analyst estimates.

Technology

Technology Select Sector SPDR Fund (XLK) fell 1.1%, and the iShares US Technology ETF ( IYW ) was 1% lower, while the iShares Expanded Tech Sector ETF ( IGM ) was down 0.7%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) retreated 0.3%, while the iShares Semiconductor ETF (SOXX) was 0.7% lower.

ASE Technology Holding (ASX) shares were up nearly 3% in recent Thursday premarket activity after the company reported higher Q3 earnings and revenue.

Financial

Financial Select Sector SPDR Fund (XLF) slipped 0.1%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 0.3%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.3% higher.

ING Groep (ING) shares were up 1.8% pre-bell Thursday after the company reported higher Q3 results and said it is expanding its shareholder distribution with an additional 2.5 billion euros ($2.72 billion) to help push its CET1 ratio towards a 12.5% target.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.3%.

Cenovus Energy (CVE) stock was up 1.5% before Thursday's opening bell after the company reported forecast-beating Q3 gross sales.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 0.6%. The Vanguard Health Care Index Fund ( VHT ) gained marginally by 0.04% while the iShares US Healthcare ETF ( IYH ) was inactive. The iShares Biotechnology ETF (IBB) was flat.

Merck (MRK) stock was down 1.4% premarket after the company reported lower Q3 non-GAAP earnings and cut its guidance for 2024 non-GAAP EPS.

Commodities

Front-month US West Texas Intermediate crude oil rose 0.6% to $69.04 per barrel on the New York Mercantile Exchange. Natural gas declined 1.3% to $2.81 per 1 million British Thermal Units. United States Oil Fund ( USO ) was up 0.2%, while the United States Natural Gas Fund ( UNG ) lost 0.3%.

Gold futures for December retreated 0.4% to $2,789.40 an ounce on the Comex, while silver futures declined 1.2% to $33.67 an ounce. SPDR Gold Shares ( GLD ) lost 0.4%, and iShares Silver Trust ( SLV ) was 0.9% lower.