08:12 AM EST, 02/11/2025 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 0.3% and the actively traded Invesco QQQ Trust (QQQ) retreated 0.4% in Tuesday's premarket activity, amid concerns over new tariffs ahead of Powell's testimony later in the day.

US stock futures were also lower, with S&P 500 Index futures down 0.3%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures falling 0.5% before the start of regular trading.

The National Federation of Independent Business small business optimism index showed a 2.3-point decrease in January to 102.8.

Federal Reserve Chair Jerome Powell is set to testify before the US Senate Committee on Banking, Housing and Urban Affairs at 10 am ET.

Cleveland Fed President Beth Hammack is scheduled to speak at 8:50 am, while New York Fed President John Williams and Fed Governor Michelle Bowman each speak at 3:30 pm.

In premarket action, bitcoin was up by 0.5% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.4% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 0.3%. The Vanguard Health Care Index Fund ( VHT ) was down 0.4% while the iShares US Healthcare ETF ( IYH ) was flat. The iShares Biotechnology ETF (IBB) was inactive.

Arvinas ( ARVN ) stock was up 5.2% premarket after the company reported a Q4 net loss of $0.63 per share compared with FactSet analyst estimates for a loss of $0.96.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) retreated 0.5%, and the iShares US Technology ETF ( IYW ) was 0.1% lower, while the iShares Expanded Tech Sector ETF ( IGM ) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was inactive, while the iShares Semiconductor ETF (SOXX) fell 0.5%.

GDS Holdings ( GDS ) shares were up 4.4% in recent Tuesday premarket activity after Bloomberg reported the company is looking into an initial public offering in the US of its GDS International business for about $500 million.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.3%, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) lost 0.4%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was down 1.2%.

Coca-Cola (KO) shares were up 3.5% pre-bell after the company reported higher Q4 comparable earnings and net operating revenue that beat analyst estimates.

Financial

Financial Select Sector SPDR Fund (XLF) slipped 0.2%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 0.2%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.3% higher.

The Carlyle Group ( CG ) shares were down 3.1% pre-bell Tuesday after the company reported lower-than-expected Q4 after-tax distributable earnings.

Energy

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

Hess Midstream ( HESM ) stock was down 3.5% before Tuesday's opening bell after the company said late Monday it priced an upsized underwritten secondary offering of 11 million class A shares at $39.45 per share for gross proceeds of about $434 million.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) declined marginally by 0.04% and the Vanguard Industrials Index Fund ( VIS ) was down 0.9%, while the iShares US Industrials ETF ( IYJ ) was inactive.

WESCO International ( WCC ) stock was down 3.6% before the opening bell after the company reported higher Q4 adjusted earnings that trailed FactSet analyst estimates.

Commodities

Front-month US West Texas Intermediate crude oil gained 1.4% at $73.34 per barrel on the New York Mercantile Exchange. Natural gas was up 1.9% at $3.51 per 1 million British Thermal Units. United States Oil Fund ( USO ) advanced 1.3%, while the United States Natural Gas Fund ( UNG ) was 1.9% higher.

Gold futures for April retreated 0.3% to $2,927 an ounce on the Comex, while silver futures declined 1.1% to $32.13 an ounce. SPDR Gold Shares ( GLD ) lost 0.3%, and the iShares Silver Trust ( SLV ) was 1.2% lower.