08:17 AM EDT, 08/30/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.5% and the actively traded Invesco QQQ Trust (QQQ) was 0.9% higher in Friday's premarket activity, as investors hope for positive signs of a potential Federal Reserve interest rate cut from the upcoming personal consumption expenditure price index.

US stock futures were also higher, with S&P 500 Index futures up 0.5%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.8% before the start of regular trading.

The July personal income and outlays bulletin which includes the Fed's preferred price gauge, the personal consumption expenditure (PCE) price index, is slated to be released at 8:30 am ET.

The Chicago PMI for August will be released at 9:45 am ET, and the University of Michigan consumer sentiment report for August will be posted at 10 am ET.

The weekly Baker Hughes oil-and-gas rig count will be released at 1 pm ET.

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

Power Play:

Industrial

Industrial Select Sector SPDR Fund ( XLI ) advanced 0.7% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Intuitive Machines ( LUNR ) stock gained 20% before the opening bell after the company said late Thursday that it received a $116.9 million contract from the National Aeronautics and Space Administration.

Winners and Losers:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.4%. The Vanguard Health Care Index Fund ( VHT ) , the iShares US Healthcare ETF ( IYH ) , and the iShares Biotechnology ETF ( IBB ) were inactive.

Alnylam Pharmaceuticals ( ALNY ) shares traded down more than 11% premarket after the company said that detailed results of its phase 3 study of its vutrisiran investigational therapy showed a "non-significant" 30% reduction in the relative risk of death up to three years in the study's monotherapy group.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was flat, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF ( IYK ) was flat and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) gained 0.5%. The VanEck Retail ETF ( RTH ) and the SPDR S&P Retail ETF ( XRT ) were inactive.

Alibaba Group Holding ( BABA ) shares were up 4.5% in Friday's premarket activity after Chinese regulators said that the retailer had been cleared of allegations of monopolistic practices after a three-year investigation.

Technology

Technology Select Sector SPDR Fund ( XLK ) rose 0.8%, and the iShares US Technology ETF ( IYW ) was 1% higher, 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 ) was up by 1.9%.

Intel ( INTC ) was up 3.5% in recent Friday premarket activity after Bloomberg News reported, citing people familiar with the matter, that the California-based technology company is working with investment bankers Morgan Stanley ( MS ) and Goldman Sachs Group ( GS ) to navigate the best way forward as it faces challenging times.

Energy

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

Cool (CLCO) shares were up 4% before Friday's opening bell after Pareto Securities upgraded the company to buy from hold.

Financial

Financial Select Sector SPDR Fund ( XLF ) advanced marginally. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 1.1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.9% lower.

UP Fintech Holding ( TIGR ) stock was up 1.3% pre-bell Friday after the company reported higher Q2 revenue.

Commodities

Front-month US West Texas Intermediate crude oil gained 0.3% at $76.14 per barrel on the New York Mercantile Exchange. Natural gas was marginally higher at $2.14 per 1 million British Thermal Units. United States Oil Fund ( USO ) and the United States Natural Gas Fund ( UNG ) were both 0.2% lower.

Gold futures for December declined 0.3% to $2,552.40 an ounce on the Comex, while silver futures lost 0.4% to $29.88 an ounce. SPDR Gold Shares ( GLD ) were down 0.1%, and iShares Silver Trust ( SLV ) was 0.3% higher.