09:08 AM EDT, 05/01/2025 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 1% and the actively traded Invesco QQQ Trust (QQQ) advanced 1% in Thursday's premarket activity as strong tech earnings regained investors' confidence ahead of key economic reports later in the day.

US stock futures were also higher, with S&P 500 Index futures up 1%, Dow Jones Industrial Average futures advancing 0.5%, and Nasdaq futures gaining 1.6% before the start of regular trading.

Outplacement firm Challenger, Gray & Christmas said Thursday that companies planned to cut 105,441 jobs in April, down from 275,240 in March when a surge in government job layoffs was announced, but up from 64,789 in April 2024.

Weekly jobless claims were 241,000 for the week ended April 26, higher than estimates of 224,000 compiled by Bloomberg, and up from a revised 223,000 the previous week.

Meawhile, S&P Global's manufacturing purchasing managers' index's final reading for April is set to be released at 9:45 am ET.

Reports releasing at 10 am ET include the Institute for Supply Management's manufacturing index for April, and the March construction spending report.

The weekly Energy Information Administration natural gas storage inventories report is set to be released at 10:30 am ET.

In premarket activity, Bitcoin was up by 2.3% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.7% higher.

Power Play:

Technology

Technology Select Sector SPDR Fund (XLK) gained 2.3%, and the iShares US Technology ETF ( IYW ) was inactive, as was the iShares Expanded Tech Sector ETF ( IGM ) . Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was inactive, while the iShares Semiconductor ETF (SOXX) jumped by 1.2%.

Microsoft ( MSFT ) shares rose nearly 9% in recent Thursday premarket activity, a day after the technology giant reported higher fiscal Q3 earnings and revenue from a year earlier.

Winners and Losers:

Industrial

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

AAON ( AAON ) stock jumped nearly 9% before Thursday's opening bell, after it posted overnight higher Q1 total net sales.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) was inactive, and the Vanguard Health Care Index Fund ( VHT ) dropped by 0.2%. The iShares US Healthcare ETF ( IYH ) was inactive, while the iShares Biotechnology ETF (IBB) was 0.1% higher.

Guardant Health ( GH ) shares climbed 9.1% pre-bell Thursday, after it reported overnight higher Q1 revenue, and lifted its 2025 revenue outlook.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was down inactive, while the Vanguard Consumer Staples Fund (VDC) gained 2.5%. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) was up by 0.7%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was 0.1% higher.

MGM Resorts International ( MGM ) stock was up 2.5% before Thursday's opening bell, after it posted better-than-expected Q1 adjusted earnings late Wednesday and approved a new $2 billion stock buyback program.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was 0.8% lower.

TC Energy ( TRP ) stock fell 3.2% before the opening bell Thursday, after the company reported lower Q1 comparable earnings from a year earlier.

Financial

Financial Select Sector SPDR Fund (XLF) was down by 0.2%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 0.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.9% higher.

KKR (KKR) shares were up 0.9% before Thursday's opening bell, after it reported higher Q1 adjusted earnings.

Commodities

Front-month US West Texas Intermediate crude oil fell 2.3% to $56.85 per barrel on the New York Mercantile Exchange. Natural gas gained 2.5% to $3.727 per 1 million British Thermal Units. United States Oil Fund ( USO ) was down by 0.9%, while the United States Natural Gas Fund ( UNG ) was 0.9% higher.

Gold futures for June were down 3.1% at $3,215.4 an ounce on the Comex, while silver futures retreated 2.3% to $32.09 an ounce. SPDR Gold Shares ( GLD ) fell 2.2%, and the iShares Silver Trust ( SLV ) was 0.5% lower.