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Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Thursday as Jobless Claims in Focus
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Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Thursday as Jobless Claims in Focus
Aug 8, 2024 5:34 AM

08:16 AM EDT, 08/08/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.1% higher in Thursday's premarket activity, as all eyes focus on the jobless claims report due later.

US stock futures were mixed, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.2% before the start of regular trading.

The weekly jobless claims bulletin will be released at 8:30 am ET, followed by the wholesale inventories report for June at 10 am ET. The weekly EIA domestic natural gas supplies report is due at 10:30 am ET.

Federal Reserve Bank of Richmond President Thomas Barkin is scheduled to speak at 3 pm ET.

In premarket action, bitcoin was up by 5% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 4.6% higher.

Power Play:

Technology

Technology Select Sector SPDR Fund ( XLK ) gained 0.3%, and the iShares US Technology ETF ( IYW ) was marginally higher by 0.4%, while the iShares Expanded Tech Sector ETF ( IGM ) was flat. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was inactive, while the iShares Semiconductor ETF ( SOXX ) rose by 0.9%.

Bumble (BMBL) shares were down 40% in recent Thursday premarket activity after the company late Wednesday cut its guidance for 2024 revenue to 1% to 2% from 8% to 11%.

Winners and Losers:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) was flat as was the Vanguard Health Care Index Fund ( VHT ) . The iShares US Healthcare ETF ( IYH ) gained 0.2%. The iShares Biotechnology ETF ( IBB ) was down 0.5%.

Precigen ( PGEN ) stock was down more than 15% premarket after the company said Wednesday that it had priced its public offering of about 35.3 million common shares at $0.85 per share.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was marginally lower by 0.01%.

Murphy Oil ( MUR ) shares were up 4.7% before Thursday's opening bell after the company reported higher Q2 adjusted earnings.

Financial

Financial Select Sector SPDR Fund ( XLF ) retreated 0.3%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 0.4%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.5% higher.

Robinhood Markets ( HOOD ) stock was up 3% pre-bell Thursday after the company reported forecast-beating Q2 results higher than a year earlier.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was down 0.2%, while the Vanguard Consumer Staples Fund (VDC) was 1.2% higher. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) 0.2%. The VanEck Retail ETF ( RTH ) and the SPDR S&P Retail ETF ( XRT ) were inactive.

Restaurant Brands International (QSR) traded down 0.7% pre-bell after the company reported Q2 revenue that trailed analyst expectations.

Industrial

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

Elbit Systems ( ESLT ) shares gained 2.30% before the opening bell after the company said it won a contract from BAE Systems Hagglunds worth about $130 million to supply protection systems.

Commodities

Front-month US West Texas Intermediate crude oil advanced marginally by 0.01% to $75.24 per barrel on the New York Mercantile Exchange. Natural gas was down 1.2% at $2.09 per 1 million British Thermal Units. United States Oil Fund ( USO ) retreated 0.2%, while the United States Natural Gas Fund ( UNG ) was 1.4% lower.

Gold futures for December gained 0.8% at $2,450.70 an ounce on the Comex, while silver futures gained 0.6% at $27.10 an ounce. SPDR Gold Shares ( GLD ) advanced 1.2%, and iShares Silver Trust ( SLV ) 1.85% higher.

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