08:44 AM EST, 03/05/2024 (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) was 0.5% lower in Tuesday's premarket activity, as uncertainty over the timing of interest rate cuts deepened after Atlanta Federal Reserve President Raphael Bostic said he expects one rate cut in Q3 followed by a pause.

US stock futures were lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures slipping 0.3%, and Nasdaq futures losing 0.6% before the start of regular trading.

The S&P Global US PMI composite final for February will be released at 9:45 am ET, followed by the January factory orders bulletin and the ISM Services Index for February, at 10 am ET.

In premarket action, bitcoin was down by 1.2% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.1% lower.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) was 0.1% lower. The Vanguard Health Care Index Fund (VHT) was down 0.2% while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 0.7% lower.

CASI Pharmaceuticals ( CASI ) was up more than 30% premarket after the company reported "promising" preliminary efficacy data for BI-1206 combined with rituximab in patients with relapsed/refractory indolent non-Hodgkin's Lymphoma in China.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) was down by 0.7%, and the iShares US Technology ETF (IYW) was 1% lower, while the iShares Expanded Tech Sector ETF (IGM) slipped 0.2%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) lost 0.04%, while the iShares Semiconductor ETF (SOXX) fell by 0.7%.

GitLab's ( GTLB ) shares were down 23% in premarket activity on Tuesday after the company's earnings guidance for fiscal Q1 and the upcoming full financial year missed the market's expectations.

Industrial

Industrial Select Sector SPDR Fund (XLI) retreated 0.3% and the Vanguard Industrials Index Fund (VIS) gained 1.9%, while the iShares US Industrials ETF (IYJ) was inactive.

AeroVironment ( AVAV ) gained more than 18% pre-bell after the military drone maker posted upbeat quarterly results late Monday and raised its guidance.

Financial

Financial Select Sector SPDR Fund (XLF) slipped 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.7%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up by 0.8%.

Cipher Mining ( CIFR ) was up 10% pre-bell Tuesday after the company reported 2023 adjusted earnings of $46,204, swinging from a loss of $64,940 a year earlier.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was up by 0.3%, while the Vanguard Consumer Staples Fund (VDC) was down 0.3%. The iShares US Consumer Staples ETF (IYK) was 0.9% lower, and the Consumer Discretionary Select Sector SPDR Fund (XLY) lost 0.5%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) advanced 0.4%.

Target ( TGT ) traded up 9% pre-bell after the company reported higher fiscal Q4 adjusted earnings and sales from a year earlier.

Energy

The iShares US Energy ETF (IYE) was down by 2.4%, while the Energy Select Sector SPDR Fund (XLE) was 0.2% lower.

Patterson-UTI Energy ( PTEN ) was down 1.6% before Tuesday's opening bell after the company said late Monday it operated an average of 122 drilling rigs in the US during February.

Commodities

Front-month US West Texas Intermediate crude oil lost 0.9% to $78.05 per barrel on the New York Mercantile Exchange. Natural gas was down 0.7% at $1.90 per 1 million British Thermal Units. United States Oil Fund (USO) was 1.1% lower, while the United States Natural Gas Fund (UNG) fell by 1.7%.

Gold futures for April advanced 0.3% to $2,132.40 an ounce on the Comex, and silver futures were 0.7% higher to $24.16 an ounce. SPDR Gold Shares (GLD) traded up 0.4%, and iShares Silver Trust (SLV) was 0.2% higher.