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Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday as Snowflake Stimulates Lagging Market
MT Newswires
The broad market exchange-traded fund SPDR S&P 500 ETF Trust was up 0.3% and the actively traded Invesco QQQ Trust was 0.2% higher in Thursday's premarket activity as Snowflake's fiscal Q3 results stimulated the software sector.
US stock futures were also higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures gaining 0.1% before the start of regular trading.
Reports due to release at 8:30 am ET include the weekly jobless claims bulletin and the Philadelphia Fed Manufacturing Index for November.
The existing home sales report for October, the leading economic indicators index for October, and the Q3 services survey will be released at 10 am ET.
The weekly EIA natural gas report posts at 10:30 am ET, followed by the Kansas City Fed Manufacturing Index at 11 am ET.
Federal Reserve Cleveland President Beth Hammack is scheduled to speak at 8:45 am ET and 12:30 pm ET. Chicago President Austan Goolsbee speaks at 12:25 pm ET, Kansas City President Jeffrey Schmid at 12:30 pm ET, and Vice Chair Michael Barr speaks at 4:40 pm ET.
In premarket activity, bitcoin was up by 3.3% and the cryptocurrency fund ProShares Bitcoin Strategy ETF was 3.4% higher.
Power Play:
Technology
Technology Select Sector SPDR Fund gained 0.1%, and the iShares US Technology ETF was up marginally by 0.01%, while the iShares Expanded Tech Sector ETF was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF slipped by 0.01%, while the iShares Semiconductor ETF fell by 0.3%.
Snowflake's shares were up more than 23% in premarket activity Thursday after the company reported overnight fiscal Q3 earnings and sales above analyst estimates.
Winners and Losers:
Health Care
The Health Care Select Sector SPDR Fund advanced 0.3%. The Vanguard Health Care Index Fund was flat while the iShares US Healthcare ETF was inactive. The iShares Biotechnology ETF was advanced 0.3%.
Zymeworks stock was up nearly 10% premarket after the company and Jazz Pharmaceuticals (JAZZ) said they have received accelerated approval for Ziihera from the US Food and Drug Administration to treat adult patients with previously-treated, unresectable or metastatic HER2-positive biliary tract cancer. Jazz shares were up 2.7%
Consumer
The Consumer Staples Select Sector SPDR Fund was up 0.1%, while the Vanguard Consumer Staples Fund was inactive. The iShares US Consumer Staples ETF was inactive, and the Consumer Discretionary Select Sector SPDR Fund gained 0.2%. The VanEck Retail ETF was inactive, while the SPDR S&P Retail ETF was down 0.2%.
PDD Holdings shares were down more than 9% pre-bell after the company reported lower-than-expected Q3 non-GAAP earnings and revenue.
Industrial
Industrial Select Sector SPDR Fund advanced 0.2% while the Vanguard Industrials Index Fund was up 0.4% and the iShares US Industrials ETF (IYJ) was inactive.
Atkore stock was down more than 7% before the opening bell after the company reported lower fiscal Q4 adjusted net income and revenue.
Financial
Financial Select Sector SPDR Fund advanced 0.6%. Direxion Daily Financial Bull 3X Shares was up 1.6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares was 1.3% lower.
Yiren Digital shares were down 2% pre-bell Thursday after the company reported lower Q3 net income.
Energy
The iShares US Energy ETF was up 0.6%, while the Energy Select Sector SPDR Fund rose 0.8%.
Expand Energy stock was up 1.3% before Thursday's opening bell after the company changed the expiration date of its cash tender offer of 5.500% Senior Notes due 2026.
Commodities
Front-month US West Texas Intermediate crude oil advanced 2.3% to $70.30 per barrel on the New York Mercantile Exchange. Natural gas rose 6.6% to $3.40 per 1 million British Thermal Units. United States Oil Fund gained 1.6%, while the United States Natural Gas Fund was 3.9% higher.
Gold futures for February were up 0.6% at $2,691.60 an ounce on the Comex, while silver futures advanced 0.5% to $31.58 an ounce. SPDR Gold Shares gained 0.5%, and iShares Silver Trust was 0.8% higher.
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