In the latest premarket trading, the SPDR S&P 500 ETF Trust ($SPY) increased by 0.2%, while the actively traded Invesco QQQ Trust ($QQQ) rose by 0.1%. Investors are closely monitoring the upcoming US presidential elections and the meeting of the Federal Reserve, which is contributing to the slight uptick in stock futures.
The S&P 500 Index futures moved up by 0.1%, the Dow Jones Industrial Average futures saw a minor increase of 0.01%, and Nasdaq futures gained 0.1% ahead of regular trading. Additionally, the factory orders report for September is set for release at 10 am ET. In the realm of cryptocurrencies, bitcoin experienced a marginal increase of 0.02%, although the ProShares Bitcoin Strategy ETF ($BITO) saw a decline of 0.7%.
In the industrial sector, the Industrial Select Sector SPDR Fund ($XLI) remained unchanged, while the Vanguard Industrials Index Fund ($VIS) advanced by 1.1% and the iShares US Industrials ETF (IYJ) remained inactive. A notable development occurred with Air Transport Services Group ($ATSG), whose stock surged over 24% before market openings after reports suggested advanced acquisition talks with Stonepeak valued at approximately $3.1 billion.
In the energy sector, the iShares US Energy ETF ($IYE) was flat, while the Energy Select Sector SPDR Fund ($XLE) showed a gain of 0.9%. Centrus Energy ($LEU) experienced a decline of over 13% following its announcement of a $350 million convertible senior notes offer due in 2030. The Financial Select Sector SPDR Fund (XLF) dipped by 0.2%, with Direxion Daily Financial Bull 3X Shares ($FAS.US) down by 0.4%, while the Direxion Daily Financial Bear 3X Shares ($FAZ) saw a rise of 0.4%.
B. Riley Financial-backed ($RILY) stock dropped nearly 8% in the premarket session as reports confirmed the Franchise Group, which B. Riley funds, commenced voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware. Consumer stocks reflected mixed signals, with the Consumer Staples Select Sector SPDR Fund ($XLP) down by 0.1% and the Vanguard Consumer Staples Fund ($VDC) up by 0.7%.
The iShares US Consumer Staples ETF ($IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ($XLY) lost 0.2%. The VanEck Retail ETF ($RTH) had no activity, while the SPDR S&P Retail ETF ($XRT) retreated by 0.7%. Notably, Yum China Holdings ($YUMC) shares rose over 7% after reporting improved Q3 earnings and revenue.
In the health care segment, the Health Care Select Sector SPDR Fund ($XLV) retracted by 0.1%, while the Vanguard Health Care Index Fund ($VHT) edged up by 0.02% and the iShares US Healthcare ETF ($IYH) was inactive. The iShares Biotechnology ETF ($IBB) fell by 0.2%. Additionally, Viking Therapeutics ($VKTX) stock increased by more than 7% in premarket trading following the announcement of positive clinical data from two studies regarding its VK2735 product candidate, aimed at treating various metabolic disorders.
Technology stocks also saw a slight uplift as the Technology Select Sector SPDR Fund (XLK) advanced by 0.3% and the iShares US Technology ETF ($IYW) gained 0.2%, whereas the iShares Expanded Tech Sector ETF ($IGM.US) remained inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ($XSD) rose by 0.3%, while the iShares Semiconductor ETF ($SOXX) saw a 0.2% increase.
Noteworthy was the stock performance of Nvidia ($NVDA), which climbed nearly 2% amidst news that S&P Dow Jones Indices would replace Intel ($INTC) in the Dow Jones Industrial Average effective November 8. Conversely, Intel shares dipped by 1.3% prior to the opening bell. In the commodities market, the price of front-month US West Texas Intermediate crude oil surged nearly 3% to $71.55 per barrel on the New York Mercantile Exchange, while natural gas prices fell by 1.7% to $2.62 per million British Thermal Units.
The United States Oil Fund (USO) saw an increase of 3%, whereas the United States Natural Gas Fund (UNG) retraced by 1.6%. Gold futures for December rose by 0.1% to $2,751.30 an ounce on the Comex, and silver futures climbed 0.8% to reach $32.93 an ounce. The SPDR Gold Shares ($GLD) went up by 0.3%, while the iShares Silver Trust ($SLV) increased by 1.3%.
This market overview reflects a dynamic environment influenced by political events and economic indicators..