In recent trading conditions, the broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) experienced a slight decline of 0.2%. Meanwhile, the actively traded Invesco QQQ Trust ($QQQ) was recorded at 0.3% lower during the premarket round. This downturn occurred just ahead of the anticipated release of essential economic data, a crucial factor for investors as they navigate the market. U.S.
equity futures also mirrored this downward trend, with S&P 500 Index futures showing a decrease of 0.2%. The Dow Jones Industrial Average futures slipped by 0.1%, and Nasdaq futures registered a decline of 0.2%, setting the stage for a potential rocky start to regular trading sessions. At 8:30 AM ET, Washington is expected to unveil the Q2 Gross Domestic Product (GDP) report, a key indicator that analysts and investors alike scrutinize for insights into economic growth.
Alongside the GDP report, a host of other pertinent data will be released, including the weekly jobless claims bulletin, June durable goods orders bulletin, international trade in goods statistics, as well as retail and wholesale inventories for June. Furthermore, the Kansas City Fed Manufacturing Index for July is scheduled for release at 11 AM ET, which could provide additional context to the market mood. Amid premarket action, the cryptocurrency market saw volatility, with Bitcoin down 2.4%.
Correspondingly, the ProShares Bitcoin Strategy ETF ($BITO) mirrored this decline, also falling by 2.4%, reflecting ongoing investor caution in the digital asset space. Focusing on sector performances, the Health Care Select Sector SPDR Fund ($XLV) experienced a 0.3% decrease. Similarly, the Vanguard Health Care Index Fund ($VHT) was down by 0.2%, while the iShares US Healthcare ETF ($IYH) showed little activity.
Contrarily, the iShares Biotechnology ETF ($IBB) managed to register a marginal gain of 0.1%. Notably, West Pharmaceutical ($WST) took a steep plunge, with shares seeing almost a 15% drop in premarket trading after disappointing Q2 financial results and a conservative outlook for 2024. In the technology sector, the Technology Select Sector SPDR Fund (XLK) remained flat.
However, the iShares US Technology ETF ($IYW) experienced a tiny retreat of 0.01%. The iShares Expanded Tech Sector ETF ($IGM.US) fell by 0.5%. Among semiconductor ETFs, the SPDR S&P Semiconductor ETF ($XSD) was down by 0.4%, while the iShares Semiconductor ETF ($SOXX) fell by 1.1%. In particular, STMicroelectronics ($STMPA) faced significant selling pressure, with its stock down nearly 12% after revealing lower fiscal Q2 earnings and net revenue. Turning to consumer stocks, the Consumer Staples Select Sector SPDR Fund ($XLP) showed an increase of 0.4%, whereas the Vanguard Consumer Staples Fund ($VDC) remained flat.
The iShares US Consumer Staples ETF ($IYK) gained 1.7%, whereas the Consumer Discretionary Select Sector SPDR Fund ($XLY) recorded a decrease of 0.2%. The VanEck Retail ETF ($RTH) remained inactive, while SPDR S&P Retail ETF ($XRT) saw a minimal drop of 0.01%. Notably, shares of Hasbro ($HAS) surged nearly 10% before the market opened following impressive Q2 adjusted earnings of $1.22 per diluted share, a substantial rise from $0.49 during the same quarter the previous year. In the financial sector, the Financial Select Sector SPDR Fund (XLF) increased by 0.3%.
Direxion Daily Financial Bull 3X Shares ($FAS.US) edged up by 0.5%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ), declined 0.2%. However, New York Community Bancorp ($NYCB) shares saw a premarket plummet of 7% due to a Q2 loss and declining revenue, alongside an alarming 38% decrease in net interest income compared to the previous year. The energy sector witnessed the iShares US Energy ETF ($IYE) remaining inactive, while the Energy Select Sector SPDR Fund ($XLE) lost 0.3%.
Conversely, RPC ($RES) shares gained 4.7% in premarket trading after disclosing lower Q2 results, yet managing to report increased interest income. Within the industrial segment, the Industrial Select Sector SPDR Fund ($XLI) showed a marginal dip of 0.01%. In contrast, the Vanguard Industrials Index Fund ($VIS) and the iShares US Industrials ETF (IYJ) remained inactive.
RTX ($RTX) shares rose by 3.1% before market opening after the company announced higher Q2 adjusted earnings and revenue. In commodities, the front-month U.S. West Texas Intermediate crude oil price dropped by 1.6% to $76.39 per barrel on the New York Mercantile Exchange. Natural gas saw a small advance of 0.1% to $2.12 per million British thermal units.
The United States Oil Fund (USO) fell by 1.5%, while the United States Natural Gas Fund (UNG) was down nearly 0.1%. In precious metals, gold futures for December decreased by 1.9% to $2,418.10 an ounce on the Comex, with silver futures dropping 5.4% to $27.72 an ounce. SPDR Gold Shares ($GLD) fell by 1.3%, and the iShares Silver Trust ($SLV) experienced a notable decline of 4.8%. As investors continue monitoring these economic indicators and sector performances, the overall sentiment heading into the trading day remains cautious, with many awaiting the crucial economic releases that could influence market direction..