In the latest pre-market activity, the broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) experienced a slight decline of 0.2%, alongside the actively traded Invesco QQQ Trust ($QQQ) which was down by 0.3%. Investors are keenly awaiting the earnings release from Tesla ($TSLA), which is expected to provide insights into the electric vehicle market and broader economic conditions. U.S.
stock futures reflect bearish sentiments with S&P 500 Index futures dropping by 0.3%, Dow Jones Industrial Average futures decreasing by 0.5%, and Nasdaq futures edging down by 0.4% before the unofficial trading session begins. The real estate sector is also showing signs of stress as U.S. mortgage applications have plummeted by 6.7% to reach a three-month low concurrent with the fixed loan rates stabilizing at 6.52%, according to a report released by the Mortgage Bankers Association.
Key positioned events of the day include a speech from Fed Governor Michelle Bowman at 9 am ET, followed by the highly anticipated September existing home sales bulletin, set to be released at 10 am ET. In the same time frame, the Atlanta Fed Business Inflation Expectations Report for October will also become available, providing substantial insights for market expectations. Additionally, the weekly EIA domestic petroleum status report will be published at 10:30 am ET.
Richmond Fed President Thomas Barkin is scheduled to address the public at noon, contributing further to market speculation. The Federal Reserve's Beige Book is set for release at 2 pm ET, summarizing economic and business conditions across all 12 regional branches, offering critical updates on the health of various sectors. In the cryptocurrency market, pre-market activity is seeing a dip in bitcoin values, which fell by 1.4%.
Correspondingly, the cryptocurrency fund ProShares Bitcoin Strategy ETF ($BITO) also experienced a fall, down by 1.5%. Power Play insights reveal that the Industrial Select Sector SPDR Fund ($XLI) remained flat while competitors such as Vanguard Industrials Index Fund ($VIS) and iShares US Industrials ETF (IYJ) showed inactivity. Spirit Airlines ($SAVE) showcased remarkable pre-opening movements, with shares increasing over 32% after reports surfaced that Frontier Group Holdings (ULCC) has initiated discussions regarding a renewed bid for Spirit, sparking investor interest. In the financial sector, the Financial Select Sector SPDR Fund (XLF) saw a minor retreat of 0.04%.
Meanwhile, Direxion Daily Financial Bull 3X Shares ($FAS.US) recorded a slight decrease of 0.1%, juxtaposed with a 0.3% increase in its bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ). TransUnion ($TRU) reported a positive pre-bell surge of 4% after announcing raised Q3 adjusted earnings, revenue figures, and an optimistic outlook for 2024, instilling confidence among investors. Consumer trends reflected mixed signals; the Consumer Staples Select Sector SPDR Fund ($XLP) fell by 0.4%, while key players in the sector such as the Vanguard Consumer Staples Fund ($VDC) and iShares US Consumer Staples ETF ($IYK) remained inactive.
The Consumer Discretionary Select Sector SPDR Fund ($XLY) lost 0.7%, with both VanEck Retail ETF ($RTH) and SPDR S&P Retail ETF ($XRT) also experiencing inactivity. Meanwhile, Hilton Worldwide Holdings ($HLT.US) was underperforming with shares down by 3.9% after lower-than-expected Q3 revenue coupled with cautious guidance for fiscal 2024. The technology sector remains active with the Technology Select Sector SPDR Fund (XLK) retreating by 0.2%, and the iShares US Technology ETF ($IYW) inching up by 0.1%, while the iShares Expanded Tech Sector ETF ($IGM.US) showed no activity.
Among semiconductor ETFs, the SPDR S&P Semiconductor ETF ($XSD) maintained a neutral position, contrasting with a 0.2% decline in iShares Semiconductor ETF ($SOXX). On a brighter note, Roper Technologies ($ROP) shares surged by 1.4% in recent Wednesday premarket activity following their report of higher Q3 adjusted earnings and revenue. Energy stocks are under mixed pressures; the iShares US Energy ETF ($IYE) experienced inactivity while the Energy Select Sector SPDR Fund ($XLE) fell by 0.3%.
Range Resources ($RRC) saw an uptick of 1.2% before the Friday trading session commenced after announcing favorable Q3 financial results late Tuesday. The healthcare landscape presented stability with the Health Care Select Sector SPDR Fund ($XLV) remaining flat. Vanguard Health Care Index Fund ($VHT) saw a marginal increase of 0.1%, but iShares US Healthcare ETF ($IYH) and iShares Biotechnology ETF ($IBB) were inactive.
Boston Scientific ($BSX) experienced a premarket uplift of 1% after reporting higher Q3 adjusted earnings, revenue increases, and a raised forecast for 2024. As commodities fluctuated, front-month US West Texas Intermediate crude oil declined by 2.1% to reach $70.27 per barrel on the New York Mercantile Exchange, while natural gas was down by 1.8% at $2.27 per million British Thermal Units.
The United States Oil Fund (USO) faced a dip of 1.4%, with the United States Natural Gas Fund (UNG) losing 1%. In precious metals, gold futures for December saw a modest gain of 0.2% settling at $2,765.50 per ounce on the Comex, while silver futures dropped by 0.7% to $34.79 per ounce. The SPDR Gold Shares ($GLD) nudged up with a gain of 0.1%, contrasting with the iShares Silver Trust ($SLV), which lost 0.6%..