In the latest premarket activity, the broader market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) experienced a slight uptick of 0.1%, while the actively traded Invesco QQQ Trust ($QQQ) posted a modest rise of 0.2%. This upward movement was prompted by investor expectations surrounding the forthcoming consumer inflation report, which is anticipated to significantly impact market sentiment and the outlook for potential interest rate adjustments from the US Federal Reserve. US stock futures exhibited a mixed performance as the market approached the start of regular trading.
Specifically, S&P 500 Index futures gained 0.1%, contrasting with a minor drop of 0.03% in Dow Jones Industrial Average futures. Meanwhile, Nasdaq futures also advanced, showing a 0.1% increase. In a noteworthy development, the NFIB Small Business Optimism Index saw a decline to 91.2 in August, down from 93.7 in July, and a slight decrease from 91.3 a year prior, indicating potential headwinds for small businesses as they navigate the current economic landscape. Scheduled for 10 am ET is a speech by US Federal Reserve Vice Chair Michael Barr, which is likely to draw significant attention from market participants. Turning to the cryptocurrency space, Bitcoin saw a minor dip of 0.1%, while the ProShares Bitcoin Strategy ETF ($BITO) recorded a decrease of 0.2% during premarket activity. In the technology sector, the Technology Select Sector SPDR Fund (XLK) made a slight gain of 0.1%, whereas the iShares US Technology ETF ($IYW) experienced a decline of 0.1%.
Notably, the iShares Expanded Tech Sector ETF ($IGM.US) remained inactive. Among semiconductor-focused ETFs, the SPDR S&P Semiconductor ETF ($XSD) held steady, while the iShares Semiconductor ETF ($SOXX) decreased by 0.3%. A significant movement was seen in the stock of Hewlett Packard Enterprise ($HPE), which dropped by 5.2% in Tuesday's premarket trading.
The decline followed the company's announcement of a registered public offering of $1.35 billion worth of Series C mandatory convertible preferred shares, aimed at financing its planned acquisition of Juniper Networks ($JNPR). In the energy sector, the iShares US Energy ETF ($IYE) remained static, while the Energy Select Sector SPDR Fund ($XLE) experienced a decrease of 0.3%.
Kodiak Gas Services ($KGS) reported a 3.1% increase in its stock price before the market opened, following an announcement that EQT Infrastructure III and EQT Infrastructure IV funds had successfully priced a public offering for about 6.1 million common shares at $25 each. The health care sector demonstrated stability, with the Health Care Select Sector SPDR Fund ($XLV) remaining flat.
Other funds, including the Vanguard Health Care Index Fund ($VHT), the iShares US Healthcare ETF ($IYH), and the iShares Biotechnology ETF ($IBB), also showed no activity. In a positive development, Owens & Minor ($OMI) shares rose by 3.1% during premarket hours after announcing a new partnership with Alphabet’s Google Cloud ($GOOGL) to enhance the capabilities of its QSight cloud-based clinical inventory management system. From the consumer sector, the Consumer Staples Select Sector SPDR Fund ($XLP) saw a marginal increase of 0.02%, while volatility remained low as the Vanguard Consumer Staples Fund ($VDC) and the iShares US Consumer Staples ETF ($IYK) were inactive.
The Consumer Discretionary Select Sector SPDR Fund ($XLY) did gain 0.2%, while both the VanEck Retail ETF ($RTH) and the SPDR S&P Retail ETF ($XRT) remained inactive. Vista Outdoor ($VSTO), however, saw a 3% rise ahead of the opening bell after the company affirmed its ongoing discussions with MNC Capital regarding a buyout offer of $43 per share in cash. In the financial sector, the Financial Select Sector SPDR Fund (XLF) increased by 0.2%.
The Direxion Daily Financial Bull 3X Shares ($FAS.US) reported an uptick of 1.2%, while its bearish counterpart, the Direxion Daily Financial Bear 3X Shares ($FAZ), did not see any trading activity. StepStone Group ($STEP) shares fell over 4% pre-bell after pricing an offering of 4.1 million shares of its Class A common stock at $50 each. In the industrial sector, the Industrial Select Sector SPDR Fund ($XLI) saw a minor increase of 0.03%, while the Vanguard Industrials Index Fund ($VIS) and the iShares US Industrials ETF (IYJ) remained inactive.
Draganfly ($DPRO) shares also saw a 2.5% increase before market opening following the announcement of a new drone launch designed for military and law enforcement applications. Looking at commodities, US West Texas Intermediate crude oil prices witnessed a decline of 1.3%, settling at $67.80 per barrel on the New York Mercantile Exchange.
In contrast, natural gas increased by 2.3%, now priced at $2.22 per million British Thermal Units. The United States Oil Fund (USO) decreased by nearly 1%, while the United States Natural Gas Fund (UNG) climbed by 3.8%. Gold futures, specifically for December delivery, saw a slight gain of 0.03%, trading at $2,533.50 an ounce, while silver futures rose by 0.4%, reaching $28.76 per ounce.
Interestingly, SPDR Gold Shares ($GLD) fell by 0.1%, whereas the iShares Silver Trust ($SLV) enjoyed a slight increase of 0.4%..