In the recent trading landscape, the SPDR S&P 500 ETF Trust ($SPY) saw an uptick of 0.6% while the actively traded Invesco QQQ Trust ($QQQ) experienced a 0.9% increase in premarket activity. This rise comes as investors navigate the implications of President Joe Biden's withdrawal from the electoral race. US stock futures reflected a positive sentiment, with the S&P 500 Index futures advancing by 0.5%.
The Dow Jones Industrial Average futures followed suit with a gain of 0.2%, and Nasdaq futures climbed 0.9% as traders prepared for the start of the regular trading session. Notably, the Chicago Fed National Activity Index for June, scheduled for release at 8:30 am ET, is anticipated to provide further insights into economic conditions. Amidst these developments, Bitcoin saw a slight decline of 0.1%, while the ProShares Bitcoin Strategy ETF ($BITO) noted a minor increase of 0.1%. In the energy sector, performance remained stable with the iShares US Energy ETF ($IYE) experiencing no significant fluctuations.
Conversely, the Energy Select Sector SPDR Fund ($XLE) dipped by 0.3%. Tellurian ($TELL) shares surged by 66% in premarket trading after announcing a definitive agreement with Woodside Energy Group to acquire all outstanding shares at $1 per share, reflecting a total cash transaction valuation of roughly $900 million. Analysis of industrial movements shows that the Industrial Select Sector SPDR Fund ($XLI) remained flat.
In contrast, the Vanguard Industrials Index Fund ($VIS) increased by 3.5%, while the iShares US Industrials ETF (IYJ) reported inactivity during this period. The health care sector also displayed mixed results. The Health Care Select Sector SPDR Fund ($XLV) gained 0.2%, and the Vanguard Health Care Index Fund ($VHT) was up by 0.4%.
However, the iShares US Healthcare ETF ($IYH) did not record any activity, although the iShares Biotechnology ETF ($IBB) rose by 0.4%. Cellectar Biosciences ($CLRB) experienced a robust gain of over 8% premarket as the firm disclosed that a majority of Tranche B warrants from its September 2023 private placement had been converted into Series E preferred stock, leading to gross proceeds of about $19.4 million. Within consumer stocks, the Consumer Staples Select Sector SPDR Fund ($XLP) edged up by 0.03%, while the Vanguard Consumer Staples Fund ($VDC) noted a minor decline of 0.1%.
The iShares US Consumer Staples ETF ($IYK), Consumer Discretionary Select Sector SPDR Fund ($XLY), VanEck Retail ETF ($RTH), and SPDR S&P Retail ETF ($XRT) all remained inactive. XPeng ($XPEV) shares rose nearly 4% in pre-bell trading following the announcement of a master agreement between the company and Volkswagen Group, concerning a technical collaboration aimed at developing electrical architecture for vehicles produced locally on Volkswagen's main platform in China. The technology sector exhibited a positive trend, with the Technology Select Sector SPDR Fund (XLK) up by 1.1%.
The iShares US Technology ETF ($IYW) enhanced by 0.3%, while the iShares Expanded Tech Sector ETF ($IGM.US) surged by 1.4%. Among semiconductor-focused ETFs, the SPDR S&P Semiconductor ETF ($XSD) remained inactive, but the iShares Semiconductor ETF ($SOXX) increased by 1.5%. NVIDIA ($NVDA) saw a rise of nearly 2% in premarket trading, fueled by reports that the company is readying a version of its new 'Blackwell' AI chips for the Chinese market, designed to comply with current US export restrictions. On the financial front, the Financial Select Sector SPDR Fund (XLF) advanced by 0.2%.
The Direxion Daily Financial Bull 3X Shares ($FAS.US) slightly gained 0.3%, while the Direxion Daily Financial Bear 3X Shares ($FAZ) dropped by 0.3%. Truist Financial (TFC) shares fell by 1.8% pre-bell following the announcement of adjusted earnings for Q2, which amounted to $0.91 per diluted share, down from $0.92 in the same quarter the previous year. In commodities, there was a decline in front-month US West Texas Intermediate crude oil, dropping 0.5% to $79.75 per barrel on the New York Mercantile Exchange.
Natural gas prices also fell by 2.9%, reaching $2.19 per million British Thermal Units. The United States Oil Fund (USO) declined by 0.6%, while the United States Natural Gas Fund (UNG) appreciated by 3%. Gold futures for December saw an increase of 0.4%, now standing at $2,456.90 per ounce on the Comex, while silver futures decreased by 0.2% to $29.26 per ounce.
SPDR Gold Shares ($GLD) experienced a gain of 0.4%, in contrast to the iShares Silver Trust ($SLV), which saw a decline of 0.7%..