The broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) was down 0.02%, while the actively traded Invesco QQQ Trust ($QQQ) experienced a decline of 0.1% in Friday's premarket activity as investors prepared for a crucial inflation report scheduled to be released before the market opens. In the futures market, US stock futures also showed declines, with S&P 500 Index futures dropping 0.02%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures retreating 0.2% before the commencement of regular trading sessions. Investors eagerly awaited the Federal Reserve's preferred inflation metric, the personal consumption expenditures (PCE) core index, which is set to be released at 8:30 am ET, alongside other economic indicators including the advance August international trade in goods report and the retail and wholesale inventories bulletins for August. At 10 am ET, the University of Michigan consumer sentiment report for September will be unveiled, providing further insights into consumer confidence.
Later in the day, the weekly Baker Hughes domestic oil-and-gas rig count is scheduled for a 1 pm ET release, followed by the farm prices report for August at 3 pm ET. In addition to these economic releases, Federal Reserve Governor Michelle Bowman is set to speak at 1:15 pm ET, which may provide additional insights into the Fed's future policy direction. In premarket trading, Bitcoin was up by 1.3%, and the ProShares Bitcoin Strategy ETF ($BITO) reflected this positivity, also increasing by 1.3%.
This suggests a growing interest in alternative assets within the cryptocurrency market. **Power Play: Industrial** The Industrial Select Sector SPDR Fund ($XLI) remained flat, while both the Vanguard Industrials Index Fund ($VIS) and the iShares US Industrials ETF (IYJ) were recorded as inactive in the premarket period, indicating a pause in industrial sector activity. **Momentus ($MNTS)** shares notably dropped 16% before the opening bell following the company’s announcement that it received a non-compliance notice from Nasdaq due to its failure to meet the minimum bid price requirement. **Winners and Losers: Technology** On the technology front, the Technology Select Sector SPDR Fund (XLK) retreated 0.2%, and the iShares US Technology ETF ($IYW) fell by 0.5%.
In contrast, the iShares Expanded Tech Sector ETF ($IGM.US) remained flat. Among the semiconductor ETFs, while the SPDR S&P Semiconductor ETF ($XSD) was inactive, the iShares Semiconductor ETF ($SOXX) faced a decline of 0.2%. **IonQ ($IONQ)** stock surged nearly 8% during recent premarket activity after the company disclosed it had signed a significant $54.5 million contract with the United States Air Force Research Lab.
This partnership aims to design and develop technology and hardware intended to enhance the scaling, networking, and employability of quantum systems. **Financial** The Financial Select Sector SPDR Fund (XLF) experienced a slight gain of 0.1%, with Direxion Daily Financial Bull 3X Shares ($FAS.US) reflecting a similar ascent of 0.1%.
Its bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ), remained flat. CION Investment ($CION) saw its stock rise 7% in pre-bell trading on Friday as the company announced it priced a $150 million public offering of unsecured notes on Thursday, with plans to utilize the net proceeds for debt reduction. **Health Care** In health care, the Health Care Select Sector SPDR Fund ($XLV) advanced by 0.2%, while the Vanguard Health Care Index Fund ($VHT) noted an increase of 0.4%.
Conversely, both the iShares US Healthcare ETF ($IYH) and the iShares Biotechnology ETF ($IBB) were reported as inactive. PureTech Health (PRTC) experienced almost a 5% rise in premarket activity following the announcement that the US Food and Drug Administration had approved its KarXT treatment for schizophrenia in adults, triggering milestone payments totaling $29 million under a royalty agreement with Royalty Pharma. **Consumer** The Consumer Staples Select Sector SPDR Fund ($XLP) edged up 0.04%, while the Vanguard Consumer Staples Fund ($VDC) recorded a 0.2% increase.
The iShares US Consumer Staples ETF ($IYK) remained inactive, whereas the Consumer Discretionary Select Sector SPDR Fund ($XLY) gained 0.2%. The VanEck Retail ETF ($RTH) and the SPDR S&P Retail ETF ($XRT) were reported as inactive. JD.com ($JD) shares rose by 2.2% before the opening bell after China's central bank announced measures aimed at stimulating the domestic economy during the week. **Energy** In the energy sector, the iShares US Energy ETF ($IYE) was inactive, while the Energy Select Sector SPDR Fund ($XLE) experienced a rise of 0.4%. Scorpio Tankers ($STNG) shares rose by 1% prior to Friday's market opening after the company revealed that its President, Robert Bugbee, purchased 2,343 call option contracts on the fuel tankers operator's stock for a substantial $1.5 million. **Commodities** Front-month US West Texas Intermediate crude oil gained by 0.4%, reaching $67.91 per barrel on the New York Mercantile Exchange.
Natural gas prices fell by 1% to $2.73 per million British Thermal Units. The United States Oil Fund (USO) experienced a rise of 0.9%, while the United States Natural Gas Fund (UNG) lost 1%. Gold futures for December fell 0.2% at $2,689.50 an ounce on the Comex, with silver futures not far behind, retreating by 0.3% to $32.24 an ounce.
SPDR Gold Shares ($GLD) dipped by 0.2%, and the iShares Silver Trust ($SLV) fell 0.3%..