In the latest premarket activity, the SPDR S&P 500 ETF Trust showcased a slight uptick of 0.2%, while the Invesco QQQ Trust witnessed a more significant rise of 0.4%. These movements come just as market participants gear up for the US Federal Reserve's critical two-day monetary policy-setting meeting.
This meeting is a pivotal moment for investors, as potential shifts in interest rates could have a profound impact on the broader market. Ahead of the standard trading hours, US stock futures took a positive turn. The S&P 500 Index futures registered a gain of 0.3%, while the Dow Jones Industrial Average futures increased by 0.2%, and Nasdaq futures climbed 0.4%.
Such an upbeat outlook reflects investor sentiment as they anticipate key economic indicators to be released today. The day is particularly crucial for economic data, as the August retail sales bulletin will be unveiled at 8:30 am ET. This will be followed by the industrial production report for August at 9:15 am ET, which will shed light on the manufacturing sector's performance.
Additionally, at 10 am ET, the business inventories report for July and the September Housing Market Index are set to be released, further informing investors about the economic landscape. In the realm of cryptocurrency, Bitcoin saw an increase of 2.1%. The ProShares Bitcoin Strategy ETF also reacted positively, gaining 2.3% in premarket trading.
This rise in cryptocurrency values indicates a growing interest and volatility in this asset class. Focusing on specific sectors, the Industrial Select Sector SPDR Fund, Vanguard Industrials Index Fund, and iShares US Industrials ETF did not exhibit any trading activity. However, Draganfly's stock surged by 5%, attributed to news that an oil and gas company had selected Draganfly along with Nightingale Security to develop an innovative automated drone system aimed at infrastructure monitoring.
This partnership highlights the intersection of technology and essential services in today's economy. In the Health Care sector, the Health Care Select Sector SPDR Fund introduced marginal gains of 0.1%. Conversely, the Vanguard Health Care Index Fund remained inactive while the iShares US Healthcare ETF saw a slight decline of 0.2%.
This sector movement could be indicative of broader investor sentiment regarding health-related equities. On the other hand, Nuvalent shares faced a near 2% dip in premarket activity after announcing a public offering of 5 million Class A common shares at $100 each, aiming for gross proceeds of $500 million, a strategy employed to bolster their financial footing. Switching gears to the Energy sector, the Energy Select Sector SPDR Fund experienced a minor uptrend of 0.1%.
Greenfire Resources stood out with a notable increase of 3.3% as Waterous Energy Fund Management confirmed a deal to acquire a significant 43% stake in the company for 327.8 million Canadian dollars ($241.1 million). This transaction underscores the ongoing consolidation and investment dynamics within the energy landscape. In Technology, the Technology Select Sector SPDR Fund advanced by 0.8%, signaling strong momentum.
Microsoft shares increased by 1.8%, buoyed by news that its board approved a quarterly dividend increase of 10% to $0.83 per share, as well as a significant stock repurchase plan valued at $60 billion. These corporate actions are likely to instill confidence among investors and impact stock performance positively. Lastly, in the Consumer segment, the Consumer Staples Select Sector SPDR Fund faced a decrease of 0.4%, while the Vanguard Consumer Staples Fund also saw a slight dip of 0.2%.
Polestar stocks rose by 1.7% after the company confirmed compliance with Nasdaq's minimum bid price rule, further stabilizing its position on the exchange. Across the commodities market, the front-month West Texas Intermediate crude oil price saw a modest increase of 0.1%, settling at $70.17 per barrel, highlighting fluctuations in energy prices.
Meanwhile, natural gas prices also recorded a marginal uptick of 0.2%. Gold and silver futures experienced minor declines, showcasing the ongoing volatility and responses to market dynamics. As the day unfolds, all eyes will be on the Federal Reserve's meeting outcomes and how investors interpret the key economic indicators set to be released shortly..