In the latest premarket activity, the broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) increased by 0.4%, while the actively traded Invesco QQQ Trust ($QQQ) saw a rise of 0.8%. This movement comes ahead of significant economic data set to be released before the opening bell, which includes the weekly jobless claims report, September's retail sales figures, and the Philadelphia Fed's manufacturing index for October.
US stock futures are also showing promise, with S&P 500 Index futures up by 0.4%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures climbing 0.8% prior to the commencement of regular trading. At 8:30 am ET, pivotal economic data will emerge, providing insights into the job market and consumer behavior.
By 9:15 am ET, we can expect the industrial production report for September, complemented by August's business inventories data and the housing market index for October at 10 am ET. The week also features the release of the weekly EIA domestic natural-gas supplies and petroleum inventories reports at 10:30 am ET and 11 am ET, respectively.
Meanwhile, Chicago Fed President Austan Goolsbee is scheduled to speak at 11 am ET. In the cryptocurrency space, bitcoin has taken a hit, down by 1.3%, while the ProShares Bitcoin Strategy ETF ($BITO) is lower by 1.1%. Power Play: Health Care The Health Care Select Sector SPDR Fund ($XLV) experienced a minor decline of 0.2%.
Conversely, the Vanguard Health Care Index Fund ($VHT) managed a slight uptick of 0.1%, and the iShares US Healthcare ETF ($IYH) rose by 0.2%. Notably, the iShares Biotechnology ETF ($IBB) remained inactive during this period. In a concerning development, Elevance Health ($ELV) shares plummeted nearly 12% in premarket trading after announcing lower Q3 adjusted earnings and providing a dim outlook for 2024 adjusted EPS.
Winners and Losers: Technology A notable performance was observed in the technology sector, with the Technology Select Sector SPDR Fund ($XLK) rising by 1.2%. The iShares US Technology ETF ($IYW) followed suit with a 0.8% increase, although the iShares Expanded Tech Sector ETF ($IGM.US) remained inactive.
Among semiconductor ETFs, the SPDR S&P Semiconductor ETF ($XSD) climbed 2%, while the iShares Semiconductor ETF ($SOXX) surged by 2.6%. Taiwan Semiconductor Manufacturing ($TSM) shares soared more than 9% during Thursday's premarket activity, thanks to encouraging Q3 earnings and revenue reports. Industrial Sector Overview The Industrial Select Sector SPDR Fund ($XLI) dipped by 0.2%, whereas the Vanguard Industrials Index Fund ($VIS) saw a modest gain of 0.3%.
The iShares US Industrials ETF (IYJ) remained inactive. On a less favorable note, Equifax ($EFX) shares dropped more than 4% before the market opened in response to disappointing Q3 revenue and fiscal 2024 guidance. Consumer Sector Performance Within the consumer sector, the Consumer Staples Select Sector SPDR Fund ($XLP) slipped by 0.1%, while the Vanguard Consumer Staples Fund ($VDC) remained inactive.
The iShares US Consumer Staples ETF ($IYK) also showed inactivity, and the Consumer Discretionary Select Sector SPDR Fund ($XLY) registered a gain of 0.2%. The VanEck Retail ETF ($RTH) and the SPDR S&P Retail ETF ($XRT) were inactive during this period. Brinker International ($EAT) shares fell 2% pre-bell following a downgrade by Raymond James from outperform to market perform.
Financial Sector Insights In the financial sector, the Financial Select Sector SPDR Fund (XLF) gained 0.1%. Conversely, the Direxion Daily Financial Bull 3X Shares ($FAS.US) declined by 0.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ), dropped 0.2%. M&T Bank ($MTB) stock, however, climbed 1.4% in pre-bell trading after the company revealed better-than-expected Q3 net operating earnings and revenue reports.
Energy Sector Developments In the energy sector, the iShares US Energy ETF ($IYE) remained inactive, while the Energy Select Sector SPDR Fund ($XLE) fell by 0.1%. On a positive note, Transocean ($RIG) shares rose by 1.2% ahead of Thursday's opening bell after announcing a $193 million contract for one of its deepwater drilling vessels from an undisclosed operator in the Gulf of Mexico.
Commodity Market Insights In the commodities market, front-month US West Texas Intermediate crude oil prices increased by 0.3%, reaching $70.58 per barrel on the New York Mercantile Exchange. Natural gas prices gained 0.1%, reaching $2.37 per 1 million British Thermal Units. The United States Oil Fund (USO) experienced a slight decline of 0.01%, while the United States Natural Gas Fund (UNG) rose by 0.1%.
Gold futures for December gained 0.4%, reaching $2,702.50 an ounce on the Comex, while silver futures increased 0.2% to $32.05 an ounce. The SPDR Gold Shares ($GLD) advanced by 0.4%, and the iShares Silver Trust ($SLV) was 0.2% higher..