The broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) saw an increase of 0.3%, and the actively traded Invesco QQQ Trust ($QQQ) was higher by 0.7% during Friday's premarket activity, driven by growing investor confidence following robust earnings reports from technology and banking sectors.
In the futures market, the US stock futures exhibited mixed results. S&P 500 Index futures were up by 0.3%, contrasting with a slight dip of 0.2% in Dow Jones Industrial Average futures, while Nasdaq futures gained 0.5% ahead of regular trading hours. The data released for September indicated that housing starts fell by 0.5% from the previous month, reaching an annual rate of 1.354 million.
This rate slightly exceeded Bloomberg's early morning ET expectations of 1.350 million, while building permits showed a more significant decline of 2.9%, landing at 1.428 million, below the anticipated 1.460 million. Adding to economic discussions, Federal Reserve Atlanta President Raphael Bostic was scheduled to speak at 9:30 am ET, followed by Fed Minneapolis President Neel Kashkari at the Banking, Regulation, and Macroeconomic Outcomes conference at 10 am ET.
Additionally, Fed Governor Christopher Waller would address participants around 12 pm ET at the annual Vienna Macroeconomics workshop, taking place in Austria. Furthermore, the weekly Baker Hughes oil-and-gas rig count report was expected at 1 pm ET. In premarket trading, bitcoin was up by 1.4%, and the cryptocurrency fund ProShares Bitcoin Strategy ETF ($BITO) gained 1.5%.
**Power Play: Energy** In the energy sector, the iShares US Energy ETF ($IYE) remained inactive, while the Energy Select Sector SPDR Fund ($XLE) showed a marginal increase of 0.01%. Pineapple Energy ($PEGY) stock experienced a remarkable surge of 67% in Friday's premarket activity due to a regulatory filing that disclosed the termination of its principal corporate office lease.
**Winners and Losers: Health Care** In the healthcare sector, the Health Care Select Sector SPDR Fund ($XLV) increased by 0.2%. The Vanguard Health Care Index Fund ($VHT) was up by 0.3%, while both the iShares US Healthcare ETF ($IYH) and the iShares Biotechnology ETF ($IBB) remained unchanged. Notably, Tenon Medical ($TNON) shares soared by 37% pre-bell Friday after announcing the issuance of three US patents overnight.
**Consumer** The Consumer Staples Select Sector SPDR Fund ($XLP) decreased by 0.3%, while the Vanguard Consumer Staples Fund ($VDC) saw a gain of 0.4%. The iShares US Consumer Staples ETF ($IYK) remained flat, and the Consumer Discretionary Select Sector SPDR Fund ($XLY) edged up by 0.1%. Conversely, the VanEck Retail ETF ($RTH) was inactive, while the SPDR S&P Retail ETF ($XRT) advanced by 0.1%.
MGP Ingredients ($MGPI) stock declined by 20% before the bell Friday, following the announcement of a lower adjusted EPS and sales outlook for 2024. **Technology** In the technology arena, the Technology Select Sector SPDR Fund (XLK) increased by 0.4%. Meanwhile, the iShares US Technology ETF ($IYW) and the iShares Expanded Tech Sector ETF ($IGM.US) remained unchanged.
For semiconductor ETFs, the SPDR S&P Semiconductor ETF ($XSD) remained flat, while the iShares Semiconductor ETF ($SOXX) rose by 0.8%. Netflix ($NFLX) stock jumped 6.3% before Friday's bell after reporting an increase in Q3 earnings and revenue compared to the same period last year. **Financial** Within the financial sector, the Financial Select Sector SPDR Fund (XLF) slightly declined by 0.02%.
Direxion Daily Financial Bull 3X Shares ($FAS.US) gained 0.2%, juxtaposed with a 0.3% decrease in its bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ). Additionally, Simmons First National ($SFNC) stock rose by 2% before Friday’s opening bell after surpassing expectations for Q3 adjusted earnings.
**Industrial** The Industrial Select Sector SPDR Fund ($XLI) recorded a 0.4% increase, while the Vanguard Industrials Index Fund ($VIS) edged up by 0.3%. The iShares US Industrials ETF (IYJ) remained unchanged. Archer-Daniels-Midland ($ADM) stock exhibited a slight decrease before the opening bell on Friday, following reports of an impending lawsuit related to alleged negligence causing an explosion that seriously harmed an employee last year.
**Commodities** On the commodities front, front-month US West Texas Intermediate crude oil experienced a marginal upward movement of 0.01%, trading at $70.10 per barrel on the New York Mercantile Exchange. Natural gas rose by 0.3%, reaching $2.35 per 1 million British Thermal Units. The United States Oil Fund (USO) gained 0.03%, while the United States Natural Gas Fund (UNG) declined by 0.3%.
Gold futures for December increased by 0.7%, trading at $2,726.70 an ounce on the Comex, while silver futures rose by 1.8% to reach $32.36 an ounce. SPDR Gold Shares ($GLD) advanced by 0.8%, and the iShares Silver Trust ($SLV) gained 1.9%. Overall, the stock market reflects a nuanced response to corporate earnings and economic indicators, setting the stage for potential investor strategies as the market adapts to ongoing economic conditions..