In the latest premarket trading session, the SPDR S&P 500 ETF Trust ($SPY) saw a modest increase of 0.3%, suggesting a positive sentiment in the market. Meanwhile, the Invesco QQQ Trust ($QQQ), heavily focused on technology stocks, climbed 0.6%, indicating a rebound in tech after a recent dip in performance.
This uplift comes amidst mixed signals from US stock futures, where S&P 500 Index futures exhibited a gain of 0.2%, while futures for the Dow Jones Industrial Average experienced a slight decrease of 0.2%. Conversely, Nasdaq futures saw a gain of 0.5%, showcasing the resilience of the tech sector. Traders and analysts are looking forward to crucial economic data releases that may impact market direction.
The weekly jobless claims report and the July Philadelphia Fed Manufacturing Index are scheduled for release at 8:30 am ET, providing insights into the labor market and manufacturing activity. At 10 am ET, the Conference Board's June leading indicators report will be published, offering further economic signals.
This will be closely followed by the EIA's natural gas report at 10:30 am ET, a key metric for the energy markets. Additionally, notable speeches from Dallas Federal Reserve President Lorie Logan at 1:45 pm ET, and San Francisco Fed President Mary Daly at 6:05 pm ET, are anticipated to provide further context on monetary policy.
Governor Michelle Bowman is also set to speak at 7:30 pm ET, adding to the day's economic discussions. In the cryptocurrency space, Bitcoin has shown a positive trend, gaining 1% in premarket action. The ProShares Bitcoin Strategy ETF ($BITO) also saw an uptick of 0.4%, reflecting growing interest in digital assets amidst the traditional markets. In sector-specific movements, the Consumer Staples Select Sector SPDR Fund ($XLP) reported a slight gain of 0.1%.
In contrast, the Vanguard Consumer Staples Fund ($VDC) remained flat, while the iShares US Consumer Staples ETF ($IYK) showed no significant activity. The Consumer Discretionary Select Sector SPDR Fund ($XLY) also ended flat, indicating a steady interest in consumer-related stocks. However, the VanEck Retail ETF ($RTH) was inactive, and the SPDR S&P Retail ETF ($XRT) saw a decline of 0.3%.
Domino's Pizza ($DPZ) stocks are in the spotlight as they fell 12% in pre-bell trading. The company has announced a significant setback in its expansion plans, expecting to miss its 2024 target of adding over 925 net international stores by between 175 to 275 stores, largely due to challenges from its master franchisee, Domino's Pizza Enterprises.
Furthermore, Domino's has suspended its guidance for global net store additions, raising concerns among investors. In the technology sector, the Technology Select Sector SPDR Fund ($XLK) enjoyed an increase of 0.8%, while the iShares US Technology ETF ($IYW) remained flat. The iShares Expanded Tech Sector ETF ($IGM.US) was inactive, showcasing a cautious sentiment among investors.
Additionally, among semiconductor ETFs, the SPDR S&P Semiconductor ETF ($XSD) did not see any activity, whereas the iShares Semiconductor ETF ($SOXX) gained 1%, suggesting some positive moves within the semiconductor industry. Infosys ($INFY) has emerged as a standout player, with its stock increasing by 4.4% amid strong fiscal Q1 results that exceeded analyst expectations.
Investors are optimistic about the company's performance and its potential to sustain growth in the coming quarters. The industrial sector faced a setback as the Industrial Select Sector SPDR Fund ($XLI) retreated by 0.2%. Both the Vanguard Industrials Index Fund ($VIS) and the iShares US Industrials ETF (IYJ) were inactive.
Nonetheless, Li-Cycle ($LICY) shares increased by 4% before the market opened after the announcement of Craig Cunningham as the new chief financial officer, instilling confidence among investors. In healthcare, the Health Care Select Sector SPDR Fund ($XLV) dipped by 1%. The Vanguard Health Care Index Fund ($VHT) and the iShares US Healthcare ETF ($IYH) remained inactive, while the iShares Biotechnology ETF ($IBB) saw no changes, indicating a period of consolidation within this sector.
Novartis ($NOVN) shares experienced a 3% drop in the premarket despite reporting improved Q2 financial results and raising its 2024 core operating income guidance, which surprised analysts. The financial sector is facing its share of challenges as the Financial Select Sector SPDR Fund (XLF) retreated 0.1%.
Direxion Daily Financial Bull 3X Shares ($FAS.US) also declined by 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ) saw a slight rise of 0.5%. KeyCorp ($KEY) shares were down 2% before the opening bell after the release of lower Q2 financial results, signaling a cautious outlook among investors. In energy, the iShares US Energy ETF ($IYE) was inactive while the Energy Select Sector SPDR Fund ($XLE) remained flat, reflecting a stable period for energy stocks.
However, Nabors Industries ($NBR) shares increased nearly 1% after the company priced an offering of $550 million in senior guaranteed notes due 2031 at par value. In commodities, the front-month US West Texas Intermediate crude oil price declined 0.2%, settling at $81.28 per barrel. Natural gas, however, advanced by 0.9% to $2.05 per 1 million British Thermal Units.
The United States Oil Fund (USO) slipped 0.2%, though the United States Natural Gas Fund (UNG) gained 0.4% before the market opened. Gold enthusiasts saw futures for August rise by 0.3% to $2,467.50 an ounce on the Comex, while silver futures climbed 0.9% to $30.64 an ounce. The SPDR Gold Shares ($GLD) increased by 0.3%, and the iShares Silver Trust ($SLV) experienced the same gain of 0.3%, reflecting favorable conditions for precious metals investors..