The broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) declined 0.7% while the actively traded Invesco QQQ Trust ($QQQ) fell 0.8% in Thursday's premarket activity as Microsoft (MSFT) and Meta Platforms (META) indicated plans to boost spending on AI. US stock futures experienced a downward trend, with S&P 500 Index futures decreasing 0.7%, Dow Jones Industrial Average futures dipping 0.5%, and Nasdaq futures dropping 0.8% before regular trading commenced. In October, US companies announced plans for 55,597 job cuts, which is a decrease from September but a rise compared to a year ago, predominantly led by the aerospace and defense sector, with Boeing as a key player, based on data from Challenger, Gray & Christmas. Reports released at 8.30 am ET include the September personal income and outlays report, the weekly jobless claims bulletin, and the Q3 employment cost index.
The Chicago PMI will post at 9:45 am ET, followed by the weekly EIA natural gas report at 10:30 am ET. In premarket action, bitcoin saw a rise of 0.7%, and the cryptocurrency fund ProShares Bitcoin Strategy ETF ($BITO) also increased by 0.7%. Power Play: Industrial Industrial Select Sector SPDR Fund ($XLI) fell 0.4%, while the Vanguard Industrials Index Fund ($VIS) and the iShares US Industrials ETF (IYJ) remained inactive.
Generac Holdings (GNRC) stock rose by 5.5% ahead of the opening bell after reporting increased Q3 adjusted earnings and revenue, raising its 2024 net sales growth outlook. Winners and Losers: Consumer The Consumer Staples Select Sector SPDR Fund ($XLP) slipped 0.1%, while the Vanguard Consumer Staples Fund ($VDC) gained 1.3%.
The iShares US Consumer Staples ETF ($IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ($XLY) lost 0.3%. The VanEck Retail ETF ($RTH) and the SPDR S&P Retail ETF ($XRT) were inactive. Li Auto (LI) shares declined by 5% pre-bell after exceeding Q3 results expectations but guiding for a Q4 revenue outlook below analyst estimates. Technology Technology Select Sector SPDR Fund (XLK) decreased by 1.1%, and the iShares US Technology ETF ($IYW) was down 1%, while the iShares Expanded Tech Sector ETF ($IGM.US) fell 0.7%.
Among semiconductor ETFs, SPDR S&P Semiconductor ETF ($XSD) retracted 0.3%, while the iShares Semiconductor ETF ($SOXX) dropped 0.7%. ASE Technology Holding (ASX) shares rose nearly 3% in recent Thursday premarket activity after posting improved Q3 earnings and revenue. Financial Financial Select Sector SPDR Fund (XLF) eased by 0.1%.
Direxion Daily Financial Bull 3X Shares ($FAS.US) declined by 0.3%, while its counterpart Direxion Daily Financial Bear 3X Shares ($FAZ) saw a 0.3% increase. ING Groep (ING) shares increased by 1.8% pre-bell on Thursday after reporting higher Q3 results and announcing an expansion of its shareholder distribution with an additional 2.5 billion euros ($2.72 billion) to support its CET1 ratio aiming for a 12.5% target. Energy The iShares US Energy ETF ($IYE) remained inactive, while the Energy Select Sector SPDR Fund ($XLE) rose by 0.3%.
Cenovus Energy (CVE) stock increased by 1.5% ahead of Thursday's opening bell after reporting strong Q3 gross sales. Health Care The Health Care Select Sector SPDR Fund ($XLV) decreased by 0.6%. The Vanguard Health Care Index Fund ($VHT) edged up slightly by 0.04%, but the iShares US Healthcare ETF ($IYH) remained inactive.
The iShares Biotechnology ETF ($IBB) remained flat. Merck (MRK) stock slipped 1.4% premarket after lower Q3 non-GAAP earnings were reported and guidance for 2024 non-GAAP EPS was cut. Commodities Front-month US West Texas Intermediate crude oil increased by 0.6% to $69.04 per barrel on the New York Mercantile Exchange.
Natural gas dropped 1.3% to $2.81 per 1 million British Thermal Units. United States Oil Fund (USO) rose by 0.2%, while the United States Natural Gas Fund (UNG) dipped by 0.3%. Gold futures for December fell by 0.4% to $2,789.40 an ounce on the Comex, while silver futures decreased by 1.2% to $33.67 an ounce.
SPDR Gold Shares ($GLD) declined by 0.4%, and iShares Silver Trust ($SLV) was down 0.9%..