In premarket trading, the broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) showed a modest increase of 0.4%. Meanwhile, the actively traded Invesco QQQ Trust ($QQQ) gained 0.5%, indicating positive investor sentiment as they look forward to insights from US Federal Reserve Chair Jerome Powell during his keynote address slated for later in the day.
This anticipation is palpable in the futures market as well, with S&P 500 Index futures increasing by 0.5%, Dow Jones Industrial Average futures up by 0.4%, and Nasdaq futures witnessing a robust gain of 0.8% prior to the commencement of regular trading hours. Powell is scheduled to address the audience at 10 am ET, marking the conclusion of the annual Federal Reserve conference in Jackson Hole, Wyoming.
Concurrently, the July new home sales report is expected to be released at 10 am, which analysts are closely monitoring for signals regarding the housing market’s health. Additionally, the weekly Baker Hughes domestic oil-and-gas rig count will be available at 1 pm ET. In the cryptocurrency sector, Bitcoin prices rose by 0.9%, contributing to a buoyant mood.
The cryptocurrency fund ProShares Bitcoin Strategy ETF ($BITO) saw a 1% uptick, reinforcing the growing interest and confidence in digital assets among investors. ### Power Play: Technology In the technology sector, the Technology Select Sector SPDR Fund (XLK) surged by 1%, while the iShares US Technology ETF ($IYW) recorded a notable increase of 1.8%.
However, the iShares Expanded Tech Sector ETF ($IGM.US) remained inactive during this period. Among semiconductor ETFs, there was a lack of activity in the SPDR S&P Semiconductor ETF ($XSD), but the iShares Semiconductor ETF ($SOXX) appreciated by 1.1%. Significantly, Sequans Communications ($SQNS) witnessed a remarkable rise of over 144% in its stock price following its announcement to sell its 4G Internet of Things technologies to Qualcomm ($QCOM).
This deal with Qualcomm Technologies is valued at $200 million, providing a substantial boost to Sequans' valuation, while Qualcomm’s shares experienced a pre-bell gain of 1.2%. ### Winners and Losers: Consumer In the consumer sector, the Consumer Staples Select Sector SPDR Fund ($XLP) faced a slight decline, down by 0.2%.
In contrast, the Vanguard Consumer Staples Fund ($VDC) saw an impressive gain of 2.1%. The iShares US Consumer Staples ETF ($IYK) remained inactive, and the Consumer Discretionary Select Sector SPDR Fund ($XLY) recorded a healthy increase of 0.7%. Although the VanEck Retail ETF ($RTH) did not show any activity, the SPDR S&P Retail ETF ($XRT) managed a marginal rise of 0.1%. Notably, Ross Stores ($ROST) stock surged by more than 5% in pre-bell trading after reporting higher fiscal Q2 results and raising its earnings per share guidance for fiscal 2025. ### Health Care Insights The Health Care Select Sector SPDR Fund ($XLV) advanced by 0.2%.
However, the Vanguard Health Care Index Fund ($VHT) faced a slight dip of 0.1%, while the iShares US Healthcare ETF ($IYH) was inactive. The iShares Biotechnology ETF ($IBB) saw a minor increase of 0.2%. A remarkable development in the health sector was Galapagos ($GLPG), whose shares increased by over 5% in premarketing trading after announcing that the US Food and Drug Administration approved its investigational new drug application for its experimental therapy GLPG5101, aimed at treating patients with relapsed or refractory non-Hodgkin lymphoma. ### Financial Sector Updates The Financial Select Sector SPDR Fund (XLF) made gains of 0.3%.
The Direxion Daily Financial Bull 3X Shares ($FAS.US) also rose by nearly 1%, while its bearish counterpart, the Direxion Daily Financial Bear 3X Shares ($FAZ), declined by 0.8%. Unusual Machines ($UMAC) experienced a 3.4% increase in its stock price following news that it received over 6,700 orders for its Rotor Riot Brave F7 flight controllers since being listed on the Blue UAS Framework on August 7. ### Energy Sector Movement The iShares US Energy ETF ($IYE) faced a downturn, dropping by 1.7%, while the Energy Select Sector SPDR Fund ($XLE) rose by 0.5%.
Range Resources ($RRC) had an uptick of 2.2% before the opening bell of Friday trading after announcing that Steve Gray would retire from the board effective October 1. ### Industrial Sector Performance In the industrial sector, the Industrial Select Sector SPDR Fund ($XLI), the Vanguard Industrials Index Fund ($VIS), and the iShares US Industrials ETF (IYJ) showed inactivity.
Conversely, Hafnia ($HAFN) shares gained 1% in pre-market trading after reporting better-than-expected Q2 earnings and revenue figures. ### Commodities Overview In commodities, the front-month US West Texas Intermediate crude oil saw a modest increase of 1.5%, reaching $74.07 per barrel on the New York Mercantile Exchange, while natural gas prices dropped 1.4%, settling at $2.02 per million British Thermal Units.
The United States Oil Fund (USO) rose by 1.9%, whereas the United States Natural Gas Fund (UNG) declined by 1.8%. Gold futures for December climbed by 0.7%, reaching $2,534.70 an ounce on the Comex. Similarly, silver futures gained 1.5%, reaching $29.93 an ounce. SPDR Gold Shares ($GLD) increased by 0.7%, while the iShares Silver Trust ($SLV) saw a rise of 1.8%.
Investors remain attentive to these developments as they reflect broader market trends and investor sentiment moving forward..