In an active premarket setting on Thursday, the SPDR S&P 500 ETF Trust ($SPY) saw an increase of 0.3%, while the Invesco QQQ Trust ($QQQ) rose by 0.2%. This upward movement in exchange-traded funds reflects investor sentiment as the market awaits crucial economic data to be released later in the day. US stock futures also demonstrated positive momentum, with S&P 500 Index futures gaining 0.3%, Dow Jones Industrial Average futures climbing 0.6%, and Nasdaq futures advancing 0.3% before the commencement of regular trading hours.
This rise is indicative of market optimism, with several pivotal reports set to be disclosed at 8:30 am ET on the following key economic indicators: the second estimate for the second quarter gross domestic product, the international trade in goods for July, the weekly jobless claims, corporation profits for Q2, and reports on retail and wholesale inventories for July. At 10 am ET, the National Association of Realtors will release its Pending Home Sales Index for July, followed closely by the weekly EIA domestic natural gas report at 10:30 am ET. Additionally, the cryptocurrency market saw bitcoin prices increase by 2.2%, while the ProShares Bitcoin Strategy ETF ($BITO) experienced a rise of 2%.
This volatility in digital assets aligns with the broader economic trends observed in traditional markets. Focusing on sector performance, the Health Care Select Sector SPDR Fund ($XLV) reported a modest increase of 0.2%. However, other health-related funds, such as the Vanguard Health Care Index Fund ($VHT) and the iShares US Healthcare ETF ($IYH), saw no trading activity, while the iShares Biotechnology ETF ($IBB) edged up by 0.2%. One of the standout performers was BioCardia ($BCDA), whose stock surged by more than 123% in premarket trading following the announcement that the US Food and Drug Administration granted clearance for the company to market its Morph DNA Steerable Introducer product line. In the energy sector, the iShares US Energy ETF ($IYE) showed no signs of activity, but the Energy Select Sector SPDR Fund ($XLE) gained 0.3% in premarket trading.
EnLink Midstream ($ENLC) stock exhibited an impressive pre-open boost of over 14% after ONEOK ($OKE) revealed plans to acquire Global Infrastructure Partners' 43% stake in EnLink Midstream for $14.90 per unit, along with 100% interest in the managing member for a total cash consideration of approximately $3.30 billion, pushing ONEOK shares up by 0.6%. In consumer sectors, the Consumer Staples Select Sector SPDR Fund ($XLP) saw an increase of 0.5%, while the Vanguard Consumer Staples Fund ($VDC) remained flat.
The trading activity for iShares US Consumer Staples ETF ($IYK) was stagnant, with the Consumer Discretionary Select Sector SPDR Fund ($XLY) gaining 0.5%. Conversely, Birkenstock Holding ($BIRK) experienced a downturn of more than 12% after fiscal Q3 results revealed earnings and revenue fell short of market expectations. From the industrial sector, the Industrial Select Sector SPDR Fund ($XLI) rose by 0.2% and the Vanguard Industrials Index Fund ($VIS) climbed 0.7%, while the iShares US Industrials ETF (IYJ) saw no activity.
GMS ($GMS) shares faced a loss of 6.8% after announcing fiscal Q1 adjusted earnings of $1.93 per diluted share, a drop from $2.49 year-over-year. In technology, the Technology Select Sector SPDR Fund (XLK) dropped by 0.4%, and the iShares US Technology ETF ($IYW) fell by 1.9%, whereas the iShares Expanded Tech Sector ETF ($IGM.US) remained inactive.
Among semiconductor ETFs, the SPDR S&P Semiconductor ETF ($XSD) was also inactive, while the iShares Semiconductor ETF ($SOXX) recorded a decline of 0.2%. Photronics ($PLAB) shares decreased by 4.5% following the report of flat fiscal Q3 adjusted earnings and a decline in revenue. In financial markets, the Financial Select Sector SPDR Fund (XLF) improved by 0.4%.
Direxion Daily Financial Bull 3X Shares ($FAS.US) rose by 1.3%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ($FAZ) fell by 1.1%. Canadian Imperial Bank of Commerce ($CM) shares rose by 2.7% before the market opened, as the bank announced plans to repurchase up to 20 million common shares. Regarding commodities, front-month US West Texas Intermediate crude oil gained 0.5%, trading at $74.88 per barrel on the New York Mercantile Exchange.
Meanwhile, natural gas prices declined by 1.1%, settling at $2.07 per million British Thermal Units. The United States Oil Fund (USO) advanced by 0.3%, while the United States Natural Gas Fund (UNG) fell by 1.3%. Gold futures for December increased by 0.7%, reaching $2,555.50 per ounce on the Comex, while silver futures saw a rise of 1.1%, reaching $29.95 per ounce.
SPDR Gold Shares ($GLD) rose by 0.5%, and iShares Silver Trust ($SLV) climbed by 0.8%. The markets remain vigilant as further economic indicators are anticipated to influence trading patterns in the coming days..