In recent premarket activity, the broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) registered a minor decline of 0.1%, while the actively traded Invesco QQQ Trust ($QQQ) fell by 0.2%. These movements occurred ahead of the widely anticipated consumer price index report. Meanwhile, US stock futures also experienced a downturn, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures slipping by 0.2%, and Nasdaq futures dropping by 0.3% just before the commencement of regular trading. Mortgage applications saw an increment of 0.5% for the week ending November 8, recovering slightly following a notable 10.8% decrease from the previous week, as reported by the Mortgage Bankers Association.
The consumer price index report for October is set to be released at 8:30 am ET today. In a series of scheduled events, Dallas Federal Reserve President Lorie Logan is expected to speak at 9:45 am ET, followed by St. Louis Fed President Alberto Musalem at 1 pm ET, and Kansas City President Jeffrey Schmid at 1:30 pm ET. Shifting focus to cryptocurrency, premarket activity showed bitcoin down by 2%, with the ProShares Bitcoin Strategy ETF ($BITO) declining by 2.1%. In the consumer sector, the Consumer Staples Select Sector SPDR Fund ($XLP) dipped by 0.04%, while the Vanguard Consumer Staples Fund ($VDC) remained inactive.
Conversely, the Consumer Discretionary Select Sector SPDR Fund ($XLY) saw a slight increase, gaining 0.1%. Various retail ETFs displayed inactivity, yet the SPDR S&P Retail ETF ($XRT) decreased by 1.6%. Automaker Rivian Automotive ($RIVN) experienced a significant surge of over 8% in premarket trading after announcing that Volkswagen Group will invest up to $5.8 billion into their expanded joint venture. In the industrial sector, the Industrial Select Sector SPDR Fund ($XLI) fell by 0.3%, while some funds like Vanguard Industrials Index Fund ($VIS) and the iShares US Industrials ETF (IYJ) were inactive.
V2X ($VVX) stock dropped 4.6% following news of an underwritten public stock offering priced at $61 per common share. The technology sector faced a decline, with the Technology Select Sector SPDR Fund (XLK) retreating by 0.4%. iShares US Technology ETF ($IYW) also saw a decrease of 0.2%, while the iShares Expanded Tech Sector ETF ($IGM.US) remained inactive.
In terms of semiconductor ETFs, the SPDR S&P Semiconductor ETF ($XSD) stayed inactive, and the iShares Semiconductor ETF ($SOXX) decreased by 0.9%. Super Micro Computer ($SMCI) shares fell nearly 3.2% amid reports that the company may delay filing its quarterly report for the period ending September 30 as it requires more time to finalize its financial statements and necessary disclosures. Focusing on energy, the iShares US Energy ETF ($IYE) saw a drop of 0.5%, whereas the Energy Select Sector SPDR Fund ($XLE) managed a slight gain of 0.1%.
Notably, Suncor Energy ($SU.US) stock increased by 3% premarket after revealing Q3 adjusted operating earnings and revenue that surpassed expectations. In the health care domain, the Health Care Select Sector SPDR Fund ($XLV) advanced 0.01%. The Vanguard Health Care Index Fund ($VHT) was up by 0.2%, while other ETFs, such as the iShares US Healthcare ETF ($IYH), remained inactive.
Meanwhile, the iShares Biotechnology ETF ($IBB) increased by 0.1%. Amgen ($AMGN) stock rose by 1.7% in premarket trading, adding to its momentum after confirming no connection between its potential monthly weight-loss injection, MariTide, and bone density loss. In the financial sector, the Financial Select Sector SPDR Fund (XLF) decreased by 0.2%.
The Direxion Daily Financial Bull 3X Shares ($FAS.US) declined by 0.5%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ), moved 0.7% higher. Hut 8 ($HUT) shares ascended 1% pre-bell after reporting a swing to Q3 earnings alongside increases in revenue. Regarding commodities, front-month US West Texas Intermediate crude oil increased by 0.2%, reaching $68.23 per barrel on the New York Mercantile Exchange, while natural gas saw a decline of 1.3%, settling at $2.87 per million British Thermal Units.
The United States Oil Fund (USO) gained 0.3%, but the United States Natural Gas Fund (UNG) slipped by 1.9%. Gold futures for December rose by 0.4%, reaching $2,617.50 an ounce on the Comex, while silver futures advanced by 0.9%, hitting $31.04 an ounce. SPDR Gold Shares ($GLD) saw a gain of 0.4%, and iShares Silver Trust ($SLV) increased by 0.5%..