The broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) experienced a slight decline of 0.2%, while the actively traded Invesco QQQ Trust ($QQQ) saw an even deeper drop of 0.3% in Wednesday's premarket activity. Investors are keenly awaiting the consumer price index report, a crucial indicator that is projected to offer insights into potential interest rate cuts, which are closely monitored by market participants for their significant impact on financial conditions. In the futures market, U.S.
stock indices exhibited bearish sentiment; S&P 500 Index futures were down 0.3%, Dow Jones Industrial Average futures decreased by 0.4%, and Nasdaq futures retreated by 0.3% just before the commencement of regular trading hours. Investors should note that the August consumer price index bulletin is set to be released at 8:30 am ET, followed by the Q2 Services Survey announcement at 10 am ET.
Additionally, the Energy Information Administration (EIA) will publish its petroleum status report at 10:30 am ET, further influencing market dynamics. Turning to cryptocurrencies, Bitcoin noted a downturn of 2.1%, while the ProShares Bitcoin Strategy ETF ($BITO) declined by 2.4% in premarket trading, reflecting a volatile environment for digital assets. In the technology sector, the Technology Select Sector SPDR Fund (XLK) dropped by 0.3%.
The iShares U.S. Technology ETF ($IYW) and the iShares Expanded Tech Sector ETF ($IGM.US) remained inactive, indicating a cautious approach among investors. Among semiconductor-focused ETFs, while SPDR S&P Semiconductor ETF ($XSD) saw no trading activity, the iShares Semiconductor ETF ($SOXX) gained slightly, up by 0.02%. In a significant development, FTC Solar ($FTCI) shares surged over 70% in the latest premarket session after the company announced a substantial three-year agreement with Strata Clean Energy to supply approximately 500 megawatts of its Voyager 2P solar tracker technology for various projects across the U.S. Analyzing winners and losers, the Industrial Select Sector SPDR Fund ($XLI) faced a minor retreat of 0.02%.
Both the Vanguard Industrials Index Fund ($VIS) and the iShares U.S. Industrials ETF (IYJ) saw no trading activity, suggesting a stable phase in the industrial sector. In a stark contrast, Rentokil Initial ($RTO) witnessed a notable decline of over 17% pre-market following an announcement that its fiscal 2024 operating profit in North America would be adversely affected by issues related to increased sales, service, and other costs.
The company anticipates a group adjusted profit before tax and amortization for fiscal 2024 to be around 700 million British pounds ($915.5 million). In the health care sector, the Health Care Select Sector SPDR Fund ($XLV) retreated by 0.3%. Although the Vanguard Health Care Index Fund ($VHT) remained stable, the iShares U.S.
Healthcare ETF ($IYH) found some upward momentum, advancing by 1.9%. Meanwhile, the iShares Biotechnology ETF ($IBB) remained inactive in trading. Shares of ANI Pharmaceuticals ($ANIP) fell by 2.9%, whereas Alimera Sciences ($ALIM) recorded a gain of over 6% as both companies have set the closing of their merger agreement for September 16. In the consumer sector, the Consumer Staples Select Sector SPDR Fund ($XLP) experienced a modest gain of 0.4%.
In contrast, major funds such as the Vanguard Consumer Staples Fund ($VDC), iShares U.S. Consumer Staples ETF ($IYK), and the Consumer Discretionary Select Sector SPDR Fund ($XLY) remained inactive or saw limited movement, with the latter losing 0.1%. GameStop ($GME) shares plummeted by more than 10% pre-market following the company's filing of a registration statement concerning the proposed sale of up to 20 million shares of its Class A common stock. The financial sector also exhibited fluctuations, with the Financial Select Sector SPDR Fund (XLF) retreating by 0.5%.
Direxion Daily Financial Bull 3X Shares ($FAS.US) was down by 1.3%, whereas the Direxion Daily Financial Bear 3X Shares ($FAZ) saw an increase of 1.4%. In a notable downgrade, Morgan Stanley ($MS) shares fell by 1.2% following Goldman Sachs' adjustment of its rating to neutral. In the energy space, the iShares U.S.
Energy ETF ($IYE) reported no trading activity, yet the Energy Select Sector SPDR Fund ($XLE) gained 0.4%. ONEOK ($OKE) shares saw an increase of 1.5% pre-market as the firm revealed it had priced an offering of $7 billion in senior notes across six series. In commodities, the front-month U.S. West Texas Intermediate crude oil increased by 2.5%, reaching $67.38 per barrel on the New York Mercantile Exchange.
Natural gas remained stable at $2.23 per million British Thermal Units. The United States Oil Fund (USO) rose nearly 2%, while the United States Natural Gas Fund (UNG) increased by 1.1%. Gold futures for December rose by 0.3% to $2,551 an ounce on the Comex, and silver futures experienced an uplift of nearly 2%, reaching $29.15 per ounce.
SPDR Gold Shares ($GLD) advanced by 0.2%, and iShares Silver Trust ($SLV) climbed by 1.4%. Overall, various sectors are reacting to market news and reports, setting the stage for another dynamic trading day ahead..