In a recent development, the SPDR S&P 500 ETF Trust experienced a decline of 0.4%, with the Invesco QQQ Trust trading 0.7% lower in premarket activity. This downturn comes amidst ongoing worries regarding Nvidia's performance, which has raised questions about the sustainability of the recent AI-driven market rally.
Investors are keeping a close eye on these movements, illustrating the market's sensitivity to developments in the tech sector. Futures for US stocks were also on the downside, highlighted by a drop of 0.4% in S&P 500 Index futures, a slip of 0.1% in the Dow Jones Industrial Average futures, and a retreat of 0.7% in Nasdaq futures, all preceding the regular trading session.
Nvidia shares specifically showed a notable decrease of 2% during the latest premarket activity, further confirming the market's cautious stance. On a more positive note, US mortgage applications increased by 1.6% for the week ending on August 30, attributed mainly to a 3% surge in new purchase applications as mortgage rates slightly declined.
This information was shared by the Mortgage Bankers Association, indicating a mixed sentiment in the housing market, with refinancing applications seeing a slight drop of 0.3%. In the realm of economic data, several reports are set to be released soon, with the July report on international trade in goods and services scheduled for publication at 8:30 am ET.
Following this, the July Job Openings and Labor Turnover Survey, along with the July factory orders report, will be released at 10 am ET. Additionally, the Beige Book, a compilation of economic insights from the twelve regional Federal Reserve banks, will be made available at 2 pm ET. In the cryptocurrency sector, bitcoin was observed to have decreased by 2.5%, while the ProShares Bitcoin Strategy ETF also saw a drop of 2.6% in its premarket performance. Turning our focus to healthcare, the Health Care Select Sector SPDR Fund registered a slight decline of 0.02%.
Meanwhile, the Vanguard Health Care Index Fund dropped nearly 0.1%, with the iShares US Healthcare ETF showing a minor increase of 0.1%. Contrarily, the iShares Biotechnology ETF was down by 0.5%, reflecting a mixed performance within the healthcare sector. Atara Biotherapeutics distinguished itself in premarket trading with a remarkable 19% gain after disclosing its agreements to sell 758,900 shares at $8.25 each during a registered direct offering, significantly recovering from its prior stock position of $8.11. Examining the technology sector, the Technology Select Sector SPDR Fund fell by 0.8%.
The iShares US Technology ETF and the iShares Expanded Tech Sector ETF showed no activity. In semiconductor-specific ETFs, the SPDR S&P Semiconductor ETF declined by 0.8%, while the iShares Semiconductor ETF saw a larger drop of 1.2%. Notably, Zscaler made headlines with nearly a 17% decrease in its stock price after announcing a lower-than-expected non-GAAP earnings forecast for fiscal Q1 and fiscal 2025. In industrials, the Industrial Select Sector SPDR Fund remained flat while the Vanguard Industrials Index Fund and the iShares US Industrials ETF saw no trading activity.
Conversely, REV Group faced a significant decline of over 12% after reporting disappointing fiscal Q3 sales and downgrading its guidance for fiscal 2024 net sales. Consumer sector movements showed the Consumer Staples Select Sector SPDR Fund down by 0.04%, while the Vanguard Consumer Staples Fund maintained its position.
The iShares US Consumer Staples ETF was also unchanged, and the Consumer Discretionary Select Sector SPDR Fund slid by 0.4%. Hormel Foods reported a 6.7% decrease in stock value following the release of unfavorable fiscal Q3 results and an optimistic outlook for fiscal 2024 revenue. Focusing on financial stocks, the Financial Select Sector SPDR Fund dipped by 0.1%.
Moreover, Direxion Daily Financial Bull 3X Shares declined by 0.2%, whereas its bearish counterpart registered a slight increase of 0.1%. In contrast, Waterdrop shares saw a modest gain of 0.9% in pre-bell trading after the company revealed an upswing in Q2 net profit, alongside a reduction of 13.4% in operating costs year-over-year. In the energy sector, the iShares US Energy ETF showed inactivity, while the Energy Select Sector SPDR Fund remained unchanged.
Noteworthy was Transocean's surge of 1.6% in premarket trading after announcing a new contract with Reliance Industries for a deepwater drilling initiative in India, projected to last until 2029 and adding $123 million to its backlog. On the commodities front, front-month US West Texas Intermediate crude oil rose by 0.3%, settling at $70.56 per barrel.
Natural gas prices also advanced by 1% to $2.23 per million British Thermal Units. The United States Oil Fund moved marginally up by 0.3%, while the United States Natural Gas Fund saw a notable increase of 1.5%. Gold futures for December dipped slightly by 0.1% to $2,519.40 per ounce, whereas silver futures experienced a modest rise of 0.1% to $28.39 per ounce.
Both SPDR Gold Shares and iShares Silver Trust observed minor declines of 0.1% and 0.04%, respectively. Investors are keenly watching these movements as they unfold, seeking strategies amidst fluctuating market conditions..