In the premarket activity of Tuesday, the SPDR S&P 500 ETF Trust (SPY) experienced an increase of 0.4%, while the actively traded Invesco QQQ Trust (QQQ) saw a rise of 0.5%. This positive shift occurred ahead of the upcoming economic data release later in the day. US stock futures continued to advance, with S&P 500 Index futures up by 0.4%, Dow Jones Industrial Average futures increasing by 0.2%, and Nasdaq futures gaining 0.5% before regular trading commenced. According to the NFIB's Small Business Optimism Index, there was a slight rise to 91.5 in September, indicating positive gains in sales expectations and employment plans.
However, small business owners remain apprehensive due to uncertainties surrounding inflation and financing. Scheduled for release at 8:30 am ET, the August international trade in goods and services report is anticipated by market analysts. Notable figures in the economic landscape include Atlanta Fed President Raphael Bostic, who is set to speak at 12:45 pm ET, followed by Boston Fed President Susan Collins at 4 pm ET, and Vice Chair Philip Jefferson at 7:30 pm ET. In cryptocurrency developments, bitcoin saw a downturn of 1.4%, accompanied by the ProShares Bitcoin Strategy ETF (BITO), which was down by 1.2% in premarket trade. Financial sector performance remained noteworthy as the Financial Select Sector SPDR Fund (XLF) increased by 0.4%.
Additionally, the Direxion Daily Financial Bull 3X Shares (FAS.US) rose by 1.3%, whereas its bearish counterpart, the Direxion Daily Financial Bear 3X Shares (FAZ), declined by 1%. Shares of Ares Management (ARES) dropped by 2.5% in pre-market trading after the announcement that the company would acquire the international operations of GLP Capital Partners and its associates (excluding its China business) for an estimated $3.70 billion. In the Industrial sector, the Industrial Select Sector SPDR Fund (XLI) saw a negligible decline of 0.04%, with the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) remaining inactive during this session. Honeywell International (HON) stock rose by 1.9% ahead of the opening bell, following the company’s plans to spin off its advanced materials division as a separate publicly traded entity. In the Energy sector, the iShares US Energy ETF (IYE) remained inactive, while the Energy Select Sector SPDR Fund (XLE) experienced a nearly 1% decrease.
Equinor (EQNR) shares fell by 1.6% prior to opening, after their acquisition of a significant 9.8% stake, valued at $2.50 billion, in Orsted. Technology stocks showed promise, with the Technology Select Sector SPDR Fund (XLK) up by 0.6%, and the iShares US Technology ETF (IYW) gaining 0.3%. The iShares Expanded Tech Sector ETF (IGM.US) remained inactive, whereas the semiconductor ETFs were mixed, with the SPDR S&P Semiconductor ETF (XSD) inactive, while the iShares Semiconductor ETF (SOXX) increased by 0.3%. Nvidia (NVDA) shares saw almost a 2% increase in Tuesday's premarket trading, propelled by reports indicating that Foxconn is establishing a significant production facility in Mexico aimed at bundling Nvidia's GB200 superchips. The Health Care Select Sector SPDR Fund (XLV) advanced by 0.3%, while the Vanguard Health Care Index Fund (VHT) rose by 0.2%.
The iShares US Healthcare ETF (IYH) remained inactive, and the iShares Biotechnology ETF (IBB) decreased by 0.5%. The Consumer Staples Select Sector SPDR Fund (XLP) mirrored a modest increase of 0.1%, while the Vanguard Consumer Staples Fund (VDC) remained inactive. The iShares US Consumer Staples ETF (IYK) decreased by 1.1%, although the Consumer Discretionary Select Sector SPDR Fund (XLY) experienced a rise of 0.1%.
The VanEck Retail ETF (RTH) remained inactive, while the SPDR S&P Retail ETF (XRT) advanced by 0.3%. Pepsico (PEP) shares faced a 1% decrease in pre-bell trading, following the company's report of lower fiscal Q3 net revenue. In commodities, the front-month US West Texas Intermediate crude oil saw a drop of 2.2%, settling at $75.44 per barrel on the New York Mercantile Exchange.
Conversely, natural gas increased nearly 1%, priced at $2.77 per 1 million British Thermal Units. The United States Oil Fund (USO) fell by 2.3%, while the United States Natural Gas Fund (UNG) rose by 1.2%. Gold futures for December rose by 0.1% to $2,667.60 an ounce on the Comex, in contrast to silver futures, which fell by 1.2% to $31.61 an ounce.
Additionally, SPDR Gold Shares (GLD) increased by 0.3%, while iShares Silver Trust (SLV) decreased by 1.1%..