In an encouraging sign for the markets, the broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) saw a notable increase of 0.5%, while the Invesco QQQ Trust ($QQQ) showed even stronger performance with a 0.7% rise in premarket activity. Investor sentiment remains upbeat as they focus on the upcoming earnings reports from prominent retail companies this week. US stock futures also exhibited strength, with S&P 500 Index futures up by 0.5%; Dow Jones Industrial Average futures climbed by 0.3%, and Nasdaq futures recorded a gain of 0.7% ahead of the start of regular trading.
Later today, all eyes will be on the release of the final S&P Global US manufacturing PMI for February, scheduled for 9:45 am ET. This will be followed at 10 am ET by the Institute for Supply Management's manufacturing index for February and the January construction spending bulletin. St. Louis Fed President Alberto Musalem is set to speak at 11:35 am ET, signaling potential insights into monetary policy. In cryptocurrency news, Bitcoin experienced a decline of 1.3%, contrasting sharply with the ProShares Bitcoin Strategy ETF ($BITO), which was up more than 10% during premarket trading. In the health care sector, the Health Care Select Sector SPDR Fund ($XLV) advanced by 0.3%.
The Vanguard Health Care Index Fund ($VHT) slightly dipped 0.1%, while the iShares US Healthcare ETF ($IYH) remained unchanged. The iShares Biotechnology ETF ($IBB) also gained 0.1%. A significant decline was noted for Fortrea Holdings ($FTRE), whose stock plummeted by over 25% in premarket trading following a disappointing Q4 earnings report that fell short of expectations, coupled with a bearish 2025 sales forecast. The technology sector saw the Technology Select Sector SPDR Fund (XLK) gain 0.6%, while the iShares US Technology ETF ($IYW) was up by 0.7%.
The iShares Expanded Tech Sector ETF ($IGM.US) remained flat. In the semiconductor space, the SPDR S&P Semiconductor ETF ($XSD) was inactive, however, the iShares Semiconductor ETF ($SOXX) rose by 1.2%. Shares of AST SpaceMobile ($ASTS) surged more than 7% in recent premarket activity after the company announced a partnership with Vodafone ($VOD) to establish a jointly owned satellite service tailored for mobile network operators in Europe.
Vodafone's stock also reflected this positivity with a 0.8% increase. In consumer goods, the Consumer Staples Select Sector SPDR Fund ($XLP) saw a minor decline of 0.02%, while the Vanguard Consumer Staples Fund ($VDC) increased by 0.4%. The iShares US Consumer Staples ETF ($IYK) was inactive, in contrast to the Consumer Discretionary Select Sector SPDR Fund ($XLY), which gained 0.7%.
While the VanEck Retail ETF ($RTH) was inactive, the SPDR S&P Retail ETF ($XRT) remained flat. Nomad Foods ($NOMD) shares experienced a positive upswing of over 4% before the market opened, supported by the company's impressive Q4 earnings and revenue, which surpassed FactSet analyst estimates. In the financial sector, the Financial Select Sector SPDR Fund (XLF) increased by 0.5%, while Direxion Daily Financial Bull 3X Shares ($FAS.US) exhibited a rise of 1.6%.
Conversely, the Direxion Daily Financial Bear 3X Shares ($FAZ) dipped by 1.6%. ING Groep ($INGA) shares rose by over 4% before the market opened after the firm announced an agreement to acquire an additional 17.6% stake in the wealth management specialist Van Lanschot Kempen, highlighting growth ambitions in the financial sector. Moving to industrials, the Industrial Select Sector SPDR Fund ($XLI) noted a 0.6% advance, while the Vanguard Industrials Index Fund ($VIS) slipped by 0.3%.
The iShares US Industrials ETF (IYJ) was inactive today. Lockheed Martin ($LMT) saw its stock rise by 1.3% pre-market, thanks to a recent announcement of its partnership with Nokia ($NOK) and Verizon ($VZ) aimed at integrating Nokia's 5G technology into Lockheed's 5G.MIL Hybrid Base Station. Nokia's shares climbed by 5.6%, while Verizon's stock was slightly down by 0.3%. In the energy sector, the iShares US Energy ETF ($IYE) fell by 0.1%, while the Energy Select Sector SPDR Fund ($XLE) rose by 0.2%.
Meanwhile, VAALCO Energy ($EGY) stock increased by 1.3% ahead of Monday's opening bell following the announcement of its acquisition of a 70% interest in the CI-705 oil exploration block located off the coast of Cote D'Ivoire, involving a $3 million investment. The commodities market is also showing notable activity, with front-month US West Texas Intermediate crude oil rising by 0.3% to $69.99 per barrel on the New York Mercantile Exchange.
Natural gas increased by 0.9%, reaching $3.87 per million British Thermal Units. The United States Oil Fund (USO) gained 0.1%, and the United States Natural Gas Fund (UNG) rose 1.1%. Gold futures for April increased by 1.4% to reach $2,888.10 per ounce at the Comex, while silver futures advanced by 2.2% to $32.20 an ounce.
SPDR Gold Shares ($GLD) rose 0.8%, and the iShares Silver Trust ($SLV) climbed by 1.7%. Investors continue to monitor these market movements closely, as they can impact a variety of sectors across the economy..