In the latest market activities, the SPDR S&P 500 ETF Trust (SPY) experienced a decline of 0.6%, while the Invesco QQQ Trust (QQQ) retreated by 0.9% in the premarket session. This drop aligns with diminishing expectations surrounding significant interest rate cuts for the year. The US stock futures mirrored this sentiment, with S&P 500 Index futures slipping by 0.7%, Dow Jones Industrial Average futures down 0.2%, and Nasdaq futures falling by an average of 1% ahead of the regular trading hours.
In cryptocurrency markets, Bitcoin saw a sharp decline of 4.5%, and the ProShares Bitcoin Strategy ETF (BITO) was down by 4.6%. The health care sector showcased some movement, with the Health Care Select Sector SPDR Fund (XLV) posting a slight advance of 0.1%. However, the Vanguard Health Care Index Fund (VHT) dipped by 0.1%, while the iShares US Healthcare ETF (IYH) remained inactive.
Notably, the iShares Biotechnology ETF (IBB) fell by 0.6%. Moderna (MRNA) faced a considerable drop of over 18% in premarket trading after the company adjusted its revenue expectations for 2025 down to a range of $1.5 billion to $2.5 billion, a revision from the previous estimate of $2.5 billion to $3.5 billion.
In terms of industrial stocks, the Industrial Select Sector SPDR Fund (XLI) fell by 0.3%, and the Vanguard Industrials Index Fund (VIS) decreased by 0.5%. The iShares US Industrials ETF (IYJ) remained inactive. SuperCom (SPCB) saw its stock tumble over 7% before the opening bell, which is a partial reversal from an almost 12% increase during the prior session.
This drop was attributed to the announcement of a new electronic monitoring contract with a Juvenile Probation Agency in Ohio, signifying its first deal with a government agency in that state. In the consumer sector, while the Consumer Staples Select Sector SPDR Fund (XLP) dipped by 0.1%, the Vanguard Consumer Staples Fund (VDC) rose by 1.4%.
The iShares US Consumer Staples ETF (IYK) and Consumer Discretionary Select Sector SPDR Fund (XLY) were inactive. Additionally, the VanEck Retail ETF (RTH) and SPDR S&P Retail ETF (XRT) both experienced a downturn, with the latter down 0.6%. On a more positive note, Lululemon Athletica (LULU) shares surged nearly 3% in premarket trading after the company raised its earnings and revenue guidance for the upcoming fiscal Q4.
In energy markets, the iShares US Energy ETF (IYE) fell by 0.3%, while the Energy Select Sector SPDR Fund (XLE) gained 0.6%. W&T Offshore (WTI.US) enjoyed a boost, with its stock increasing by 3.5% in premarket activities following the announcement of its plan to offer $350 million in senior second lien notes due by 2029 through a private offering.
The technology sector faced challenges as the Technology Select Sector SPDR Fund (XLK) declined by 1% and the iShares US Technology ETF (IYW) slipped by 1.3%. The iShares Expanded Tech Sector ETF (IGM.US) fell by 1.4%, with semiconductor ETFs also experiencing sharp losses. The SPDR S&P Semiconductor ETF (XSD) was down by 2%, and the iShares Semiconductor ETF (SOXX) retreated by 1.9%.
Ichor Holdings (ICHR) shares fell nearly 3% after Needham downgraded the company’s stock rating from buy to hold. In financial markets, the Financial Select Sector SPDR Fund (XLF) declined by 0.5%. Direxion Daily Financial Bull 3X Shares (FAS.US) dropped 1.5%, although the bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), saw a slight increase of 1.3%.
In a separate move, shares of Blue Owl Capital (OWL) were down over 1% following the announcement of its sponsorship of certain tennis players participating in all Grand Slam tournaments this year. Commodity markets noted a rise in front-month US West Texas Intermediate crude oil, which gained 2.2%, trading at $78.28 per barrel on the New York Mercantile Exchange.
Natural gas prices also increased by 2.3%, reaching $4.08 per 1 million British Thermal Units. The United States Oil Fund (USO) was up by 1.6%, while the United States Natural Gas Fund (UNG) advanced by 2.1%. Gold futures for February traded 0.8% lower at $2,692.60 per ounce on the Comex exchange, while silver futures saw a 2.7% decline, priced at $30.48 per ounce.
Finally, SPDR Gold Shares (GLD) and the iShares Silver Trust (SLV) also faced declines, losing 0.7% and 1.8%, respectively..