In the premarket activity, the broad market exchange-traded fund SPDR S&P 500 ETF Trust was up 0.6%, while the actively traded Invesco QQQ Trust advanced 0.8%, driven by robust earnings from Nvidia and early indicators suggesting a more dovish Federal Reserve stance enhancing investor confidence. US stock futures also indicated upward momentum, with S&P 500 Index futures rising 0.7%, Dow Jones Industrial Average futures gaining 0.3%, and Nasdaq futures increasing by 0.9% prior to the commencement of regular trading sessions. Investors are keenly anticipating several economic reports scheduled for release at 8:30 am ET, including the weekly jobless claims bulletin, the durable goods orders report for January, and the revised Q4 GDP report.
Later in the day, the pending home sales index for January will be released at 10 am ET, followed by the weekly EIA natural gas report at 10:30 am ET. Additionally, the Kansas City Fed Manufacturing Index for February will post at 11 am ET. High-profile speeches are expected this morning, with Kansas City President Jeffrey Schmid speaking at 9:15 am ET, Fed Vice Chair Michael Barr at 10 am ET, Governor Michelle Bowman at 11:45 am ET, Cleveland Fed President Beth Hammack at 1:15 pm ET, and Philadelphia Fed President Patrick Harker delivering remarks at 3:15 pm ET. Bitcoin experienced a 2.5% increase in premarket trading, and the ProShares Bitcoin Strategy ETF was up by 2.3%.
In the financial sector, the Financial Select Sector SPDR Fund gained 0.8%, while Direxion Daily Financial Bull 3X Shares appreciated by 2.1%; conversely, Direxion Daily Financial Bear 3X Shares saw a decline of 2.2%. Root shares surged more than 18% in pre-bell trading following a positive earnings report bolstered by higher revenue. In the technology sector, the Technology Select Sector SPDR Fund marked a 0.7% increase, while the iShares US Technology ETF reported a 0.3% gain.
The iShares Expanded Tech Sector ETF followed suit with a 0.4% rise. Among semiconductor ETFs, the SPDR S&P Semiconductor ETF increased by 1.6%, and the iShares Semiconductor ETF registered a 1.1% rise. Notably, Marqeta shares saw a substantial increase of over 12% after reporting a narrower Q4 loss coupled with year-over-year revenue growth. In the health care domain, the Health Care Select Sector SPDR Fund advanced by 0.2%, paralleling gains in the Vanguard Health Care Index Fund, which also grew by 0.2%.
The iShares US Healthcare ETF remained inactive, as did the iShares Biotechnology ETF. Viatris stock declined over 7% in premarket trading following a report revealing lower Q4 adjusted earnings and revenue. The consumer sector witnessed the Consumer Staples Select Sector SPDR Fund rising by 0.1%, while the Vanguard Consumer Staples Fund experienced a slight downturn of 0.2%.
The iShares US Consumer Staples ETF remained inactive while the Consumer Discretionary Select Sector SPDR Fund climbed by 0.7%. Bath & Body Works shares noted a decline of over 3% in pre-bell trading following a fiscal Q4 revenue report. In the energy sector, both the iShares US Energy ETF and the Energy Select Sector SPDR Fund saw slight gains, advancing by 0.3% and 0.7%, respectively.
CMB.TECH stock was notable in pre-market activity, climbing by 2.7% after announcing better-than-expected Q4 earnings and revenue. The industrial sector recorded an increase in the Industrial Select Sector SPDR Fund by 0.8%, while the Vanguard Industrials Index Fund and the iShares US Industrials ETF remained inactive.
BW LPG stock was reported down by 2.2% before the opening bell after the company disclosed lower Q4 earnings and revenue. On the commodities front, the price for front-month US West Texas Intermediate crude oil saw an increase of 1.1%, reaching $69.37 per barrel on the New York Mercantile Exchange.
Natural gas saw a decrease of 0.7%, landing at $3.93 per 1 million British Thermal Units. The United States Oil Fund rose by 0.8%, while the United States Natural Gas Fund noted a decline of 2.5%. April gold futures fell by 1.1% to $2,898.80 an ounce, while silver futures slipped by 0.3% to $32.47 an ounce.
SPDR Gold Shares reported a decline of 1.1%, whilst the iShares Silver Trust slightly increased by 0.2%. Several indices, including the S&P 500, Dow Jones, and Nasdaq continue to be scrutinized in light of recent economic developments..