In the latest premarket activity, the broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) experienced a slight increase of 0.2%, while the actively traded Invesco QQQ Trust ($QQQ) rose by 0.3%. This comes in anticipation of a significant week ahead, rich with earnings releases set to be disclosed.
The landscapes of US stock futures showed mixed results, with S&P 500 Index futures climbing by 0.2%. Conversely, Dow Jones Industrial Average futures dipped 0.2%, though Nasdaq futures showcased resilience with a 0.3% increase, setting an intriguing stage for today’s trading session. Adding to the financial discourse, the Federal Reserve's Minneapolis President, Neel Kashkari, is scheduled to speak at 9 am ET and 5 pm ET.
His counterpart, Governor Christopher Waller, will share insights at 3 pm ET, ahead of crucial market decisions. The cryptocurrency market also stirred investor interest, with bitcoin surging by 3.5%. Furthermore, the cryptocurrency fund ProShares Bitcoin Strategy ETF ($BITO) mirrored this optimistic sentiment with a 3% increase. Within technology-focused movements, the Technology Select Sector SPDR Fund (XLK) gained an additional 0.4%.
Similarly, the iShares US Technology ETF ($IYW) recorded a 0.6% rise, while the iShares Expanded Tech Sector ETF ($IGM.US) attained a notable 0.8% increase. Contrastingly, among semiconductor ETFs, the SPDR S&P Semiconductor ETF ($XSD) remained stagnant, whereas the iShares Semiconductor ETF ($SOXX) advanced by 0.5%. A stark downturn was emphasized with Zapata Computing Holdings ($ZPTA), which plunged more than 70% in premarket trading following announcements late Friday regarding the cessation of its operations due to insolvency, raising alarm within the investment community. In the healthcare sector, the Health Care Select Sector SPDR Fund ($XLV) nudged up by 0.1%.
The Vanguard Health Care Index Fund ($VHT) experienced a stronger advance of 0.5%. Notably, the iShares US Healthcare ETF ($IYH) fell sharply by 2.1%, while the iShares Biotechnology ETF ($IBB) increased modestly by 0.1%. Remarkably, Longboard Pharmaceuticals ($LBPH) surged by over 51% in premarket trading after the announcement detailing an agreement for H.
Lundbeck to acquire Longboard in a strategic transaction valued at $2.6 billion in equity. In the financial realm, the Financial Select Sector SPDR Fund (XLF) ticked up by 0.1%, with Direxion Daily Financial Bull 3X Shares ($FAS.US) gaining momentum at 0.8%. In contrast, its bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ), slightly receded by 0.3%.
B. Riley Financial ($RILY) shares marked a significant pre-bell rise of over 24% following their announcement of a new agreement with funds managed by Oaktree Capital Management to forge a holding company named Great American Holdings. In industrial markets, the Industrial Select Sector SPDR Fund ($XLI) improved by 0.1%, although the Vanguard Industrials Index Fund ($VIS) and the iShares US Industrials ETF (IYJ) remained inactive.
Caterpillar ($CAT) shares faced pressures, dropping 2.2% due to a downgrade by Morgan Stanley, which reduced its price target from $349 to $332. Consumer sectors saw the Consumer Staples Select Sector SPDR Fund ($XLP) incrementally move up by 0.1%, contrasted by the inactivity of the Vanguard Consumer Staples Fund ($VDC).
The iShares US Consumer Staples ETF ($IYK) remained unchanged, while the Consumer Discretionary Select Sector SPDR Fund ($XLY) registered a minimal gain of 0.1%. Additionally, the VanEck Retail ETF ($RTH) remained flat, whereas the SPDR S&P Retail ETF ($XRT) slipped by 0.5%. Concerns arose as the shares of Alibaba Group ($BABA) dipped by 2%, alongside Baidu ($BIDU) shares falling 2.5% pre-bell, attributed to reports stating that both companies are supporting the Hong Kong IPO of Horizon Robotics, with commitments totaling $220 million for shares, assisted by a Ningbo government fund and France's CMA CGM. In the energy sector, the iShares US Energy ETF ($IYE) displayed inactivity; conversely, the Energy Select Sector SPDR Fund ($XLE) showed a slight downturn of 0.3%.
With regards to commodities, front-month US West Texas Intermediate crude oil decreased to $73.94 per barrel, marking a 2.1% decline. Natural gas prices fell by 2.3% to $2.57 per million British Thermal Units. Both the United States Oil Fund (USO) and the United States Natural Gas Fund (UNG) registered declines of 1.9% and 1.8%, respectively.
Gold futures for December settled down by 0.3% at $2,669.60 per ounce on the Comex, while silver futures declined 1.3% to $31.36 an ounce. SPDR Gold Shares ($GLD) moved down by 0.2%, and the iShares Silver Trust ($SLV) reduced by 1.1%..