In the pre-market activity on Tuesday, the broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) experienced a slight decline of 0.1%, while the actively traded Invesco QQQ Trust ($QQQ) fell by 0.2%. This downward trend is largely attributed to rising tensions in the Middle East and the anticipation of important economic data set to be released this week. US stock futures also showed weakness, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures dropping 0.2%, and Nasdaq futures retreating negligibly by 0.02% prior to the commencement of regular trading. Investors are keenly awaiting the release of key economic indicators, including the S&P Global PMI manufacturing final for September, which will be unveiled at 9:45 am ET.
Additionally, reports scheduled for 10 am ET encompass the August Job Openings and Labor Turnover Survey (JOLTS), the September ISM Manufacturing Index, and construction spending figures for August. The day also marks a speaking engagement by Atlanta Federal Reserve President Raphael Bostic at 11 am ET, with a public dialogue featuring Federal Reserve presidents planned for 6:15 pm ET. In the cryptocurrency sector, bitcoin noted a modest uptick, rising by 0.5%, while the ProShares Bitcoin Strategy ETF ($BITO) increased by 0.4% during the pre-market session. Power Play: Health Care Within the healthcare sector, the Health Care Select Sector SPDR Fund ($XLV) remained stable.
The Vanguard Health Care Index Fund ($VHT) did not see any trading activity, and the iShares US Healthcare ETF ($IYH) also held steady. However, the iShares Biotechnology ETF ($IBB) showed no activity, indicating a cautious approach among investors. Shattuck Labs ($STTK) faced significant downturns, with shares plunging over 57% in premarket trading.
The stark decline followed the company’s announcement to terminate its SL-172154 clinical program targeting acute myeloid leukemia and higher-risk myelodysplastic syndromes. Winners and Losers in Technology In the technology sector, the Technology Select Sector SPDR Fund (XLK) experienced a slight retreat of 0.2%.
The iShares US Technology ETF ($IYW) remained unchanged, while the iShares Expanded Tech Sector ETF ($IGM.US) exhibited a 1% increase. Notably, among semiconductor ETFs, the SPDR S&P Semiconductor ETF ($XSD) climbed by 0.8%, contrasted by the iShares Semiconductor ETF ($SOXX) which gained a small 0.1%. Arqit Quantum ($ARQQ) shares were down by over 17% in the latest pre-market activity after announcing a registered direct offering to sell approximately 5.4 million of its ordinary shares priced at $2.50 each, projected to yield about $13.6 million in gross proceeds. Movements in the Financial Sector The Financial Select Sector SPDR Fund (XLF) showed a decline of 0.2%.
Direxion Daily Financial Bull 3X Shares ($FAS.US) fell by 0.5%, whereas its bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ), saw a slight increase of 0.5%. Meanwhile, CPI Card Group ($PMTS) shares sank 12% in pre-bell trading after the firm revealed a registered underwritten public offering of 1.2 million shares priced at $21 each, expecting total gross proceeds of $25.2 million. Consumer Sector Activity In consumer stocks, the Consumer Staples Select Sector SPDR Fund ($XLP) remained unchanged, while the Vanguard Consumer Staples Fund ($VDC) registered a modest gain of 0.1%.
The iShares US Consumer Staples ETF ($IYK) did not trade, and the Consumer Discretionary Select Sector SPDR Fund ($XLY) saw a minimal loss of 0.02%. Both the VanEck Retail ETF ($RTH) and the SPDR S&P Retail ETF ($XRT) were inactive in trading. Exciting news came from Nio ($NIO), whose shares advanced by 4.6% in pre-bell trading, following reports of higher vehicle deliveries in September and for the third quarter compared to the previous year. Energy Sector Dynamics Energy stocks have been somewhat uneventful, with the iShares US Energy ETF ($IYE) remaining idle.
The Energy Select Sector SPDR Fund ($XLE) declined by 0.3%. Antero Resources ($AR) witnessed a dip of 1.9% ahead of Tuesday's market open. The downturn followed Wells Fargo’s downgrade of the oil and natural gas company from overweight to underweight, reducing its price target from $34 to $25. Industrial Sector Update In the industrial sector, the Industrial Select Sector SPDR Fund ($XLI) dropped by 0.3%, whereas the Vanguard Industrials Index Fund ($VIS) gained 0.4%.
The iShares US Industrials ETF (IYJ) also saw no trading activity. GFL Environmental ($GFL) shares fell by 1.2% before the market opening as the company announced its pricing of $210 million in solid waste disposal revenue bonds from the Florida Development Finance at a rate of 4.375%, with an initial mandatory tender date set to Oct.
1, 2031. Commodities Overview In commodities trading, front-month US West Texas Intermediate crude oil dipped by 0.9%, settling at $67.55 per barrel on the New York Mercantile Exchange. Likewise, natural gas saw a decrease of 1.3%, pricing at $2.88 per million British Thermal Units. The United States Oil Fund (USO) declined by 1.3%, while the United States Natural Gas Fund (UNG) fell by 1.9%. In the precious metals market, gold futures for December rose by 0.4%, reaching $2,670.50 an ounce on the Comex, while silver futures climbed 0.5% to $31.61 an ounce.
SPDR Gold Shares ($GLD) increased by 0.8%, and iShares Silver Trust ($SLV) experienced a similar rise of 0.8%..