In recent premarket trading, the broad-based SPDR S&P 500 ETF Trust ($SPY) demonstrated a modest increase of 0.2%, while the actively exchanged Invesco QQQ Trust ($QQQ) experienced a 0.4% rise. This upward momentum came on the heels of a positive jobless claims report released the previous day, signaling potential economic stability and growth ahead.
On the horizon, US stock futures exhibited slight gains, with futures for the S&P 500 index up by 0.2%. The Dow Jones Industrial Average futures advanced a marginal 0.03%, while Nasdaq futures recorded a more substantial increase of 0.3%. Investors remained cautiously optimistic as they awaited the Baker Hughes domestic oil-and-gas rig count data set to be released at 1 pm ET.
Turning to cryptocurrencies, Bitcoin showed a notable increase of 2.1%, bolstered by ongoing interest in digital assets. Similarly, the ProShares Bitcoin Strategy ETF ($BITO) rose by 1.9% in premarket trading, reflecting growing confidence among investors in the cryptocurrency market. The Technology sector also made headlines, with the Technology Select Sector SPDR Fund (XLK) advancing by 0.3%.
Meanwhile, the iShares US Technology ETF ($IYW) recorded an increase of 0.4%, and the iShares Expanded Tech Sector ETF ($IGM.US) showed a 0.7% gain. Among the semiconductors, the SPDR S&P Semiconductor ETF ($XSD) grew modestly by 0.02%, while the iShares Semiconductor ETF ($SOXX) climbed 0.5%, indicating robust resilience in this key industry sector.
In a significant development, Iteris ($ITI) stock surged over 63% in Friday's premarket trading after the company announced it had entered a definitive merger agreement with Almaviva, an esteemed private digital innovation group based in Italy. This merger, valued at approximately $335 million, underscores the growing interest in smart mobility infrastructure management solutions.
As we navigate through the winners and losers on the market, the Industrial sector displayed a mixed bag. The Industrial Select Sector SPDR Fund ($XLI), the Vanguard Industrials Index Fund ($VIS), and the iShares US Industrials ETF (IYJ) saw minimal activity. However, Pitney Bowes ($PBI) shares experienced a remarkable increase of over 26% following the company's announcement of a successful Q2 earnings report coupled with a rise in revenue.
The Health Care sector remained stable amidst the fluctuations, with the Health Care Select Sector SPDR Fund ($XLV) edging up by 0.2%. The Vanguard Health Care Index Fund ($VHT) remained flat, while other healthcare ETFs demonstrated limited changes as well. Notably, Iovance Biotherapeutics ($IOVA) saw its shares gain more than 24% premarket after the firm disclosed a narrower-than-anticipated Q2 loss along with increased revenue figures.
In Consumer sector updates, the Consumer Staples Select Sector SPDR Fund ($XLP) slightly increased by 0.03%, while the iShares US Consumer Staples ETF ($IYK) and the Vanguard Consumer Staples Fund ($VDC) remained stagnant. The Consumer Discretionary Select Sector SPDR Fund ($XLY) improved by 0.5%, although E.l.f.
Beauty ($ELF) faced a notable decline, trading down by 9% as the company reported unimpressive fiscal Q1 adjusted earnings and soft guidance for 2025. Focusing on the Financial sector, the Financial Select Sector SPDR Fund (XLF) managed a slight increase of 0.1%. However, Goldman Sachs BDC ($GSBD) faced a setback, with its stock down by 2% in pre-bell trading after reporting Q2 revenue that fell short of analysts' expectations.
Energy stocks revealed mixed performances this week. The iShares US Energy ETF ($IYE) reported no change, while the Energy Select Sector SPDR Fund ($XLE) rose by 0.3%. Notably, Noble ($NE) shares gained 1.1% following the announcement by its subsidiary, Noble Finance II, of an additional $800 million offering of its 8% senior notes due 2030.
This revision escalated from the initially planned $675 million offering, reflecting the company’s strong positioning in the market. Lastly, in commodities, oil prices showed some resilience with front-month US West Texas Intermediate crude oil boosted by 0.5%, reaching $76.57 per barrel. The natural gas market also saw an increase of nearly 1%.
Meanwhile, gold futures for December advanced to $2,470.90 an ounce, while silver futures also made moderate gains. The SPDR Gold Shares ($GLD) and iShares Silver Trust ($SLV) indicated slight upward movements of 0.3% and 0.4%, respectively, underscoring a persistent interest in precious metals as hedges against economic uncertainties.
Overall, the market showcased a blend of optimism interspersed with caution as investors navigate through varying sector performances and key data releases..