In the latest premarket activity, the broad market exchange-traded fund, SPDR S&P 500 ETF Trust, experienced a slight increase of 0.1%. Conversely, the actively traded Invesco QQQ Trust saw a decrease of 0.1% as market participants reacted to a mixed slate of economic indicators and broader market conditions ahead of significant job-related data announcements. Futures for US stocks exhibited a mixed trend; specifically, the S&P 500 Index futures fell marginally by 0.01%, while the Dow Jones Industrial Average futures rose by 0.3%.
Nasdaq futures, however, showed a decline of 0.2% as traders positioned themselves before the commencement of regular trading hours. According to recent data compiled by Challenger, Gray & Christmas, US companies declared plans for 75,891 job cuts in August. This figure represents a stark increase from the 25,885 job cuts in July and surpasses the 75,151 layoffs reported during the same period last year.
Notably, the technology sector was significantly impacted, accounting for 39,563 of the announced layoffs, primarily driven by cost-cutting measures that led to 37,403 job reductions. Key economic updates are on the horizon, with the ADP Employment Report for August scheduled to be released at 8:15 am ET, followed shortly by the weekly jobless claims report and the Q2 productivity and costs data at 8:30 am ET.
Later in the morning, market participants can expect the S&P Global US PMI Composite final reading for August at 9:45 am ET, followed by the ISM Services Index for August at 10:00 am ET. Additionally, the weekly report on natural gas from the EIA and the petroleum status report will be posted at 11:00 am ET, which will provide further insight into the energy market dynamics. In the cryptocurrency market, Bitcoin experienced a drop of 2.3%, and the ProShares Bitcoin Strategy ETF plunged by 2.5% during premarket activity. Turning to the industrials sector, the Industrial Select Sector SPDR Fund remained flat, while the Vanguard Industrials Index Fund and the iShares US Industrials ETF exhibited minimal trading activity. Notably, shares of Babcock & Wilcox Enterprises surged by 5.3% ahead of the opening bell following the announcement of a significant contract awarded to the company for front-end engineering and design for a waste-to-energy project integrated with carbon capture capabilities in Alberta, Canada. In technology stocks, the Technology Select Sector SPDR Fund withdrew by 0.2%, while the iShares US Technology ETF saw a modest gain of 0.3%.
The iShares Expanded Tech Sector ETF, however, remained inactive. Within the semiconductor category, the SPDR S&P Semiconductor ETF dipped by 0.1%, matching the decline witnessed by the iShares Semiconductor ETF. In more negative news, Zeta Global Holdings faced a 4% drop in its stock price during premarket activity after informing investors late Wednesday about the pricing of an underwritten public offering of 13.2 million Class A shares priced at $23.50 each, resulting in gross proceeds of approximately $204.9 million. In the consumer sector, the Consumer Staples Select Sector SPDR Fund remained unchanged, while the Vanguard Consumer Staples Fund increased by 1.8%.
On the other hand, the iShares US Consumer Staples ETF recorded no movements, and the Consumer Discretionary Select Sector SPDR Fund saw a rise of 0.5%. The VanEck Retail ETF also gained traction, rising by 1.8%, whilst the SPDR S&P Retail ETF remained idle. Interestingly, Nio Inc. saw its stock rise by 4% in premarket trading following the company's report of a narrowed adjusted loss for Q2 alongside a revenue increase. In the health care sector, the Health Care Select Sector SPDR Fund declined slightly by 0.1%.
The Vanguard Health Care Index Fund did not register any trading activity, while the iShares US Healthcare ETF dipped by 0.03%. Meanwhile, the iShares Biotechnology ETF proved inactive. However, AstraZeneca's stock fell by 2% premarket amid reports from various media outlets that five current and former employees from the company have reportedly been detained in China, amidst alleged illegal activities concerning the collection of patient data and the importation of an unapproved liver cancer treatment. Looking at financials, the Financial Select Sector SPDR Fund rose by 0.2%, while Direxion Daily Financial Bull 3X Shares recorded a 0.9% increase.
Its bearish counterpart, Direxion Daily Financial Bear 3X Shares, remained idle. In a notable development, shares of Moody's saw a rise of 2% in premarket trading after the company announced its acquisition of Praedicat, a casualty insurance analytics firm. Turning to the energy sector, the iShares US Energy ETF did not exhibit significant changes, while the Energy Select Sector SPDR Fund increased by 0.5%.
Crescent Energy shares rose by 1.7% premarket following the announcement of a private placement of senior notes amounting to $250 million, set to mature in 2033. Lastly, commodities showed movement as the front-month US West Texas Intermediate crude oil rose by 0.4% to $69.38 per barrel on the New York Mercantile Exchange.
Natural gas slightly increased by 0.1%, trading at $2.15 per million British Thermal Units. In related news, the United States Oil Fund also gained nearly 1%, whereas the United States Natural Gas Fund remained unchanged. Gold futures for December rose by 0.8% to reach $2,545.80 per ounce on the Comex, while silver futures increased by 1.7%, trading at $29.04 per ounce.
Furthermore, SPDR Gold Shares rose by 0.9%, and the iShares Silver Trust was up by 2%..