In Tuesday's premarket trading, the SPDR S&P 500 ETF Trust ($SPY) saw a slight increase of 0.1%, while the Invesco QQQ Trust ($QQQ) advanced by 0.2%. Market participants are closely monitoring inflation data that is expected to impact trading strategies. US stock futures displayed a mixed response; S&P 500 Index futures rose by 0.1%, yet Dow Jones Industrial Average futures dipped by 0.1% and Nasdaq futures retreated by 0.1% ahead of the regular trading session. The NFIB's Small Business Optimism Index rose to 101.7 in November, marking its highest level since June 2021.
This increase occurred alongside a reduction in election-related anxiety, as the uncertainty index fell to 98 from a record high of 110 in October. A revised report on national Q3 productivity and costs is set for release at 8:30 am ET, which could further influence trading moves. In the cryptocurrency realm, bitcoin surged 1%, and the ProShares Bitcoin Strategy ETF ($BITO) saw a 1.5% rise during premarket activity. In the healthcare sector, the Health Care Select Sector SPDR Fund ($XLV) ticked up by 0.2%, while the Vanguard Health Care Index Fund ($VHT) and iShares US Healthcare ETF ($IYH) remained stable.
Meanwhile, the iShares Biotechnology ETF ($IBB) showed no activity. Cardiff Oncology ($CRDF) witnessed a notable increase of over 34% in premarket trading after preliminary results from a mid-stage study of its cancer treatment candidate, onvansertib, indicated a significant 57% objective response rate among patients with specific metastatic colorectal cancer.
The firm disclosed that its oversubscribed public offering of nearly 15.4 million common shares has been priced at $2.60 per share. Moving into the industrial sector, the Industrial Select Sector SPDR Fund ($XLI) saw a minor gain of 0.1%, while the Vanguard Industrials Index Fund ($VIS) grew by 0.3%.
Conversely, the iShares US Industrials ETF (IYJ) remained inactive. Conversely, Ferguson Enterprises ($FERG) faced a downturn, with its stock dropping over 7% ahead of the trading session, tied to lower fiscal Q1 adjusted earnings. In consumer stocks, the Consumer Staples Select Sector SPDR Fund ($XLP) fell by 0.2%.
In contrast, the Vanguard Consumer Staples Fund ($VDC) experienced a 0.3% rise. The iShares US Consumer Staples ETF ($IYK) showed no activity. The Consumer Discretionary Select Sector SPDR Fund ($XLY) gained 0.4%, while both the VanEck Retail ETF ($RTH) and the SPDR S&P Retail ETF ($XRT) were inactive.
G-III Apparel Group ($GIII) saw a decline of over 4% in pre-bell trading due to lower fiscal Q3 non-GAAP earnings and a revision of fiscal 2025 net sales guidance. In the energy sector, the iShares US Energy ETF ($IYE) remained inactive, whereas the Energy Select Sector SPDR Fund ($XLE) edged up by 0.3%.
Kinetik Holdings ($KNTK) saw its stock rise by 3.6%, while Permian Resources ($PR) remained flat after announcing that Kinetik will acquire Permian's natural gas and crude oil gathering systems in Reeves County, Texas, for $180 million in cash. The financial sector also saw some movement; the Financial Select Sector SPDR Fund (XLF) increased by 0.2%.
The Direxion Daily Financial Bull 3X Shares ($FAS.US) rose by 0.5%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ), experienced a decline of 0.7%. Prudential ($PRU.GB) shares dipped by 1.5% pre-bell on reports regarding various options being evaluated for its asset manager, Eastspring Investments, including the potential sale of a minority stake. In technology, the Technology Select Sector SPDR Fund (XLK) fell by 0.3%, with the iShares US Technology ETF ($IYW) remaining unchanged and the iShares Expanded Tech Sector ETF ($IGM.US) inactive.
The SPDR S&P Semiconductor ETF ($XSD) gained 0.6%, while the iShares Semiconductor ETF ($SOXX) saw a minor decrease of 0.02%. Micron Technology ($MU) shares increased by 1% before the trading session, following remarks from US Vice President Kamala Harris regarding a $6.1 billion investment from the Department of Commerce to support the development of state-of-the-art memory chip facilities in Clay, New York, and Boise, Idaho. In commodities, US West Texas Intermediate crude oil prices fell by 0.5% to $68.03 per barrel on the New York Mercantile Exchange.
Natural gas also retreated by 2% to $3.11 per 1 million British Thermal Units. Meanwhile, the United States Oil Fund (USO) fell by 0.1%, and the United States Natural Gas Fund (UNG) decreased by 2.3%. February gold futures rose by 0.4%, reaching $2,697.10 an ounce on the Comex, while silver futures dropped by 0.4% to $32.48 an ounce.
SPDR Gold Shares ($GLD) increased by 0.6%, with the iShares Silver Trust ($SLV) rising by 0.2%..