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Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Thursday Amid Tesla Earnings Beat
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Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Thursday Amid Tesla Earnings Beat
Nov 2, 2024 4:21 PM

08:20 AM EDT, 10/24/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.5% and the actively traded Invesco QQQ Trust (QQQ) was 0.9% higher in Thursday's premarket activity amid Tesla's (TSLA) forecast-beating earnings and upbeat guidance.

US stock futures were mixed, with S&P 500 Index futures up 0.5%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.9% before the start of regular trading.

The weekly jobless claims bulletin and the Chicago Fed National Activity Index for September will be released at 8:30 am ET.

October's S&P Global US PMI composite flash will be released at 9:45 am ET, followed by the September new home sales bulletin at 10 am ET.

The weekly EIA natural gas supplies report posts at 10:30 am ET, followed by the Kansas City Fed Manufacturing Index for October at 11 am ET.

Cleveland Federal Reserve President Beth Hammack is slated to speak at 8:45 am ET.

In premarket activity, bitcoin was up by 1.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.2%. The Vanguard Health Care Index Fund ( VHT ) gained 0.3% while the iShares US Healthcare ETF ( IYH ) and the iShares Biotechnology ETF ( IBB ) were inactive.

West Pharmaceutical Services ( WST ) shares were up 10% premarket after the company raised its fiscal 2024 guidance.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.1%, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) gained 1.8%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was up 0.3%.

Darling Ingredients ( DAR ) stock was down more than 7% pre-bell after the company reported lower Q3 earnings and net sales.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) advanced 0.1% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

United Parcel Service ( UPS ) stock rose more than 7% before the opening bell after the delivery service reported higher Q3 adjusted earnings and revenue.

Technology

Technology Select Sector SPDR Fund ( XLK ) increased 0.6%, and the iShares US Technology ETF ( IYW ) was flat, while the iShares Expanded Tech Sector ETF ( IGM ) was up 0.01%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was flat, while the iShares Semiconductor ETF ( SOXX ) rose by 1.3%.

WEX (WEX) shares were down more than 5% in recent Thursday premarket activity after the company reported Q3 results that trailed analyst estimates and cut its full-year guidance.

Financial

Financial Select Sector SPDR Fund ( XLF ) advanced 0.3%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 0.8%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was down 0.9%.

KKR (KKR) shares were up 4.1% pre-bell Thursday after the company reported higher Q3 adjusted earnings and revenue.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.3%.

Expro Group ( XPRO ) shares were down 2.3% before Thursday's opening bell after the company posted Q3 adjusted earnings that trailed Capital IQ analysts' estimates and narrowed its 2024 revenue guidance.

Commodities

Front-month US West Texas Intermediate crude oil rose 1.1% to $71.57 per barrel on the New York Mercantile Exchange. Natural gas increased 1.8% to $2.38 per 1 million British Thermal Units. United States Oil Fund ( USO ) was up 0.7%, while the United States Natural Gas Fund ( UNG ) lost 0.1%.

Gold futures for December gained 0.7% to reach $2,748.80 an ounce on the Comex, while silver futures advanced 1.3% to $34.28 an ounce. SPDR Gold Shares ( GLD ) advanced 0.7%, and iShares Silver Trust ( SLV ) was 1.1% higher.

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