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Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Thursday as Tech Stocks Recover
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Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Thursday as Tech Stocks Recover
Jul 18, 2024 5:49 AM

08:29 AM EDT, 07/18/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.3% and the actively traded Invesco QQQ Trust (QQQ) was 0.6% higher in Thursday's premarket activity, as tech stocks recovered from the previous day's fall.

US stock futures were mixed, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures gaining 0.5% before the start of regular trading.

The weekly jobless claims report and the July Philadelphia Fed Manufacturing Index will be released at 8:30 am ET.

The Conference Board June leading indicators report posts at 10 am ET, followed by the EIA natural gas report at 10:30 am ET.

Dallas Federal Reserve President Lorie Logan speaks at 1:45 pm ET, San Francisco Fed President Mary Daly at 6:05 pm ET, and Governor Michelle Bowman at 7:30 pm ET.

In premarket action, bitcoin was up by 1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 0.4% higher.

Power Play:

Consumer

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

Domino's Pizza (DPZ) stock traded down 12% pre-bell after the company said it expects to miss its 2024 goal of more than 925 net international stores by 175 to 275 stores due to challenges faced by its master franchisee, Domino's Pizza Enterprises. Domino's also suspended its guidance for global net stores.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund ( XLK ) gained 0.8%, and the iShares US Technology ETF ( IYW ) was flat, while the iShares Expanded Tech Sector ETF ( IGM ) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was inactive, while the iShares Semiconductor ETF ( SOXX ) rose by 1%.

Infosys ( INFY ) stock was up 4.4% in recent Thursday premarket activity after the company reported higher fiscal Q1 financial results with its revenue beating analyst expectations.

Industrial

Industrial Select Sector SPDR Fund (XLI) retreated 0.2% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Li-Cycle ( LICY ) shares were up 4% before the opening bell after the company named Craig Cunningham as chief financial officer.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) was 1% lower. The Vanguard Health Care Index Fund ( VHT ) and the iShares US Healthcare ETF ( IYH ) were inactive. The iShares Biotechnology ETF ( IBB ) was flat.

Novartis ( NVS ) shares were down 3% premarket even after the company reported higher Q2 financial results and raised its 2024 core operating income guidance.

Financial

Financial Select Sector SPDR Fund ( XLF ) retreated 0.1%. Direxion Daily Financial Bull 3X Shares ( FAS ) declined 0.4%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.5 higher.

KeyCorp ( KEY ) shares were down 2% pre-bell Thursday after the company reported lower Q2 financial results.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was flat.

Nabors Industries ( NBR ) shares were up nearly 1% before Thursday's opening bell after the company said late Wednesday it priced an offering of $550 million principal amount of 8.875% senior guaranteed notes due 2031 at 100% of par value.

Commodities

Front-month US West Texas Intermediate crude oil lost 0.2% to $81.28 per barrel on the New York Mercantile Exchange. Natural gas advanced 0.9% to $2.05 per 1 million British Thermal Units. United States Oil Fund ( USO ) declined 0.2%, while the United States Natural Gas Fund ( UNG ) was 0.4% higher.

Gold futures for August were up 0.3% to $2,467.50 an ounce on the Comex, while silver futures gained 0.9% to $30.64 an ounce. SPDR Gold Shares ( GLD ) advanced 0.3%, and iShares Silver Trust ( SLV ) was 0.3% higher.

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