Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Tuesday Ahead of FOMC Meeting Minutes

MT Newswires Live
26 Nov 2024

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.3% in Tuesday's premarket activity, ahead of a slew of economic data followed by the Federal Open Market Committee's meeting minutes.

US stock futures were mixed, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.3% before the start of regular trading.

The Case-Shiller Home Price Index and the FHFA House Price Index, both for September, will be released at 9 am ET.

The Conference Board's consumer confidence report for November posts at 10 am ET, along with the new home sales report for October, and the Richmond Fed Manufacturing Index for November.

Minutes of the US central bank's two-day policy session that ended on Nov. 7 will be released at 2 pm ET.

In premarket activity, bitcoin was down 2.9% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.9% lower.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.3%. The Vanguard Health Care Index Fund (VHT) was inactive while the iShares US Healthcare ETF (IYH) gained 1.8%. The iShares Biotechnology ETF (IBB) was 0.7% lower.

Poseida Therapeutics (PSTX) stock was up more than 224% premarket after the company said it agreed to be acquired by Roche Holdings in a deal with an equity value of about $1.5 billion on a fully diluted basis.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) advanced 0.4%, 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 inactive, while the iShares Semiconductor ETF (SOXX) rose by 1%.

Semtech (SMTC) shares were up more than 16% in recent Tuesday premarket activity after the company late Monday reported higher fiscal Q3 non-GAAP earnings and net sales.

Industrial

Industrial Select Sector SPDR Fund (XLI) advanced 0.2% while the Vanguard Industrials Index Fund (VIS) fell 1.3% and the iShares US Industrials ETF (IYJ) was inactive.

Blue Bird (BLBD) stock was down more than 5% before the opening bell after the company reported lower-than-expected fiscal Q4 adjusted net income.

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) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was down 1.2%.

Rivian Automotive (RIVN) shares were up nearly 5% pre-bell after the company said late Monday it received a conditional commitment for a loan of up to $6.6 billion under the US Department of Energy's Advanced Technology Vehicle Manufacturing program.

Financial

Financial Select Sector SPDR Fund (XLF) advanced 0.02%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.3%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% lower.

Wells Fargo (WFC) shares were up 2% pre-bell Tuesday after Reuters reported, citing three sources, that the company's asset cap might be lifted to $1.95 trillion next year.

Energy

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

EQT (EQT) stock was up 1% before Tuesday's opening bell after Mizuho Securities lifted its price target on the company to $48 from $45 while maintaining its neutral rating.

Commodities

Front-month US West Texas Intermediate crude oil advanced 0.7% to $69.45 per barrel on the New York Mercantile Exchange. Natural gas was 1% higher at $3.40 per 1 million British Thermal Units. United States Oil Fund (USO) gained 0.4%, while the United States Natural Gas Fund (UNG) rose 1.8%.

Gold futures for February were up 0.6% at $2,657.30 an ounce on the Comex, while silver futures gained 1.2% to reach $31.02 an ounce. SPDR Gold Shares (GLD) advanced 0.2%, while the iShares Silver Trust (SLV) was 0.9% higher.

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