Exchange-Traded Funds, Equity Futures Edge Higher Pre-Bell Tuesday Ahead of Consumer Confidence Data, US Treasury Buyback Announcement

MT Newswires Live
24 Sep 2024

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.2% higher in Tuesday's premarket activity, ahead of home price index data release for July and the US treasury buyback announcement later in the day.

US stock futures were also edging higher, with S&P 500 Index futures up 0.04%, Dow Jones Industrial Average futures also advancing 0.1%, and Nasdaq futures gaining 0.1% before the start of regular trading.

The Case-Shiller Home Price Index for July rose 0.1% versus the prior 0.5% gain, while the FHFA Home Price Index for July increased 0.1% versus an expected 0.2% gain. The Consumer Confidence report for September from the Conference Board will be released at 10 am ET, along with the Richmond Fed Manufacturing Index for September.

The US Treasury buyback announcement is due at 11 am ET.

In premarket activity, bitcoin was up by 0.4% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% higher.

Power Play:

Financial

Financial Select Sector SPDR Fund (XLF) retreated 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.3%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) advanced marginally by 0.2%.

Generations Bancorp (GBNY) shares rose over 35% before Tuesday's bell after saying it notified the Nasdaq about its decision to voluntarily delist its common shares and withdraw the registration of common stock with the US Securities and Exchange Commission.

Winners and Losers:

Industrial

Industrial Select Sector SPDR Fund (XLI) was down 0.3%, while the Vanguard Industrials Index Fund (VIS) also advanced 1.1%. The iShares US Industrials ETF (IYJ) was down 0.6%.

Nova Minerals (NVA) stock slipped 16% before Tuesday's opening bell after it said overnight it priced an underwritten public offering of 430,000 of its American depositary shares for gross proceeds of about $2.2 million.

Technology

Technology Select Sector SPDR Fund (XLK) was up 0.2%, and the iShares US Technology ETF (IYW) was 0.5% higher, while the iShares Expanded Tech Sector ETF (IGM) advanced 0.7%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) advanced 0.8%.

Salesforce (CRM) shares were 2% higher before the opening bell Tuesday after Piper Sandler upgraded it to overweight from neutral and raised its price target to $325 from $268.

Energy

The iShares US Energy ETF (IYE) was flat, while the Energy Select Sector SPDR Fund (XLE) was up by 1.1%.

Hawaiian Electric Industries (HE) stock fell over 12% in recent Tuesday premarket activity, after saying overnight it priced a public offering of about 54.1 million shares of its common stock at $9.25 apiece.

Health Care

The Health Care Select Sector SPDR Fund (XLV) fell 0.1%. The Vanguard Health Care Index Fund (VHT) slipped marginally, while the iShares US Healthcare ETF (IYH) and the iShares Biotechnology ETF (IBB) were flat.

Catalyst Pharmaceuticals (CPRX) shares advanced 1.5% in recent Tuesday premarket activity after saying its sub-licensee in Japan, DyDo Pharma, has received approval from the Ministry of Health, Labor and Welfare to commercialize Firdapse tablets 10 mg to treat patients with Lambert-Eaton Myasthenic Syndrome in Japan.

Consumer

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

Liberty Broadband (LBRDA) shares increased 23% before the bell Tuesday, a day after saying it submitted a counterproposal regarding its proposed merger with Charter Communications.

Commodities

Front-month US West Texas Intermediate crude oil advanced 2.2% to $71.92 per barrel on the New York Mercantile Exchange. Natural gas was down 0.3% at $2.61 per 1 million British Thermal Units. United States Oil Fund (USO) gained 2.6%, while the United States Natural Gas Fund (UNG) was 0.7% lower.

Gold futures for December were down 0.1% at $2,650.80 an ounce on the Comex, while silver futures were up 0.3% to $31.18 an ounce. SPDR Gold Shares (GLD) rose 0.3%, and iShares Silver Trust (SLV) was 1% higher.

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