The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.2% and the actively traded Invesco QQQ Trust (QQQ) retreated 0.3% in Friday's premarket activity, amid escalating tariff concerns and FedEx's reduced earnings forecast, signaling potential economic headwinds.

US stock futures also edged lower, with S&P 500 Index futures down 0.3%, Dow Jones Industrial Average futures slipping 0.4%, and Nasdaq futures declining 0.4% before the start of regular trading.

Federal Reserve Bank of New York President John Williams is scheduled to speak at 9:05 am ET.

The weekly Baker Hughes domestic oil-and-gas rig count posts at 1 pm ET.

In premarket action, bitcoin was down by 0.2% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.2% lower.

Power Play:

Industrial

Industrial Select Sector SPDR Fund (XLI) lost 0.5% while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.

FedEx (FDX) stock was down more than 8% before the opening bell as the company lowered its guidance for fiscal 2025.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.2%, 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) lost 0.2%. The VanEck Retail ETF (RTH) and the SPDR S&P Retail ETF (XRT) were inactive.

Nio (NIO) shares were down more than 4% pre-bell after the company reported a wider Q4 adjusted net loss and posted downbeat guidance for Q1 revenue.

Health Care

The Health Care Select Sector SPDR Fund (XLV) retreated by 0.01%. The Vanguard Health Care Index Fund (VHT) advanced 0.2% while the iShares US Healthcare ETF (IYH) gained 1.1%. The iShares Biotechnology ETF (IBB) was inactive.

Telix Pharmaceuticals (TLX) stock was up more than 3% premarket after the company said that the US Food and Drug Administration has approved its new drug application for Gozellix, a PSMA-PET imaging agent for prostate cancer.

Technology

Technology Select Sector SPDR Fund (XLK) retreated 0.4%, and the iShares US Technology ETF (IYW) was 0.8% lower, 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) fell 0.8%.

WISeKey International (WKEY) shares were up more than 3% in recent Friday premarket activity after the company said its subsidiary SEALCOIN partnered with WeCanGroup to enable secure transactions and advanced identity verification within the WeCanGroup ecosystem.

Financial

Financial Select Sector SPDR Fund (XLF) retreated 0.04%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% higher.

Toronto-Dominion Bank (TD) shares were down 1.5% pre-bell Friday after the company said late Thursday it plans to exercise its right to redeem all of its outstanding 3 billion Canadian dollars ($2.09 billion) 3.105% notes due April 22, 2030, on April 22, 2025.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was down by 0.2%.

Commodities

Front-month US West Texas Intermediate crude oil retreated 0.4% to $67.35 per barrel on the New York Mercantile Exchange. Natural gas was down 1.2% to $3.93 per 1 million British Thermal Units. United States Oil Fund (USO) declined 0.5%, while the United States Natural Gas Fund (UNG) fell 2.4%.

Gold futures for April retreated 0.1% to $3,041.40 an ounce on the Comex, while silver futures fell 0.8% to $33.73 an ounce. SPDR Gold Shares (GLD) were flat, and the iShares Silver Trust (SLV) was 1% lower.