Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Monday as Middle East Tensions Hold Back Markets

MT Newswires Live
2024/08/26

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 0.1% lower in Monday's premarket activity as markets traded mixed amid rising Middle East tensions.

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

The July durable goods orders bulletin is due at 8:30 am ET, followed by the Dallas Fed Manufacturing Survey for August at 10:30 am ET.

In premarket activity, bitcoin was up by 0.5% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.3% lower.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.1%. The Vanguard Health Care Index Fund (VHT) was flat while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was inactive.

Elevai Labs (ELAB) shares were up 51% premarket after the company said its Elevai Skincare unit reported positive results from a clinical study for its Elevai Enfinity exosome serum in improving facial appearance.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) gained 0.1%, and the iShares US Technology ETF (IYW) was 0.1% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 2.3%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) advanced by 0.1%, while the iShares Semiconductor ETF (SOXX) declined by 0.2%.

Daqo New Energy (DQ) was down nearly 6% in recent Monday premarket activity after the company reported it swung to an adjusted loss of $1.50 per diluted American depositary share in Q2.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was marginally higher by 0.02%, 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. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was up 0.6%.

Xpeng (XPEV) stock traded up 4.3% pre-bell after a regulatory filing showed that Chief Executive Xiaopeng He bought 1 million of the company's shares.

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 1.1% lower.

BlackRock TCP Capital (TCPC) shares were down 1.2% pre-bell Monday after Wells Fargo downgraded the company to underweight from equalweight.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was up by 1%.

Uranium Energy (UEC) stock was up 1.7% and Cameco (CCJ) was up 2% before Monday's opening bell after Kazakh uranium-producing company Kazatomprom on Friday cut its 2025 production forecast to 25,000 to 26,500 tonnes of uranium from 30,500 to 31,500 tU.

Industrial

Industrial Select Sector SPDR Fund (XLI) advanced 0.4% while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.

NAPCO Security Technologies (NSSC) stock gained 1.7% before the opening bell after the company reported higher fiscal Q4 results and lifted its quarterly dividend.

Commodities

Front-month US West Texas Intermediate crude oil gained 2.9% to $77.02 per barrel on the New York Mercantile Exchange. Natural gas was down nearly 3% at $1.96 per 1 million British Thermal Units. United States Oil Fund (USO) advanced 1%, while the United States Natural Gas Fund (UNG) was 2.4% lower.

Gold futures for December rose 0.5% to $2,559.40 an ounce on the Comex, while silver futures gained 0.9% to reach $30.53 an ounce. SPDR Gold Shares (GLD) advanced 0.2%, and iShares Silver Trust (SLV) was 1.1% higher.

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