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) was 0.1% higher in Friday's premarket activity as President Donald Trump announced sweeping new tariffs.
US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures gaining 0.2%, and Nasdaq futures advancing 0.01% before the start of regular trading.
US personal income gained 0.4% in August while personal consumption expenditures rose 0.6%, both above forecasts, according to the Bureau of Economic Analysis data on Friday. The PCE price index increased 0.3% month over month and rose 2.7% from a year earlier, with the core measure up 0.2% month over month and steady at 2.9% annually.
The University of Michigan consumer sentiment report for September at 10 am ET, and the Baker Hughes domestic oil-and-gas rig count at 1 pm ET.
Fed officials Thomas Barkin and Michelle Bowman are scheduled to speak Friday.
In premarket activity, bitcoin was down by 0.5%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower, Ether ETF (EETH) was down 0.6%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.
Power Play:
Technology
Technology Select Sector SPDR Fund (XLK) retreated 0.1%, and the iShares US Technology ETF (IYW) was flat, while the iShares Expanded Tech Sector ETF (IGM) was down 0.1%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was retreated 0.3%, while the iShares Semiconductor ETF (SOXX) rose by 0.2%.
Concentrix (CNXC) shares were down more than 20% in recent premarket activity after the company reported lower-than-expected fiscal Q3 non-GAAP earnings and revenue.
Winners and Losers:
Industrial
Industrial Select Sector SPDR Fund (XLI) advanced 0.5% while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.
Mirion Technologies (MIR) stock was up more than 4% before the opening bell after the company said it priced its upsized offering of $325 million of convertible senior notes due Oct. 1, 2031, to institutional buyers.
Health Care
The Health Care Select Sector SPDR Fund (XLV) advanced 0.5%. The Vanguard Health Care Index Fund (VHT) gained 0.2%, while the iShares US Healthcare ETF (IYH) advanced 0.6%. The iShares Biotechnology ETF (IBB) was flat.
Eli Lilly (LLY) stock was up more than 1% premarket after the company said late Thursday the European Commission approved Kisunla, or donanemab, to treat early symptomatic Alzheimer's disease.
Financial
Financial Select Sector SPDR Fund (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.5% lower.
Cipher Mining (CIFR) shares were up nearly 1% pre-bell after the company disclosed a 5.4% stake from Alphabet (GOOG, GOOGL), alongside a $3 billion multiyear deal for Fluidstack to lease computing power from Cipher's Texas facility.
Energy
The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was up 0.3%.
TechnipFMC (FTI) stock was up more than 3% before Friday's opening bell after the company said late Thursday it received a contract valued between $250 million and $500 million from Exxon Mobil (XOM) Guyana to supply subsea production systems for its Hammerhead project in the Stabroek Block.
Commodities
Front-month US West Texas Intermediate crude oil declined 0.1% to $64.90 per barrel on the New York Mercantile Exchange. Natural gas was up 0.7% at $2.92 per 1 million British Thermal Units. The United States Oil Fund (USO) was 0.7% lower, while the United States Natural Gas Fund (UNG) advanced by 0.4%.
Gold futures for December were up by 0.2% at $3,780.40 an ounce on the Comex, while silver futures advanced 0.6% to $45.36 an ounce. SPDR Gold Shares (GLD) advanced 0.2%, and the iShares Silver Trust (SLV) was 0.3% lower.