Exchange-Traded Funds, Equity Futures Higher Pre-Bell Tuesday Ahead of Powell Testimony

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 0.3% higher in Tuesday's premarket activity, ahead of Federal Reserve Chair Jerome Powell's testimony later in the day.

US stock futures were also higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.4% before the start of regular trading.

The NFIB's Small Business Optimism Index increased to 91.5 in June, so far the highest this year, though inflation remains the top concern for small businesses.

Federal Reserve Chair Jerome Powell will make his semi-annual address to the Senate Banking Committee at 10 am ET.

Fed Vice Chair Michael Barr speaks at 9:15 am ET, and Fed Governor Michelle Bowman at 1:30 pm ET.

In premarket action, bitcoin was up by 1.8% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.9% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.4%. The Vanguard Health Care Index Fund (VHT) and the iShares US Healthcare ETF (IYH) were inactive. The iShares Biotechnology ETF (IBB) was 0.3% higher.

ANEW Medical (WENA) shares were up 49% premarket after the company said it plans to advance its patented Klotho gene therapy program for neurodegenerative disorders.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) advanced 0.6%, and the iShares US Technology ETF (IYW) was 0.8% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) gained 0.9%, while the iShares Semiconductor ETF (SOXX) rose by 0.6%.

ASE Technology Holding (ASX) stock was up 5.6% in recent Tuesday premarket activity after the company said its June net revenue rose to 46.93 billion New Taiwan dollars ($1.45 billion) from NT$46.72 billion a year earlier.

Energy

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

BP (BP) shares were down 4% before Tuesday's opening bell after the company said it expects "significantly lower" refining margins in Q2, potentially impacting earnings from oil products by $500 million to $700 million.

Financial

Financial Select Sector SPDR Fund (XLF) gained 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.7%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.7% lower.

Assured Guaranty (AGO) shares were up 2.7% before the opening bell after Keefe Bruyette & Woods upgraded the company to outperform from market perform and raised its price target to $92 from $87.

Industrial

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

CRH (CRH) shares gained 1.6% before the opening bell after Morgan Stanley upgraded the company to overweight from equalweight and lifted its price target to $88 from $87.

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) was flat. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was 1.6% lower.

Lucid Group (LCID) traded down 1% after the US National Highway Traffic Safety Administration said the electric vehicle manufacturer will recall about 5,251 of its 2022-2023 Air luxury sedans and about 7,506 of its 2022-2024 Air luxury sedans.

Commodities

Front-month US West Texas Intermediate crude oil retreated 0.3% to $82.05 per barrel on the New York Mercantile Exchange. Natural gas retreated 0.9% to $2.35 per 1 million British Thermal Units. United States Oil Fund (USO) lost 0.2%, while the United States Natural Gas Fund (UNG) fell 1.5%.

Gold futures for August advanced 0.2% to $2,368 an ounce on the Comex, while silver futures rose 1.3% to $31.31 an ounce. SPDR Gold Shares (GLD) gained 0.03%, and iShares Silver Trust (SLV) was 0.5% higher.