The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% higher in Friday's premarket activity as oil prices pull back from recent highs.
US stock futures were also higher, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures advancing 0.4%, and Nasdaq futures gaining 0.4% before the start of regular trading.
Q4 GDP growth was revised down to a 0.7% increase from a previously reported 1.4% rise.
The Q4 PCE price index was revised to a 2% increase from 2.4%, missing expectations for a 2.4% rise.
US personal income rose 0.4% in January, below expectations for a 0.5% increase after a revised 0.3% gain in the prior month.
Personal spending increased 0.4% in January, exceeding expectations for a 0.3% increase and matching the revised gain in the previous month.
The PCE price index rose 0.3% in January, in line with expectations and slowing from a 0.4% increase in the prior month.
Core PCE prices increased 0.4% in January, matching expectations and unchanged from the previous month.
The January Job Opening and Labor Turnover Survey is due at 10 am ET.
In premarket activity, bitcoin was up by 2.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.7% higher, Ether ETF (EETH) advanced 2.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.
Power Play:
Financial
The State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.2%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.5% lower.
Klarna (KLAR) shares were up more than 9% pre-bell after the company said that Chairman Michael Moritz purchased 3.47 million shares of the company for $49.9 million.
Winners and Losers:
Technology
The State Street Technology Select Sector SPDR ETF (XLK) advanced 0.6%, and the iShares US Technology ETF (IYW) was flat, while the iShares Expanded Tech Sector ETF (IGM) was down 0.02%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) retreated 0.1%, while the iShares Semiconductor ETF (SOXX) rose by 0.8%.
Adobe (ADBE) shares were down more than 7% in premarket activity as multiple analysts cut their price target on the company after it said that Shantanu Narayen, chief executive officer for 18 years, has decided to transition from his role after a successor has been appointed.
Health Care
The State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.1%, the Vanguard Health Care Index Fund (VHT) retreated by 0.04%, while the iShares US Healthcare ETF (IYH) was inactive The iShares Biotechnology ETF (IBB) was 0.03% higher.
InMode (INMD) stock was up more than 5% premarket after the company said its board approved a new share buyback program for up to roughly 10% of its total outstanding stock, totaling about 6.38 million ordinary shares.
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.4%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.2% higher.
Alibaba Group Holding (BABA) shares were up more than 1% pre-bell after Bloomberg reported the company launched a mobile application named JVS Claw, designed to help users in China install and deploy OpenClaw.
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.6%, while the Vanguard Industrials Index Fund (VIS) gained 0.02% and the iShares US Industrials ETF (IYJ) was flat.
Kratos Defense & Security Solutions (KTOS) stock was up more than 1% before the opening bell after the company and Airbus said they are making progress on an integrated uncrewed combat aircraft offering for the German Air Force and towards a first flight with a sovereign European mission system.
Energy
The iShares US Energy ETF (IYE) gained 0.025, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.4%.
Commodities
Front-month US West Texas Intermediate crude oil retreated by 2.1% to $93.75 per barrel on the New York Mercantile Exchange. Natural gas gained by 1% to reach $3.27 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 2.2%, while the United States Natural Gas Fund (UNG) was 0.02% higher.
Gold futures for March declined by 0.1% to $5,119.20 an ounce on the Comex. Silver futures were down by 1.1% to $84.19 an ounce. SPDR Gold Shares (GLD) gained by 0.5%, and the iShares Silver Trust (SLV) was 0.6% lower.