Real-time Nasdaq - 12:35 2022-11-29 pm EST
11501.14 PTS -0.75%

ETF Preview: ETFs, Futures Fall Pre-Bell After September Employment Data

10/07/2022 | 09:09am
(MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) fell 0.7% in premarket activity Friday and the actively traded Invesco QQQ Trust Series (QQQ) was down 1.1%

US stock futures were also lower, with the S&P 500 down nearly 0.9% ahead of the start of trading.

Traders digested a 263,000 increase in September nonfarm payrolls, slightly ahead of the 250,000 jobs increase expected in a survey compiled by Bloomberg but slower than the unrevised 315,000 jobs increase in August.

Meanwhile, the unemployment rate slipped back to 3.5% in September from 3.7% in August as the labor force participation rate declined to 62.3% from 62.4%.

The September Wholesale Inventories report is scheduled for 10 am ET and the Baker Hughes weekly North American oil-and-gas rig count posts at 1 pm ET.

The August consumer credit report is due to be released at 3 pm ET.

Federal Reserve New York President John Williams speaks at 10 am ET, Minneapolis President Neel Kashkari speaks at 11 am ET, and Atlanta President Raphael Bostic speaks at 12 pm ET.

In premarket action, bitcoin was declining nearly 0.9%, while the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) dropped by 1.1%.

Power Play: Consumer

Consumer Staples Select Sector SPDR (XLP) crept lower by 0.3%. Vanguard Consumer Staples ETF (VDC) and the iShares Dow Jones US Consumer Goods (IYK) were unchanged.

Consumer Discretionary Select Sector SPDR (XLY) was off by 0.9%, VanEck Retail ETF (RTH) was inactive, and the SPDR S&P Retail (XRT) lost 1%.

Walmart (WMT) edged 0.2% higher after Reuters reported Thursday, citing a Worker Adjustment and Retraining Notification filing from the company, that the retailer plans to lay off 1,458 workers at an e-commerce fulfillment center in Atlanta.

Winners and Losers


Select Financial Sector SPDR (XLF) edged off 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.8%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) added 1.5%.

Credit Suisse Group (CS) shares climbed 5.4% after the company said that it has initiated offers to buy 3 billion Swiss francs ($3 billion) of debt.

Health Care

The Health Care SPDR (XLV) was down 0.1%, while iShares Dow Jones US Healthcare (IYH) and Vanguard Health Care ETF (VHT) were flat. iShares Biotechnology ETF (IBB) sank 0.5%.

BioNTech (BNTX) slipped 0.6% after saying late Thursday it has signed a letter of intent with the State of Victoria in Australia to build a new mRNA research and manufacturing facility in Melbourne.


Technology Select Sector SPDR ETF (XLK) declined 1.6%, while iShares Dow Jones US Technology ETF (IYW) and iShares S&P North American Technology ETF (IGM) were flat.

Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was unchanged, and the Semiconductor Sector Index Fund (SOXX) plummeted by 2.5%.

Taiwan Semiconductor Manufacturing (TSM) shares fell almost 3% after the chipmaker reported net September revenue Friday of 208.25 billion New Taiwan dollars ($6.59 billion), up from NT$152.69 billion a year earlier. Net revenue for the month represents a 4.5% decrease from NT$218.13 billion in August.


Industrial Select Sector SPDR (XLI) was off about 0.6%, while iShares US Industrials (IYJ) and Vanguard Industrials Index Fund (VIS) were flat.

Shapeways Holdings (SHPW) dropped 2.2% after the company on Thursday filed a shelf registration statement for the potential sale of up to $50 million of its securities from time to time.


Front-month US West Texas Intermediate crude oil rose 1.5%, while natural gas plunged 1.9%. United States Oil Fund (USO) gained 0.4%, and the United States Natural Gas Fund (UNG) lost 1.3%.

Gold was down by roughly 0.3% and silver retreated almost 0.8%; SPDR Gold Trust (GLD) and iShares Silver Trust (SLV) dropped 1% and 1.8%, respectively.


Dow Jones US Energy Fund (IYE) was flat, while the Energy Select Sector SPDR ETF (XLE) inched lower by 0.2%.

Scorpio Tankers (STNG) lost 1.3% after saying late Thursday that it repurchased 379,845 common shares in the open market in the last few days at an average price of $39.77 each as part of the company's share buyback program.

MT Newswires 2022
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