Real-time Nasdaq - 02:15 2022-11-25 pm EST
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ETF Preview: ETFs, Futures Gaining Pre-Bell After Previous Session's Selloff

09/30/2022 | 09:13am
(MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) and the actively traded Invesco QQQ Trust Series (QQQ) each added near 0.2% in premarket activity Friday.

US stock futures were also higher, with the S&P 500 gaining about 1.8% ahead of the start of trading.

Traders digested a 0.3% increase in personal income in August following July's 0.3% gain, right on expectations from a survey conducted by Bloomberg.

Personal consumption expenditures were up 0.4%, above the 0.2% increase expected, following a 0.2% decline in the prior month. After adjustment for inflation, real PCE rose by 0.1% after a 0.1% decrease in July, as expected.

Meanwhile, the Chicago PMI for September is slated for a 9:45 am ET release, followed by the University of Michigan's September consumer sentiment index at 10 am ET.

The weekly Baker Hughes North American oil-and-gas rig count is due for publication at 1 pm ET, while the farm prices bulletin for August posts at 3 pm.

Federal Reserve Vice Chair Lael Brainard speaks at 9 am ET, Governor Michelle Bowman at 11 am ET, Richmond President Thomas Barkin at 12:30 pm ET, and New York President John Williams at 4:15 pm ET.

In premarket action, bitcoin was up by about 0.4%, while the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was off 0.7%.

Power Play: Technology

Technology Select Sector SPDR ETF (XLK) inched up by 0.02%. iShares Dow Jones US Technology ETF (IYW) was up 0.4% 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) fell by 0.5%.

Micron Technology (MU) shares fell 1.0% after the chipmaker said that it will receive up to 46.5 billion yen ($322.2 million) from the Japanese government to boost the production of its 1-beta memory chips in the country.

Winners and Losers

Health Care

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

Royal Philips (PHG) nudged higher by 0.9% after it said that Roy Jakobs has been named as its next president and CEO, effective Oct. 15, succeeding Frans van Houten.


Consumer Staples Select Sector SPDR (XLP) was up by 0.3%, while Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK) were unchanged.

Consumer Discretionary Select Sector SPDR (XLY) was up 0.1%, VanEck Retail ETF (RTH) was inactive, and the SPDR S&P Retail (XRT) crept up by 1%.

Tupperware Brands (TUP) was up more than 1.7% after saying late Thursday it has reached a settlement with the US Securities and Exchange Commission in relation to investigations into the accounting practices of the company's now-divested House of Fuller beauty business in Mexico.


Select Financial Sector SPDR (XLF) was ahead by 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) surged by 1.4%, while bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) fell 1.1%.

JPMorgan Chase & Co. (JPM) was up 0.5% after a Reuters report, citing Chief Information Officer Lori Beer, said the investment bank is planning to hire about 2,000 tech workers worldwide after just adding 5,000 software developers and data scientists last year.


Industrial Select Sector SPDR (XLI) leaned forward by 0.4%, while iShares US Industrials (IYJ) and Vanguard Industrials Index Fund (VIS) were each flat.

ABB (ABB) slipped 0.4% after saying it has agreed to sell its remaining 20% stake in an energy joint venture formed with Hitachi in 2020 for about $1.68 billion. It also said it will make a $325 million Q3 provision regarding remaining matters related to the Kusile power station project in South Africa.


Front-month US West Texas Intermediate crude oil was off by 0.6% and natural gas fell almost 0.1%. United States Oil Fund (USO) was down 1.7%, and the United States Natural Gas Fund (UNG) fell 0.6%.

Gold was up by about 0.2% and silver climbed 1.1%; SPDR Gold Trust (GLD) and iShares Silver Trust (SLV) each gained 0.2%.


Dow Jones US Energy Fund (IYE) was flat, while the Energy Select Sector SPDR ETF (XLE) crept 0.7% lower.

Equinor (EQNR) shares were sliding 0.8% after the company said it promoted Torgrim Reitan to chief financial officer, effective Oct. 6.

MT Newswires 2022
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