Exchange-Traded Funds Mixed, Equity Futures Lower Pre-Bell Friday Amid US Tariff Reinstatement Decision

MT Newswires Live
30 May

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.04% and the actively traded Invesco QQQ Trust (QQQ) was 0.04% higher in Friday's premarket activity as markets traded mixed amid the reinstatement of President Trump's tariffs following a federal appeals court decision.

US stock futures were lower, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures losing 0.1% before the start of regular trading.

The personal consumption expenditures-core price index for April, or the PCE-core, the April international trade in goods report, and the retail and wholesale inventories bulletins for April will be released at 8:30 am ET.

The Chicago PMI for May will be released at 9:45 am ET, followed by the University of Michigan consumer sentiment report at 10 am ET.

The Baker Hughes domestic oil-and-gas rig counts posts at 1 pm ET.

Federal Reserve Atlanta President Raphael Bostic, San Francisco President Mary Daly and Chicago President Austan Goolsbee speak on Friday.

In premarket activity, bitcoin was up by 0.05% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.1% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) retreated 0.1%. The Vanguard Health Care Index Fund (VHT) was flat while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was inactive.

Regeneron Pharmaceuticals (REGN) shares were down more than 15% while Sanofi (SNY) stock was 5% lower premarket Friday after the companies said that that one of the phase 3 trials of itepekimab in adults who were former smokers with inadequately controlled chronic obstructive pulmonary disease, or COPD, did not meet its primary endpoint while another met the same primary endpoint.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) gained 0.1%, and the iShares US Technology ETF (IYW) was inactive, while the iShares Expanded Tech Sector ETF (IGM) was up 0.7%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was down 0.5%, while the iShares Semiconductor ETF (SOXX) slipped 0.1%.

UiPath (PATH) shares were up more than 11% in recent premarket activity after the company reported higher-than-expected fiscal Q1 non-GAAP net income and higher revenue late Thursday.

Industrial

Industrial Select Sector SPDR Fund (XLI) was flat while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.

Eos Energy Enterprises (EOSE) stock was down more than 7% before the opening bell after the company priced two offerings: a $225 million private offering of 6.75% convertible senior notes and an offering of about 18.8 million shares at $4 apiece.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.1%, while the Vanguard Consumer Staples Fund (VDC) was down 0.8%. The iShares US Consumer Staples ETF (IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) lost 0.03%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) advanced 1.3%.

Shoe Carnival (SCVL) shares were up more than 5% pre-bell after the company posted higher-than-expected fiscal Q1 net income.

Financial

Financial Select Sector SPDR Fund (XLF) retreated 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.3%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% higher.

UP Fintech (TIGR) shares were up 4% pre-bell Friday after the company reported higher Q1 non-GAAP net income and net revenue.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was up by 0.1%.

Civitas Resources (CIVI) stock was down more than 1% before Friday's opening bell after the company announced two offerings of senior notes on Thursday.

Commodities

Front-month US West Texas Intermediate crude oil gained 1% to reach $61.56 per barrel on the New York Mercantile Exchange. Natural gas retreated 0.8% to $3.50 per 1 million British Thermal Units. United States Oil Fund (USO) was 0.1% higher, while the United States Natural Gas Fund (UNG) fell 1.1%.

Gold futures for August were down 0.8% at $3,317 an ounce on the Comex, while silver futures retreated 0.4% to $33.28 an ounce. SPDR Gold Shares (GLD) retreated 0.7%, and the iShares Silver Trust (SLV) was 0.7% lower.

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