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Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday Amid Economic Data, Fed Rate Hike

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The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 1.3% and the actively traded Invesco QQQ Trust (QQQ) was 1.8% higher in Thursday's premarket activity amid economic data releases as traders digest the Federal Reserve's interest rate hike.

US stock futures were also higher, with S&P 500 Index futures up 0.8%, Dow Jones Industrial Average futures advancing 0.8%, and Nasdaq futures gaining 1.1% before the start of regular trading.

US initial jobless claims fell to a level of 196,000 in the employment survey week ended Sept. 12 from an unrevised 206,000 level in the previous week, compared with expectations for an increase to 207,000 in a survey of analysts compiled by Bloomberg.

The Philadelphia Federal Reserve's monthly manufacturing index fell to 37.8 in September after rising to 47.4 in August, compared with expectations for a larger decrease to a reading of 32.1 in a survey compiled by Bloomberg.

August housing starts fell by 2.6% from the previous month to a 1.275 million annual rate, below expectations compiled by Bloomberg as of 7:35 am ET for a 1.32 million rate after a decrease to a 1.309 million pace in July.

Pending home sales data for August are due to be released at 10 am ET, followed by weekly natural gas stocks data at 10:30 am ET.

In premarket activity, bitcoin was up by 0.2%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was flat, Ether ETF (EETH) advanced 0.9%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was 0.4% lower.

Power Play:

Industrial

The State Street Industrial Select Sector SPDR ETF (XLI) advanced 1.3%, while the Vanguard Industrials Index Fund (VIS) was up 0.6% and the iShares US Industrials ETF (IYJ) was flat.

Generac (GNRC) stock was 29% higher, a day after the company said it had signed a long-term supply agreement with Amazon (AMZN) to provide backup power generators for data centers.

Winners and Losers:

Energy

The iShares US Energy ETF (IYE) was 1.2% lower, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.5%.

Fluence Energy (FLNC) shares were down 22% after the company lowered its fiscal 2026 revenue guidance, citing ongoing supply chain issues impacting its US production.

Technology

The State Street Technology Select Sector SPDR ETF (XLK) advanced 1.5%, the iShares US Technology ETF (IYW) was 0.9% higher, and the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 1.5%, while the iShares Semiconductor ETF (SOXX) rose by 2.4%.

Vicor (VICR) shares were up more than 12% in premarket activity after the company said it granted a nonexclusive license to a new AI original equipment manufacturer licensee with the right to procure Vertical Power Delivery modules covered by company patents from unlicensed suppliers.

Financial

The State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.4% lower.

Affirm (AFRM) shares were up 5% after the company said it launched a new transformer-based underwriting model that is now live at checkout in the US.

Health Care

The State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.7%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.3% higher.

IDEXX Laboratories (IDXX) stock was up more than 1% premarket after the company said it has expanded its Faecal Dx antigen testing platform in the UK to detect taeniid tapeworms, including Taenia and Echinococcus species.

Consumer

The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.1%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.8%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) advanced 0.6%.

Nike (NKE) stock were 1.5% higher after the company said late Wednesday that Alexandre Arnault has been appointed to its board.

Commodities

Front-month US West Texas Intermediate crude oil retreated by 2.3% to $100.11 per barrel on the New York Mercantile Exchange. Natural gas was down 0.4% at $2.88 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 2.3%, while the United States Natural Gas Fund (UNG) was 0.3% lower.

Gold futures for November retreated by 0.1% to $4,385.30 an ounce on the Comex. Silver futures gained by 0.3% to reach $65.09 an ounce. SPDR Gold Shares (GLD) was up by 2.3%, and the iShares Silver Trust (SLV) rose by 3.4%.

What else is happening in Commodities?

Commodities

Farm Bill Clears Senate Committee, Setting Up Floor Vote on Year-Round E15

The US Senate Agriculture Committee voted Wednesday to move the Agricultural Act of 2026, also known as the Farm Bill, to the full Senate floor, including a provision allowing year-round sales of E15 gasoline.The bill now moves to the Senate floor for the full body to consider sometime before an October adjournment.The House passed year-round E15 legislation in May by a bipartisan 218-203 vote.The Renewable Fuels Association welcomed the move. "Today's passage of the farm bill by the Senate Agriculture Committee represents an important step toward finally securing nationwide, year-round E15," said RFA President and CEO Geoff Cooper."As expressed throughout the farm bill process, there is broad bipartisan support for making lower-cost E15 available to consumers all year long-especially at a time when pump prices are on the rise and fuel supplies are tightening," Cooper noted.A recent US Department of Energy report found that E15 has been selling for 47 cents per gallon less than standard E10 gasoline on average, for an 11.5% discount.Year-round E15 also has strong support from President Trump, according to the RFA.In a statement, the RFA said that in a supplemental funding request to Congress in June, the Trump administration requested, "... a fix that codifies the permanent, year-round sale of E15, an urgent and needed policy change that would expand consumer choice, support domestic fuel production, and provide additional flexibility in fuel markets."

Commodities

US Natural Gas Update: Futures Slip Ahead of Smaller-Than-Normal Storage Build

US natural gas futures softened further in after-hours trading Wednesday as the market looked ahead to government data expected to show a smaller-than-normal increase in storage inventories.The front-month Henry Hub contract and the continuous contract each fell 0.92% to $2.892 per million British thermal units.Analysts polled by The Wall Street Journal expect the US Energy Information Administration to report a 48 billion cubic feet increase in natural gas inventories for the week ended Sept. 11, well below the five-year average build of 74 Bcf for the same week.As of Sept. 4, US natural gas inventories were 2.7% below year-earlier levels but 4.8% above the five-year seasonal average, indicating that overall supplies remained adequate.On the fundamentals side, warmer-than-normal temperatures are helping keep power burn elevated, while record domestic production continues, Pinebrook Energy Advisors said.Barchart, citing data from The Commodity Weather Group, said Wednesday that above-average temperatures are expected across the South and Southeast through Sept. 25. The warm late-summer temperatures are expected to support demand for natural gas from power generators as air-conditioning use continues into early autumn.Celsius Energy data showed a 0.9 Bcf increase in powerburn on Tuesday, putting Sept. 15 powerburn at 42.9 Bcf. For the week ended Tuesday, powerburn averaged 43.7 Bcf/d, up 4.8 Bcf/d from the same week a year earlier.Total US natural gas demand on Wednesday was pegged at 76.3 Bcf/d, up 2.4% year over year, Barchart said, citing BNEF data.On the supply side, US Lower 48 dry gas production remained strong at 112.3 Bcf/d on Wednesday, up 4.0% from a year earlier, Barchart said.Estimated net gas flows to US liquefied natural gas export terminals were 18.5 Bcf/d on Wednesday, down 4.7% from the previous week."LNG exports remain near 19 Bcf per day and are poised to show another leg of growth before the end of the year," Pinebrook Energy said.

Commodities

US Power Update: Prices Mostly Higher Wednesday Afternoon, 5 Regions Top $100/MWh

US wholesale electricity markets were mostly higher Wednesday afternoon, with five regions crossing the $100 per megawatt-hour mark, while Southwest Power Pool prices reached an intraday high of $1,398.56/MWh, according to GridStatus.io.Electric Reliability Council of Texas' real-time locational marginal price stood at $85.88/MWh at 4 p.m. ET. Net load was 46.34 gigawatts, with natural gas making up the largest share of the generation mix at 37%. Prices rose to an intraday high of $142.56/MWh at 4:40 p.m. ET.California Independent System Operator's real-time LMP was $18.33/MWh at 4 p.m. ET. Net load stood at negative 1.44 GW, while solar led the generation mix at 68.8%.SPP's real-time LMP was $113.13/MWh at 4 p.m. ET. Net load totaled 41.12 GW, with natural gas making up the largest share of the generation mix at 45.3%. Prices surged to an intraday high of $1,398.56/MWh at 4:15 p.m. ET.PJM Interconnection's real-time LMP reached $382.46/MWh at 4 p.m. ET. Net load stood at 108.17 GW, with gas providing the largest share of the generation mix at 46.3%. Prices climbed to an intraday peak of $401.99/MWh at 3:50 p.m. ET.Midcontinent Independent System Operator's real-time LMP came to $139.62/MWh at 4 p.m. ET. Net load was 86.08 GW, while natural gas accounted for the largest portion of the generation mix at 34.3%. Prices peaked intraday at $341.36/MWh at 3:40 p.m. ET.New York Independent System Operator's real-time LMP stood at $77.61/MWh at 4 p.m. ET. Net load reached 19.03 GW, with natural gas supplying the largest share of the generation mix at 32.3%.ISO New England's real-time LMP was $44.99/MWh at 4 p.m. ET. Net load came in at 12.18 GW, with natural gas representing the largest share of the generation mix at 47%.Independent Electricity System Operator's real-time LMP stood at $77.43/MWh at 4 p.m. ET. Net load was 19.05 GW at 3:55 p.m. ET, with nuclear making up the largest share of the generation mix at 43%. Prices touched an intraday high of $110.55/MWh at 10:55 a.m. ET.The National Weather Service's Climate Prediction Center forecasts above-normal temperatures across most of the US from Sept. 24-30, with near-normal readings in parts of the West.