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Exchange-Traded Funds, Equity Futures Higher Pre-Bell Amid Continued US-Iran Talks

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The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.2% in Monday's premarket activity, as traders focused on continuing US-Iran talks for a potentially positive outcome.

US stock futures were higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average up 0.01%, and Nasdaq futures gaining 0.3% before the start of regular trading.

Federal Reserve Governor Christopher Waller is slated to speak on Monday.

In premarket action, bitcoin was up by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.6% higher, Ether ETF (EETH) advanced 2.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.02%.

Power Play:

Health Care

The State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.2%, while the iShares US Healthcare ETF (IYH) advanced by 0.03%. The iShares Biotechnology ETF (IBB) was 0.8% higher.

Apogee Therapeutics (APGE) stock rose more than 47% premarket after AbbVie (ABBV) agreed to acquire Apogee for $135.11 per share in cash for a total equity value of $10.9 billion. AbbVie shares were 1.1% higher.

Winners and Losers:

Industrial

The State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.2%, while the Vanguard Industrials Index Fund (VIS) retreated 0.7% and the iShares US Industrials ETF (IYJ) was 0.5% lower.

SpaceX (SPCX) stock was down by nearly 4% before the opening bell following a 3.6% fall at the prior close. The Financial Times reported Sunday that the company was assigned MSCI's lowest possible ESG rating, triple-C, just ahead of its $75 billion initial public offering earlier this month.

Consumer

The State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.7%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated 0.1%, 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 flat.

Maplebear (CART) shares were down 2% pre-bell after closing Friday with a 4% rise. The company said Monday it launched a short-form vertical video feature that allows users to browse and shop meal and recipe content within retailer storefronts on its platform.

Financial

The State Street Financial Select Sector SPDR ETF (XLF) retreated 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% lower.

Robinhood Markets (HOOD) shares traded down 2% in early hours activity after the company said it plans to offer $2 billion worth of convertible senior notes due 2029 in a private placement.

Technology

The State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.4%, and the iShares US Technology ETF (IYW) was 0.1% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 1.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was up 2.2%, while the iShares Semiconductor ETF (SOXX) rose by 1.3%.

ServiceNow (NOW) shares were down more than 1% in premarket activity. The company said it has teamed up with Inspira Enterprise to offer the full suite of ServiceNow capabilities to enterprises worldwide through the IT services and consulting firm's platform.

Energy

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

CMB.TECH (CMBT) stock was up more than 2% before market open after the company said it will charter up to 12 shipping vessels capable of being powered by ammonia to Fortescue, an Australian metals and green-energy enterprise.

Commodities

Front-month US West Texas Intermediate crude oil retreated by 0.9% to $75.17 per barrel on the New York Mercantile Exchange. Natural gas gained by 2.2% to $3.31 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 1.6%, while the United States Natural Gas Fund (UNG) was 2% higher.

Gold futures for July were down by 0.5% to $4,223.20 an ounce on the Comex. Silver futures advanced by 0.1% to $66.84 an ounce. SPDR Gold Shares (GLD) declined by 0.2%, and the iShares Silver Trust (SLV) was 1.1% higher.

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Weekly US Natural Gas Prices Advance on Bullish Storage Data, LNG Feedgas Recovery

US natural gas markets ended the week higher, supported by a lower-than-expected storage build and a rebound in liquefied natural gas export feedgas flows.In the futures market, the Nymex front-month contract rose to $3.20 per million British thermal units, from $3.04/MMBtu on June 12.Natural gas spot prices rose by $0.06/MMBtu to $3.32/MMBtu during the week ended June 17, from $3.26/MMBtu the prior week, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released Thursday.Prices were mixed across major regional hubs, ranging from a $0.51/MMBtu decline at Algonquin Citygate to a $2.84/MMBtu increase at the Waha Hub, which turned positive for the first time since early February, according to Natural Gas Intelligence.The gain at Waha was attributed to increased demand for space cooling in Southern California, with natural gas-fired generation in the state more than doubling, up 106% from the prior week.US LNG feedgas flows, which had been under pressure in recent weeks due to spring maintenance at several leading LNG facilities, posted a strong recovery this week.Throughout this week, flows averaged over 19 billion cubic feet per day, compared to 17 Bcf/d last week, and the 30-day moving average of 18.01 Bcf, according to the Bloomberg LNG Feedgas Model.The net injection into storage for the week ended June 12 was 73 Bcf, down from 108 Bcf the prior week, bringing total gas inventories to 2,759 Bcf, according to EIA data.The net build was significantly below forecasts for 82 Bcf in net injections for the week, but was in line with the five-year average for this period, at 73 Bcf, according to data compiled by Investing.com, providing a bullish signal for the markets.All regions reported a net injection during the week, with inventories rising to 532 Bcf in the East and 638 Bcf in the Midwest, or 1% and 4% higher than their respective five-year averages.At 2,759 Bcf, US working gas inventories were 29 Bcf, or 1% below the corresponding levels a year ago, while being 151 Bcf, or 6% above the five-year average for this period.According to Pinebrook Energy Advisors, the current storage situation remains healthy heading into peak summer, while noting that the "tight underlying balance would become more important if significant heat starts showing up in the forecast."Weather forecasts indicate above-normal temperatures across roughly two-thirds of the country from June 26 to July 2, according to the National Weather Service, a trend expected to boost cooling demand and gas-fired power generation.A total of 36 LNG carriers departed US ports during the week, up from 34 the previous week, with a combined capacity of 133 Bcf, 4 Bcf higher than a week earlier.Meanwhile, the US gas rig count increased by one from 121 the previous week to 122 in the week ending June 18, according to data from Baker Hughes (BKR) released Thursday. That compares with 111 gas rigs in operation in the US a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by seven to 749 from 742 the previous week.In international markets, European TTF gas prices averaged $15.11/MMBtu for the week ended June 17, $1.54/MMBtu lower than the previous week. Meanwhile, the Japan-Korea Marker averaged $17.66/MMBtu, about $1.19/MMBtu below the prior week.

$BKR
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America's Power Praises FERC on New Grid Connection Rules

America's Power, a coal industry trade group, praised the US Federal Energy Regulatory Commission in a Friday statement on the Commission's decision to order major grid operators to justify or revise rules governing how large electricity users connect to the power grid.On Thursday, FERC ordered six regional grid operators to justify or revise their large-load connection rules within 60 days and to submit generation adequacy reports within 30 days.America's Power President and CEO Michelle Bloodworth said: "America's Power commends Chairman Swett and FERC for taking action to connect new large electricity customers to the grid, while protecting existing customers from increased costs and enhancing grid reliability.The commission issued Section 206 show-cause orders to all six Regional Transmission Organizations and Independent System Operators, directing them to justify existing tariffs or propose revisions for large-load customers, including data centers and manufacturers.FERC said the initiative aims to accelerate large-load integration while preserving reliable and affordable electricity service.

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