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Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Thursday Amid Corporate Earnings Deluge

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The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) retreated 0.7% in Thursday's premarket activity as the corporate earnings deluge continues.

US stock futures were mixed, with S&P 500 Index futures up 0.01%, Dow Jones Industrial Average futures gaining 0.2%, and Nasdaq futures slipping 0.3% before the start of regular trading.

Challenger, Gray & Christmas reported earlier Thursday that layoff intentions declined in July from both June and the previous month, but the technology sector still led the total and artificial intelligence was the key reason listed for the fifth straight month.

The weekly jobless claims bulletin showed 199,000 new unemployment claims for the week ended Aug. 1, compared with the upwardly revised figure of 198,000 in the prior week, and it came in above the 205,000 expected, according to estimates compiled by Bloomberg.

Q2 nonfarm productivity increased at a 1.4% annual rate, above forecasts for 0.6%, while unit labor costs increased 1.3%, compared with the 2.1% rise expected.

Wholesale inventories data for June are due to be released at 10 am ET, followed by weekly natural gas stocks at 10:30 am ET.

Federal Reserve St. Louis President Alberto Musalem is slated to speak on Thursday.

In premarket activity, bitcoin was down by 0.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.7% lower, Ether ETF (EETH) retreated 0.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.

Power Play:

Technology

The State Street Technology Select Sector SPDR ETF (XLK) was inactive, the iShares US Technology ETF (IYW) was 0.5% lower, and the iShares Expanded Tech Sector ETF (IGM) was down 1.4%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was up 0.1%, while the iShares Semiconductor ETF (SOXX) fell by 1%.

SiTime (SITM) shares were up more than 27% in premarket activity after the company reported higher Q2 adjusted earnings and revenue.

Winners and Losers:

Health Care

The State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.7%, the Vanguard Health Care Index Fund (VHT) was up 0.4%, while the iShares US Healthcare ETF (IYH) gained 0.1%. The iShares Biotechnology ETF (IBB) was 0.5% higher.

Insmed (INSM) stock was up more than 26% premarket after the company reported higher Q2 revenue.

Industrial

The State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, while the Vanguard Industrials Index Fund (VIS) was inactive, and the iShares US Industrials ETF (IYJ) was up 0.3%.

LegalZoom (LZ) stock was down 26% after the company cut its fiscal 2026 revenue guidance and announced a 13% companywide workforce reduction.

Financial

The State Street Financial Select Sector SPDR ETF (XLF) advanced 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.7%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.6% lower.

Fiserv (FISV) shares were down 12% in early hours activity after the company reported lower Q2 adjusted earnings and revenue.

Consumer

The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.2%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 1.6% and the iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) and the VanEck Retail ETF (RTH) were flat, while the State Street SPDR S&P Retail ETF (XRT) was 0.4% higher.

Diageo (DEO) shares were up more than 4% pre-bell after the company reported higher fiscal 2026 preliminary adjusted earnings.

Energy

The iShares US Energy ETF (IYE) was inactive, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.4%.

ConocoPhillips (COP) stock was up more than 2% before market open after the company said that Chief Financial Officer Andy O'Brien will succeed Ryan Lance as president and chief executive officer, effective Sept. 1.

Commodities

Front-month US West Texas Intermediate crude oil gained by 1.5% to reach $76.35 per barrel on the New York Mercantile Exchange. Natural gas was down 1.3% at $2.65 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 1.4%, while the United States Natural Gas Fund (UNG) was 0.2% lower.

Gold futures for November advanced by 0.6% to $4,329.00 an ounce on the Comex. Silver futures lost 0.5% to reach $61.97 an ounce. SPDR Gold Shares (GLD) was up by 3%, and the iShares Silver Trust (SLV) was 4.4% higher.

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Matador Resources Q2 Production Increases, Lifts 2026 Production Outlook

Matador Resources Company (MTDR) reported Q2 earnings Wednesday, with average daily production increasing to 215,631 barrels of oil equivalent per day from 209,013 boe/d.Total average daily volumes were 3% above Matador's Q2 guidance range, which was between 206,000 boe/d and 212,000 boe/d.Average oil production rose to 126,106 barrels per day from 122,875 b/d a year earlier. Q2 2026 average daily oil output was 2% above the company's guidance.Average natural gas production increased to 537.1 million cubic feet per day for the quarter ended June 30, up from 516.8 MMcf/d a year earlier.Net production oil volumes stood at 11.476 million barrels for the quarter ended June 30, up from 11.182 million barrels for the same quarter last year.Net production volumes for natural gas rose to 48.9 billion cubic feet in Q2, up from 47 Bcf in the year-ago quarter.San Mateo's natural gas gathering throughput rose to 577 MMcf/d in Q2 from 491 MMcf/d a year earlier, while natural gas processing volumes rose to 552 MMcf/d from 486 MMcf/d.Oil gathering and transportation throughput declined to 41,600 b/d from 50,300 b/d a year earlier, while produced water handling volumes fell to 343,400 b/d from 414,400 b/d.Matador revised its full-year 2026 oil production guidance to 127,500 b/d to 129,000 b/d from 123,000 b/d to 125,000 b/d. Natural gas production guidance increased to 546 MMcf/d to 567 MMcf/d from 525 MMcf/d to 545 MMcf/d.The company also raised its full-year 2026 total production outlook to 218,500 boe/d to 223,500 boe/d from 210,500 boe/d to 216,000 boe/d.The company updated full-year drilling, completion and equipping capital expenditure guidance to $1.48 billion to $1.56 billion from $1.35 billion $1.44 billion.It also lifted midstream capital spending to $145 million to $165 million from $100 million to $110 million.Matador expects Q3 production of 222,000 boe/d to 226,000 boe/d, including 128,500 b/d to 130,500 b/d of oil and 561 MMcf/d to 573.0 MMcf/d of natural gas.The company plans to turn 30 to 33 net operated horizontal wells to sales during the quarter.The company said Q2 production exceeded expectations despite shutting in about 9,900 boe/d because of weak Waha pricing and third-party maintenance. It turned 23.7 net operated wells to sales, including 13 wells on the Guss pad during the quarter.Matador completed four strategic transactions during and after the quarter, including the acquisition of 5,154 net undeveloped acres in the Delaware Basin, Cardinal Midstream and agreements to acquire Paloma Permian and Ridge Runner Resources.The Paloma acquisition includes estimated Q3 production of about 11,100 boe/d, comprising 57% oil, and adds 55 million boe of reserves.Matador said its Rae's Creek Woodford well achieved test rates exceeding 2,200 boe/d, comprising 72% oil.

$MTDR
Commodities

US Natural Gas Update: Futures Nearly Flat as Heat Forecast Counters Supply Outlook

US natural gas futures remained essentially flat in after-hours trade on Wednesday as forecasts for hotter weather across much of the country fueled expectations for stronger cooling demand, although any potential gains were capped by prospects for another larger-than-average weekly storage build.The front-month Henry Hub contract and continuous contract both lost 0.45% to trade at $2.670 per million British thermal units.The Commodity Weather Group said forecast models turned warmer, with above-normal temperatures expected to persist across the western US through Aug. 14. The hotter outlook is expected to lift electricity demand for air conditioning, supporting natural gas consumption by power generators.However, the market remained cautious ahead of Thursday's weekly storage report from the US Energy Information Administration. Various analysts' estimates range between a 27 and a 30 billion cubic foot inventory build for the week ended July 31, all exceeding the five-year average build of 23 Bcf for the period.Natural gas prices also continued to face pressure from Tuesday's announcement by Energy Transfer that the Hugh Brinson pipeline is on track to resume its full transportation capacity of 1.5 Bcf/d by Sept. 1. The expanded capacity will allow additional natural gas to move from the Permian Basin to the Henry Hub benchmark in Erath, Louisiana, further increasing already ample domestic supply.Barchart, citing BNEF data, said lower-48 US dry gas production averaged 111.4 Bcf/d on Wednesday, up 2.6% from a year earlier. Gas demand across the lower 48 states averaged 81.4 Bcf/d, an 8.4% increase from the same period last year.Meanwhile, estimated net flows to US LNG export terminals were 18.2 Bcf/d, up 0.3% from the previous week but still below capacity due to weaker liquefaction demand from Freeport LNG, which is undergoing maintenance work expected to wrap up at month-end.

Commodities

APA Tops Q2 Production Guidance, Raises 2026 US Oil Output Outlook

APA on Wednesday reported Q2 2026 total production averaged 410,000 barrels of oil equivalent per day, down 12% from the same quarter a year ago.The company said adjusted average production also fell by 12% in the quarter ended June 30 to 347,000 Boe/d, but added that both figures surpassed guidance.It said US oil production averaged 123,500 b/d, about 2,500 b/d above guidance, reflecting drilling and completion efficiency gains as well as strong base production in the Permian Basin.In Egypt, adjusted production averaged 61,000 Boe/d, in line with guidance, while gross production reached 207,000 Boe/d. Gross natural gas production rose to 539 million cubic feet per day, supported by continued execution of the company's gas-focused development program. APA said nearly half of its Egypt gas production is now benefiting from a revised gas pricing agreement.The company also raised its full-year 2026 US oil production outlook to 123,000 b/d while maintaining its US capital spending budget at $1.3 billion.APA said it continues to expect total upstream capital investment of about $2.07 billion for the year, reflecting lower exploration spending due to a shift in the timing of exploration activity at Suriname Block 58.The company also lowered its full-year lease operating expense guidance by $25 million to $1.5 billion, citing ongoing cost-saving initiatives.