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Exchange-Traded Funds Higher, Equity Futures Mixed Amid Continued Earnings Results

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The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3% and the actively traded Invesco QQQ Trust (QQQ) gained 0.1% in Friday's premarket activity, as earnings reports continued to pour in.

US stock futures were mixed, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures gaining 0.3%, and Nasdaq futures slipping by 0.2% before the start of regular trading.

The S&P Global US manufacturing purchasing managers index for April will be released at 9:45 am ET, followed by the ISM Manufacturing Index for April at 10 am ET.

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

In premarket action, bitcoin was up by 1.4%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.3% higher, Ether ETF (EETH) advanced 2.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.6%.

Power Play:

Consumer

The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.4% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was also flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.5% higher.

Estee Lauder (EL) shares were up more than 11% pre-bell after the company reported higher fiscal Q3 earnings and said it expects to eliminate between 9,000 and 10,000 positions as part of a revised profit recovery program.

Winners and Losers:

Health Care

The State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was up 1.2%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was flat.

Moderna (MRNA) stock was up more than 3% premarket after the company reported a narrower-than-expected net loss and higher revenue.

Energy

The iShares US Energy ETF (IYE) was down 0.1%, while the State Street Energy Select Sector SPDR ETF (XLE) was 0.4% lower.

Imperial Oil (IMO) stock was down more than 2% before Friday's opening bell after the company reported lower Q1 net income and revenue.

Financial

The State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.3%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.1% lower.

Aon (AON) shares were up 3% pre-bell after the company reported higher Q1 adjusted earnings and revenue.

Industrial

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

Gates Industrial (GTES) stock was up more than 3% before the opening bell after Timken (TKR) agreed to sell the assets of its belts business to Gates.

Technology

The State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.3%, and the iShares US Technology ETF (IYW) was 0.6% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 0.03%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 0.4%, while the iShares Semiconductor ETF (SOXX) fell by 0.8%.

Apple (AAPL) shares were up about 3% in premarket activity after the iPhone maker's fiscal Q2 results topped market estimates.

Commodities

Front-month US West Texas Intermediate crude oil fell by 2.6% to $102.31 per barrel on the New York Mercantile Exchange. Natural gas gained by 0.3% to $2.78 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 2%, while the United States Natural Gas Fund (UNG) was 0.8% higher.

Gold futures for May were down by 0.5% to $4,607.80 an ounce on the Comex. Silver futures added 1.5% to $75.31 an ounce. SPDR Gold Shares (GLD) was 0.5% lower, and the iShares Silver Trust (SLV) gained by 0.8%.

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Commodities

US Natural Gas Update: Futures Rise Over 4% on Smaller Inventory Build

US natural gas futures held onto earlier 4% plus gains in after-hours trading on Thursday after government data showed a smaller-than-expected storage build, prompting short covering in the market.The front-month Henry Hub natural gas contract and the continuous contract both rose 4.19% to settle at $2.76 per million British thermal units.The US Energy Information Administration reported that natural gas inventories increased by 79 billion cubic feet for the week ended April 24.The injection was below the prior week's 103 Bcf build and the 105 Bcf addition recorded in the same week a year earlier. It was, however, 20 Bcf above the five-year average increase of 63 Bcf. Analysts had expected a build of up to 83 Bcf, making the reported figure a modest downside surprise.The build pushed total working gas in storage to 2,142 Bcf, 116 Bcf, or about 6%, above year-ago levels and 153 Bcf, or roughly 8%, above the five-year average of 1,989 Bcf, from 7% last week.Analysts attributed the price rebound largely to positioning. In a note, FX Empire said traders had anticipated another outsized injection following the previous week's triple-digit build, and the smaller figure triggered short covering.Despite Thursday's gains, natural gas prices have been under pressure in recent sessions due to ample supply and weak seasonal demand. The EIA said the Henry Hub spot price fell 16 cents over the week ended Apr. 29 to $2.60/MMBtu.Some supply-side tightening is beginning to emerge, however. Gelber & Associates noted that US production has been edging lower on a day-to-day basis, while reduced Canadian imports are contributing to a tighter near-term supply balance.US dry gas production stood at 110.5 Bcf per day on Thursday, up 3.2% over the year, while demand reached 74.7 Bcf/d, up 9.6% from a year earlier, according to Barchart data, referencing BNEF.On the export side, the EIA reported that 133 Bcf of LNG was shipped from the US during the week ended Apr. 29 aboard 35 vessels, down 1 Bcf from the previous week. BNEF data indicated that net flows to US LNG export terminals averaged 18.6 Bcf/d on Thursday, a 5.7% decline week-on-week.

Commodities

Trump Reportedly Signs Keystone XL Revival Plan With 550,000 b/d Capacity

US President Donald Trump approved a Keystone XL revival plan, granting a permit for a 645-mile pipeline that could lift Canadian crude exports to the US by over 12%, multiple media outlets reported Thursday.Trump reportedly signed a cross-border permit allowing a project to move Canadian crude from the US-Canada border to Wyoming.South Bow, a Canadian pipeline firm, and its US partner, Bridger Pipeline, are leading the project, which requires a presidential permit to move forward, the reports said.The proposal follows a new US route, replacing the earlier Keystone XL plan that former President Joe Biden canceled in 2021 after environmental and Indigenous opposition.The project will still use sections of pipe already built in Canada, where the Keystone XL system had secured full approvals before cancellation, according to the reports.South Bow, created in 2024 by TC Energy to manage its pipeline business, is overseeing development alongside Bridger Pipeline.Bridger Pipeline proposed the pipeline from Phillips County, Montana, to Guernsey, Wyoming, capable of transporting up to 550,000 barrels per day, the reports added.Analysts said Guernsey lacks refining demand, so developers must build further connections to hubs such as Cushing, Oklahoma, Patoka, Illinois, and the US Gulf Coast, while securing additional state permits, the reports said.The White House did not immediately respond to' request for comments.

Commodities

Belgium Moves to Acquire Engie Nuclear Assets to Boost Energy Security

Belgium opened talks to acquire Engie's nuclear business, covering 7 reactors and all related assets, with terms targeted by Oct. 1, 2026, Engie said Thursday.The Belgian State, Engie, and its unit Electrabel signed a Letter of Intent to begin exclusive negotiations for a potential transfer of all nuclear activities, the company said.The planned deal includes seven reactors, staff, subsidiaries, and all linked assets and liabilities, including obligations tied to decommissioning and dismantling, Engie said.Belgium aims to take direct control of nuclear assets to extend reactor lifespans and develop new capacity as part of its long-term energy strategy, the company said.The government is positioning the move to strengthen supply security, support climate goals, and improve industrial resilience and economic stability, Engie said.Belgium will carry out a full due diligence review, while both sides aim to finalize key terms by Oct. 1, 2026, through ongoing negotiations, the company said.ENGIE and Electrabel expect the transaction to remain neutral for their financial position, as both sides structure terms to avoid a material balance sheet impact, Engie said.The parties agreed to pause decommissioning and dismantling work during negotiations to preserve asset value and keep strategic options open, the company said.ENGIE said it will support employees throughout the process by maintaining dialogue with representatives and offering assistance as discussions progress.The agreement is non-binding, and the deal will proceed only after final contracts are signed and regulatory and third-party approvals are secured, Engie added.