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Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Tuesday Amid Higher Oil Prices, Earnings Deluge

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The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7% and the actively traded Invesco QQQ Trust (QQQ) was 1.4% lower in Tuesday's premarket activity amid higher oil prices and a deluge of corporate earnings reports.

US stock futures were mixed, with S&P 500 Index futures down 0.7%, Dow Jones Industrial Average futures gaining 0.2%, and Nasdaq futures retreating 1.2% before the start of regular trading.

The Case-Shiller Home Price Index and the Federal Housing Finance Agency House Price Index, both for February, will be released at 9 am ET.

April's consumer confidence report and Richmond Fed manufacturing index will be released at 10 am ET.

In premarket activity, bitcoin was down by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% lower, Ether ETF (EETH) retreated by 0.7%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 0.01%.

Power Play:

Industrial

The State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.5%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was 0.01% lower.

Allegion (ALLE) stock was down more than 4% before the opening bell after the company reported lower Q1 adjusted earnings.

Winners and Losers:

Technology

The State Street Technology Select Sector SPDR ETF (XLK) retreated 2.3%, and the iShares US Technology ETF (IYW) was 2% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2.2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 4.2%, while the iShares Semiconductor ETF (SOXX) fell by 4%.

Intel (INTC) shares were up more than 1% in Tuesday's premarket activity after gaining 2.9% at the previous close. Bloomberg reported Monday, citing a person familiar with the matter, that the company has launched an investment-grade bond sale to help finance its $14.20 billion plan to regain full ownership of its Irish chip manufacturing facility.

Energy

The iShares US Energy ETF (IYE) was up 1.4%, while the State Street Energy Select Sector SPDR ETF (XLE) rose by 1.7%.

BP (BP) stock was up more than 3% before Tuesday's opening bell after the company reported higher Q1 underlying replacement cost profit and sales.

Consumer

The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.3%. The iShares US Consumer Staples ETF (IYK) advanced 0.8%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.4%. The VanEck Retail ETF (RTH) was 0.2% lower, while the State Street SPDR S&P Retail ETF (XRT) declined by 0.2%.

Coca-Cola (KO) shares were up more than 2% pre-bell after the company reported higher Q1 adjusted earnings and revenue.

Health Care

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

Zimmer Biomet (ZBH) stock was down more than 2% premarket after closing the prior session with a 1.5% gain. The company reported higher Q1 financial results and said its chief financial officer, Suketu Upadhyay, is leaving the company.

Financial

The State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.4% lower.

Barclays (BCS) shares were down more than 2% pre-bell. Bloomberg reported the company has reserved 228 million British pounds ($307.9 million) in Q1 to cover the collapse of specialty lender MFS.

Commodities

Front-month US West Texas Intermediate crude oil rose by 5.1% to $101.28 per barrel on the New York Mercantile Exchange. Natural gas retreated by 0.7% to $2.53 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 4.7%, while the United States Natural Gas Fund (UNG) was 0.4% lower.

Gold futures for May were down by 2.6% at $4,573.30 an ounce on the Comex. Silver futures retreated by 3.9% to $72.60 an ounce. SPDR Gold Shares (GLD) was 2.3% lower, and the iShares Silver Trust (SLV) fell by 3.9%.

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Commodities

US Natural Gas Update: Futures Rise on Cooler Weather Outlook

US natural gas futures climbed in after-hours trading on Monday as a cooler weather outlook and easing supply conditions triggered some short covering.The front-month Henry Hub contract and the continuous contract both rose 0.75% to $2.542 per million British thermal units.Prices briefly touched an intraday high of around $2.63/MMBtu in earlier trade."Nat-gas prices settled higher on Monday as short covering emerged amid colder US weather forecasts, potentially boosting nat-gas heating demand," Barchart said.Weather-driven demand shifts were a key driver. NatGasWeather.com said models have moved cooler versus last week, adding more heating demand days while reducing cooling demand. The forecaster said the change leaves the outlook less bearish and closer to neutral or slightly bullish.On the demand side, residential and commercial consumption increased sharply to 15.2 billion cubic feet per day from 12.5 Bcf/d as cooler temperatures boosted heating needs. Power burn remained steady at 32.5 Bcf/d and is projected to average 30.3 Bcf/d for the week, up from 29 Bcf/d last week, Gelber & Associates said.Total US natural gas production was flat last week, averaging around 106.5 Bcf/d, NRG Energy said. Trading Economics said output fell by around 4.1 Bcf/d over the past 18 days to an 11-week low of 108.1 Bcf/d, as major producers such as EQT scaled back output in response to low prices.Both NRG Energy and Gelber said Canadian imports fell to 4.7-4.8 Bcf/d from 5.5 Bcf/d.On the export side, Barchart, citing BNEF data, said LNG flows were 19.5 Bcf/d, down 2.1% from last week's robust levels. Trading Economics put the April average feedgas flow at 18.9 Bcf/d so far and noted it was near record highs."Today saw cooler forecast revisions, softer production, and steady LNG demand, which offers limited support for prices. That said, overall fundamental balances are not tight enough to fully change the story," Gelber said Monday.

Commodities

US LNG Capacity Set to Top 30 Bcf/d by 2030 as Expansion Wave Accelerates

The US is poised to significantly expand its dominance in the global energy market as a massive wave of new liquefaction capacity is scheduled to come online through 2031, according to ananalysis, based on US Energy Information Administration data.US export facilities are currently operating at near-peak levels, with actual exports averaging around 18 billion cubic feet per day in March 2026. This exceeds the nominal baseload capacity of roughly 15.4 Bcf/d, as terminals often run above nameplate levels.In the remainder of 2026, the industry expects to add about 2 Bcf/d of new capacity, led by QatarEnergy and Exxon Mobil (XOM) as they ramp up the first two trains at Golden Pass, which will contribute nearly 1.4 Bcf/d.Cheniere Energy (LNG) is also completing the final units at its Corpus Christi Stage 3 expansion, adding 0.6 Bcf/d. These additions are projected to bring total US nominal capacity to around 17.5 Bcf/d by year-end.The expansion accelerates in 2027, with approximately 5.4 Bcf/d of new capacity scheduled to enter service. This includes the third train at Golden Pass, adding 0.7 Bcf/d, and Venture Global (VG) commissioning Plaquemines Phase 2 in Louisiana, contributing 1.1 Bcf/d.Later in the year, two major greenfield projects are set to come online: Sempra (SRE) bringing Port Arthur Phase 1 online at 1.6 Bcf/d and NextDecade starting up the Rio Grande facility with 1.4 Bcf/d.Additional permitted increases at Plaquemines LNG and Elba Island LNG total 0.6 Bcf/d. These developments are expected to lift US capacity to about 22.9 Bcf/d by the end of 2027.Momentum carries into 2028, with an additional 2 Bcf/d of capacity additions. NextDecade is expected to complete additional units at Rio Grande, adding 0.7 Bcf/d, while Venture Global's CP2 LNG Phase 1 is slated to contribute 1.3 Bcf/d. These projects are projected to raise total US export capacity to approximately 24.9 Bcf/d by year-end.The current construction cycle is expected to culminate between 2029 and 2031, followed by another wave of expansions.Woodside Energy (WDS) is expected to add 2.2 Bcf/d from its Louisiana LNG project, alongside further expansions including Port Arthur Phase 2 at 1.6 Bcf/d, Rio Grande at 1.4 Bcf/d, and additional Venture Global capacity of 0.6 Bcf/d.Upon completion, total US LNG export capacity is forecast to exceed 30 Bcf/d, solidifying the US role as the world's leading LNG supplier.

$LNG$NEXT$SRE$VG$WDS$XOM
Commodities

Canadian Energy Infrastructure Poised for Upside as Commodity Prices Surge, RBC Says

Canadian energy infrastructure companies could see stronger growth prospects as elevated commodity prices create new project and contracting opportunities, RBC Capital Markets analysts said in a note on Monday.The firm said that while many companies already entered 2026 with accelerating growth profiles, the current pricing environment, driven in part by geopolitical tensions, may unlock additional upside. Investors are expected to focus heavily on upcoming earnings calls for signals that companies can translate higher prices into tangible, long-term projects and contracts.'Ultimately, we believe the market will attach the greatest value to companies that have highly visible projects and/or contracts that can capture the benefits of the high commodity price environment," RBC analysts wrote. They added that further clarity may emerge around opportunities tied to LPG, LNG, and oil infrastructure.The recent increase in commodity prices and spreads is expected to drive upward revisions to earnings estimates, particularly in marketing-related segments. Wider frac spreads, blending margins, crack spreads, and regional price dislocations are all contributing factors.Although some of these margin gains may prove temporary, linked to geopolitical disruptions such as the conflict in the Middle East, RBC emphasized that the near-term impact should still be meaningful. Higher cash flow generation could allow companies to reinvest in growth initiatives, supporting longer-term expansion.For utilities, however, the outlook is more nuanced. Inflationary pressures tied to global events are intensifying concerns around affordability and increasing regulatory scrutiny. Investors are expected to seek reassurance that utilities can manage rate increases without undermining balance sheets or limiting growth in their rate base.After a relatively soft start to the year, first-quarter 2026 results are now expected to exceed earlier forecasts. RBC attributed this shift to the Middle East conflict, which widened spreads correlated with crude oil prices, particularly in March, and to a polar vortex across central and eastern North America in January and February, which drove higher, more volatile natural gas prices while boosting demand for pipeline capacity.Together, these factors are expected to benefit marketing-focused businesses across the sector, even though some spreads remain lower year over year.