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 advanced 0.8% in Friday’s premarket activity as Washington reported a lower-than-expected increase in jobs.
US stock futures were also edging higher, with S&P 500 Index futures up 0.01%, Dow Jones Industrial Average futures advancing 0.02%, and Nasdaq futures gaining 0.1% before the start of regular trading.
The February jobs report, released at 8:30 am ET, showed a 151,000 month-over-month rise in nonfarm payrolls following a 125,000 gain in the preceding month, compared with estimates compiled by Bloomberg for a larger 160,000 gain. The unemployment rate for the month was 4.1%, compared with estimates for a no change at 4%.
Federal Reserve Chairman Jerome Powell will deliver a presentation on the “Economic Outlook” to the University of Chicago Booth School of Business at 12:30 pm ET.
The Baker Hughes domestic oil-and-gas rig count posts at 1 pm ET.
Federal Reserve New York President John Williams and Governor Michelle Bowman speak at 10:15 am ET, and Governor Adriana Kugler speaks at 12:20 pm ET and 1 pm ET.
In premarket activity, bitcoin was up by 0.2% and the cryptocurrency fund ProShares Bitcoin Strategy ETF BITO was 0.1% higher.
Power Play:
Technology
Technology Select Sector SPDR Fund XLK advanced 0.5%, and the iShares US Technology ETF IYW was 0.7% higher, while the iShares Expanded Tech Sector ETF IGM was up 1.1%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF XSD gained 0.7%, while the iShares Semiconductor ETF SOXX rose by 1%.
Hewlett Packard Enterprise HPE shares were down more than 18% pre-bell Friday after the company issued late Thursday lower-than-expected Q2 earnings guidance and said it plans to reduce its current workforce by 5%, or about 2,500 employees, over the next 12 to 18 months.
Winners and Losers:
Industrial
Industrial Select Sector SPDR Fund XLI was flat, while the Vanguard Industrials Index Fund VIS gained 0.6% and the iShares US Industrials ETF (IYJ) was inactive.
Serve Robotics SERV stock was down more than 9% before the opening bell after the company filed a registration statement Thursday for the potential sale of up to $300 million of securities from time to time.
Health Care
The Health Care Select Sector SPDR Fund XLV retreated 0.2%. The Vanguard Health Care Index Fund VHT slipped 0.01% while the iShares US Healthcare ETF IYH was inactive. The iShares Biotechnology ETF IBB was down 0.01%.
Walgreens Boots Alliance WBA shares were up 6% early Friday as the company agreed to be acquired and taken private by an affiliate of Sycamore Partners in a deal worth up to $23.7 billion.
Financial
Financial Select Sector SPDR Fund XLF advanced 0.2%. Direxion Daily Financial Bull 3X Shares FAS was up 1.1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares FAZ was 0.4% lower.
Blackstone BX shares were up nearly 1% pre-bell Friday after closing Thursday with a 4.2% decline. The company said it has closed its Blackstone Real Estate Debt Strategies V fund, which has about $8 billion of total capital commitments.
Energy
The iShares US Energy ETF IYE gained 0.5%, while the Energy Select Sector SPDR Fund XLE was up by 0.7%.
Vitesse Energy VTS shares were up more than 2% before market open on Friday after the company said it has acquired Lucero Energy.
Consumer
The Consumer Staples Select Sector SPDR Fund XLP was flat, and the Vanguard Consumer Staples Fund VDC was flat. The iShares US Consumer Staples ETF IYK was inactive, and the Consumer Discretionary Select Sector SPDR Fund XLY lost 0.1%. The VanEck Retail ETF RTH was inactive, while the SPDR S&P Retail ETF XRT was down 0.7%.
Toyota Motor 7203 shares were up more than 1% pre-bell after multiple media outlets reported that the company and its Chinese partner, state-owned Guangzhou Automobile Group, have started accepting orders in China for their smart electric vehicle, Bozhi 3X.
Commodities
Front-month US West Texas Intermediate crude oil advanced 1.3% to $67.21 per barrel on the New York Mercantile Exchange. Natural gas fell 3.1% to $4.17 per 1 million British Thermal Units. United States Oil Fund USO gained 1.8%, while the United States Natural Gas Fund UNG declined 2.2%.
Gold futures for April declined 0.2% at $2,921.30 an ounce on the Comex, while silver futures fell 1.3% to $32.92 an ounce. SPDR Gold Shares GLD gained 0.3%, and the iShares Silver Trust SLV was 0.8% lower.