Comex Silver Delivery Intentions Breakdown - Oct 29

Energy stocks were edging higher premarket Tuesday with the Energy Select Sector SPDR Fund (XLE) up 0.1% recently.

The United States Oil Fund (USO) was up 0.2% and the United States Natural Gas Fund (UNG) was 0.1% lower.

Front-month US West Texas Intermediate crude oil was 1.4% higher at $68.35 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1.3% to $72.36 per barrel, and natural gas futures were down 2.9% at $2.24 per 1 million British Thermal Units.

CECO Environmental signed a definitive agreement to acquire Profire Energy for $125 million in cash. Profire Energy shares surged past 47% premarket.

The broad market exchange-traded fund SPDR S&P 500 ETF Trust was down 0.1% and the actively traded Invesco QQQ Trust was marginally lower by 0.02% in Tuesday's premarket activity as earnings continue to pour in this week.

US stock futures were also lower, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures slipping 0.3%, and Nasdaq futures retreating 0.02% before the start of regular trading.

The September international trade in goods bulletin and the September retail and wholesale inventories reports will be released at 8:30 am ET.

The national Job Openings and Labor Turnover Survey for September is due at 10 am ET.

The Case-Shiller Home Price Index and the FHFA House Price Index, both for August, are scheduled for 9 am ET, and the Conference Board's consumer confidence report for October posts at 10 am ET.

In premarket activity, bitcoin was up by 2.5% and the cryptocurrency fund ProShares Bitcoin Strategy ETF was 2.7% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund was flat. The Vanguard Health Care Index Fund was inactive while the iShares US Healthcare ETF advanced 0.6%. The iShares Biotechnology ETF was inactive.

Tenet Healthcare stock was up 6% premarket after the company reported higher Q3 results and lifted its guidance for 2024 adjusted earnings.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund was up 0.1%, while the Vanguard Consumer Staples Fund was inactive. The iShares US Consumer Staples ETF retreated 1.6%, and the Consumer Discretionary Select Sector SPDR Fund lost 0.6%. The VanEck Retail ETF and the SPDR S&P Retail ETF were inactive.

Keurig Dr Pepper shares were down 4% pre-bell after the company said that a subsidiary of JAB Holding is selling 60 million shares of the beverage company's stock at $32.85 apiece in a registered public offering.

Technology

Technology Select Sector SPDR Fund increased by 0.1%, and the iShares US Technology ETF was 0.2% higher, while the iShares Expanded Tech Sector ETF was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF fell 0.3%, while the iShares Semiconductor ETF rose by 0.2%.

Leidos Holdings shares were up 3.1% in recent Tuesday premarket activity after the company reported higher Q3 non-GAAP earnings and revenue, and lifted its 2024 outlook.

Financial

Financial Select Sector SPDR Fund retreated 0.2%. Direxion Daily Financial Bull 3X Shares was down 0.3%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares was 0.6% higher.

Banco Santander shares were down 2.6% pre-bell Tuesday after the company reported lower-than-expected Q3 earnings and revenue.

Energy

The iShares US Energy ETF was inactive, while the Energy Select Sector SPDR Fund was marginally up by 0.02%.

BP stock was down 2.5% before Tuesday's opening bell after the company posted lower Q3 underlying earnings and revenue.

Industrial

Industrial Select Sector SPDR Fund retreated 0.2% while the Vanguard Industrials Index Fund and the iShares US Industrials ETF were inactive.

Boeing stock was down 1.8% before the opening bell after the company said it priced its public offerings of 112.5 million common shares at $143 each and $5 billion of depositary shares at $50 per share.

Commodities

Front-month US West Texas Intermediate crude oil rose 1.2% to $68.18 per barrel on the New York Mercantile Exchange. Natural gas fell 3.7% to $2.22 per 1 million British Thermal Units. United States Oil Fund was up 0.2%, while the United States Natural Gas Fund lost 1.1%.

Gold futures for December advanced 0.2% to $2,761.70 an ounce on the Comex, while silver futures rose by 0.8% to $34.28 an ounce. SPDR Gold Shares gained 0.3%, and iShares Silver Trust was 1.3% higher.

Steel rebar futures eased to below CNY 3,300, trimming the sharp rebound that lifted prices to a two-week high of CNY 3,325 on October 28th as markets assessed the impact that economic support and new industrial policies by the Chinese government have on tackling growing concerns of overcapacity.

Iron ore stocks at Chinese portside inventories rose for a second week, dampening hopes that monetary stimulus and liquidity injections by the Chinese government would ease concerns of insolvency for debt-ridden property developers and support appetite for ferrous metals.

This was shortly after the China Iron and Steel Association called for policies to support the steel sector amid its ongoing struggle with overcapacity as poor construction and tariffs from overseas pressure demand.

Besides poor demand from construction, lower steel purchases were also noted in coils for manufacturers, with PMI data showing persistent contractions in the sector’s activity levels.