Active broad-market exchange-traded funds ahead of Wednesday's regular session:
SPDR S&P 500 ( SPY ): +0.8%
SPDR Select Sector Fund - Financial ( XLF ): +0.8%
Invesco QQQ Trust, Series 1 ( QQQ ): +1.2%
iShares MSCI Emerging Index Fund ( EEM ): +1.9%
VelocityShares 3x Inverse Natural Gas ETN ( DGAZ ): -4%
Broad Market Indicators
Broad-market exchange-traded funds, including IWM and IVV were higher. Actively traded PowerShares QQQ ( QQQ ) was up 1.2%.
US stock futures rallied before the open as traders looked ahead to a raft of readings on the US economy before the Thanksgiving holiday. Markets are closed Thursday for the holiday.
New durable goods orders fell 4.4% in October -- the largest decline in 15 months-- following a revised 0.1% dip the previous month. Expectations were for a decline of 2.5%.
New unemployment claims for the Nov. 17 week rose by 3,000 to 224,000 versus forecasts of 215,000. Continuing claims slipped by 2,000 to 1.67 million and were still at the lowest level since the early 1970s.
Housing starts in October rose 1.5% to a seasonally adjusted annual rate of 1.228 million while permits were at a seasonally adjusted annual pace of 1.263 million during the month.
At 10 am ET, the consumer sentiment index is expected to come in at 98.3. The October consensus for existing home sales is for a 5.210 million annualized rate vs September's 5.150 million. The October consensus for the index of leading economic indicators is for a slight gain of 0.1% vs 0.5% gain in September.
Power Play: Consumer
Consumer Staples Select Sector SPDR (XLP) and Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones U.S. Consumer Goods (IYK) were inactive.
Consumer Discretionary Select Sector SPDR (XLY) was up 0.4% and retail funds SPDR S&P Retail (XRT) and Market Vectors Retail ETF (RTH) were also flat in pre-market trade.
BJ's Wholesale Club (BJ) was up more than 10% after it reported late Tuesday Q3 adjusted EPS was $0.39 per share, compare with $0.25 a year earlier and above the consensus of $0.33 per share compiled by Capital IQ. Revenue climbed 4.5% to $3.22 billion, compared with $3.08 billion a year earlier and above the consensus estimate of $3.16 billion. Comparable club sales in the quarter rose 3.6% compared with the same period last year, vs. expectations of a 3.3% gain. The company expects fiscal year 2018 adjusted EPS of between $1.22 to $1.26, compared with its previous forecast of $1.17 to $1.24. The low end of that range also beats the current adjusted EPS Street estimate of $1.21. BJ also forecast revenue of $12.65 billion to $12.75 billion, compared with the previous estimate of $12.6 billion to $12.7 billion, which is below the Street view of $12.9 billion.
Winners and Losers
The Select Financial Sector SPDRs ( XLF ) was up 0.8% in pre-market trade. Direxion Daily Financial Bull 3X shares (FAS) was flat and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) was down 2.7%.
Stock Yards Bancorp (SYBT) fell 0.3% after it said its board of directors approved a quarterly dividend of $0.25 per common share, to be paid on Dec. 31 to stockholders of record as of Dec. 17. The company also said that Clay Stinnett, 45, has been named chief financial officer, replacing Nancy B. Davis, effective May 1.
Technology Select Sector SPDR ETF (XLK) was up 1% and other tech funds iShares Dow Jones US Technology ETF (IYW) and iShares S&P North American Technology ETF (IGM) were in the higher in pre-market trade.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was flat while Semiconductor Sector Index Fund (SOXX) was up 0.1%.
Apple (APPL) added more than 1% even after Bloomberg reported that Foxconn, the biggest assembler of iPhones, plans to cut expenses by CNY20 billion ($2.9 billion) in 2019. The company's iPhone business will need to reduce expenses by CNY6 billion next year and the company plans to eliminate about 10% of non-technical staff, according to a memo obtained by Bloomberg.
Dow Jones US Energy Fund (IYE) was up 0.5% and Energy Select Sector SPDR (XLE) was up 1.5%.
SPI Energy (SPI) rose marginally after it said that Nasdaq (NDAQ) granted its request or additional time to file its annual report on form 20-F for the year ended Dec. 31, 2017 as part of the conditions to regain compliance with Nasdaq's continued listing requirement. Another condition is implementing a reverse stock split in a ratio sufficient to meet the minimum bid price rule, the company said.
Crude was up 2.%. United States Oil Fund (USO) was up 2.7%. Natural gas was up 3.3% while United States Natural Gas Fund (UNG) wa%s up 2.5%.
Gold was up 0.4%. SPDR Gold Trust (GLD) was up 0.3%. Silver was up 1.2%, while iShares Silver Trust (SLV) was up 0.1%.
Health Care SPDR (XLV) and other health care funds including Vanguard Health Care ETF (VHT) and iShares Dow Jones U.S. Healthcare (IYH) were quiet. Biotechnology fund iShares NASDAQ Biotechnology Index (IBB) was also inactive.
Synthetic Biologics (SYN) rose up more than 24% as the company said it successfully completed an end-of-phase 2 meeting with the US Food and Drug Administration on its ribaxamase for the prevention of Clostridium difficile infection. The FDA has proposed criteria for phase 3 clinical efficacy and safety, which may support a marketing approval submission on the basis of a single trial, the company said.