The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.2% higher in Wednesday's premarket activity, ahead of the US Federal Reserve's monetary policy announcement.
US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.2% before the start of regular trading.
In the week ended June 7, US mortgage applications surged by 15.6% after a previous decline, driven by a drop in 30-year fixed mortgage rates to 7.02%. Refinancing applications jumped 28%, and new purchase applications rose 9%, aided by slightly improved, though still low, home inventories.
The May consumer price index (CPI) report is slated for an 8:30 am ET release, followed by the weekly report from the EIA on domestic oil inventories at 10.20 am ET.
The Fed will disclose any policy changes at 2 pm ET, followed by a 2:30 pm ET press conference with Chair Jerome Powell.
In premarket action, bitcoin was up by 0.8% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.9% higher.
Power Play:
Industrial
Industrial Select Sector SPDR Fund (XLI), the Vanguard Industrials Index Fund (VIS), and the iShares US Industrials ETF (IYJ) were inactive.
Rentokil Initial (RTO) gained more than 13% before the opening bell after news outlets reported, citing a statement from the activist investor, that Trian Fund Management said it now has a top 10 stake in Rentokil and has reached out to the company to discuss ways to increase shareholder value.
Winners and Losers:
Financial
Financial Select Sector SPDR Fund (XLF) advanced by 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.6% lower.
Mountain & Co. I Acquisition (MCAA) shares were up 5% in premarket activity even after the company said it received a notice of non-compliance from Nasdaq after Mountain failed to file a Form 10-Q for the period ending March 31.
Technology
Technology Select Sector SPDR Fund (XLK) gained 0.3%, and the iShares US Technology ETF (IYW) was marginally down by 0.02%, while the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 0.5%.
Banzai International (BNZI) shares retreated more than 5% in recent Wednesday premarket activity after the company said late Tuesday Mark Musburger will resign as chief financial officer, effective Friday.
Health Care
The Health Care Select Sector SPDR Fund (XLV) advanced 0.1%. The Vanguard Health Care Index Fund (VHT), the iShares US Healthcare ETF (IYH), and the iShares Biotechnology ETF (IBB) were inactive.
Scilex Holding (SCLX) shares gained more than 3% premarket after the company said Tuesday that it signed a commitment letter with Perigrove and Graf Holdings as lenders for a $100 million, five-year term financing with royalty-based payments.
Consumer
The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.1%, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF (IYK) was also inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) was flat. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was 0.2% higher.
FIGS (FIGS) shares traded down 2.5% after the company said it had appointed Sarah Oughtred as its chief financial officer, effective Aug. 9.
Energy
The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was up by 0.2%.
Navigator Holdings (NVGS) stock price was down more than 2% before Wednesday's opening bell after the company said that its selling shareholder, BW Group, is planning a secondary offering of 7 million shares at $15.00 per share, with the Navigator not receiving any proceeds from this sale.
Commodities
Front-month US West Texas Intermediate crude oil advanced 1.1% to $78.77 per barrel on the New York Mercantile Exchange. Natural gas was 1.7% lower at $3.08 per 1 million British Thermal Units. United States Oil Fund (USO) was up 1.2%, while the United States Natural Gas Fund (UNG) was 2% lower.
Gold futures for August advanced 0.1% to $2,329.60 an ounce on the Comex, while silver futures gained 0.8% to $29.48 an ounce. SPDR Gold Shares (GLD) slipped 0.1%, and iShares Silver Trust (SLV) was 0.4% higher.
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