The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.2% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% lower in Wednesday's premarket activity ahead of the consumer price index report, which is expected to provide clues to potential interest rate cut.
US stock futures were also lower, with S&P 500 Index futures down 0.3%, Dow Jones Industrial Average futures declining 0.4%, and Nasdaq futures retreating 0.3% before the start of regular trading.
The August consumer price index bulletin posts at 8:30 am ET, followed by the Q2 Services Survey at 10 am ET, and the EIA petroleum status report at 10:30 am ET.
In premarket action, bitcoin was down by 2.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.4% lower.
Power Play:
Technology
Technology Select Sector SPDR Fund (XLK) retreated 0.3%, and the iShares US Technology ETF (IYW) and the iShares Expanded Tech Sector ETF (IGM) were inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) gained marginally by 0.02%.
FTC Solar (FTCI) shares were up more than 70% in recent Wednesday premarket activity after the company said late Tuesday it had secured an initial three-year deal from Strata Clean Energy to supply about 500 megawatts of its Voyager 2P solar tracker technology for multiple projects in the US.
Winners and Losers:
Industrial
Industrial Select Sector SPDR Fund (XLI) retreated marginally by 0.02% while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.
Rentokil Initial (RTO) stock was down more than 17% before the opening bell after the company said it expects its fiscal 2024 operating profit in North America to be impacted by "higher sales, service and other costs." The company said it expects fiscal 2024 group adjusted profit before tax and amortization of about 700 million British pounds ($915.5 million).
Health Care
The Health Care Select Sector SPDR Fund (XLV) retreated 0.3%. The Vanguard Health Care Index Fund (VHT) was flat while the iShares US Healthcare ETF (IYH) advanced 1.9%. The iShares Biotechnology ETF (IBB) was inactive.
ANI Pharmaceuticals (ANIP) shares were down 2.9% and Alimera Sciences (ALIM) stock was up more than 6% pre-bell Wednesday after the companies said that they had scheduled the closing of their merger agreement for Sept. 16.
Consumer
The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.4% while the Vanguard Consumer Staples Fund (VDC) was inactive. 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) and the SPDR S&P Retail ETF (XRT) were inactive.
GameStop (GME) shares were down more than 10% in Wednesday's premarket activity after the company filed a registration statement Tuesday concerning its proposed sale of up to 20 million of its Class A common shares.
Financial
Financial Select Sector SPDR Fund (XLF) retreated 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.3%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.4% higher.
Morgan Stanley (MS) shares were down 1.2% pre-bell Wednesday after Goldman Sachs downgraded its rating for the company to neutral.
Energy
The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was up by 0.4%.
ONEOK (OKE) shares were up 1.5% before Wednesday's opening bell after the company said late Tuesday it had priced an offering of $7 billion of senior notes in six series.
Commodities
Front-month US West Texas Intermediate crude oil rose 2.5% to $67.38 per barrel on the New York Mercantile Exchange. Natural gas was flat at $2.23 per 1 million British Thermal Units. United States Oil Fund (USO) was up nearly 2%, while the United States Natural Gas Fund (UNG) gained 1.1%.
Gold futures for December were up by 0.3% at $2,551 an ounce on the Comex, while silver futures were nearly 2% higher at $29.15 an ounce. SPDR Gold Shares (GLD) advanced 0.2%, and iShares Silver Trust (SLV) was 1.4% higher.
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