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, as investors weighed the size of the Federal Reserve's potential interest rate cut later in the day.
US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.2% before the start of regular trading.
US mortgage applications rose 14.2% for the week ended Sept. 13, driven by declining mortgage rates, with refinancing up 24% and new home applications rising 5%, according to Mortgage Bankers Association data released Wednesday. The average rate for 30-year fixed mortgages dropped to 6.15%, the lowest since September 2022.
The housing starts and permits data for August will be released at 8:30 am ET. This month's Atlanta Fed Business Inflation Expectations report releases at 10 am ET, followed by the weekly domestic petroleum inventories report at 10:30 am ET.
The US Federal Reserve is slated to announce its rate decision at 2 pm ET, with Chair Jerome Powell to hold a press conference at 2:30 pm ET.
In premarket action, bitcoin was down by 0.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.4% lower.
Power Play:
Industrial
Industrial Select Sector SPDR Fund (XLI) was 0.3% higher while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.
Intuitive Machines (LUNR) shares were up more than 49% before the opening bell after the company said late Tuesday that the US National Aeronautics and Space Administration has awarded the firm a Near Space Network contract with a maximum potential value of $4.82 billion.
Winners and Losers:
Health Care
The Health Care Select Sector SPDR Fund (XLV) was flat. The Vanguard Health Care Index Fund (VHT), the iShares US Healthcare ETF (IYH), and the iShares Biotechnology ETF (IBB) were inactive.
MannKind (MNKD) shares were up 2.1% premarket after the company said it received clearance from Japan's Pharmaceuticals and Medical Devices Agency to begin the phase 3 trial of its Clofazimine Inhalation Suspension treatment for lung disease.
Consumer
The Consumer Staples Select Sector SPDR Fund (XLP) was flat, 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) gained 0.1%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was up 0.1%.
General Mills (GIS) was down 1.4% pre-bell after the company reported lower fiscal Q1 adjusted earnings and net sales.
Energy
The iShares US Energy ETF (IYE) was up nearly 1.5%, while the Energy Select Sector SPDR Fund (XLE) was down by 0.3%.
Crown LNG Holdings (CGBS) shares were 1% higher before Wednesday's opening bell. The company said it received a Nasdaq notification for failing to meet the minimum bid price requirement for continued listing, with its shares closing below $1 for 30 consecutive business days.
Technology
Technology Select Sector SPDR Fund (XLK) was flat, and the iShares US Technology ETF (IYW) was 0.9% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.5%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 0.1%.
Clarivate (CLVT) was up 1% in recent Wednesday premarket activity after the company said it had launched a generative AI-powered academic research tool dubbed Primo Research Assistant.
Financial
Financial Select Sector SPDR Fund (XLF) gained 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.4%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.1% lower.
Commodities
Front-month US West Texas Intermediate crude oil retreated 0.9% to $70.57 per barrel on the New York Mercantile Exchange. Natural gas was up nearly 1% at $2.35 per 1 million British Thermal Units. United States Oil Fund (USO) fell by 1%, while the United States Natural Gas Fund (UNG) advanced by 1.1%.
Gold futures for December were up 0.5% at $2,606.20 an ounce on the Comex, while silver futures slipped 0.1% at $31.02 an ounce. SPDR Gold Shares (GLD) gained 0.4%, and iShares Silver Trust (SLV) was 0.1% lower.
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