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 0.2% lower in Wednesday's premarket activity, as investors exercised caution amid tensions in the Middle East.
US stock futures were also lower, with S&P 500 Index futures down 0.2%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures declining 0.2% before the start of regular trading.
US mortgage applications dropped 1.3% in the week ended Sept. 27 as mortgage rates edged higher, with refinancing down 3% and purchase applications up 1%, according to the Mortgage Bankers Association Wednesday.
ADP's monthly measure of private payrolls showed a 143,000 increase in September, above expectations compiled by Bloomberg as of 7:40 am ET for an increase of 125,000.
The weekly EIA domestic petroleum inventories report is slated for 10:30 am ET.
Federal Reserve Bank of Cleveland President Beth Hammack is slated to speak at 9 am ET, while St. Louis Fed President Alberto Musalem speaks at 10:05 am ET. Fed Governor Michelle Bowman is scheduled to speak at 11 am ET, while Richmond Fed President Thomas Barkin speaks at 12:15 pm ET.
In premarket action, bitcoin was down by 4% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% lower.
Power Play:
Technology
Technology Select Sector SPDR Fund (XLK) retreated 0.3%, and the iShares US Technology ETF (IYW) was flat, while the iShares Expanded Tech Sector ETF (IGM) down 4%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) declined 0.7%, while the iShares Semiconductor ETF (SOXX) rose by 0.3%.
AgEagle Aerial Systems (UAVS) shares were down 10% in recent Wednesday premarket activity after the company said late Tuesday it has closed a public offering of units, raising total gross proceeds of $6.5 million.
Winners and Losers:
Health Care
The Health Care Select Sector SPDR Fund (XLV) retreated 0.3%. The Vanguard Health Care Index Fund (VHT) and the iShares US Healthcare ETF (IYH) were flat. The iShares Biotechnology ETF (IBB) was inactive.
ModivCare (MODV) stock was up more than 21% premarket after the company said late Tuesday it had collected all of the roughly $60 million in contract receivables that were previously reported as delayed.
Energy
The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was up by 1.7%.
Crescent Energy (CRGY) shares were up 7.4% before Wednesday's opening bell after the S&P Dow Jones Indices said the company would join the S&P SmallCap 600 pre-bell Friday.
Consumer
The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.2%, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF (IYK) was flat, and the Consumer Discretionary Select Sector SPDR Fund (XLY) lost 0.7%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) declined 0.8%.
Lamb Weston Holdings (LW) shares were down 4.8% pre-bell after the company said late Tuesday it is implementing a restructuring plan, which includes a global workforce reduction of 4% and permanent closure of its manufacturing facility in Washington.
Industrial
Industrial Select Sector SPDR Fund (XLI) retreated 0.4% while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.
Alaska Air Group (ALK) shares were down 0.02% before the opening bell after the company said late Tuesday it priced a private offering of $625 million of 5.021% senior secured notes due 2029 and $625 million of 5.308% senior secured notes due 2031, as well as a $750 million senior secured term loan B due 2031.
Financial
Financial Select Sector SPDR Fund (XLF) was flat. the Direxion Daily Financial Bull 3X Shares (FAS) was down 1.1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1% higher.
F&G Annuities & Life (FG) shares was flat pre-bell Wednesday after the company said Tuesday it priced a $500 million public offering of 6.250% senior notes due 2034.
Commodities
Front-month US West Texas Intermediate crude oil gained 3.1% to $72.04 per barrel on the New York Mercantile Exchange. Natural gas was up 2.4% at $3.00 per 1 million British Thermal Units. United States Oil Fund (USO) advanced 2.3%, while the United States Natural Gas Fund (UNG) rose 2%.
Gold futures for December were down 0.8% at $2,668.45 an ounce on the Comex, while silver futures fell 0.2% to $31.69 an ounce. SPDR Gold Shares (GLD) lost 0.4%, and iShares Silver Trust (SLV) was 0.4% higher.
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