The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.3% in Wednesday's premarket activity, as traders focused on Nvidia (NVDA) earnings due later in the day.
US stock futures were also higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures gaining 0.2% before the start of regular trading.
US mortgage applications rose 1.7% last week, driven by gains in refinancing and purchase activity, even as average 30-year mortgage rates climbed for a fourth straight week to 6.90%, the highest since July, according to the Mortgage Bankers Association on Wednesday.
The Atlanta Fed Business Inflation Expectations report for November will be released at 10 am ET, followed by the weekly EIA petroleum status report posts at 10:30 am ET.
Federal Reserve Vice Chair Michael Barr speaks at 10 am ET, Governor Lisa Cook at 11 am ET, and Governor Michelle Bowman at 12:15 pm ET.
The weekly Baker Hughes domestic oil-and-gas rig count report will be released at 1 pm ET.
In premarket action, bitcoin was up 1.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.2% higher.
Power Play:
Consumer
The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.8% and the Vanguard Consumer Staples Fund (VDC) was 0.3% lower. The iShares US Consumer Staples ETF (IYK) was 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) declined by 1.2%.
Target (TGT) shares were down more than 17% pre-bell after the company reported lower Q3 adjusted earnings, which also missed expectations, and lower-than-expected revenue.
Winners and Losers:
Technology
Technology Select Sector SPDR Fund (XLK) gained 0.3%, and the iShares US Technology ETF (IYW) was flat, while the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was up 1.2%, while the iShares Semiconductor ETF (SOXX) declined by 0.1%.
Wix.com (WIX) shares were up more than 10% in recent Wednesday premarket activity after the company reported higher Q3 adjusted earnings and revenue, and lifted its 2024 revenue guidance.
Health Care
The Health Care Select Sector SPDR Fund (XLV) advanced 0.4%. The Vanguard Health Care Index Fund (VHT) was 0.3% higher while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) increased 0.4%.
Sage Therapeutics (SAGE) stock was down more than 4% premarket after the company said that its phase 2 study of dalzanemdor in participants with cognitive impairment associated with Huntington's Disease did not meet its primary and secondary endpoints.
Financial
Financial Select Sector SPDR Fund (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.7%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.7% lower.
Banco Latinoamericano de Comercio Exterior (BLX) shares were down 2.6% pre-bell Wednesday after the company said late Tuesday it named Annette van Hoorde as its next chief financial officer, succeeding Ana Graciela de Mendez, who has decided to step down effective April 2025.
Industrial
Industrial Select Sector SPDR Fund (XLI) was up 0.4% while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.
Dycom Industries (DY) stock was down 1.4% before the opening bell even after the company reported higher fiscal Q3 adjusted earnings and contract revenue that beat analysts' estimates.
Energy
The iShares US Energy ETF (IYE) was 0.6% higher, and the Energy Select Sector SPDR Fund (XLE) was up by 0.3%.
Northern Oil and Gas (NOG) stock was down 0.2% before the opening bell after RBC downgraded the company to sector perform from outperform.
Commodities
Front-month US West Texas Intermediate crude oil advanced 0.6% to $69.67 per barrel on the New York Mercantile Exchange. Natural gas rose 4.1% to $3.12 per 1 million British Thermal Units. United States Oil Fund (USO) gained 0.5%, while the United States Natural Gas Fund (UNG) was 3.8% higher.
Gold futures for December were up 0.04% to $2,632.10 an ounce on the Comex, while silver futures retreated 0.8% to $31.46 an ounce. SPDR Gold Shares (GLD) lost 0.3%, and iShares Silver Trust (SLV) was 0.9% lower.
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