The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.1% in Wednesday's premarket activity, ahead of a speech by US Federal Reserve Chair Jerome Powell due later in the day.
US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.5%, and Nasdaq futures gaining 0.6% before the start of regular trading.
US mortgage applications rose 2.8% last week, driven by falling mortgage rates, as purchase applications advanced 6% and refinancing activity slipped 1%, the Mortgage Bankers Association said Wednesday.
The ADP employment report for November will be released at 8:15 am ET.
St. Louis Fed President Alberto Musalem speaks at 8:45 am ET.
The S&P Global composite final US PMI for November is slated for a 9:45 am ET release.
The October factory orders report and the November ISM services index will be posted at 10 am ET, followed by the weekly EIA domestic oil inventories bulletin at 10:30 am ET.
Federal Reserve's Jerome Powell is scheduled to speak at 1:40 pm ET.
The Federal Reserve's Beige Book will be posted at 2 pm.
In premarket activity, bitcoin was up by 0.6% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.9% higher.
Power Play:
Technology
Technology Select Sector SPDR Fund (XLK) rose 1.2%, and the iShares US Technology ETF (IYW) was 0.8% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 1.6%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was down 0.2%, while the iShares Semiconductor ETF (SOXX) rose by 1.7%.
Pure Storage (PSTG) shares were up more than 21% in recent Wednesday premarket activity after the company overnight reported forecast-beating fiscal Q3 non-GAAP earnings and revenue late Tuesday. The company also said it is working with Kioxia to develop high-performance, scalable storage infrastructure technology.
Winners and Losers:
Industrial
Industrial Select Sector SPDR Fund (XLI) retreated 0.1% while the Vanguard Industrials Index Fund (VIS) was inactive. The iShares US Industrials ETF (IYJ) rose 1.6%.
Intuitive Machines (LUNR) stock was down more than 18% before the opening bell after the company said late Tuesday it priced an upsized offering of about 9.5 million shares of its Class A common stock at $10.50 per share.
Energy
The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) slipped 0.3%.
Crescent Energy (CRGY) stock was down more than 4% before Wednesday's opening bell after the company said late Tuesday it has priced an upsized public offering of 21.5 million shares at $14 per share.
Financial
Financial Select Sector SPDR Fund (XLF) retreated 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.7% higher.
Royal Bank of Canada (RY) shares were up more than 2% pre-bell Wednesday after the company reported higher fiscal Q4 adjusted earnings and revenue.
Health Care
The Health Care Select Sector SPDR Fund (XLV) was flat. The Vanguard Health Care Index Fund (VHT) was down 1.5% while the iShares US Healthcare ETF (IYH) and the iShares Biotechnology ETF (IBB) were inactive.
Novavax (NVAX) stock was up more than 2% premarket after the company agreed to sell its manufacturing facility in Bohumil, Czech Republic, to Novo Nordisk (NVO) for $200 million. Novo was down 0.1% in recent Wednesday premarket activity.
Consumer
The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.1%, 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 0.2%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was flat.
Hormel Foods (HRL) shares were down 1.8% pre-bell after the company reported lower fiscal Q4 net sales.
Commodities
Front-month US West Texas Intermediate crude oil advanced 0.1% to $69.98 per barrel on the New York Mercantile Exchange. Natural gas fell 1.3% to $3 per 1 million British Thermal Units. United States Oil Fund (USO) declined by 0.1%, while the United States Natural Gas Fund (UNG) fell by 1.8%.
Gold futures for February were marginally lower by 0.02% at $2,667.30 an ounce on the Comex, while silver futures retreated 0.5% to $31.34 an ounce. SPDR Gold Shares (GLD) advanced 0.1%, while the iShares Silver Trust (SLV) was 0.7% lower.
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