The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.5% higher in Wednesday's premarket activity as investors digest the latest economic reports.
US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.4% before the start of regular trading.
US mortgage applications fell 3.8% in the week ended Dec. 12 as higher mortgage rates reversed the prior week's increase, Mortgage Bankers Association data showed Wednesday.
The business inventories report for October will be released at 10 am ET, followed by the weekly EIA domestic petroleum inventories report at 10:30 am.
New York Fed President John Williams and Atlanta Fed President Raphael Bostic speak today.
In premarket activity, bitcoin was down by 0.9%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.7% lower, Ether ETF (EETH) retreated 0.6%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.
Power Play:
Technology
The State Street Technology Select Sector SPDR ETF (XLK) retreated 0.1%, and the iShares US Technology ETF (IYW) was 0.3% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 0.4%.
Jabil (JBL) shares were up more than 6% in recent premarket activity after the company reported higher fiscal Q1 core earnings and net revenue.
Winners and Losers:
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.6%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.7% higher.
Lennar's (LEN) shares were down more than 4% pre-bell after the company reported a year-over-year decline in Q4 adjusted earnings and sales overnight.
Health Care
The State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.04%, and the Vanguard Health Care Index Fund (VHT) was 0.5% higher, while the iShares US Healthcare ETF (IYH) slipped 0.1%. The iShares Biotechnology ETF (IBB) was up 0.6%.
Alvotech (ALVO) stock was up more than 2% premarket after the company said that it has placed a $108 million offering of senior unsecured convertible bonds due 2030.
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.01%, the Vanguard Industrials Index Fund (VIS) was down 0.1%, while the iShares US Industrials ETF (IYJ) was inactive.
ZIM Integrated Shipping Services (ZIM) stock was up more than 3% before the opening bell after the company reported an agreement with a shareholder group that will enable the board to approve a unified slate of 10 directors.
Financial
The State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.9%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.8% lower.
Robinhood (HOOD) shares were up more than 1% pre-bell after the company said it introduced new prediction market tools, plus an updated Robinhood Cortex AI assistant with new portfolio Digests.
Energy
The iShares US Energy ETF (IYE) was up 0.4%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.9%.
TotalEnergies SE (TTE) stock was up more than 1% before Wednesday's opening bell after the company said that it completed the sale of a 50% stake in its 424 MW wind and solar portfolio in Greece to Asterion Industrial Partners for 508 million euros ($595.4 million).
Commodities
Front-month US West Texas Intermediate crude oil was up 1.8% at $56.24 per barrel on the New York Mercantile Exchange. Natural gas gained 1.7% to reach $3.95 per 1 million British Thermal Units. The United States Oil Fund (USO) advanced by 2%, while the United States Natural Gas Fund (UNG) rose by 3.2%.
Gold futures for February gained by 0.3% to reach $4,347.10 an ounce on the Comex, and silver futures advanced by 4.2% to $66.08 an ounce. SPDR Gold Shares (GLD) retreated by 0.6%, and the iShares Silver Trust (SLV) was 3.5% higher.
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