The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.3% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% lower in Wednesday's premarket activity, ahead of key economic data to be released later in the day, followed by the Federal Open Market Committee's latest monetary policy decision.
US stock futures were also lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures retreating 0.5%, and Nasdaq futures slipping 0.4% before the start of regular trading.
Mortgage applications fell by 10.9% in the week ended March 13 after a 3.2% gain in the previous week, as 30-year fixed mortgage rates increased and refinancing activity decreased, according to Mortgage Bankers Association data released Wednesday.
The US Producer Price Index rose by 0.7% in February following a 0.5% increase in January, above the 0.3% gain expected in a survey compiled by Bloomberg as of 8:15 am ET.
The delayed factory orders report for January, and the Atlanta Fed Business Inflation Expectations report for March are slated to be released at 10 am ET, followed by the weekly EIA domestic petroleum inventories report at 10:30 am ET.
The Fed is due to announce its latest monetary policy decision at 2 pm ET, while Chair Jerome Powell is scheduled to hold a press conference at 2:30 pm ET.
In premarket activity, bitcoin was down by 2.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.1% lower, Ether ETF (EETH) retreated by 2.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) fell by 1%.
Power Play:
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was 0.5% lower, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) fell 0.8%. The iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.8%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.5% lower.
YY Group (YYGH) shares were up over 23% pre-bell Wednesday, a day after the company said it formed a technology partnership with Arros AI to support development of its AI-driven workforce platform, part of broader initiatives tied to its 2026 revenue outlook.
Winners and Losers:
Health Care
The State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.4%, the Vanguard Health Care Index Fund (VHT) was also down 0.4%, and the iShares US Healthcare ETF (IYH) was 0.6% lower. The iShares Biotechnology ETF (IBB) shed 0.5%.
Ovid Therapeutics (OVID) stock was up almost 19% before the opening bell on Wednesday, after the company said its lead drug OV329 showed favorable safety and tolerability in a 7 mg phase 1 cohort, with no treatment-related adverse events.
Technology
The State Street Technology Select Sector SPDR ETF (XLK) was down 0.3%, and the iShares US Technology ETF (IYW) was 0.9% lower, while the iShares Expanded Tech Sector ETF (IGM) gained 0.4%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) advanced 1.9%, while the iShares Semiconductor ETF (SOXX) lost 0.5%.
SailPoint (SAIL) stock was down over 8% before Wednesday's opening bell, after the company issued lower-than-expected fiscal Q1 outlook.
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) slipped 0.4%, while the Vanguard Industrials Index Fund (VIS) was up 1.1% and the iShares US Industrials ETF (IYJ) added 1.4%.
Rocket Lab (RKLB) shares were down 5% before Wednesday's bell, after the company said Tuesday it entered into an equity distribution agreement for the sale of up to $1 billion of its common shares from time to time.
Financial
The State Street Financial Select Sector SPDR ETF (XLF) shed 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.6% higher.
Block (XYZ) shares were 1.6% higher in premarket activity Wednesday, after Rothschild & Co Redburn upgraded the company to neutral from sell and raised its price target to $55 from $45.
Energy
The iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.2%.
T1 Energy (TE) shares were down 0.3% before Wednesday's opening bell, after the company said its 926,000-square-foot industrial building in Mo i Rana, Norway has been assigned 50 megawatts of grid power by Norway's national grid operator Statnett.
Commodities
Front-month US West Texas Intermediate crude oil rose 1.6% to $97.07 per barrel on the New York Mercantile Exchange. Natural gas added 0.4% to $3.04 per 1 million British Thermal Units. The United States Oil Fund (USO) added 1.9%, and the United States Natural Gas Fund (UNG) was 0.3% higher.
Gold futures for March declined by 1.5% to $4,931.70 an ounce on the Comex. Silver futures were down by 1.5% at $78.69 an ounce. SPDR Gold Shares (GLD) retreated by 2%, and the iShares Silver Trust (SLV) was 1.3% lower.
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