The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4%, and the actively traded Invesco QQQ Trust (QQQ) was 0.7% lower in Wednesday's premarket activity as traders await the release of the Federal Reserve's September policy meeting minutes.
US stock futures were down, with S&P 500 Index futures declining 0.4%, Dow Jones Industrial Average futures slipping 0.7%, and Nasdaq futures falling 0.7% before the start of regular trading.
The release of weekly oil stocks data is expected at 10:30 am ET, and the New York Federal Reserve's inflation expectations report for September is expected at 11 am ET.
Minutes of the Sept. 15-16 Federal Open Market Committee meeting are planned to be released at 2:00 pm ET, followed by consumer credit data for August at 3 pm ET.
Mortgage applications fell by 4.2% in the week ended Oct. 2 as 30-year fixed mortgage rates rose to another three-year high, according to Mortgage Bankers Association data released Wednesday.
In premarket activity, bitcoin was down by 2.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.4% lower, Ether ETF (EETH) retreated 4.6%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.
Power Play:
Technology
The State Street Technology Select Sector SPDR ETF (XLK) retreated 1%, the iShares US Technology ETF (IYW) was 0.5% lower, and the iShares Expanded Tech Sector ETF (IGM) was up 0.1%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) fell by 2%.
Taiwan Semiconductor Manufacturing (TSM) shares were down 2.1% in premarket activity after Bloomberg News reported that Intel (INTC) Chief Executive Lip-Bu Tan confirmed the company will continue its involvement in Elon Musk's Terafab chip manufacturing project, clarifying earlier statements by Musk about talks with TSM.
Winners and Losers:
Health Care
The State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.3%. The Vanguard Health Care Index Fund (VHT), the iShares US Healthcare ETF (IYH), and the iShares Biotechnology ETF (IBB) were inactive.
Danaher (DHR) shares were up 2.1% premarket after the company said it plans to launch an AI-backed autonomous lab to help researchers develop custom antibodies and other molecular tools faster and more efficiently.
Financial
The State Street Financial Select Sector SPDR ETF (XLF) lost 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.7%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.7% higher.
HSBC (HSBC) shares were down more than 3.8% in early hours activity after a Financial Times report that the company was considering sweeping job cuts in its UK wealth management business as part of a drive toward AI-powered services.
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) slipped 0.4%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.
BHP (BHP) shares were down more than 2.1% before the opening bell after the company said it agreed to sell the Kambalda Nickel Concentrator and related mining tenements and mineral rights to Gold Fields.
Energy
The iShares US Energy ETF (IYE) was inactive, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.4%.
ExxonMobil (XOM) shares were up 1.1% before market open after Helmerich & Payne (HP) announced an expanded deployment of its FlexRobotics technology with ExxonMobil over the next 12 months.
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.2%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 1.4% higher, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.5%. The VanEck Retail ETF (RTH) and the State Street SPDR S&P Retail ETF (XRT) were inactive.
Polestar Automotive (PSNY) shares were up over 1.2% pre-bell after Bloomberg reported that the European Union may impose import restrictions on Chinese hybrid cars.
Commodities
Front-month US West Texas Intermediate crude oil gained by 0.8% to reach $90.17 per barrel on the New York Mercantile Exchange. Natural gas was up 0.6% at $3.19 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 0.3%, while the United States Natural Gas Fund (UNG) was 2.3% higher.
Gold futures for November retreated by 1.9% to $4,105.90 an ounce on the Comex. Silver futures lost by 3.5% to $59.45 an ounce. SPDR Gold Shares (GLD) was down by 2.4%, and the iShares Silver Trust (SLV) fell 3.5%.
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