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) was 0.8% higher in Wednesday's premarket activity, ahead of the Federal Open Market Committee's policy decision.
US stock futures were mixed, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.8% before the start of regular trading.
US mortgage applications dropped 8.5% in the week ended Jan. 23 as mortgage rates weighed on both refinancing activity and purchase applications, Mortgage Bankers Association data showed Wednesday.
The EIA Petroleum Status Report is scheduled to be released at 10:30 am ET.
The Fed is due to announce its latest monetary policy decision at 2 pm ET, with Chair Jerome Powell scheduled to hold a press conference at 2:30 pm.
In premarket activity, bitcoin was up by 0.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.7% higher, Ether ETF (EETH) retreated 0.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.
Power Play:
Health Care
The State Street Health Care Select Sector SPDR ETF (XLV) was down 0.8%. The Vanguard Health Care Index Fund (VHT) retreated 0.4%, while the iShares US Healthcare ETF (IYH) slipped 0.03%. The iShares Biotechnology ETF (IBB) was flat.
Regenxbio (RGNX) stock was down more than 28% premarket after the company said that the US Food and Drug Administration has placed a clinical hold on its investigational gene therapies RGX-111 and RGX-121 for potential treatment of Hurler syndrome and Hunter syndrome, respectively.
Winners and Losers:
Financial
The State Street Financial Select Sector SPDR ETF (XLF) retreated 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.7%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.4% lower.
Prosperity Bancshares (PB) stock was down more than 6% pre-bell after the company said it has agreed to acquire Stellar Bancorp (STEL) and its subsidiary, Stellar Bank, in a cash-and-stock transaction. Shares of Stellar Bancorp were up more than 10%.
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.1% while the Vanguard Industrials Index Fund (VIS) rose 1.2% and the iShares US Industrials ETF (IYJ) was inactive.
Otis Worldwide (OTIS) stock was down more than 5% before the opening bell after the company reported lower-than-expected Q4 adjusted earnings and net sales.
Technology
The State Street Technology Select Sector SPDR ETF (XLK) advanced 1.1%, and the iShares US Technology ETF (IYW) was flat, while the iShares Expanded Tech Sector ETF (IGM) was up 0.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 0.9% higher, while the iShares Semiconductor ETF (SOXX) rose by 3%.
ASML (ASML) shares were up more than 5% in recent premarket activity after the company posted higher Q4 earnings and revenue.
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated 1.1%. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.3%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) advanced 0.03%.
New Oriental Education & Technology (EDU) shares were up more than 4% pre-bell after the company reported higher fiscal Q2 non-GAAP earnings and revenue.
Energy
The iShares US Energy ETF (IYE) rose 10%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.1%.
Commodities
Front-month US West Texas Intermediate crude oil gained by 0.9% to reach $62.95 per barrel on the New York Mercantile Exchange. Natural gas fell 13% to $6.05 per 1 million British Thermal Units. The United States Oil Fund (USO) advanced by 0.7%, while the United States Natural Gas Fund (UNG) was 3.2% lower.
Gold futures for March advanced 3.8% to $5,316.60 an ounce on the Comex. Silver futures rose by 7.8% to $114.18 an ounce. SPDR Gold Shares (GLD) gained by 2%, and the iShares Silver Trust (SLV) was 1.8% higher.