The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.01% and the actively traded Invesco QQQ Trust (QQQ) was 0.2% lower in Wednesday's premarket activity amid new inflation data.
US stock futures were lower, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures advancing 0.3% before the start of regular trading.
Mortgage applications fell by 6% in the week ended Sept. 25 as the highest average 30-year fixed mortgage rate in nearly three years pushed down both refinancing activity and new home applications, Mortgage Bankers Association data released Wednesday showed.
US economic growth, measured by gross domestic product, rose by 2.2% in Q2, revised up significantly from a 1.5% gain in the second estimate, compared with expectations for no revision in a survey compiled by Bloomberg as of 7:40 am ET.
The US advance international trade in goods deficit widened to $132.64 billion in August from $118.94 billion in July, according to data released by the US Census Bureau.
Personal income rose by 0.2% in August following July's 0.3% gain, smaller than the expected 0.5% gain in a survey conducted by Bloomberg as of 7:40 am ET.
The Chicago PMI report for September is due to be released at 9:45 am ET, followed by weekly oil stocks data at 10:30 am ET.
Richmond Fed President Tom Barkin, Fed Governor Lisa Cook, Chicago Fed President Austan Goolsbee, and Minneapolis Fed President Neel Kashkari are slated to speak on Wednesday.
In premarket activity, bitcoin was up by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.2% higher, Ether ETF (EETH) advanced 0.2%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.
Power Play:
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%. The Vanguard Consumer Staples Index Fund ETF Shares (VDC) and the iShares US Consumer Staples ETF (IYK) were inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) and the State Street SPDR S&P Retail ETF (XRT) were inactive.
Cal-Maine Foods (CALM) shares were down 8% after the company swung to a fiscal Q1 net loss.
Winners and Losers:
Health Care
The State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.2%. The Vanguard Health Care Index Fund (VHT) and the iShares US Healthcare ETF (IYH) were inactive. The iShares Biotechnology ETF (IBB) was marginally lower by 0.02%.
Moderna (MRNA) stock was down more than 7% premarket after the company appointed Juan Andres to the newly created role of chief operating officer, effective Oct. 5.
Financial
The State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.
Robinhood (HOOD) shares were up 4% after the company partnered with AI-powered Earth intelligence platform SkyFi to launch the Satellite Intelligence agentic app in the coming weeks. The financial technology company's Agents added Narravance's Viral Stocks Detector.
Technology
The State Street Technology Select Sector SPDR ETF (XLK) advanced 0.4%, the iShares US Technology ETF (IYW) was 0.2% higher, and the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 0.3%.
Jabil (JBL) shares were down more than 4% after the company reported fiscal Q4 financial results.
Energy
The iShares US Energy ETF (IYE) was inactive, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.4%.
Kenon (KEN) stock was down more than 4% before market open after the company said it has agreed to acquire a 25% indirect interest in Vicinity District Energy for about $450 million in cash.
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.2%, the Vanguard Industrials Index Fund (VIS) increased 0.2% and the iShares US Industrials ETF (IYJ) was inactive.
Jacobs Solutions (J) stock was up more than 1% before the opening bell after the company said that it was selected to install a data center digital twin system at one of Nvidia's (NVDA) artificial intelligence research facility in the US.
Commodities
Front-month US West Texas Intermediate crude oil gained 1.3% to reach $90.56 per barrel on the New York Mercantile Exchange. Natural gas was down 0.1% at $3.01 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 1.3%, while the United States Natural Gas Fund (UNG) was 0.3% lower.
Gold futures for November advanced by 1.5% to $4,241.30 an ounce on the Comex. Silver futures gained by 0.7% to reach $61.59 an ounce. SPDR Gold Shares (GLD) was up by 0.7%, and the iShares Silver Trust (SLV) retreated 0.5%.