The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.4% in Wednesday's premarket activity, buoyed by positive developments in the US-China trade relationship and softer inflation data.

US stock futures were also higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.4% before the start of regular trading.

Data released Tuesday by the Bureau of Labor Statistics showed the US seasonally adjusted consumer price index rebounded by 0.2% in April from March's 0.1% decline, below expectations for a 0.3% increase in a survey compiled by Bloomberg.

US mortgage applications edged up 1.1% last week as purchase activity increased despite a modest rise in interest rates, Mortgage Bankers Association data showed Wednesday.

The weekly EIA petroleum status report will be released at 10:30 am ET.

Fed Vice Chair Philip Jefferson speaks at 9:10 am ET, while San Francisco Fed President Mary Daly is slated to speak at 5:40 pm ET.

In premarket activity, bitcoin was down by 0.8% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.8% lower.

Power Play:

Industrial

Industrial Select Sector SPDR Fund (XLI) was flat, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.

DevvStream (DEVS) stock was up more than 46% before the opening bell after the company signed a memorandum of understanding with Fayafi Investment Holding of the United Arab Emirates to explore creating a venture to support investment in decarbonization and climate infrastructure projects.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) advanced 0.5%, and the iShares US Technology ETF (IYW) was 0.8% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.6%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was down 5%, while the iShares Semiconductor ETF (SOXX) rose by 0.9%.

Sony (SONY) shares were up more than 5% in recent Wednesday premarket activity after the company reported higher fiscal Q4 net income.

Financial

Financial Select Sector SPDR Fund (XLF) slipped 0.04%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.3%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.4% higher.

Nu (NU) shares were down more than 4% pre-bell Wednesday after the company posted lower-than-expected Q1 earnings late Tuesday.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.3%, while the Vanguard Consumer Staples Fund (VDC) retreated 0.6%. The iShares US Consumer Staples ETF (IYK) was flat, and the Consumer Discretionary Select Sector SPDR Fund (XLY) gained 0.3%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) lost 0.7%.

LuxExperience (LUXE) shares were up more than 4% pre-bell after the company reported higher fiscal Q3 sales.

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.4%. The Vanguard Health Care Index Fund (VHT) gained 0.7%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was flat.

GSK (GSK) stock was up 1.3% premarket after the company agreed to acquire Boston Pharmaceuticals' investigational steatotic liver disease treatment efimosfermin alfa for up to $2 billion in cash.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was flat.

TotalEnergies SE (TTE) stock was down 1% before Wednesday's opening bell after the company said early Wednesday it signed a deal under which a Norwegian investment company, HitecVision, has agreed to purchase 50% of Polska Grupa Biogazowa for an enterprise value of 190 million euros ($211.7 million).

Commodities

Front-month US West Texas Intermediate crude oil retreated 1.1% to $62.99 per barrel on the New York Mercantile Exchange. Natural gas fell 2.3% to $3.56 per 1 million British Thermal Units. United States Oil Fund (USO) was down 1.1%, while the United States Natural Gas Fund (UNG) was 1.4% lower.

Gold futures for June lost 0.8% to reach $3,222.10 an ounce on the Comex, while silver futures retreated 0.2% to $33.02 an ounce. SPDR Gold Shares (GLD) fell 1.1%, and the iShares Silver Trust (SLV) was 0.9% lower.