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) was 0.5% higher in Wednesday's premarket activity, as investors expect the Federal Reserve to announce interest rate cuts after its two-day policy meeting.

US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures gaining 0.4% before the start of regular trading.

US mortgage applications rose 7.1% in the week ended Oct. 24 as 30-year fixed rates fell to their lowest level since September 2024, Mortgage Bankers Association data showed Wednesday. Refinancing activity rose 9% and purchase applications gained 5%, with broad increases across loan types.

The weekly EIA petroleum status report will be released at 10:30 am ET, followed by the Atlanta Fed Survey of Business Uncertainty at 11 am ET.

The Federal Reserve will announce its latest interest-rate decision at 2 pm ET, followed by Fed Chief Jerome Powell's press conference at 2:30 pm ET.

In premarket activity, bitcoin declined by 0.5%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.4% lower, Ether ETF (EETH) was down 1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated 0.02%.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) retreated 0.2%. The Vanguard Health Care Index Fund (VHT) was up 0.3%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 0.1% lower.

Bausch + Lomb (BLCO) stock was up more than 8% premarket after the company reported higher Q3 adjusted earnings and revenue.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) gained 1%, and the iShares US Technology ETF (IYW) was 1% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.7%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) advanced nearly 1%, while the iShares Semiconductor ETF (SOXX) rose by 1.8%.

Cognizant Technology Solutions (CTSH) shares were up more than 6% in recent premarket activity after the company reported higher Q3 adjusted earnings and revenue.

Industrial

Industrial Select Sector SPDR Fund (XLI) advanced 0.2%, the Vanguard Industrials Index Fund (VIS) was inactive, and the iShares US Industrials ETF (IYJ) advanced 0.01%.

Caterpillar (CAT) stock was up more than 4% before the opening bell after the company reported better-than-expected Q3 adjusted earnings and revenue.

Financial

Financial Select Sector SPDR Fund (XLF) retreated 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.4%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.4% higher.

Deutsche Bank (DB) shares were up more than 2% pre-bell after the company reported higher Q3 earnings and revenue.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.6%, while the Vanguard Consumer Staples Fund (VDC) retreated 0.4%. The iShares US Consumer Staples ETF (IYK) was flat, and the Consumer Discretionary Select Sector SPDR Fund (XLY) was flat. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was 0.1% lower.

Kraft Heinz (KHC) shares were down more than 1% pre-bell after the company reported lower fiscal Q3 adjusted earnings and net sales.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was up by 0.3%.

Range Resources (RRC) stock was up nearly 1% before Wednesday's opening bell after the company reported higher Q3 adjusted earnings and revenue.

Commodities

Front-month US West Texas Intermediate crude oil advanced 0.4% to $60.39 per barrel on the New York Mercantile Exchange. Natural gas was down 4.5% at $3.19 per 1 million British Thermal Units. The United States Oil Fund (USO) retreated by 0.2%, while the United States Natural Gas Fund (UNG) was 0.9% lower.

Gold futures for December rose by 1.2% to $4,029.30 an ounce on the Comex, while silver futures advanced 1.8% to $48.15 an ounce. SPDR Gold Shares (GLD) rose 1.7%, and the iShares Silver Trust (SLV) was 2.8% higher.