Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Wednesday As Traders Await Fresh Catalysts

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was marginally lower and the actively traded Invesco QQQ Trust (QQQ) was 0.1% higher in Wednesday's premarket activity, as traders waited for fresh catalysts and clues about the US Federal Reserve's interest rate policy.

US stock futures were also mixed, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures gaining less than 0.1% before the start of regular trading.

Mortgage applications increased by 0.8% in the week ended June 21, driven by a slight decrease in 30-year fixed mortgage rates to 6.93%, according to the Mortgage Bankers Association Wednesday. While refinancing applications remained stable, new purchase applications saw a seasonally adjusted rise of 1%, with the data adjusted for the Juneteenth Holiday.

May's new homes sales bulletin will be released at 10 am ET, followed by the weekly EIA domestic oil inventories report at 10:30 am ET.

The Atlanta Federal Reserve Survey of Business Uncertainty for June is scheduled for an 11 am ET release.

In premarket action, bitcoin was down by 0.9% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.1% lower.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) retreated 0.1%. The Vanguard Health Care Index Fund (VHT) was up 0.5% while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was also inactive.

Anew Medical (WENA) shares were up more than 148% premarket after the company said that it received a patent in Europe for the use of its Klotho gene sequence and gene delivery systems for the treatment of diminished cognition, memory loss, dementia, and other neurodegenerative diseases.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.5%, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF (IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) added 0.5%. The VanEck Retail ETF (RTH) and the SPDR S&P Retail ETF (XRT) were inactive.

Rivian Automotive's (RIVN) shares traded up more than 40% pre-bell after the company said it would receive up to $5 billion in investments from Volkswagen to create an equally controlled joint venture on electric vehicle architecture and software technology.

Technology

Technology Select Sector SPDR Fund (XLK) gained 0.3%, and the iShares US Technology ETF (IYW) was 0.9% higher, while the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 0.3%.

Daktronics (DAKT) was up 9% in recent Wednesday premarket activity after the company reported higher year-over-year sales for fiscal Q4.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was down by 0.1%.

TXO Partners (TXO) shares fell nearly 8% before Wednesday's opening bell after disclosing plans to acquire properties in the Williston Basin, and for a common units offering.

Industrial

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

Southwest Airlines (LUV) shares dropped more than 4% before the opening bell after the company lowered its Q2 unit revenue forecast due to uneven travel demand and difficulty selling seats.

Financial

Financial Select Sector SPDR Fund (XLF) retreated 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.7% higher.

Commodities

Front-month US West Texas Intermediate crude oil advanced 0.7% to $81.40 per barrel on the New York Mercantile Exchange. Natural gas was 2% lower at $2.80 per 1 million British Thermal Units. United States Oil Fund (USO) gained 0.7%, while the United States Natural Gas Fund (UNG) fell 1.1%.

Gold futures for August retreated 0.6% to $2,316.30 an ounce on the Comex, while silver futures slipped 0.03% to $29.19 an ounce. SPDR Gold Shares (GLD) lost 0.3%, and iShares Silver Trust (SLV) was 0.1% lower.