The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5% and the actively traded Invesco QQQ Trust (QQQ) retreated 0.6% in Wednesday's premarket activity, as the US-China chip row threatens the recent truce between the two countries.

US stock futures were also lower, with S&P 500 Index futures down 0.7%, Dow Jones Industrial Average futures slipping 0.8%, and Nasdaq futures declining 0.7%.

US mortgage applications declined 5.1% in the week ended May 16 as a rise in 30-year mortgage rates weighed on both refinancing and home purchase activity, Mortgage Bankers Association data showed Wednesday.

The weekly EIA petroleum status bulletin will be released at 10:30 am ET. Federal Reserve Richmond President Thomas Barkin speaks at noon.

In premarket action, bitcoin was down by 0.4%, and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.4% lower.

Power Play:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.2%, while the Vanguard Consumer Staples Fund (VDC) retreated 0.3%. The iShares US Consumer Staples ETF (IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) lost 0.3%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) declined 1%.

XPeng (XPEV) shares were up more than 5% pre-bell after the company reported higher Q1 revenue.

Winners and Losers:

Industrial

Industrial Select Sector SPDR Fund (XLI) retreated 0.5% while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.

Golden Ocean Group (GOGL) stock was down more than 3% before the opening bell after the company reported a Q1 adjusted loss and lower operating revenue.

Technology

Technology Select Sector SPDR Fund (XLK) retreated 0.8%, and the iShares US Technology ETF (IYW) was 0.6% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 0.5%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) fell 1.6%, while the iShares Semiconductor ETF (SOXX) slipped 0.6%.

Wix.com (WIX) shares were down more than 5% in recent premarket activity after the company reported lower-than-expected Q1 adjusted earnings.

Financial

Financial Select Sector SPDR Fund (XLF) retreated 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.8%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 2.1%.

FinVolution Group (FINV) shares were up more than 4% pre-bell Wednesday after the company reported higher Q1 non-GAAP earnings and revenue.

Energy

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

CMB.TECH (CMBT) stock was up more than 1% before Wednesday's opening bell after the company reported lower Q1 earnings and shipping revenue.

Health Care

The Health Care Select Sector SPDR Fund (XLV) was down 0.5%. The Vanguard Health Care Index Fund (VHT) slipped 0.1%, while the iShares US Healthcare ETF (IYH) declined 0.2%. The iShares Biotechnology ETF (IBB) was inactive.

Moderna (MRNA) said Wednesday it voluntarily withdrew its Biologics License Application for mRNA-1083, its flu and COVID combination vaccine candidate for adults aged 50 and older. The company's stock was more than 2% higher premarket.

Commodities

Front-month US West Texas Intermediate crude oil gained 1.4% to $62.90 per barrel on the New York Mercantile Exchange. Natural gas rose 2.2%, reaching $3.50 per 1 million British Thermal Units. United States Oil Fund (USO) advanced 0.4%, while the United States Natural Gas Fund (UNG) was up 2.1%.

Gold futures for August advanced 0.8%, to reach $3,339.30 an ounce on the Comex, while silver futures increased by 0.4% to $33.32 an ounce. SPDR Gold Shares (GLD) gained 0.6%, and the iShares Silver Trust (SLV) was 0.03% lower.