The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.2% higher in Wednesday's premarket activity amid a US-Japan tariff agreement that reduced duties.

US stock futures were also higher, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures advancing 0.5%, and Nasdaq futures gaining 0.2% before the start of regular trading.

US mortgage applications edged up 0.8% in the week ended July 18 as a rise in purchase activity offset a decline in refinancing despite rates climbing to a four-week high, Mortgage Bankers Association data showed Wednesday.

The existing home sales report for June will be released at 10 am ET, followed by the weekly EIA domestic petroleum inventories report at 10:30 am ET.

In premarket activity, bitcoin was down by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.6% lower, Ether ETF (EETH) gained 0.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.

Power Play:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.1%, while the Vanguard Consumer Staples Fund (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was inactive, 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) rose 0.4%.

Hasbro (HAS) shares were up more than 2% pre-bell after the company reported higher-than-expected Q2 adjusted earnings and revenue.

Winners and Losers:

Industrial

Industrial Select Sector SPDR Fund (XLI) advanced 1.1% while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was inactive.

GE Vernova (GEV) stock was up more than 4% before the opening bell after the company reported higher-than-expected Q2 earnings and revenue.

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.6%. The Vanguard Health Care Index Fund (VHT) was up 0.2% while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) gained 0.9%.

Thermo Fisher Scientific (TMO) stock was up more than 3% premarket after the company reported higher-than-expected fiscal Q2 adjusted earnings and revenue.

Technology

Technology Select Sector SPDR Fund (XLK) gained 0.02%, and the iShares US Technology ETF (IYW) was 0.1% lower, while the iShares Expanded Tech Sector ETF (IGM) was up 0.01%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was down 1.4%, while the iShares Semiconductor ETF (SOXX) fell 1%.

TE Connectivity (TEL) shares were up more than 3% in recent premarket activity after the company reported higher fiscal Q3 non-GAAP earnings and revenue.

Energy

The iShares US Energy ETF (IYE) was up 0.3%, while the Energy Select Sector SPDR Fund (XLE) was up by 0.5%.

Range Resources' (RRC) stock was up more than 2% before Wednesday's opening bell after the company reported Q2 adjusted earnings and revenue late Tuesday.

Financial

Financial Select Sector SPDR Fund (XLF) advanced 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.3% lower.

Moody's (MCO) shares were up nearly 1% pre-bell Wednesday after the company posted higher Q2 adjusted earnings and revenue.

Commodities

Front-month US West Texas Intermediate crude oil was down 0.7% at $64.86 per barrel on the New York Mercantile Exchange. Natural gas fell 1.2% to $3.21 per 1 million British Thermal Units. United States Oil Fund (USO) was 1% lower, while the United States Natural Gas Fund (UNG) fell 1.5%.

Gold futures for August declined 0.1% to $3,441.30 an ounce on the Comex, while silver futures were up 0.5% at $39.77 an ounce. SPDR Gold Shares (GLD) retreated by 0.1%, and the iShares Silver Trust (SLV) was 0.2% higher.