The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% higher in Wednesday's premarket activity after July's cooler-than-anticipated inflation readings triggered fresh hopes of a Federal Reserve interest rate cut.

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

US mortgage applications rose 10.9% in the week ended Aug. 8 as falling rates fueled a 23% rise in refinancing and a modest gain in purchase activity, Mortgage Bankers Association data showed Wednesday.

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

Chicago Fed President Austan Goolsbee and Atlanta Fed President Raphael Bostic are slated to speak on Wednesday.

In premarket action, bitcoin advanced by 0.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.7% higher, Ether ETF (EETH) gained 3.6%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was up 0.01%.

Power Play:

Technology

Technology Select Sector SPDR Fund (XLK) was up 0.3%, and the iShares US Technology ETF (IYW) was 0.3% higher, while the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was up 0.6%, while the iShares Semiconductor ETF (SOXX) rose by 0.6%.

Sapiens International (SPNS) shares were up more than 43% in recent premarket activity after the company said it agreed to be acquired by private equity investor Advent in an all-cash deal for $43.50 per common share, or about $2.50 billion.

Winners and Losers:

Energy

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

ProFrac Holding (ACDC) stock was down more than 29% before Wednesday's opening bell after the company said it priced its public offering of 18.75 million Class A common shares at $4 each for expected gross proceeds of about $75 million.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.1%, while the Vanguard Consumer Staples Fund (VDC) fell 1.3%. The iShares US Consumer Staples ETF (IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) gained 0.2%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was marginally lower by 0.02%.

Hanesbrands (HBI) shares were down more than 3% pre-bell after the company agreed to be acquired by Gildan Activewear (GIL) for an implied equity value of about $2.20 billion. Gildan stock was down nearly 1%.

Financial

Financial Select Sector SPDR Fund (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.9%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.9% lower.

Marex Group (MRX) shares were up more than 8% pre-bell Wednesday after the company reported higher Q2 adjusted earnings and revenue.

Industrial

Industrial Select Sector SPDR Fund (XLI) advanced 0.2% while the Vanguard Industrials Index Fund (VIS) was inactive and the iShares US Industrials ETF (IYJ) was up 0.1%.

Elbit Systems (ESLT) stock was up more than 6% before the opening bell. The company reported higher Q2 financial results and said it received a $1.64 billion contract to provide defense services to an unspecified European country.

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.4%. The Vanguard Health Care Index Fund (VHT) was up 0.6% while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was inactive.

ARS Pharmaceuticals (SPRY) stock was down nearly 1% premarket after the company reported a wider Q2 net loss.

Commodities

Front-month US West Texas Intermediate crude oil was down 0.5% at $62.87 per barrel on the New York Mercantile Exchange. Natural gas retreated 0.4% to $2.80 per 1 million British Thermal Units. United States Oil Fund (USO) was down 0.5%, while the United States Natural Gas Fund (UNG) was up 0.5%

Gold futures for December gained 0.4% to reach $3,411.40 an ounce on the Comex, while silver futures were up 1.6% at $38.60 an ounce. SPDR Gold Shares (GLD) advanced 0.4%, and the iShares Silver Trust (SLV) was 1.8% higher.