Exchange-Traded Funds, Equity Futures Higher Pre-Bell Wednesday Ahead of Fed Board

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 0.5% higher in Wednesday’s premarket activity, as investors await Fed Board Governor Christopher Waller’s speech for clues on the Federal Reserve’s next rate move.

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

US Mortgage applications dropped by 0.7% in the week ending March 22 despite a decrease in 30-year fixed mortgage rates, as reported by the Mortgage Bankers Association on Wednesday. This decline follows a 1.6% decrease in the previous week, with refinancing applications falling by 2% and new purchase applications declining by 0.2%.

The weekly EIA domestic oil inventories report will be released at 10:30 am ET, followed by the Atlanta Fed Survey of Business Uncertainty for March at 11 am ET.

Federal Reserve Governor Christopher Waller speaks at 6 pm.

In premarket action, bitcoin was up by 1.2% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.1% higher.

Power Play:

Technology

Technology Select Sector SPDR Fund (XLK) advanced 0.5%, and the iShares US Technology ETF (IYW) and the iShares Expanded Tech Sector ETF (IGM) were inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 0.7%.

Verb Technology VERB was up more than 59% in recent Wednesday premarket activity after the company said it has signed a collaboration with TikTok Shop for livestream shopping services.

Winners and Losers:

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.3%. The Vanguard Health Care Index Fund (VHT) was 0.2% higher while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was also inactive.

NovoCure NVCR was up more than 28% premarket after the company said that its cancer therapy achieved the primary objective in a phase 3 trial for treating brain metastases from non-small cell lung cancer, showing a significant improvement in time to intracranial progression compared to standard care alone.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.2%, 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) gained 0.4%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was also inactive.

GameStop GME traded down more than 17% pre-bell a day after the company reported lower-than-expected fiscal Q4 financial results.

Financial

Financial Select Sector SPDR Fund (XLF) gained 0.4%. 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.

Robinhood Markets HOOD was up more than 6% pre-bell Wednesday after the company launched a new credit card on Tuesday that is available exclusively to Robinhood Gold customers.

Industrial

Industrial Select Sector SPDR Fund (XLI) advanced 0.4% and the Vanguard Industrials Index Fund (VIS) was inactive, while the iShares US Industrials ETF (IYJ) was also inactive.

Southland Holdings SLND gained 4.5% before the opening bell after the company said its subsidiary has been awarded a $56 million contract to build a wastewater treatment plant in the Southwest.

Energy

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

U.S. Silica Holdings SLCA was down 1.1% before Wednesday’s opening bell a day after the company said it had repriced its seven-year $950 million senior secured term loan B due 2030 to 4% from 4.75%.

Commodities

Front-month US West Texas Intermediate crude oil lost 0.6% at $81.17 per barrel on the New York Mercantile Exchange. Natural gas fell 1.8% at $1.76 per 1 million British Thermal Units. United States Oil Fund (USO) retreated 0.5%, while the United States Natural Gas Fund (UNG) was 2% lower.

Gold futures for June were 0.8% higher to $2,217.20 an ounce on the Comex, and silver futures were up 0.4% to $24.72 an ounce. SPDR Gold Shares (GLD) gained 0.8%, and iShares Silver Trust (SLV) advanced 0.7%.