08:36 AM EDT, 10/02/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 0.2% and the actively traded Invesco QQQ Trust (QQQ) was 0.2% lower in Wednesday's premarket activity, as investors exercised caution amid tensions in the Middle East.

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

US mortgage applications dropped 1.3% in the week ended Sept. 27 as mortgage rates edged higher, with refinancing down 3% and purchase applications up 1%, according to the Mortgage Bankers Association Wednesday.

ADP's monthly measure of private payrolls showed a 143,000 increase in September, above expectations compiled by Bloomberg as of 7:40 am ET for an increase of 125,000.

The weekly EIA domestic petroleum inventories report is slated for 10:30 am ET.

Federal Reserve Bank of Cleveland President Beth Hammack is slated to speak at 9 am ET, while St. Louis Fed President Alberto Musalem speaks at 10:05 am ET. Fed Governor Michelle Bowman is scheduled to speak at 11 am ET, while Richmond Fed President Thomas Barkin speaks at 12:15 pm ET.

In premarket action, bitcoin was down by 4% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% lower.

Power Play:

Technology

Technology Select Sector SPDR Fund ( XLK ) retreated 0.3%, and the iShares US Technology ETF ( IYW ) was flat, while the iShares Expanded Tech Sector ETF ( IGM ) down 4%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) declined 0.7%, while the iShares Semiconductor ETF ( SOXX ) rose by 0.3%.

AgEagle Aerial Systems ( UAVS ) shares were down 10% in recent Wednesday premarket activity after the company said late Tuesday it has closed a public offering of units, raising total gross proceeds of $6.5 million.

Winners and Losers:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 0.3%. The Vanguard Health Care Index Fund ( VHT ) and the iShares US Healthcare ETF ( IYH ) were flat. The iShares Biotechnology ETF ( IBB ) was inactive.

ModivCare ( MODV ) stock was up more than 21% premarket after the company said late Tuesday it had collected all of the roughly $60 million in contract receivables that were previously reported as delayed.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was up by 1.7%.

Crescent Energy ( CRGY ) shares were up 7.4% before Wednesday's opening bell after the S&P Dow Jones Indices said the company would join the S&P SmallCap 600 pre-bell Friday.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was down 0.2%, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF ( IYK ) was flat, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) lost 0.7%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) declined 0.8%.

Lamb Weston Holdings ( LW ) shares were down 4.8% pre-bell after the company said late Tuesday it is implementing a restructuring plan, which includes a global workforce reduction of 4% and permanent closure of its manufacturing facility in Washington.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) retreated 0.4% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Alaska Air Group ( ALK ) shares were down 0.02% before the opening bell after the company said late Tuesday it priced a private offering of $625 million of 5.021% senior secured notes due 2029 and $625 million of 5.308% senior secured notes due 2031, as well as a $750 million senior secured term loan B due 2031.

Financial

Financial Select Sector SPDR Fund ( XLF ) was flat. the Direxion Daily Financial Bull 3X Shares ( FAS ) was down 1.1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 1% higher.

F&G Annuities & Life ( FG ) shares was flat pre-bell Wednesday after the company said Tuesday it priced a $500 million public offering of 6.250% senior notes due 2034.

Commodities

Front-month US West Texas Intermediate crude oil gained 3.1% to $72.04 per barrel on the New York Mercantile Exchange. Natural gas was up 2.4% at $3.00 per 1 million British Thermal Units. United States Oil Fund ( USO ) advanced 2.3%, while the United States Natural Gas Fund ( UNG ) rose 2%.

Gold futures for December were down 0.8% at $2,668.45 an ounce on the Comex, while silver futures fell 0.2% to $31.69 an ounce. SPDR Gold Shares ( GLD ) lost 0.4%, and iShares Silver Trust ( SLV ) was 0.4% higher.