08:16 AM EDT, 08/28/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.2% lower in Wednesday's premarket activity, as focus shifts to the upcoming earnings report from Nvidia ( NVDA ) releasing after markets close.

US stock futures were also lower, with S&P 500 Index futures and Dow Jones Industrial Average futures both down 0.1%, and Nasdaq futures losing 0.2% before the start of regular trading.

US mortgage applications edged up 0.5% in the week ended Aug. 23, driven by a fourth consecutive decline in mortgage rates, according to the Mortgage Bankers Association Wednesday. The average 30-year fixed mortgage rate fell to 6.44%, the lowest since April.

The weekly EIA domestic petroleum status report will be released at 10:30 am ET, followed by the Atlanta Fed August Survey of Business Uncertainty at 11 am ET.

Atlanta Fed President Raphael Bostic speaks at 6 pm ET.

In premarket action, bitcoin was down by 3.4% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 3.5% lower.

Power Play:

Technology

Technology Select Sector SPDR Fund ( XLK ) advanced marginally, and the iShares US Technology ETF ( IYW ) was 0.1% higher, while the iShares Expanded Tech Sector ETF ( IGM ) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) gained 1.7%, while the iShares Semiconductor ETF ( SOXX ) declined by 0.2%.

Ambarella ( AMBA ) shares were up nearly 18% in recent Wednesday premarket activity after the company reported a narrowed Q2 non-GAAP loss and higher revenue.

Winners and Losers:

Financial

Financial Select Sector SPDR Fund ( XLF ) was flat. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 0.1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.2% higher.

Acri Capital Acquisition ( ACAC ) shares were up 23% premarket Wednesday after the company said late Tuesday its merger with Foxx Development was approved by 96.9% of votes at a special stockholder meeting on Aug. 27.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) was flat. The Vanguard Health Care Index Fund ( VHT ) was down 0.7% while the iShares US Healthcare ETF ( IYH ) was inactive. The iShares Biotechnology ETF ( IBB ) was 0.2% higher.

Ocugen ( OCGN ) shares were up 1.5% premarket Wednesday after the company said that it has completed dosing in the third cohort of its phase 1/2 clinical trial of OCU410ST, a modifier gene therapy candidate being developed for Stargardt disease.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.1%, 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 ) was unchanged. The VanEck Retail ETF ( RTH ) and the SPDR S&P Retail ETF ( XRT ) were inactive.

Chewy (CHWY) shares traded up 4% pre-bell after the company reported higher fiscal Q2 adjusted earnings and revenue.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) decreased 0.1% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Golden Ocean Group ( GOGL ) stock was down 2.4% before the opening bell even after the company reported higher Q2 adjusted earnings and revenue.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was down by 0.4%.

Helix Energy Solutions ( HLX ) stock was up 1.4% before Wednesday's opening bell after the company said late Tuesday it was awarded a new three-year vessel charter and service contracts worth roughly $786 million from Petroleo Brasileiro (PBR), better known as Petrobras.

Commodities

Front-month US West Texas Intermediate crude oil lost 1.5% at $74.42 per barrel on the New York Mercantile Exchange. Natural gas was down 1.5% at $2.05 per 1 million British Thermal Units. United States Oil Fund ( USO ) retreated 1.7%, while the United States Natural Gas Fund ( UNG ) was 1.2% lower.

Gold futures for December declined 0.6% to $2,538.70 an ounce on the Comex, while silver futures retreated 1.7% to $29.90 an ounce. SPDR Gold Shares ( GLD ) fell 0.8%, and iShares Silver Trust ( SLV ) was 1.7% lower.