08:19 AM EDT, 06/05/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.3% and the actively traded Invesco QQQ Trust (QQQ) was 0.6% higher in Wednesday's premarket activity, as traders shifted their focus to the slew of market reports due this week.

US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.6% before the start of regular trading.

In the week ended May 31, US mortgage applications dropped by 5.2% due to rising mortgage rates, impacting both refinancing and new home applications, according to the Mortgage Bankers Association Wednesday. The average interest rate for 30-year fixed mortgages increased to 7.07%, the highest rate since early May.

The ADP Employment Report was released at 8:15 am ET, followed by S&P Global PMI composite for May at 9:45 am ET.

The ISM Services Index for May is slated for a 10 am ET release, followed by the weekly EIA domestic oil inventories bulletin at 10:30 am ET.

In premarket action, bitcoin was up by 0.5% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 0.6% higher.

Power Play:

Technology

Technology Select Sector SPDR Fund ( XLK ) advanced 0.5%, the iShares US Technology ETF ( IYW ) was 0.2% higher, and the iShares Expanded Tech Sector ETF ( IGM ) added 1.7%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was inactive, while the iShares Semiconductor ETF ( SOXX ) rose by 1.4%.

Hewlett Packard Enterprise (HPE) shares were up more than 16% in premarket activity on Wednesday after the company overnight reported stronger-than-expected sales and earnings for fiscal Q2 while raising its guidance for the full financial year.

Winners and Losers:

Financial

Financial Select Sector SPDR Fund ( XLF ) gained 0.2%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 0.7%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.9% lower.

Ambac Financial Group ( AMBC ) shares were down 1.3% pre-bell Wednesday after the company said it signed a definitive deal to sell its legacy financial guarantee businesses to funds managed by Oaktree Capital Management for $420 million in cash. The company also said it signed a definitive agreement to acquire a 60% controlling stake in Beat Capital Partners for about $282 million.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.5%. The Vanguard Health Care Index Fund ( VHT ) was up 0.3% and the iShares US Healthcare ETF ( IYH ) gained 0.6%. The iShares Biotechnology ETF ( IBB ) was down 0.4%.

Vir Biotechnology ( VIR ) shares were up more than 8% premarket after the company said that preliminary data from a phase 2 trial evaluating its investigational hepatitis therapies tobevibart and elebsiran showed sustained virologic response from the two drugs.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was flat, 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 marginally down. The VanEck Retail ETF ( RTH ) and the SPDR S&P Retail ETF ( XRT ) were inactive.

Dollar Tree ( DLTR ) shares traded down 3% pre-bell after the company reported lower Q1 earnings, cut its 2024 guidance, and said it has started a formal review of strategic alternatives for its Family Dollar business segment.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) was 0.2% higher and the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Rocket Lab USA ( RKLB ) shares gained 1.6% before the opening bell after the company said that it had completed the second of two Electron launches for NASA's Prefire climate change-focused mission, achieving two launches within 11 days.

Energy

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

TotalEnergies SE ( TTE ) shares advanced 0.8% before Wednesday's opening bell after the company signed a deal with EIG to acquire all of the shares of West Burton Energy for 450 million British pounds ($574.5 million).

Commodities

Front-month US West Texas Intermediate crude oil advanced 0.4% to $73.51 per barrel on the New York Mercantile Exchange. Natural gas was 2.6% higher at $2.65 per 1 million British Thermal Units. United States Oil Fund ( USO ) edged up 0.1%, while the United States Natural Gas Fund ( UNG ) gained 0.3%.

Gold futures for August rose 0.3% to $2,353.90 an ounce on the Comex, while silver futures gained 0.4% to $29.74 an ounce. SPDR Gold Shares ( GLD ) advanced 0.3%, and iShares Silver Trust ( SLV ) was 0.2% higher.