08:52 AM EDT, 09/24/2025 (MT Newswires) -- 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) advanced 0.2% in Wednesday's premarket activity, as gains in Alibaba ( BABA ) helped offset the lingering uncertainty from Fed Chair Jerome Powell's remarks.

US stock futures were also higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures gaining 0.1%, and Nasdaq futures advancing 0.3% before the start of regular trading.

Powell said Tuesday that equity valuations look stretched while also noting that inflation risks are easing and the Fed is prepared to adjust rates if needed.

Alibaba ( BABA ) shares were rising more than 8% pre-bell Wednesday after news outlets reported that Chief Executive Eddie Wu said the Chinese e-commerce giant plans to increase its spending on artificial intelligence development as it looks to become a "full-stack AI service provider."

US mortgage applications rose 0.6% in the week ended Sept. 19 as 30-year fixed rates fell to their lowest level in a year, Mortgage Bankers Association data showed Wednesday. Refinancing activity increased 1% and purchase applications edged up 0.3%.

The new home sales report for August will be released at 10 am ET, followed by the weekly EIA petroleum status report at 10:30 am ET.

San Francisco Federal Reserve President Mary Daly is scheduled to speak later in the day.

In premarket action, bitcoin was up by 1.2%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.3% higher, Ether ETF (EETH) advanced 0.7%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained marginally by 0.01%.

Power Play:

Energy

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

Cool Company ( CLCO ) stock was up more than 19% before the opening bell after it reached an agreement in principle with EPS Ventures for a deal under which EPS would acquire all outstanding shares of Cool that it does not already hold for $9.65 per share in cash.

Winners and Losers:

Industrial

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

Bloom Energy ( BE ) stock was down more than 7% before Wednesday's opening bell after Jefferies downgraded the company to underperform from hold, while raising its price target. BofA Securities also raised its price target but maintained its underperform rating.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 0.1%. The Vanguard Health Care Index Fund ( VHT ) retreated 0.3% while the iShares US Healthcare ETF ( IYH ) was inactive. The iShares Biotechnology ETF (IBB) was 0.1% lower.

uniQure (QURE) stock was up more than 5% premarket after the company said its phase 1/2 study of AMT-130 in Huntington's disease met its primary and secondary endpoints.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was down 0.1%, while the Vanguard Consumer Staples Fund (VDC) was up 0.1%. The iShares US Consumer Staples ETF ( IYK ) retreated 0.5%, while the Consumer Discretionary Select Sector SPDR Fund ( XLY ) gained 0.4%. The VanEck Retail ETF ( RTH ) and the SPDR S&P Retail ETF ( XRT ) were inactive.

Thor Industries ( THO ) shares were up more than 4% pre-bell after the company reported higher fiscal Q4 earnings.

Financial

Financial Select Sector SPDR Fund (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 0.02%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.4% lower.

PayPal ( PYPL ) shares were up more than 1% pre-bell, while Blue Owl Capital (OWL) stock was 2% higher after the companies said they have executed a two-year agreement under which funds managed by Blue Owl will purchase about $7 billion of buy now, pay later receivables originated by PayPal ( PYPL ) in the US.

Technology

Technology Select Sector SPDR Fund (XLK) advanced 0.3%, and the iShares US Technology ETF ( IYW ) was 0.04% higher, while the iShares Expanded Tech Sector ETF ( IGM ) was up 1%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) rose 0.8%, while the iShares Semiconductor ETF (SOXX) gained by 0.1%.

Adobe (ADBE) shares were down more than 1% in recent premarket activity after Morgan Stanley downgraded the company to equalweight from overweight and cut its price target to $450 from $520.

Commodities

Front-month US West Texas Intermediate crude oil rose 1.2% to $64.17 per barrel on the New York Mercantile Exchange. Natural gas fell 0.6% to $2.84 per 1 million British Thermal Units. The United States Oil Fund ( USO ) was 0.9% higher, while the United States Natural Gas Fund ( UNG ) declined by 0.7%.

Gold futures for December were down by 0.4% to $3,800.70 an ounce on the Comex, while silver futures retreated 0.6% to $44.35 an ounce. SPDR Gold Shares ( GLD ) rose 0.02%, and the iShares Silver Trust ( SLV ) was 0.1% higher.