08:43 AM EDT, 07/10/2024 (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 0.4% higher in Wednesday's premarket activity, as traders digested comments Tuesday by US Federal Reserve Chairman Jerome Powell to Congress and looked ahead to further testimony from him later in the day.

US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.4% before the start of regular trading.

In the week ended July 5, US mortgage applications fell by 0.2%, driven by a 2% drop in refinancing applications, while new purchase applications rose by 1%, despite slightly lower 30-year fixed mortgage rates, according to the Mortgage Bankers Association Wednesday.

Powell's second day of semi-annual testimony before Congress is slated to begin at 10 am ET.

The wholesale inventories bulletin will be released at 10 am ET, followed by the EIA petroleum status report at 10:30 am ET.

Federal Reserve Chicago President Austan Goolsbee and Governor Michelle Bowman speak at 2:30 pm ET, and Governor Lisa Cook at 7:30 pm ET.

In premarket action, bitcoin was up by nearly 2% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was nearly 1% higher.

Power Play:

Health Care

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

Soligenix ( SNGX ) shares were up 12% premarket after the company reported Tuesday positive results of a study evaluating extended HyBryte treatment in patients with early-stage cutaneous T-cell lymphoma.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.2%, while the Vanguard Consumer Staples Fund (VDC) was down 0.1%. The iShares US Consumer Staples ETF ( IYK ) was inactive, while the Consumer Discretionary Select Sector SPDR Fund ( XLY ) was up 0.2%, the VanEck Retail ETF ( RTH ) was inactive, and the SPDR S&P Retail ETF ( XRT ) was down 0.2%.

Yatsen Holding ( YSG ) stock traded down 7.5% pre-bell after the company said it is lowering its Q2 revenue outlook to reflect current and preliminary views on the market and operational conditions.

Technology

Technology Select Sector SPDR Fund ( XLK ) advanced 0.6%, the iShares US Technology ETF ( IYW ) was up 0.7%, and the iShares Expanded Tech Sector ETF ( IGM ) was up 1.3%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) fell 1.6%, while the iShares Semiconductor ETF ( SOXX ) rose by 0.8%.

Taiwan Semiconductor Manufacturing ( TSM ) stock was up 2.3% in recent Wednesday premarket activity after the company reported June revenue of 207.87 billion New Taiwanese dollars ($6.37 billion), up NT$156.40 billion a year earlier.

Energy

The iShares US Energy ETF ( IYE ) gained marginally by 0.02%, while the Energy Select Sector SPDR Fund ( XLE ) was 0.1% higher.

Solaris Oilfield Infrastructure ( SOI ) stock was down 0.2% before Wednesday's opening bell after the company said late Tuesday it had agreed to acquire Mobile Energy Rentals for $200 million in cash and stock.

Industrial

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

3M ( MMM ) shares were down 0.2% before the opening bell after the company said that Chief Financial Officer Monish Patolawala had resigned, effective July 31, to pursue another opportunity.

Financial

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

Aon (AON) shares were down 1.1% pre-bell Wednesday after Morgan Stanley cut its price target on the company to $296 from $300, while Jefferies raised it to $329 from $324.

Commodities

Front-month US West Texas Intermediate crude oil retreated 0.5% to $82.72 per barrel on the New York Mercantile Exchange. Natural gas was up 1.4% to $2.352 per 1 million British Thermal Units. United States Oil Fund ( USO ) lost 0.1%, while the United States Natural Gas Fund ( UNG ) slipped 0.3%.

Gold futures for August advanced 0.2% to $2,360.30 an ounce on the Comex, while silver futures rose 0.7% to $31.285 an ounce. SPDR Gold Shares ( GLD ) gained 0.8%, and iShares Silver Trust ( SLV ) was 0.8% higher.