08:03 AM EDT, 07/03/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was flat and the actively traded Invesco QQQ Trust (QQQ) was 0.03% lower in Wednesday's premarket activity as markets traded mixed ahead of a deluge of economic data due later in the day.

US stock futures were mixed, with S&P 500 Index futures edging down marginally, Dow Jones Industrial Average futures advancing 0.01%, and Nasdaq futures slipping 0.03% before the start of regular trading.

In June, US companies planned to cut 48,786 jobs, down from May's 63,816 but higher than the 40,709 cuts a year ago, with the consumer products sector seeing the most layoffs, according to outplacement firm Challenger, Gray & Christmas. Market and economic conditions were the primary reasons for the cuts, while hiring plans rose significantly to 19,087, led by the technology sector.

The private-sector ADP Employment Report for June will be released at 8:15 am ET, followed by the international trade report for May and the weekly jobless claims at 8:30 am ET.

The S&P PMI composite final for the US is slated for 9:45 am ET, while the factory orders for May, and the ISM Services Index for June, will be posted at 10 am ET.

The weekly EIA petroleum status bulletin will be released at 10:30 am ET, followed by the weekly EIA natural gas report at 12 pm ET.

The New York Stock Exchange will ring the closing bell at 1 pm ET in honor of the July 4 holiday on Thursday.

Minutes of the most recent Federal Reserve policy meeting, held June 11-12, will be released at 2 pm ET.

In premarket action, bitcoin was down by 2.6% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 2.8% lower.

Power Play:

Technology

Technology Select Sector SPDR Fund ( XLK ) retreated 0.2%, and the iShares US Technology ETF ( IYW ) was 0.3% higher, while the iShares Expanded Tech Sector ETF ( IGM ) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was inactive, while the iShares Semiconductor ETF ( SOXX ) rose by 0.2%.

VivoPower International ( VVPR ) shares rallied past 121% in recent Wednesday premarket activity after the company said that its electric vehicle unit Tembo had extended its exclusive heads of agreement with Cactus Acquisition (CCTS) by one month to July 31 to allow more time to finalize their merger.

Winners and Losers:

Financial

Financial Select Sector SPDR Fund ( XLF ) gained 0.1%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 0.4%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.3% lower.

First Foundation ( FFWM ) shares fell more than 24% premarket after the company said Tuesday that affiliates of Fortress Investment Group, Canyon Partners, Strategic Value Bank Partners, North Reef Capital are investing up to $228 million.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.1%. The Vanguard Health Care Index Fund ( VHT ) and the iShares US Healthcare ETF ( IYH ) were inactive. The iShares Biotechnology ETF ( IBB ) was down 0.03%.

CureVac ( CVAC ) shares were up more than 19% premarket after it restructured its existing partnership with GSK (GSK) into a new licensing agreement allowing each company to prioritize investment and focus on its mRNA development activities.

Industrial

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

Mesa Air Group ( MESA ) shares gained 13% before the opening bell after the company said Tuesday it would furlough 12 pilots and defer training for 41 pilot trainees, effective July 12, to balance pilot supply given the lower attrition in its active pilot workforce.

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 ) gained 0.7%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was flat.

Tesla (TSLA) traded up more than 3% pre-bell after Wedbush raised its price target for the company to $300 from $275. Also, Wedbush analyst Dan Ives said, ahead of Robotaxi Day on Aug. 8, that the electric vehicle maker is the "most undervalued" artificial intelligence play in markets.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.3%.

Kosmos Energy ( KOS ) shares were up 1.6% before Wednesday's opening bell after the company said it has commenced oil production at the Winterfell development in the US Gulf of Mexico, with initial production from two wells.

Commodities

Front-month US West Texas Intermediate crude oil advanced 0.1% to $82.86 per barrel on the New York Mercantile Exchange. Natural gas was 0.04% lower at $2.43 per 1 million British Thermal Units. United States Oil Fund ( USO ) declined 0.2%, while the United States Natural Gas Fund ( UNG ) fell 1%.

Gold futures for August advanced 1.1% to $2,358.70 an ounce on the Comex, while silver futures gained 2.6% to reach $30.44 an ounce. SPDR Gold Shares ( GLD ) added 0.7%, and iShares Silver Trust ( SLV ) was 2.1% higher.