08:21 AM EDT, 07/24/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 0.7% and the actively traded Invesco QQQ Trust (QQQ) was 0.1% lower in Wednesday's premarket activity, dragged down by mixed quarterly earnings reports from big tech names.

US stock futures were also lower, with S&P 500 Index futures retreating 0.7%, Dow Jones Industrial Average futures slipping 0.4%, and Nasdaq futures declining 1% before the start of regular trading.

Despite a decrease in interest rates, US mortgage applications fell by 2.2% for the week ended July 19, driven by a 4% drop in new home applications and a slight 0.3% increase in refinancing activity, according to the Mortgage Bankers Association Wednesday. This decline comes after a 3.9% rise in the previous week.

The S&P PMI composite flash report for July will be released at 9:45 am ET, followed by new home sales June report at 10 am ET.

The weekly EIA petroleum status report posts at 10:30 am ET, followed by the Atlanta Fed Survey of Business Uncertainty bulletin for July at 11 am ET.

In premarket action, bitcoin was up by 1.4% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 1.3% higher.

Power Play:

Industrial

Industrial Select Sector SPDR Fund ( XLI ) was inactive, the Vanguard Industrials Index Fund ( VIS ) was down 0.3%, and the iShares US Industrials ETF ( IYJ ) was inactive.

SFL (SFL) stock was down more than 10% before the opening bell after the company priced its underwritten public offering of 8 million shares at $12.50 per share.

Winners and Losers:

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 ) lost 1.7%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was up 0.1%.

Tesla's (TSLA) shares were down more than 8% pre-bell Wednesday as the electric vehicle manufacturer's Q2 earnings and automotive revenue fell year over year.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) was down 0.1%. The Vanguard Health Care Index Fund ( VHT ) was up 0.7% while the iShares US Healthcare ETF ( IYH ) was inactive. The iShares Biotechnology ETF ( IBB ) was 0.4% lower.

Tenet Healthcare ( THC ) shares were up 5.2% premarket after the company reported higher Q2 financial results and raised its 2024 guidance.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.2%.

New Fortress Energy ( NFE ) stock was up 2.3% before Wednesday's opening bell after the company said it closed a $700 million loan for its second FLNG unit.

Financial

Financial Select Sector SPDR Fund ( XLF ) retreated 0.4%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 1.6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 1.5% higher.

Banco Santander (SAN) shares were up 2% after the company reported higher-than-expected Q2 results.

Technology

Technology Select Sector SPDR Fund ( XLK ) retreated 0.9%, and the iShares US Technology ETF ( IYW ) was down 1.1%, while the iShares Expanded Tech Sector ETF ( IGM ) was 0.3% lower. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was flat, while the iShares Semiconductor ETF ( SOXX ) fell by 1.2%.

Texas Instruments ( TXN ) stock was up 1.8% in recent Wednesday premarket activity after the company reported forecast-beating Q2 results.

Commodities

Front-month US West Texas Intermediate crude oil gained 1.2% to reach $77.86 per barrel on the New York Mercantile Exchange. Natural gas fell 2.7% to $2.13 per 1 million British Thermal Units. United States Oil Fund ( USO ) advanced 0.8%, while the United States Natural Gas Fund ( UNG ) was nearly 4% lower.

Gold futures for December were up 0.2% at $2,460.10 an ounce on the Comex, while silver futures gained 0.4% to reach $29.46 an ounce. SPDR Gold Shares ( GLD ) gained 0.4%, and iShares Silver Trust ( SLV ) was 0.5% higher.