08:34 AM EDT, 06/12/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.2% higher in Wednesday's premarket activity, ahead of the US Federal Reserve's monetary policy announcement.

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

In the week ended June 7, US mortgage applications surged by 15.6% after a previous decline, driven by a drop in 30-year fixed mortgage rates to 7.02%. Refinancing applications jumped 28%, and new purchase applications rose 9%, aided by slightly improved, though still low, home inventories.

The May consumer price index (CPI) report is slated for an 8:30 am ET release, followed by the weekly report from the EIA on domestic oil inventories at 10.20 am ET.

The Fed will disclose any policy changes at 2 pm ET, followed by a 2:30 pm ET press conference with Chair Jerome Powell.

In premarket action, bitcoin was up by 0.8% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 0.9% higher.

Power Play:

Industrial

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

Rentokil Initial ( RTO ) gained more than 13% before the opening bell after news outlets reported, citing a statement from the activist investor, that Trian Fund Management said it now has a top 10 stake in Rentokil and has reached out to the company to discuss ways to increase shareholder value.

Winners and Losers:

Financial

Financial Select Sector SPDR Fund ( XLF ) advanced by 0.1%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 0.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.6% lower.

Mountain & Co. I Acquisition ( MCAA ) shares were up 5% in premarket activity even after the company said it received a notice of non-compliance from Nasdaq after Mountain failed to file a Form 10-Q for the period ending March 31.

Technology

Technology Select Sector SPDR Fund ( XLK ) gained 0.3%, and the iShares US Technology ETF ( IYW ) was marginally down by 0.02%, 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 0.5%.

Banzai International ( BNZI ) shares retreated more than 5% in recent Wednesday premarket activity after the company said late Tuesday Mark Musburger will resign as chief financial officer, effective Friday.

Health Care

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

Scilex Holding ( SCLX ) shares gained more than 3% premarket after the company said Tuesday that it signed a commitment letter with Perigrove and Graf Holdings as lenders for a $100 million, five-year term financing with royalty-based payments.

Consumer

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

FIGS (FIGS) shares traded down 2.5% after the company said it had appointed Sarah Oughtred as its chief financial officer, effective Aug. 9.

Energy

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

Navigator Holdings ( NVGS ) stock price was down more than 2% before Wednesday's opening bell after the company said that its selling shareholder, BW Group, is planning a secondary offering of 7 million shares at $15.00 per share, with the Navigator not receiving any proceeds from this sale.

Commodities

Front-month US West Texas Intermediate crude oil advanced 1.1% to $78.77 per barrel on the New York Mercantile Exchange. Natural gas was 1.7% lower at $3.08 per 1 million British Thermal Units. United States Oil Fund ( USO ) was up 1.2%, while the United States Natural Gas Fund ( UNG ) was 2% lower.

Gold futures for August advanced 0.1% to $2,329.60 an ounce on the Comex, while silver futures gained 0.8% to $29.48 an ounce. SPDR Gold Shares ( GLD ) slipped 0.1%, and iShares Silver Trust ( SLV ) was 0.4% higher.