09:02 AM EDT, 10/29/2025 (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 0.5% higher in Wednesday's premarket activity, as investors expect the Federal Reserve to announce interest rate cuts after its two-day policy meeting.

US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures gaining 0.4% before the start of regular trading.

US mortgage applications rose 7.1% in the week ended Oct. 24 as 30-year fixed rates fell to their lowest level since September 2024, Mortgage Bankers Association data showed Wednesday. Refinancing activity rose 9% and purchase applications gained 5%, with broad increases across loan types.

The weekly EIA petroleum status report will be released at 10:30 am ET, followed by the Atlanta Fed Survey of Business Uncertainty at 11 am ET.

The Federal Reserve will announce its latest interest-rate decision at 2 pm ET, followed by Fed Chief Jerome Powell's press conference at 2:30 pm ET.

In premarket activity, bitcoin declined by 0.5%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.4% lower, Ether ETF (EETH) was down 1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated 0.02%.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 0.2%. The Vanguard Health Care Index Fund ( VHT ) was up 0.3%, while the iShares US Healthcare ETF ( IYH ) was flat. The iShares Biotechnology ETF (IBB) was 0.1% lower.

Bausch + Lomb ( BLCO ) stock was up more than 8% premarket after the company reported higher Q3 adjusted earnings and revenue.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) gained 1%, and the iShares US Technology ETF ( IYW ) was 1% higher, while the iShares Expanded Tech Sector ETF ( IGM ) was up 0.7%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) advanced nearly 1%, while the iShares Semiconductor ETF (SOXX) rose by 1.8%.

Cognizant Technology Solutions ( CTSH ) shares were up more than 6% in recent premarket activity after the company reported higher Q3 adjusted earnings and revenue.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) advanced 0.2%, the Vanguard Industrials Index Fund ( VIS ) was inactive, and the iShares US Industrials ETF ( IYJ ) advanced 0.01%.

Caterpillar ( CAT ) stock was up more than 4% before the opening bell after the company reported better-than-expected Q3 adjusted earnings and revenue.

Financial

Financial Select Sector SPDR Fund (XLF) retreated 0.5%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 1.4%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 1.4% higher.

Deutsche Bank ( DB ) shares were up more than 2% pre-bell after the company reported higher Q3 earnings and revenue.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was down 0.6%, while the Vanguard Consumer Staples Fund (VDC) retreated 0.4%. The iShares US Consumer Staples ETF ( IYK ) was flat, 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 0.1% lower.

Kraft Heinz ( KHC ) shares were down more than 1% pre-bell after the company reported lower fiscal Q3 adjusted earnings and net sales.

Energy

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

Range Resources ( RRC ) stock was up nearly 1% before Wednesday's opening bell after the company reported higher Q3 adjusted earnings and revenue.

Commodities

Front-month US West Texas Intermediate crude oil advanced 0.4% to $60.39 per barrel on the New York Mercantile Exchange. Natural gas was down 4.5% at $3.19 per 1 million British Thermal Units. The United States Oil Fund ( USO ) retreated by 0.2%, while the United States Natural Gas Fund ( UNG ) was 0.9% lower.

Gold futures for December rose by 1.2% to $4,029.30 an ounce on the Comex, while silver futures advanced 1.8% to $48.15 an ounce. SPDR Gold Shares ( GLD ) rose 1.7%, and the iShares Silver Trust ( SLV ) was 2.8% higher.