08:20 AM EST, 11/06/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 2.3% and the actively traded Invesco QQQ Trust (QQQ) was 1.8% higher in Wednesday's premarket session, as investors digest election results making Donald Trump the 47th US president.

US stock futures also rose, with S&P 500 Index futures up 2.3%, Dow Jones Industrial Average futures advancing 3.2%, and Nasdaq futures gaining 1.7% before the start of regular trading.

US mortgage applications dropped 10.8% in the week ended Nov. 1, as mortgage rates rose to their highest level since July, the Mortgage Bankers Association reported Wednesday.

October's S&P US Global PMI composite final will be released at 9:45 am ET, followed by the weekly EIA petroleum status report at 10:30 am ET.

In premarket action, Bitcoin was up by 6.9% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 7.3% higher.

Power Play:

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.2%, while the Vanguard Consumer Staples Fund (VDC) was flat. The iShares US Consumer Staples ETF ( IYK ) advanced 3%, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) gained 2.7%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was up 0.9%.

ODP (ODP) shares were down 13% pre-bell after the company reported lower Q3 adjusted earnings and sales, and cut its outlook for 2024 adjusted EPS.

Winners and Losers:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 1.2%. The Vanguard Health Care Index Fund ( VHT ) climbed 3.3% while the iShares US Healthcare ETF ( IYH ) gained 0.1%. The iShares Biotechnology ETF (IBB) was 1.9% higher.

CVS Health ( CVS ) stock was up more than 9% premarket after the company reported forecast-beating Q3 adjusted earnings and revenue.

Energy

The iShares US Energy ETF ( IYE ) climbed 2.8%, while the Energy Select Sector SPDR Fund ( XLE ) was up by 2.5%.

Consol Energy ( CEIX ) stock was up more than 7% before Wednesday's opening bell after B. Riley lifted its price target for the company following Consol's Tuesday report of higher Q3 earnings and revenue.

Technology

Technology Select Sector SPDR Fund ( XLK ) advanced 1.6%, and the iShares US Technology ETF ( IYW ) was 2.1% higher, while the iShares Expanded Tech Sector ETF ( IGM ) was up 1.8%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) rose 3.8%, while the iShares Semiconductor ETF (SOXX) gained 1.4%.

AvidXchange Holdings ( AVDX ) shares were up more than 6% in recent Wednesday premarket activity after the company reported higher Q3 non-GAAP earnings and revenue.

Financial

Financial Select Sector SPDR Fund (XLF) rose 5.4%. Direxion Daily Financial Bull 3X Shares ( FAS ) soared more than 15%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) fell more than 16%.

Hamilton Lane ( HLNE ) shares were up 5.4% pre-bell Wednesday after the company reported higher fiscal Q2 non-GAAP earnings and revenue.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) advanced 3.5% while the Vanguard Industrials Index Fund ( VIS ) was flat and the iShares US Industrials ETF ( IYJ ) was 4.2% higher.

Howmet Aerospace ( HWM ) stock was up 4.5% before the opening bell after the company reported higher Q3 adjusted earnings and sales, and lifted its 2024 adjusted EPS guidance.

Commodities

Front-month US West Texas Intermediate crude oil fell by 2.1% to $70.46 per barrel on the New York Mercantile Exchange. Natural gas gained 0.5% to $2.68 per 1 million British Thermal Units. United States Oil Fund ( USO ) was down 2.7%, while the United States Natural Gas Fund ( UNG ) advanced 0.9%.

Gold futures for December decreased 1.6% to $2,706.60 an ounce on the Comex, while silver futures retreated 2.7% to $31.89 an ounce. SPDR Gold Shares ( GLD ) declined by 2%, and iShares Silver Trust ( SLV ) was 3.2% lower.