08:10 AM EDT, 08/07/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 1.1% and the actively traded Invesco QQQ Trust (QQQ) was 1.3% higher in Wednesday's premarket activity, as the previous day's market rebound continued to lift stocks.

US stock futures were also higher, with S&P 500 Index futures up 1.2%, Dow Jones Industrial Average futures advancing 0.8%, and Nasdaq futures gaining 1.4% before the start of regular trading.

Mortgage applications increased by 6.9% for the week ended Aug. 2 due to a significant drop in mortgage rates, the lowest since May 2023, spurring a 16% rise in refinancing and a 1% increase in new home applications, per Mortgage Bankers Association data Wednesday.

The weekly EIA domestic oil inventories bulletin will be released at 10:30 am ET. The Consumer credit report for June will be released at 3 pm ET.

In premarket action, bitcoin was up by 0.9% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 0.3% higher.

Power Play:

Financial

Financial Select Sector SPDR Fund ( XLF ) advanced 1.1%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 3.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 3.2% lower.

Upstart Holdings ( UPST ) shares rallied past 26% premarket Wednesday after the company posted a lower-than-expected Q2 adjusted loss late Tuesday.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund ( XLK ) rose 1.8%, and the iShares US Technology ETF ( IYW ) was 2.3% 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 0.9%.

Shopify ( SHOP ) shares were up more than 18% in recent Wednesday premarket activity after the company reported higher Q2 adjusted earnings and revenue.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.5% and the Vanguard Consumer Staples Fund (VDC) gained 1.5%. The iShares US Consumer Staples ETF ( IYK ) was inactive, while the Consumer Discretionary Select Sector SPDR Fund ( XLY ) advanced 0.9%. The VanEck Retail ETF ( RTH ) and the SPDR S&P Retail ETF ( XRT ) were inactive.

Airbnb ( ABNB ) traded down 14% pre-bell after the company posted lower Q2 earnings late Tuesday, trailing analysts' expectations.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) advanced 1% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Global Payments ( GPN ) shares gained 7% before the opening bell after the company reported higher Q2 adjusted earnings and revenue.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.2%, the Vanguard Health Care Index Fund ( VHT ) was up 0.9%, while the iShares US Healthcare ETF ( IYH ) was inactive. The iShares Biotechnology ETF ( IBB ) was also inactive.

Novo Nordisk ( NVO ) stock was down nearly 5% premarket after the company reported lower-than-expected Q2 results.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was up by 1.4%.

Independence Contract Drilling ( ICD ) stock was flat before Wednesday's opening bell after the company reported a wider Q2 adjusted loss and lower revenue.

Commodities

Front-month US West Texas Intermediate crude oil advanced 1.7% to $74.46 per barrel on the New York Mercantile Exchange. Natural gas was up 2.2% at $2.05 per 1 million British Thermal Units. United States Oil Fund ( USO ) rose 2.2%, while the United States Natural Gas Fund ( UNG ) was 1.7% higher.

Gold futures for December gained 0.2% at $2,436.80 an ounce on the Comex, while silver futures gained marginally by 0.01% at $27.22 an ounce. SPDR Gold Shares ( GLD ) advanced 0.3%, and iShares Silver Trust ( SLV ) 0.3% higher.