08:18 AM EDT, 05/07/2025 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.7% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.7% in Wednesday's premarket activity, as investors welcomed the announcement of upcoming US-China trade talks.

US stock futures were also higher, with S&P 500 Index futures up 0.6%, Dow Jones Industrial Average futures advancing 0.7%, and Nasdaq futures gaining 0.6% before the start of regular trading.

US mortgage applications rose 11% in the week ended May 2, rebounding from the prior week's decline as lower interest rates boosted both refinancing and home purchase activity, Mortgage Bankers Association data showed Wednesday.

The weekly EIA petroleum status report will be released at 10:30 am ET.

The US central bank will announce its rate decision at 2 pm ET, followed by Chair Jerome Powell's 2:30 pm ET press conference.

The Consumer Credit report for March is slated for a 3 pm ET release.

In premarket activity, bitcoin was up by 2.2% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.2% higher.

Power Play:

Technology

Technology Select Sector SPDR Fund (XLK) advanced 0.6%, while the iShares US Technology ETF ( IYW ) and the iShares Expanded Tech Sector ETF ( IGM ) were inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 0.6%.

Entegris ( ENTG ) shares were down more than 6% in recent Wednesday premarket activity after the company reported lower Q1 adjusted earnings.

Winners and Losers:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.6%. The Vanguard Health Care Index Fund ( VHT ) was up 0.2% while the iShares US Healthcare ETF ( IYH ) slipped 0.02%. The iShares Biotechnology ETF (IBB) gained 0.9%.

Novo Nordisk ( NVO ) stock was up more than 5% premarket after the company posted higher Q1 earnings and revenue.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.6%, while the Vanguard Consumer Staples Fund (VDC) was down 0.3%. The iShares US Consumer Staples ETF ( IYK ) was flat, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) gained 0.6%. The VanEck Retail ETF ( RTH ) and the SPDR S&P Retail ETF ( XRT ) were inactive.

Bunge Global ( BG ) shares were up nearly 5% pre-bell after the company reported higher-than-expected Q1 adjusted earnings.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.8%.

NovaGold Resources ( NG ) stock was down more than 4% before Wednesday's opening bell after the company said late Tuesday it plans a public offering of up to 43.5 million common shares.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) advanced 0.7% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Geo Group (GEO) stock was down more than 3% before the opening bell after the company posted lower Q1 adjusted earnings and revenue.

Financial

Financial Select Sector SPDR Fund (XLF) advanced 0.8%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 2.1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 2.1% lower.

MarketAxess Holdings ( MKTX ) shares were down 1.2% pre-bell Wednesday after the company reported lower Q1 earnings and revenue.

Commodities

Front-month US West Texas Intermediate crude oil gained 0.9% to reach $59.60 per barrel on the New York Mercantile Exchange. Natural gas rose 2.9% to $3.56 per 1 million British Thermal Units. United States Oil Fund ( USO ) was up 0.8%, while the United States Natural Gas Fund ( UNG ) was 2.7% higher.

Gold futures for June were down 0.8% at $3,394.20 an ounce on the Comex, while silver futures retreated 0.8% to $33.12 an ounce. SPDR Gold Shares ( GLD ) declined 1%, and the iShares Silver Trust ( SLV ) was 1% lower.