08:43 AM EDT, 07/31/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 1% and the actively traded Invesco QQQ Trust (QQQ) was 1.6% higher in Wednesday's premarket activity, as traders brace for an FOMC policy announcement at the conclusion of its two-day meeting in the afternoon.

US stock futures were also higher, with S&P 500 Index futures up 1.2%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining nearly 2% before the start of regular trading.

Mortgage applications dropped 3.9% in the week ended July 26, following a 2.2% decrease the previous week, with refinancing applications falling 7% and new home applications down 2%, while 30-year fixed mortgage rates remained at 6.82%, according to the Mortgage Bankers Association Wednesday.

Released at 8:15 am ET, ADP's monthly measure of private payrolls showed a 122,000 increase in July, below expectations compiled by Bloomberg as of 7:30 am ET for an increase of 150,000. Released at 8:30 am ET, the quarterly US employment cost index rose by 0.9% in Q2, slower than the 1.2% gain in the previous quarter, the US Bureau of Labor Statistics reported, below the consensus estimate of a 1% gain in a survey compiled by Bloomberg as of 7:30 am ET.

The Chicago purchasing managers' index for July posts at 9:45 am ET, followed by the pending home sales index bulletin at 10 am ET.

The weekly EIA petroleum status report posts at 10:30 am ET.

The Federal Reserve's FOMC meeting concludes at 2 pm ET, and Chairman Jerome Powell will make a statement at 2:30 pm ET on the results of the policy setting meeting.

In premarket action, bitcoin was down by 0.6% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 0.4% higher.

Power Play:

Industrial

Industrial Select Sector SPDR Fund ( XLI ) advanced 0.9% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Powell Industries ( POWL ) shares rose more than 25% before the opening bell after the company reported higher fiscal Q3 earnings and revenue.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund ( XLK ) gained 1.9%, and the iShares US Technology ETF ( IYW ) was 1.3% higher, while the iShares Expanded Tech Sector ETF ( IGM ) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was up 2.1%, while the iShares Semiconductor ETF ( SOXX ) rose by 3.8%.

ASML ( ASML ) shares were up 7% in recent premarket activity after media reports said Tuesday the company is expected to be on a list of chip companies exempt from a sweeping new trade restriction targeting China.

Financial

Financial Select Sector SPDR Fund ( XLF ) advanced 0.6%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 1.6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 1.6% lower.

Mizuho Financial Group ( MFG ) stock was up nearly 7% pre-bell Wednesday after the company reported higher Q1 financial results.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.3%, while the Vanguard Consumer Staples Fund (VDC) was flat. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) gained 0.7%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was up nearly 1%.

Marriott International ( MAR ) stock traded down 4.3% pre-bell after the company reported higher Q2 financial results.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was up 1.2%.

Comstock Resources ( CRK ) shares were down more than 2% before Wednesday's opening bell after the company reported a Q2 adjusted net loss and lower revenue.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) was up 0.01%. The Vanguard Health Care Index Fund ( VHT ) was down 1.2% while the iShares US Healthcare ETF ( IYH ) and the iShares Biotechnology ETF ( IBB ) were inactive.

GSK (GSK) was down 2.4% premarket even after the company reported higher Q2 financial results and lifted 2024 guidance.

Commodities

Front-month US West Texas Intermediate crude oil gained 3.2% to $77.14 per barrel on the New York Mercantile Exchange. Natural gas was down 2.6% at $2.070 per 1 million British Thermal Units. United States Oil Fund ( USO ) rose nearly 3%, while the United States Natural Gas Fund ( UNG ) was down nearly 2%.

Gold futures for December were up 0.6% to $2,466 an ounce on the Comex, while silver futures gained 1.1% at $28.85 an ounce. SPDR Gold Shares ( GLD ) gained 0.6%, and iShares Silver Trust ( SLV ) rose 1.3%.