08:14 AM EDT, 06/11/2025 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 0.1% and the actively traded Invesco QQQ Trust (QQQ) retreated 0.1% in Wednesday's premarket activity, ahead of the CPI report for May.

US stock futures were also lower, with S&P 500 Index futures down 0.2%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures losing 0.2% before the start of regular trading.

US mortgage applications rose 12.5% in the week ended June 6, rebounding from the prior week's drop as both refinancing and purchase activity picked up, while 30-year mortgage rates held steady, Mortgage Bankers Association data showed Wednesday.

The Consumer Price Index report for May will be released at 8:30 am ET, followed by the weekly EIA domestic petroleum inventories report at 10:30 am ET.

In premarket activity, bitcoin was down by 0.3%, and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.3% lower.

Power Play:

Technology

Technology Select Sector SPDR Fund (XLK) retreated 0.4%, and the iShares US Technology ETF ( IYW ) was 0.01% lower, while the iShares Expanded Tech Sector ETF ( IGM ) was down 1.2%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was flat, while the iShares Semiconductor ETF (SOXX) declined by 0.1%.

Gitlab ( GTLB ) shares were down more than 12% in recent premarket activity after a number of analysts, including Truist Securities, cut its price target following fiscal Q1 results that beat estimates but were "lighter than what investors were looking for."

Winners and Losers:

Financial

Financial Select Sector SPDR Fund (XLF) declined 0.2%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares ( FAZ ) , was 0.4% higher.

Iren ( IREN ) shares were down 3% pre-bell Wednesday after the company said it priced a private offering of $500 million of 3.5% convertible senior notes due Dec. 15, 2029, for about $486.1 million in expected net proceeds.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) retreated 0.1% while the Vanguard Industrials Index Fund ( VIS ) increased 0.01% and the iShares US Industrials ETF ( IYJ ) was inactive.

Lockheed Martin ( LMT ) stock was down more than 2% before the opening bell after Bloomberg News reported that the defense contractor is facing a setback as the US Air Force scaled back its request for the F-35 by half.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) retreated marginally by 0.01%, 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 0.1%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was inactive.

Tesla (TSLA) shares were up 2% pre-bell Wednesday after Chief Executive Elon Musk said that some of his recent posts about US President Donald Trump "went too far."

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.4%.

Phillips 66 (PSX) stock was down more than 1% before Wednesday's opening bell after Wells Fargo cut its price target to $147 from $149.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 0.1%. The Vanguard Health Care Index Fund ( VHT ) declined by 0.04% while the iShares US Healthcare ETF ( IYH ) gained 0.02%. The iShares Biotechnology ETF (IBB) was inactive.

Commodities

Front-month US West Texas Intermediate crude oil advanced 1.4%, reaching $65.89 per barrel on the New York Mercantile Exchange. Natural gas gained 1.4% to reach $3.58 per 1 million British Thermal Units. United States Oil Fund ( USO ) was 1.6% higher, while the United States Natural Gas Fund ( UNG ) increased by 1.3%.

Gold futures for August were up 0.3% at $3,354.60 an ounce on the Comex, while silver futures were down 0.7% at $36.40 an ounce. SPDR Gold Shares ( GLD ) was 0.2% higher, and the iShares Silver Trust ( SLV ) lost 0.8%.