07:54 AM EDT, 05/01/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.3% and the actively traded Invesco QQQ Trust (QQQ) was 0.6% lower in Wednesday's premarket activity, ahead of the US Federal Reserve announcement due later in the day.

US stock futures were mixed, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures losing 0.6% before the start of regular trading.

Mortgage applications decreased by 2.3% in the week ended April 26 due to rising mortgage rates, resulting in declines in refinancing and new home applications. The average interest rate for 30-year fixed mortgages increased to 7.29%, the highest since November 2023, signaling a challenging environment for the housing market, according to the Mortgage Bankers Association.

The ADP Employment Report for April is due 8:15 am ET, while the US PMI manufacturing final print for April posts at 9:45 am ET.

The ISM Manufacturing Index for April, the construction spending report for March, and the Job Openings and Labor Turnover Survey, aka JOLTS, will be released at 10 am ET.

The weekly EIA domestic oil inventories bulletin is expected at 10:30 am ET.

The US central bank's announcement is slated for 2 pm ET, followed by the Fed Chair Jerome Powell's press conference at 2:30 pm ET.

In premarket action, bitcoin was down 2.7% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.4% lower.

Power Play:

Financial

Financial Select Sector SPDR Fund (XLF) retreated by 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.

Root (ROOT) shares were up more than 23% pre-bell Wednesday after the company reported a lower-than-expected loss that was also narrower than a year earlier.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was 0.3% lower, while the Vanguard Consumer Staples Fund (VDC) was up 0.6%. The iShares US Consumer Staples ETF (IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) was also inactive. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) retreated 0.1%.

Starbucks ( SBUX ) shares traded down more than 12% pre-bell after the company reported fiscal Q2 adjusted earnings and sales that missed analysts' expectations.

Health Care

The Health Care Select Sector SPDR Fund (XLV) retreated 0.3%. The Vanguard Health Care Index Fund (VHT) and the iShares US Healthcare ETF (IYH) were inactive. The iShares Biotechnology ETF (IBB) was 0.8% lower.

CVS Health ( CVS ) was down 12% premarket after the company reported Q1 adjusted earnings of $1.31 per diluted share, down from $2.20 a year earlier.

Technology

Technology Select Sector SPDR Fund (XLK) retreated 0.7%, and the iShares US Technology ETF (IYW) was 0.4% lower, 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 1.6%.

Skyworks Solutions ( SWKS ) was down 14% in recent premarket activity after the company reported lower year-over-year fiscal Q2 financial results.

Energy

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

NexGen Energy ( NXE ) was up 7.2% before Wednesday's opening bell, a day after the company said it is upsizing its previously announced offering of CHESS depositary interests in Australia to about C$224 million ($162.9 million).

Industrial

Industrial Select Sector SPDR Fund (XLI) was flat and the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.

Generac Holdings ( GNRC ) was flat before the opening bell after the company reported Q1 adjusted earnings Wednesday of $0.88 per diluted share, up from $0.63 a year earlier.

Commodities

Front-month US West Texas Intermediate crude oil retreated 1.5% to $80.72 per barrel on the New York Mercantile Exchange. Natural gas fell 2.9% to $1.93 per 1 million British Thermal Units. United States Oil Fund (USO) was 1% lower, while the United States Natural Gas Fund (UNG) lost 1.4%.

Gold futures for June edged up 0.02% to $2,303.40 an ounce on the Comex, and silver futures gained 0.2% to $26.72 an ounce. SPDR Gold Shares (GLD) advanced 0.1%, and iShares Silver Trust (SLV) was 0.6% higher.