09:10 AM EDT, 10/01/2025 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% lower in Wednesday's premarket activity as investors grow uneasy over fiscal gridlock and its impact on policy visibility.

US stock futures were also lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures slipping 0.4%, and Nasdaq futures retreating 0.5% before the start of regular trading.

US mortgage applications fell 12.7% in the week ended Sept. 26 as 30-year rates moved higher, Mortgage Bankers Association data showed Wednesday. Refinancing activity fell 21%, while purchase applications slipped 1% on a seasonally adjusted basis.

US private payrolls fell by 32,000 in September, defying expectations for a gain of 51,000, according to ADP data.

The S&P Global US September manufacturing purchasing managers index bulletin will be released at 9:45 am ET, followed by the September ISM manufacturing index and the construction spending report at 10 am ET.

The Energy Information Administration's weekly petroleum status report will be released at 10:30 am ET. The EIA said its website and scheduled publications will continue without interruption until further notice.

Federal Reserve Richmond President Thomas Barkin is slated to speak on Wednesday.

In premarket activity, bitcoin was up by 2.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.2% higher, Ether ETF (EETH) rose 3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was up 1.3%.

Power Play:

Technology

Technology Select Sector SPDR Fund (XLK) retreated 0.4%, the iShares US Technology ETF ( IYW ) was 0.4% lower, and the iShares Expanded Tech Sector ETF ( IGM ) was down 0.4%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) declined by 1.7%, while the iShares Semiconductor ETF (SOXX) fell by 0.6%.

Rezolve AI ( RZLV ) shares were up more than 20% in recent premarket activity after the company said it is increasing its 2025 annual recurring revenue exit rate guidance to a minimum of $150 million from $100 million previously.

Winners and Losers:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 0.1%. The Vanguard Health Care Index Fund ( VHT ) gained 0.4% while the iShares US Healthcare ETF ( IYH ) was inactive. The iShares Biotechnology ETF (IBB) was 0.2% lower.

Pharming Group ( PHAR ) stock was up more than 8% premarket after the company said the US Food and Drug Administration accepted its supplemental new drug application for leniolisib to treat children ages four to 11 with APDS.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) retreated 0.5% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

AAR (AIR) stock was down more than 7% before the opening bell after the company priced a public offering of 3 million shares at $83 per share.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was down by 0.2%.

Tenaris ( TS ) stock was up more than 2% before Wednesday's opening bell after the company said late Tuesday it has completed the first $600 million tranche of its $1.20 billion share buyback launched in June.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was down 0.1%, while the Vanguard Consumer Staples Fund (VDC) retreated 0.2%. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) lost 0.3%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was flat.

Nio (NIO) shares were up more than 1% pre-bell after the company reported vehicle deliveries of 34,749 in September, up 64% from a year earlier.

Financial

Financial Select Sector SPDR Fund (XLF) retreated 0.4%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 1.2%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 1% higher.

Commodities

Front-month US West Texas Intermediate crude oil declined 0.6% to $62.10 per barrel on the New York Mercantile Exchange. Natural gas rose 2.4% to reach $3.38 per 1 million British Thermal Units. The United States Oil Fund ( USO ) was 0.8% lower, while the United States Natural Gas Fund ( UNG ) advanced 1.5%.

Gold futures for December were up nearly 1% at $3,911.70 an ounce on the Comex, while silver futures rose by 1.9% to $47.53 an ounce. SPDR Gold Shares ( GLD ) advanced by 0.4%, and the iShares Silver Trust ( SLV ) was 1.3% higher.