08:31 AM EDT, 10/23/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 0.2% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% lower in Wednesday's premarket activity as investors await Tesla's (TSLA) earnings release.

US stock futures were also lower, with S&P 500 Index futures down 0.3%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures retreating 0.4% before the start of regular trading.

US mortgage applications dropped 6.7% to a three-month low last week as rates for 30-year fixed loans remained at 6.52%, according to the Mortgage Bankers Association's report Wednesday.

Fed Governor Michelle Bowman speaks at 9 am ET.

The September existing home sales bulletin will be released at 10 am ET, along with the Atlanta Fed Business Inflation Expectations for October report.

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

Richmond Fed President Thomas Barkin is slated to speak at 12 pm.

The Federal Reserve's Beige Book, a compendium of economic and business reports from the 12 regional branches, posts at 2 pm ET.

In premarket activity, bitcoin was down by 1.4% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.5% lower.

Power Play:

Industrial

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

Spirit Airlines ( SAVE ) shares were up more than 32% before the opening bell after The Wall Street Journal reported, citing people familiar with the matter, that Frontier Group Holdings (ULCC) has held early-stage discussions to explore a renewed bid for Spirit.

Winners and Losers:

Financial

Financial Select Sector SPDR Fund ( XLF ) retreated marginally by 0.04%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 0.1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.3% higher.

TransUnion ( TRU ) shares were up 4% pre-bell Wednesday after the company reported higher Q3 adjusted earnings and revenue alongside increasing its guidance for 2024.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was down 0.4%, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) lost 0.7%. The VanEck Retail ETF ( RTH ) and the SPDR S&P Retail ETF ( XRT ) were inactive.

Hilton Worldwide Holdings ( HLT ) shares were down 3.9% pre-bell after the company reported lower-than-expected Q3 revenue and offered tepid fiscal 2024 guidance.

Technology

Technology Select Sector SPDR Fund ( XLK ) retreated 0.2%, and the iShares US Technology ETF ( IYW ) was 0.1% higher, 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 ) fell by 0.2%.

Roper Technologies ( ROP ) stock was up 1.4% in recent Wednesday premarket activity after the company reported higher Q3 adjusted earnings and revenue.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was down by 0.3%.

Range Resources ( RRC ) stock was up 1.2% before Wednesday's opening bell after the company reported higher Q3 financial results late Tuesday.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) was flat. The Vanguard Health Care Index Fund ( VHT ) was up 0.1% while the iShares US Healthcare ETF ( IYH ) and the iShares Biotechnology ETF ( IBB ) were inactive.

Boston Scientific ( BSX ) stock was up 1% premarket after the company reported higher Q3 adjusted earnings and revenue in addition to lifting its 2024 guidance.

Commodities

Front-month US West Texas Intermediate crude oil fell 2.1% to $70.27 per barrel on the New York Mercantile Exchange. Natural gas declined 1.8% to $2.27 per 1 million British Thermal Units. United States Oil Fund ( USO ) was down 1.4%, while the United States Natural Gas Fund ( UNG ) lost 1%.

Gold futures for December gained 0.2% to reach $2,765.50 an ounce on the Comex, while silver futures lost 0.7% to $34.79 an ounce. SPDR Gold Shares ( GLD ) advanced 0.1%, and iShares Silver Trust ( SLV ) was 0.6% lower.