08:24 AM EST, 02/12/2025 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 0.02% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.2% in Wednesday's premarket activity as markets traded mixed amid investor caution ahead of Jerome Powell's testimony and the consumer price index report.

US stock futures were mixed, with S&P 500 Index futures down 0.02%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.2% before the start of regular trading.

US mortgage applications rose 2.3% in the week ended Feb. 7 as lower rates drove a 10% rise in refinancing, while purchase applications fell 2%, Mortgage Bankers Association data showed Wednesday.

The January consumer price index bulletin will be released at 8:30 am ET.

Federal Reserve Chairman Jerome Powell is slated to appear before the US House of Representatives at 10 am ET.

The weekly EIA petroleum status report will be released at 10:30 am ET.

Atlanta Fed President Raphael Bostic speaks at 12 pm ET, followed by Fed Governor Christopher Waller at 5:05 pm ET.

In premarket activity, bitcoin was up by 0.9% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.2%. The Vanguard Health Care Index Fund ( VHT ) was up 0.3% while the iShares US Healthcare ETF ( IYH ) was inactive. The iShares Biotechnology ETF (IBB) was flat.

CVS Health ( CVS ) stock was up more than 10% premarket after the company reported higher-than-expected Q4 adjusted earnings and revenue.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) retreated 0.02%, and the iShares US Technology ETF ( IYW ) was 0.2% higher, while the iShares Expanded Tech Sector ETF ( IGM ) was down 0.4%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 0.2%.

Super Micro Computer ( SMCI ) shares were up 13% in recent Wednesday premarket activity after the company said late Tuesday it agreed to sell $700 million aggregate principal amount of 2.25% convertible senior notes due 2028 in a private placement to existing debtholders.

Industrial

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

Westinghouse Air Brake Technologies ( WAB ) stock was down 7.5% before the opening bell after the company posted lower-than-expected Q4 adjusted earnings and net sales.

Consumer

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

Smurfit Westrock ( SW ) shares were down 4.5% pre-bell after the company reported Q4 earnings and net sales that trailed FactSet analyst estimates.

Financial

Financial Select Sector SPDR Fund (XLF) was flat. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 0.1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.2% higher.

Brookfield Asset Management ( BAM ) shares were up over 5% pre-bell Wednesday after the company reported higher Q4 distributable earnings that beat analyst estimates.

Energy

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

EOG Resources ( EOG ) stock was up nearly 1% before Wednesday's opening bell after RBC Capital upgraded the company to outperform from sector perform and lifted its price target to $155 from $150.

Commodities

Front-month US West Texas Intermediate crude oil retreated 1.1% at $72.50 per barrel on the New York Mercantile Exchange. Natural gas was down 0.5% at $3.50 per 1 million British Thermal Units. United States Oil Fund ( USO ) retreated 1%, while the United States Natural Gas Fund ( UNG ) was 0.3% lower.

Gold futures for April retreated 0.9% to $2,907.30 an ounce on the Comex, while silver futures declined 0.6% to $32.12 an ounce. SPDR Gold Shares ( GLD ) lost 0.5%, and the iShares Silver Trust ( SLV ) was 0.5% lower.