08:24 AM EST, 12/11/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.2% in Wednesday's premarket activity as investors anticipate the latest inflation data to provide clues for a Federal Reserve rate cut decision.

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

US mortgage applications rose 5.4% last week, driven by a 27% rise in refinancing as rates fell slightly, while purchase applications dropped 4%, Mortgage Bankers Association data showed Wednesday.

The November consumer price index will be released at 8:30 am ET, followed by the weekly EIA petroleum status release at 10:30 am ET.

In premarket activity, bitcoin was up by 2% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.1% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) declined by 0.2%. The Vanguard Health Care Index Fund ( VHT ) was down 0.4% while the iShares US Healthcare ETF ( IYH ) was inactive. The iShares Biotechnology ETF (IBB) was also inactive.

Q32 Bio ( QTTB ) stock was down more than 64% premarket after the company said late Tuesday that its SIGNAL-AD phase 2a clinical trial in atopic dermatitis failed to meet the primary endpoint in Part B after demonstrating promising findings in Part A.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) advanced 0.2%, and the iShares US Technology ETF ( IYW ) was 0.6% higher, while the iShares Expanded Tech Sector ETF ( IGM ) was flat. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was up 0.4%, while the iShares Semiconductor ETF (SOXX) rose by 0.5%.

Quantum Computing (QUBT) shares were down nearly 5% in recent Wednesday premarket activity after the company said late Tuesday it has entered into agreements to sell about 1.5 million common shares at $5 apiece to institutional investors in a registered direct offering.

Energy

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

Borr Drilling ( BORR ) stock was up nearly 5% before Wednesday's opening bell after Vaalco Energy (EGY) said it entered a rig contract with a Borr affiliate to drill multiple development wells and appraisal/exploration wells for Vaalco's 2025/2026 drilling program.

Financial

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

Coastal Financial (CCB) shares were up nearly 2% pre-bell Wednesday after the company said late Tuesday it had priced a public offering of 1.2 million shares at $71 apiece.

Industrial

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

REV Group ( REVG ) stock was down 2% before the opening bell after the company reported lower fiscal Q4 adjusted earnings and net sales, and issued downbeat fiscal 2025 revenue guidance.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) retreated 0.1%, 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 0.6%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) advanced 0.1%.

General Motors ( GM ) shares were up 1.3% pre-bell after the automaker scrapped its Cruise Robotaxi program to focus on developing self-driving technology for personal vehicles.

Commodities

Front-month US West Texas Intermediate crude oil advanced 1.4% to $69.57 per barrel on the New York Mercantile Exchange. Natural gas rose 2.8% to $3.25 per 1 million British Thermal Units. United States Oil Fund ( USO ) gained 1.7%, while the United States Natural Gas Fund ( UNG ) was 2.5% higher.

Gold futures for February advanced 0.3% to $2,727.50 an ounce on the Comex, while silver futures decreased by 0.3% to $32.64 an ounce. SPDR Gold Shares ( GLD ) increased by 0.2%, while the iShares Silver Trust ( SLV ) was 0.5% lower.