08:41 AM EDT, 05/28/2025 (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) was 0.2% higher in Wednesday's premarket activity as investors await Nvidia's after-hours earnings report.

US stock futures were mixed, with S&P 500 Index futures up 0.04%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.1% before the start of regular trading.

US mortgage applications declined 1.2% in the week ended May 23 as refinancing activity fell amid rising interest rates, partially offset by higher home purchase demand, Mortgage Bankers Association data showed Wednesday.

The Richmond Fed Manufacturing Index for May will be released at 10 am ET.

The US central bank will release minutes of its recent policy session at 2 pm ET.

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

Power Play:

Industrial

Industrial Select Sector SPDR Fund ( XLI ) retreated 0.02% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Azul ( AZUL ) stock was down more than 40% before the opening bell after the company said it had entered restructuring support agreements with its financial stakeholders to implement a Chapter 11 bankruptcy reorganization in the US to reduce debt by $2 billion.

Winners and Losers:

Financial

Financial Select Sector SPDR Fund (XLF) retreated marginally by 0.04%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 0.2%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.4% higher.

Galaxy Digital ( GLXY ) shares were down more than 9% pre-bell Wednesday after the company disclosed a public offering of 29 million Class A common shares late Tuesday.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.1%.

Tenaris ( TS ) stock was up 4% before Wednesday's opening bell after the company said late Tuesday its board approved a share buyback program of up to $1.20 billion.

Technology

Technology Select Sector SPDR Fund (XLK) advanced 0.2%, and the iShares US Technology ETF ( IYW ) was flat, while the iShares Expanded Tech Sector ETF ( IGM ) was up 0.03%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was flat, while the iShares Semiconductor ETF (SOXX) rose by 0.5%.

Vnet Group ( VNET ) shares were down more than 3% in recent premarket activity after the company reported a wider Q1 loss.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.1%. The Vanguard Health Care Index Fund ( VHT ) rose 1% while the iShares US Healthcare ETF ( IYH ) was inactive. The iShares Biotechnology ETF (IBB) was 1.3% higher.

Phreesia ( PHR ) stock was up more than 2% premarket after the company posted a narrower fiscal Q1 net loss and higher revenue.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.02%, while the Vanguard Consumer Staples Fund (VDC) gained 1.3%. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) advanced 0.2%. The VanEck Retail ETF ( RTH ) and the SPDR S&P Retail ETF ( XRT ) were inactive.

Capri Holdings ( CPRI ) shares were down more than 1% pre-bell after the company said it swung to a fiscal Q4 adjusted net loss and lower revenue.

Commodities

Front-month US West Texas Intermediate crude oil gained 0.9% to reach $61.46 per barrel on the New York Mercantile Exchange. Natural gas was up 0.6% at $3.42 per 1 million British Thermal Units. United States Oil Fund ( USO ) was 0.8% higher, while the United States Natural Gas Fund ( UNG ) advanced 0.4%.

Gold futures for August were up 0.3% at $3,337.40 an ounce on the Comex, while silver futures advanced 0.1% to $33.35 an ounce. SPDR Gold Shares ( GLD ) gained 0.2%, and the iShares Silver Trust ( SLV ) was flat.