08:24 AM EDT, 09/04/2024 (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 0.7% lower in Wednesday's premarket activity, as Nvidia's ( NVDA ) continuing slump raises doubts about the AI-driven rally.

US stock futures were also lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures retreating 0.7% before the start of regular trading. Nvidia ( NVDA ) shares were down 2% in recent premarket activity.

US mortgage applications rose 1.6% in the week ended Aug. 30, driven by a 3% increase in new purchase applications as mortgage rates edged down slightly, the Mortgage Bankers Association said Wednesday. Refinancing applications dipped 0.3%.

The July international trade in goods and services bulletin will be posted at 8:30 am ET, followed by the July Job Openings and Labor Turnover Survey and the July factory orders report at 10 am ET.

The Beige Book, a compilation of economic and business reports from the 12 regional Federal Reserve branches, is due at 2 pm ET.

In premarket action, bitcoin was down by 2.5% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 2.6% lower.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated marginally by 0.02%. The Vanguard Health Care Index Fund ( VHT ) was down nearly 0.1% while the iShares US Healthcare ETF ( IYH ) gained 0.1%. The iShares Biotechnology ETF ( IBB ) declined 0.5%.

Atara Biotherapeutics ( ATRA ) shares were up 19% premarket after the company said late Tuesday that it signed definitive agreements to sell 758,900 shares at $8.25 apiece in a registered direct offering. The stock stood at $8.11 in recent Wednesday premarket activity.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund ( XLK ) retreated 0.8%, and the iShares US Technology ETF ( IYW ) and the iShares Expanded Tech Sector ETF ( IGM ) were inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) declined 0.8%, while the iShares Semiconductor ETF ( SOXX ) fell 1.2%.

Zscaler ( ZS ) shares were down nearly 17% in recent Wednesday premarket activity after the company posted overnight a lower-than-expected non-GAAP earnings outlook for fiscal Q1 and fiscal 2025.

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.

REV Group (REVG) shares fell more than 12% before the opening bell after the company reported lower fiscal Q3 net sales and cut its guidance for fiscal 2024 net sales.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was down 0.04%, while the Vanguard Consumer Staples Fund (VDC) was flat. The iShares US Consumer Staples ETF ( IYK ) was also flat, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) lost 0.4%. The VanEck Retail ETF ( RTH ) and the SPDR S&P Retail ETF ( XRT ) were inactive.

Hormel Foods ( HRL ) stock traded down 6.7% pre-bell after the company reported lower fiscal Q3 financial results and cut its outlook for fiscal 2024 revenue.

Financial

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

Waterdrop ( WDH ) shares were up 0.9% pre-bell Wednesday after the company reported higher Q2 net profit and said its year-over-year operating costs and expenses fell by 13.4%.

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was flat.

Transocean ( RIG ) stock was up 1.6% before Wednesday's opening bell after the company said it received a contract from Reliance Industries for a deepwater drilling project in India, potentially extending through 2029 and adding $123 million to its backlog.

Commodities

Front-month US West Texas Intermediate crude oil advanced 0.3% to $70.56 per barrel on the New York Mercantile Exchange. Natural gas was up 1% at $2.23 per 1 million British Thermal Units. United States Oil Fund ( USO ) gained by 0.3%, while the United States Natural Gas Fund ( UNG ) was 1.5% higher.

Gold futures for December declined by 0.1% to $2,519.40 an ounce on the Comex, while silver futures gained by 0.1% to $28.39 an ounce. SPDR Gold Shares ( GLD ) were down 0.1%, and iShares Silver Trust ( SLV ) was 0.04% lower.