The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.1% higher in Wednesday's premarket activity amid continued corporate earnings and optimism around a possible opening of the Strait of Hormuz.
US stock futures were mixed, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures slipping 0.02% before the start of regular trading.
Mortgage applications fell by 2.9% in the week ended July 31 as 30-year fixed mortgage rates rose to their highest level in more than a year after the Federal Open Market Committee's meeting last week, according to Mortgage Bankers Association data released Wednesday.
S&P Global's services PMI report for July will be released at 9:45 am ET, followed by ISM's services reading for July at 10 am ET.
The weekly petroleum stocks data will be released at 10:30 am ET.
Federal Reserve Governor Lisa Cook is due to speak on Wednesday.
In premarket activity, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.1% lower, Ether ETF (EETH) retreated 0.2%, and Bitcoin & Ether Market Cap Weight ETF (BETH) decreased 0.01%.
Power Play:
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.3%, the Vanguard Industrials Index Fund (VIS) was up 1.1%, and the iShares US Industrials ETF (IYJ) was inactive.
SpaceX (SPCX) shares were 11% lower pre-bell after the rocket and satellite company reported quarterly results for the first time since going public.
Winners and Losers:
Technology
The State Street Technology Select Sector SPDR ETF (XLK) retreated 0.3%, the iShares US Technology ETF (IYW) was 0.2% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 0.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 1.1% lower, while the iShares Semiconductor ETF (SOXX) fell by 1.9%.
GlobalFoundries (GFS) shares were down more than 5% in premarket activity even after the company reported higher Q2 adjusted earnings and revenue.
Health Care
The State Street Health Care Select Sector SPDR ETF (XLV) advanced 1%, the Vanguard Health Care Index Fund (VHT) was up 0.7%, and the iShares US Healthcare ETF (IYH) gained 0.7%. The iShares Biotechnology ETF (IBB) was also 0.7% higher.
Eli Lilly (LLY) stock was up more than 4% premarket after the company reported higher Q2 non-GAAP earnings and revenue.
Financial
The State Street Financial Select Sector SPDR ETF (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.6% lower.
HSBC (HSBC) shares traded down 4% in early-hours activity after the company said late Tuesday it launched cash tender offers for four series of senior unsecured notes with an aggregate purchase price of up to $5 billion.
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 1.1%, and the iShares US Consumer Staples ETF (IYK) was down 0.8%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced 0.6%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.
Honda Motor (HMC) shares were up more than 4% pre-bell after the company reported higher fiscal Q1 earnings and revenue.
Energy
The iShares US Energy ETF (IYE) was down 0.035, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.2%.
Phillips 66 (PSX) stock was up more than 1% before market open after the company reported higher Q2 adjusted earnings.
Commodities
Front-month US West Texas Intermediate crude oil gained by 0.5% to reach $76.12 per barrel on the New York Mercantile Exchange. Natural gas was up 0.4% at $2.69 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 0.5%, while the United States Natural Gas Fund (UNG) was 0.2% higher.
Gold futures for November advanced by 2.4% to $4,250.40 an ounce on the Comex. Silver futures rose by 3.4% to $62.27 an ounce. SPDR Gold Shares (GLD) was up by 3%, and the iShares Silver Trust (SLV) was 4.4% higher.