The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1%, and the actively traded Invesco QQQ Trust (QQQ) retreated 0.2% in Wednesday's premarket activity, as traders wait for the results of the US-Iran talks.
US stock futures were mixed, with S&P 500 Index futures up 0.02%, Dow Jones Industrial Average futures down 0.1%, and Nasdaq futures decreasing by 0.1% before the start of regular trading.
Weekly petroleum stocks data is expected at 10:30 am ET.
In premarket action, bitcoin was down by 0.9%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% lower, Ether ETF (EETH) dropped 1.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.
Power Play:
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.2%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) and the iShares US Consumer Staples ETF (IYK) were inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) fell 0.2%. The VanEck Retail ETF (RTH) and the State Street SPDR S&P Retail ETF (XRT) were inactive.
Alibaba (BABA) shares were down 3.7% pre-bell even after the company said its cloud unit plans to launch its first data centers in Turkiye, Finland, and the Netherlands within the next year.
Winners and Losers:
Health Care
The State Street Health Care Select Sector SPDR ETF (XLV) gained 0.2%, the Vanguard Health Care Index Fund (VHT) and the iShares US Healthcare ETF (IYH) were inactive. The iShares Biotechnology ETF (IBB) was down 0.3%.
AstraZeneca (AZN) stock was down more than 1% premarket despite reports that its single-inhaler Trixeo Aerosphere secured European Union clearance as an asthma maintenance therapy for patients 12 and older.
Financial
The State Street Financial Select Sector SPDR ETF (XLF) fell 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was downb 0.9%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.2% higher.
UBS (UBS) shares traded down 2.3% in early hours activity after news outlets reported the upper house of the Swiss parliament supported capitalization rules agreeing with government demands.
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) fell 0.1%, while the Vanguard Industrials Index Fund (VIS) was down 0.1%, while the iShares US Industrials ETF (IYJ) were inactive.
GE Vernova (GEV) stock was down 0.6% before the opening bell after the company reported it signed a maintenance contract to prolong the lifespan of five gas turbines at Egyptian power stations by 13 to 15 years.
Technology
The State Street Technology Select Sector SPDR ETF (XLK) was marginally higher, the iShares US Technology ETF (IYW) gained 1.3% and the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined 1.1% and the iShares Semiconductor ETF (SOXX) was down 0.8%.
Microsoft (MSFT) shares were up about 1% in premarket activity after the company offered corporate customers discounts of 30% to 50% on Copilot AI subscriptions if they commit to large numbers of usage-based payments, The Information reported, citing a person familiar with the plans.
Energy
The iShares US Energy ETF (IYE) was inactive and the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.7%.
ExxonMobil (XOM) stock was up 0.7% before market open after the company is coming close to signing a preliminary deal to explore investments in several Venezuelan oil fields in a potential return to the country after nearly two decades, the Wall Street Journal reported, citing people familiar with the matter.
Commodities
Front-month US West Texas Intermediate crude oil gained by 0.56% to $91.03 per barrel on the New York Mercantile Exchange. Natural gas was up 2.1% to $3.03 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 1.7%, while the United States Natural Gas Fund (UNG) was 1.2% higher.
Gold futures for November retreated by 0.8% to $4,342.40 an ounce on the Comex. Silver futures lost by 1.6% to $65.46 an ounce. SPDR Gold Shares (GLD) was down by 1.4%, and the iShares Silver Trust (SLV) dropped by 3.1%.