The broad market exchange-traded fund SPDR S&P 500 ETF Trust was up 0.9%, while the actively traded Invesco QQQ Trust saw an increase of 1% in Wednesday's premarket activity as investors awaited the upcoming consumer price index report. US stock futures also reflected a positive sentiment, with S&P 500 Index futures climbing by 0.7%, Dow Jones Industrial Average futures advancing by 0.5%, and Nasdaq futures gaining 0.9% before the opening of regular trading. In a significant development, US mortgage applications surged by 11.2% in the week ending March 7, a move powered by lower interest rates that resulted in a 16% increase in refinancing applications and a 7% rise in purchase applications, according to data from the Mortgage Bankers Association. Investors are also bracing for the release of the consumer price index for February, scheduled at 8:30 AM ET, followed by the EIA petroleum status report at 10:30 AM ET.
This data is expected to provide insight into inflation trends that could influence future monetary policy decisions. In the cryptocurrency space, bitcoin experienced a 1.1% rise, while the ProShares Bitcoin Strategy ETF saw an increase of 1.6% during premarket trading. Power Play: Consumer sector stocks showed mixed performance as the Consumer Staples Select Sector SPDR Fund rose by 0.2%, in contrast to the stagnant performance of the Vanguard Consumer Staples Fund.
Meanwhile, the iShares US Consumer Staples ETF remained inactive, while the Consumer Discretionary Select Sector SPDR Fund advanced by 1.1%. In retail, both the VanEck Retail ETF and the SPDR S&P Retail ETF remained inactive during this period. In a noteworthy development, shares of ECARX rose over 5% in pre-market trading after comments from CEO Shen Ziyu revealed the company’s discussions with Volkswagen regarding the integration of its technologies into vehicles sold in developed markets, including Europe and the US. In the health care sector, the Health Care Select Sector SPDR Fund saw a slight increase of 0.2%.
However, the Vanguard Health Care Index Fund declined by 0.2%, while the iShares US Healthcare ETF stood still, maintaining its inactive status. Shares of Mineralys Therapeutics faced a downturn of over 6% premarket as the company announced a public offering of nearly 13 million shares at $13.50 each, aiming to raise approximately $175 million in gross proceeds. Within the industrial sector, the Industrial Select Sector SPDR Fund advanced by 0.7%, with the Vanguard Industrials Index Fund gaining 0.6% while the iShares US Industrials ETF remained inactive.
Notably, ZIM Integrated Shipping Services stock rose over 4% following the company’s report of higher Q4 earnings and revenue. The technology sector saw the Technology Select Sector SPDR Fund increase by 1.2%. The iShares US Technology ETF also rose by 0.3%, while the iShares Expanded Tech Sector ETF remained inactive.
Notably, among semiconductor ETFs, the SPDR S&P Semiconductor ETF remained inactive, whereas the iShares Semiconductor ETF increased by 1.6%. Clearwater Analytics Holdings experienced a decline of over 4% amid premarket trading after announcing definitive agreements to acquire Beacon and Blackstone's Bistro portfolio visualization software platform. The financial sector saw the Financial Select Sector SPDR Fund advancing by 0.8%.
The Direxion Daily Financial Bull 3X Shares rose by 2.5%, whereas its bearish counterpart, Direxion Daily Financial Bear 3X Shares declined by 2.4%. Bar Harbor Bankshares also saw its shares rise by 3% after agreeing to acquire Guaranty Bancorp for approximately $41.6 million in an all-stock transaction, equating to $56.94 per share. Concerning the energy sector, the iShares US Energy ETF remained flat, while the Energy Select Sector SPDR Fund advanced by 0.8%.
NexGen Energy stock increased by 2.8% following proposals from the Canadian Nuclear Safety Commission regarding hearing dates for the company’s Rook I project. In commodities, West Texas Intermediate crude oil for front-month delivery saw a rise of 1% to $66.92 per barrel, while natural gas decreased by 2.9% to $4.33 per 1 million British Thermal Units.
The United States Oil Fund rose by 0.7%, while the United States Natural Gas Fund dropped by 1.7%. Gold futures retreated by 0.02% to $2,920.40 per ounce; however, silver futures gained 1.2%, reaching $33.55 per ounce. The SPDR Gold Shares saw a decline of nearly 1%, while the iShares Silver Trust rose by 0.4%..