In premarket trading, SPDR S&P 500 ETF Trust ($SPY) fell 0.1%, while Invesco QQQ Trust ($QQQ) showed a 0.2% decline amidst anticipation of significant inflation data set to be released later in the day. Mixed signals emerged for US stock futures, with S&P 500 Index futures down 0.1%. The Dow Jones Industrial Average futures saw a slight increase of 0.04%, whereas Nasdaq futures registered a drop of 0.3% as the regular trading session was about to commence. The Mortgage Bankers Association reported a 6.3% rise in US mortgage applications for the week ending November 22, largely fueled by a 12% increase in home purchase applications, correlating with a decrease in mortgage rates after more than two months of stability.
However, refinancing activities dipped by 3%. A series of key economic reports are on the horizon, including the revised Q3 GDP, scheduled for release at 8:30 am ET, which will accompany several important indicators such as the October durable goods orders, international trade in goods report, weekly jobless claims, and corporate profits report for the third quarter. In addition, the October personal consumption expenditures core price index (PCE core) will be disclosed at 10 am ET, followed by the October pending home sales index and the weekly EIA petroleum status report at 10:30 am ET.
The November Atlanta Fed Survey of Business Uncertainty and the weekly EIA natural gas report are both set to publish later in the morning, followed by the Baker Hughes domestic oil-and-gas rig count at 1 pm ET. Bitcoin experienced a 2.3% uptick in premarket activity, while the ProShares Bitcoin Strategy ETF ($BITO) reported a 2.5% increase. In the technology sector, the Technology Select Sector SPDR Fund (XLK) fell 0.3%, and iShares US Technology ETF ($IYW) also dropped by 0.3%.
Conversely, iShares Expanded Tech Sector ETF ($IGM.US) saw a minor increase of 0.03%. Among semiconductor ETFs, interest was low with SPDR S&P Semiconductor ETF ($XSD) remaining idle, while iShares Semiconductor ETF ($SOXX) declined 0.5%. Ambarella ($AMBA) shares surged over 21% during Wednesday’s premarket trading, as the company reported a swing to non-GAAP net income coupled with increased revenue for the third quarter. In the consumer sector, Consumer Staples Select Sector SPDR Fund ($XLP) rose by a slight margin of 0.01%, whereas the Vanguard Consumer Staples Fund ($VDC) remained inactive.
The iShares US Consumer Staples ETF ($IYK) recorded no movement, and the Consumer Discretionary Select Sector SPDR Fund ($XLY) gained 0.02%, while other retail ETFs remained flat. Hesai Group ($HSAI) shares saw an increase exceeding 12% before market opening after reports indicated the company plans to significantly reduce the price of their primary lidar product next year, aiming to enhance its marketability in the electric vehicle sector. The Financial Select Sector SPDR Fund (XLF) improved by 0.2%.
Direxion Daily Financial Bull 3X Shares ($FAS.US) advanced 0.5%, while Direxion Daily Financial Bear 3X Shares ($FAZ) dropped 0.4%. Iris Energy ($IREN) shares increased by over 7% pre-bell Wednesday following a report on higher fiscal Q1 revenue. In the health care space, Health Care Select Sector SPDR Fund ($XLV) advanced 0.03%.
Vanguard Health Care Index Fund ($VHT) and iShares US Healthcare ETF ($IYH) showed no activity, with the iShares Biotechnology ETF ($IBB) remaining flat. BeiGene ($BGNE) stock increased more than 5% in the premarket after the European Commission granted approval for TEVIMBRA combined with chemotherapy for treating esophageal squamous cell carcinoma and gastric or gastroesophageal junction adenocarcinoma. In the industrial sector, Industrial Select Sector SPDR Fund ($XLI) rose by 0.04%, with Vanguard Industrials Index Fund ($VIS) gaining 2.7%.
Meanwhile, the iShares US Industrials ETF (IYJ) remained static. Hafnia ($HAFN) shares experienced a premarket rise of over 2% after announcing heightened earnings and revenue for the third quarter. The iShares US Energy ETF ($IYE) showed no activity while Energy Select Sector SPDR Fund ($XLE) moved up by 0.2%. Equinor ($EQNR) stock climbed 1.6% before the opening bell following an upgrade from Berenberg from hold to buy, with a revised price target increased to NOK325 from NOK290. In commodities, front-month US West Texas Intermediate crude oil increased by 0.4% to reach $69.04 per barrel.
In contrast, natural gas saw a significant drop of 4.7%, landing at $3.30 per million British Thermal Units. United States Oil Fund (USO) rose by 0.7%, while United States Natural Gas Fund (UNG) decreased by 5.1%. February gold futures advanced by 1.2% to $2,678.10 per ounce on the Comex, whereas silver futures improved by 0.5% to $30.98 per ounce.
SPDR Gold Shares ($GLD) rose by 0.8%, while iShares Silver Trust ($SLV) decreased by 0.04%..