The SPDR S&P 500 ETF Trust ($SPY), a prominent broad market exchange-traded fund, experienced a slight dip of 0.1% in premarket activity. Similarly, the actively traded Invesco QQQ Trust ($QQQ) also saw a decrease of 0.2%. The market's attention is now gravitating towards the impending earnings report from Nvidia ($NVDA), which is scheduled to be released after the market closes. In conjunction with these movements, U.S.
stock futures mirrored this downward trend. Both S&P 500 Index futures and Dow Jones Industrial Average futures fell by 0.1%, while Nasdaq futures reported a loss of 0.2% prior to the commencement of regular trading hours. On a somewhat positive note, U.S. mortgage applications exhibited a modest increase of 0.5% for the week ending August 23.
This uptick was primarily driven by a fourth consecutive drop in mortgage rates, as noted by the Mortgage Bankers Association on Wednesday. The average fixed mortgage rate for 30 years fell to 6.44%, marking the lowest level seen since April of this year. On another front, the weekly domestic petroleum status report from the EIA is set to be released at 10:30 am ET, followed by the Atlanta Fed's August Survey of Business Uncertainty scheduled for 11 am ET.
Additionally, Atlanta Fed President Raphael Bostic is slated to give a speech at 6 pm ET, which could provide crucial insights into monetary policy perspectives. In the realm of cryptocurrencies, Bitcoin faced some volatility, declining by 3.4%. The ProShares Bitcoin Strategy ETF ($BITO) also experienced a drop, falling by 3.5%. ### Power Play: Technology In the Technology sector, the Technology Select Sector SPDR Fund (XLK) saw a marginal advancement.
Notably, the iShares U.S. Technology ETF ($IYW) increased by 0.1%. In contrast, the iShares Expanded Technology Sector ETF ($IGM.US) remained inactive. Among semiconductor-focused ETFs, the SPDR S&P Semiconductor ETF ($XSD) recorded a gain of 1.7%, while the iShares Semiconductor ETF ($SOXX) saw a decline of 0.2%.
Ambarella ($AMBA) shares surged nearly 18% in premarket activity after reporting a narrowed Q2 non-GAAP loss alongside higher revenue, indicating strong performance in their revenue streams. ### Winners and Losers: Financials The Financial Select Sector SPDR Fund (XLF) remained flat throughout the trading period.
The Direxion Daily Financial Bull 3X Shares ($FAS.US) experienced a minor decline of 0.1%. Conversely, its bearish counterpart, the Direxion Daily Financial Bear 3X Shares ($FAZ), showed a slight increase of 0.2%. A significant mover, Acri Capital Acquisition (ACAC), witnessed a remarkable premarket boost of 23% after announcing that its merger with Foxx Development received an approval rate of 96.9% from stockholders during a special meeting held on August 27. ### Health Care Sector Updates Within the Health Care sector, the Health Care Select Sector SPDR Fund ($XLV) remained steady.
The Vanguard Health Care Index Fund ($VHT) recorded a dip of 0.7%, while the iShares U.S. Healthcare ETF ($IYH) stayed inactive. The iShares Biotechnology ETF ($IBB) rose slightly by 0.2%. In a positive development, Ocugen ($OCGN) shares rose by 1.5% after the company reported the completion of dosing in the third cohort of its phase 1/2 clinical trial for OCU410ST, a gene therapy designed to target Stargardt disease. ### Consumer Sector Insights From the Consumer segment, the Consumer Staples Select Sector SPDR Fund ($XLP) edged up by 0.1%, while the Vanguard Consumer Staples Fund ($VDC) remained inactive.
The iShares U.S. Consumer Staples ETF ($IYK) also did not move, alongside the Consumer Discretionary Select Sector SPDR Fund ($XLY), which stayed unchanged. Both the VanEck Retail ETF ($RTH) and the SPDR S&P Retail ETF ($XRT) experienced inactivity. Noteworthy movements included Chewy ($CHWY), whose shares climbed 4% prebell after announcing significant increases in their fiscal Q2 adjusted earnings and revenues. ### Industrial Sector Developments In the Industrial sector, the Industrial Select Sector SPDR Fund ($XLI) decreased by 0.1%.
Both the Vanguard Industrials Index Fund ($VIS) and the iShares U.S. Industrials ETF (IYJ) remained inactive. Golden Ocean Group ($GOGL) saw a drop of 2.4% even after reporting higher adjusted earnings and revenues for Q2. ### Energy Sector Trends The iShares U.S. Energy ETF ($IYE) didn’t show movement, while the Energy Select Sector SPDR Fund ($XLE) fell by 0.4%.
Notably, Helix Energy Solutions ($HLX) saw a premarket increase of 1.4% after it was confirmed that the company secured a new three-year vessel charter and service contracts valued at approximately $786 million from Petroleo Brasileiro (PBR), commonly known as Petrobras. ### Commodity Movements On the commodity front, the front-month U.S.
West Texas Intermediate crude oil experienced a loss of 1.5%, landing at $74.42 per barrel on the New York Mercantile Exchange. Natural gas prices similarly dipped by 1.5%, reaching $2.05 per 1 million British Thermal Units. The United States Oil Fund (USO) retreated by 1.7%, while the United States Natural Gas Fund (UNG) was down by 1.2%. Gold futures for December fell by 0.6% to $2,538.70 an ounce on the Comex, with silver futures dropping by 1.7% to $29.90 an ounce.
Also noteworthy was the decline of SPDR Gold Shares ($GLD) by 0.8%, along with the iShares Silver Trust ($SLV), which saw a notable decrease of 1.7%. The financial landscape remains dynamic, with investors closely monitoring these developments as they unfold..