In recent premarket trading, the broad market exchange-traded fund SPDR S&P 500 ETF Trust was up by 0.3%, while the actively traded Invesco QQQ Trust saw a 0.5% increase. This uptick in performance comes as hopes for easing tariff pressures enhance investor confidence in the market. US stock futures were also showing positive signs, with S&P 500 Index futures rising by 0.4%, the Dow Jones Industrial Average futures increasing by 0.3%, and Nasdaq futures gaining 0.6% ahead of the regular trading session.
According to data from the Mortgage Bankers Association, US mortgage applications witnessed a substantial rise of 20.4% in the week ending February 28. This increase was primarily fueled by a sharp decline in mortgage rates, resulting in a 37% surge in refinancing applications and a 9% uptick in purchase applications. As for the upcoming economic data, the ADP employment report for February is scheduled to be released at 8:15 am ET, followed by the S&P Global PMI composite final for February at 9:45 am ET.
Additionally, the factory orders bulletin for January and the ISM Services Index for February will be published at 10 am ET, with the weekly EIA petroleum status report following shortly at 10:30 am ET. Later in the day, the Federal Reserve will release its Beige Book at 2 pm ET, which provides a compilation of economic and business reports from its 12 regional branches. In the cryptocurrency space, bitcoin has surged by 4.3%, while the ProShares Bitcoin Strategy ETF has seen a 4.5% increase in premarket trading. Power Play: Health Care The Health Care Select Sector SPDR Fund advanced by 0.2%.
The Vanguard Health Care Index Fund was up by 0.1%, while the iShares US Healthcare ETF experienced no change. Meanwhile, the iShares Biotechnology ETF rose by 0.4%. In a significant market development, Chimerix saw its stock price soar by over 69% in premarket trading following the announcement that Jazz Pharmaceuticals had agreed to acquire the company for $8.55 per share in cash, totaling around $935 million. Winners and Losers: Industrial The Industrial Select Sector SPDR Fund rose by 0.3%, whereas the Vanguard Industrials Index Fund and the iShares US Industrials ETF remained inactive.
REV Group’s stock surged by more than 6% ahead of the opening bell after reporting fiscal Q1 results that beat expectations for both adjusted net income and sales. Technology The Technology Select Sector SPDR Fund advanced by 0.7%, and the iShares US Technology ETF was up by 0.2%. The iShares Expanded Tech Sector ETF experienced a 0.9% increase.
Among semiconductor ETFs, the SPDR S&P Semiconductor ETF remained inactive, while the iShares Semiconductor ETF rose by 1.4%. Himax Technologies saw its shares increase by 2% in premarket activity after announcing a memorandum of understanding with Tata Electronics and Powerchip Semiconductor Manufacturing to develop products targeting India's display and ultra-low power artificial intelligence sectors. Financial The Financial Select Sector SPDR Fund advanced by 0.4%.
Direxion Daily Financial Bull 3X Shares was up 0.9%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares, declined by 1.2%. Brookfield Wealth Solutions shares were up by 3% pre-bell after announcing that it had over $16 billion in group capital across its regulated insurance subsidiaries and holding companies at the end of the previous year. Energy The iShares US Energy ETF saw a slight advance of 0.02%, while the Energy Select Sector SPDR Fund retreated by 0.3%.
Tenaris stock was up by 1.8% after it was reported that the company completed a $700 million share buyback program, repurchasing 36.9 million shares, which is approximately 3.17% of its total share capital. Consumer In the consumer sector, the Consumer Staples Select Sector SPDR Fund fell by 0.2%.
The Vanguard Consumer Staples Fund remained flat, as did the iShares US Consumer Staples ETF. The Consumer Discretionary Select Sector SPDR Fund gained 0.5%. Foot Locker shares were up more than 2% in pre-bell trading following the report of higher fiscal Q4 adjusted earnings, successfully beating analyst expectations according to FactSet. Commodities In commodities, front-month US West Texas Intermediate crude oil prices retreated 1.7% to $67.07 per barrel on the New York Mercantile Exchange, while natural gas fell 1.5% to $4.28 per million British Thermal Units.
The United States Oil Fund decreased by 1.7%, alongside the United States Natural Gas Fund, which experienced a decline of 0.7%. Gold futures for April rose by 0.2%, reaching $2,927.70 per ounce on the Comex, while silver futures gained 1.8% to settle at $32.98 per ounce. SPDR Gold Shares were down 0.1%, while the iShares Silver Trust increased by 1.6% during this trading session..