In the latest financial landscape, the SPDR S&P 500 ETF Trust ($SPY) experienced a slight uptick of 0.02%, while the actively traded Invesco QQQ Trust ($QQQ) mirrored this performance with an equivalent 0.02% increase during premarket trading on Wednesday. This comes just ahead of the much-anticipated consumer price index (CPI) report, which will provide critical insights into inflation trends and consumer behavior. As for U.S.
stock futures, they exhibited mixed performance: the S&P 500 Index futures saw a rise of 0.02%, while the Dow Jones Industrial Average futures remained flat. In contrast, Nasdaq futures dipped marginally by 0.01%, indicating varied investor sentiment ahead of the trading day. On the mortgage front, the Mortgage Bankers Association reported a significant 16.8% surge in U.S.
mortgage applications for the week ending August 9. This spike can be attributed to a second consecutive drop in mortgage rates, with refinancing activity skyrocketing by 35%, alongside a 3% increase in purchase applications. These figures suggest a robust response from consumers as they capitalize on favorable lending conditions. Investors are eagerly awaiting the latest CPI report from Washington, scheduled for release at 8:30 am ET, followed by the EIA's petroleum status bulletin at 10:30 am ET.
These reports are pivotal for market participants seeking to gauge the economic environment. In the cryptocurrency realm, Bitcoin registered a modest gain of 0.4% in premarket activity, with the ProShares Bitcoin Strategy ETF ($BITO) also climbing 0.4%, signifying growing interest in digital assets despite market fluctuations. In individual sector performances, the Industrial Select Sector SPDR Fund ($XLI) retracted by 0.3%, while the Vanguard Industrials Index Fund ($VIS) and the iShares US Industrials ETF (IYJ) remained inactive.
However, Serve Robotics (SERV) saw its shares skyrocket over 19% before the opening bell, fueled by a robust Q2 revenue report and a narrowed net loss. From the technology sector, the Technology Select Sector SPDR Fund (XLK) edged up by 0.3%. Meanwhile, the iShares US Technology ETF ($IYW) registered a 0.1% rise.
In comparison, the iShares Expanded Tech Sector ETF ($IGM.US) was inactive. Among performance of semiconductor ETFs, the SPDR S&P Semiconductor ETF ($XSD) did not see any trading activity, while the iShares Semiconductor ETF ($SOXX) achieved a gain of 0.4%. Notable movement was seen with Qifu Technology ($QFIN), which reported a surge of over 6% in premarket activity following positive adjustments to its Q2 earnings and revenue announcement. Health care stocks demonstrated slight movements: the Health Care Select Sector SPDR Fund ($XLV) advanced marginally by 0.01%, while other key health funds like the Vanguard Health Care Index Fund ($VHT), the iShares US Healthcare ETF ($IYH), and the iShares Biotechnology ETF ($IBB) remained inactive.
Cardinal Health ($CAH) was an exception, with shares climbing over 6% after announcing improved fiscal Q4 figures. In the financial sector, the Financial Select Sector SPDR Fund (XLF) modestly advanced by 0.02%. Direxion Daily Financial Bull 3X Shares ($FAS.US) also reported a 0.3% increase, contrasting with its bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ), which remained flat.
UBS ($UBS) shares rose nearly 3% in pre-bell trading, following encouraging Q2 revenue reports and the announcement of Credit Suisse's US Mortgage Servicing business sale. Regarding energy, the iShares US Energy ETF ($IYE) didn't see any trading activity, although the Energy Select Sector SPDR Fund ($XLE) saw a slight gain of 0.2%.
FLEX LNG ($FLNG) stocks appreciated by 2.3% pre-opening following a report detailing an increase in Q2 adjusted earnings, now at $0.56 per diluted share, compared to $0.52 a year earlier. In the consumer sector, the Consumer Staples Select Sector SPDR Fund ($XLP) gained a marginal 0.1%, while the Vanguard Consumer Staples Fund ($VDC) improved by 0.3%.
The iShares US Consumer Staples ETF ($IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ($XLY) declined by 0.2%. Dole ($DOLE) shares also experienced a 1% rise, buoyed by stronger-than-expected Q2 results. From the commodities market, the front-month West Texas Intermediate crude oil price decreased by 0.4% to $78.05 per barrel on the New York Mercantile Exchange.
Natural gas prices climbed 1.1%, reaching $2.17 per million British Thermal Units. Furthermore, the United States Oil Fund (USO) fell by 0.5%, while the United States Natural Gas Fund (UNG) rose 0.6%. Gold futures for December slightly advanced by 0.2% to $2,512.10 an ounce, with silver futures following suit, gaining 0.7% to $27.98 per ounce.
SPDR Gold Shares ($GLD) experienced a gain of 0.3%, and the iShares Silver Trust ($SLV) rose by 0.1%, indicating a cautious optimism in precious metals. This dynamic market update showcases the intertwining complexities of various factors influencing both traditional equities and emerging digital assets, setting the stage for potentially significant future trends..