The broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) was up 2.3%, and the actively traded Invesco QQQ Trust ($QQQ) saw a 1.8% increase during Wednesday's premarket session, as investors processed election results that named Donald Trump as the 47th US president. US stock futures were also on the rise, with S&P 500 Index futures climbing 2.3%, Dow Jones Industrial Average futures advancing by 3.2%, and Nasdaq futures gaining 1.7% before the start of regular trading activities. In the mortgage sector, applications in the US experienced a significant drop of 10.8% for the week ending November 1, coinciding with mortgage rates hitting their highest levels since July, as reported by the Mortgage Bankers Association. Later this morning, the final composite of October's S&P US Global PMI will be disclosed at 9:45 am ET, followed by the weekly EIA petroleum status report at 10:30 am ET. In an intriguing premarket action, Bitcoin surged by 6.9%, and the cryptocurrency fund ProShares Bitcoin Strategy ETF ($BITO) jumped higher by 7.3%.
Power Play in Consumer Sector: The Consumer Staples Select Sector SPDR Fund ($XLP) experienced a slight increase of 0.2%, while Vanguard Consumer Staples Fund ($VDC) remained stable. The iShares US Consumer Staples ETF ($IYK) increased by 3%, alongside the Consumer Discretionary Select Sector SPDR Fund ($XLY) which rose 2.7%.
Meanwhile, the VanEck Retail ETF ($RTH) remained inactive, though the SPDR S&P Retail ETF ($XRT) climbed by 0.9%. On the downside, ODP ($ODP) shares plummeted by 13% in pre-bell trading after the company disclosed lower Q3 adjusted earnings and sales and adjusted its outlook for 2024 adjusted EPS downward. Winners and Losers in Health Care: Within the health care sector, the Health Care Select Sector SPDR Fund ($XLV) increased by 1.2%.
The Vanguard Health Care Index Fund ($VHT) climbed 3.3%, while the iShares US Healthcare ETF ($IYH) saw a minimal rise of 0.1%. The iShares Biotechnology ETF ($IBB) gained 1.9%. Notable was CVS Health ($CVS) stock, which jumped more than 9% during premarket hours following a report of Q3 adjusted earnings and revenue that surpassed expectations. Energy Sector Movements: The iShares US Energy ETF ($IYE) climbed 2.8%, with the Energy Select Sector SPDR Fund ($XLE) not far behind at 2.5%.
Consol Energy ($CEIX) shares soared by more than 7% prior to Wednesday's opening bell after B. Riley increased its price target for the company, buoyed by a recent report of higher Q3 earnings and revenue. Technology Sector Updates: The Technology Select Sector SPDR Fund (XLK) advanced by 1.6%, while the iShares US Technology ETF ($IYW) gained 2.1%.
Furthermore, the iShares Expanded Tech Sector ETF ($IGM.US) was up by 1.8%. Among semiconductor ETFs, the SPDR S&P Semiconductor ETF ($XSD) rose by 3.8%, while the iShares Semiconductor ETF ($SOXX) increased by 1.4%. AvidXchange Holdings ($AVDX) shares rose more than 6% during Wednesday’s premarket activity, driven by an announcement of higher Q3 non-GAAP earnings and revenue. Financial Performance: In the financial sector, the Financial Select Sector SPDR Fund (XLF) saw a significant rise of 5.4%, while Direxion Daily Financial Bull 3X Shares ($FAS.US) surged over 15%.
In contrast, its bearish counterpart Direxion Daily Financial Bear 3X Shares ($FAZ) plunged more than 16%. Hamilton Lane ($HLNE) shares experienced an uptick of 5.4% in pre-bell trading after delivering higher fiscal Q2 non-GAAP earnings and revenue. Industrial Sector Highlights: The Industrial Select Sector SPDR Fund ($XLI) advanced by 3.5%, though the Vanguard Industrials Index Fund ($VIS) held steady.
The iShares US Industrials ETF (IYJ) rose by 4.2%. Howmet Aerospace ($HWM) stocks saw an increase of 4.5% before the opening bell, following a report revealing higher Q3 adjusted earnings and sales, alongside an upgrade in its 2024 adjusted EPS forecast. Commodity Market Movements: On the commodities front, front-month US West Texas Intermediate crude oil prices fell by 2.1% to $70.46 per barrel on the New York Mercantile Exchange, while natural gas gained 0.5% to $2.68 per 1 million British Thermal Units.
The United States Oil Fund (USO) dropped 2.7%, while the United States Natural Gas Fund (UNG) moved up 0.9%. Gold futures for December declined by 1.6% to $2,706.60 an ounce on the Comex, with silver futures retreating by 2.7% to $31.89 an ounce. SPDR Gold Shares ($GLD) saw a decline of 2%, while iShares Silver Trust ($SLV) dropped by 3.2%..