On Wednesday's premarket activity, the broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) and the actively traded Invesco QQQ Trust ($QQQ) each showed a slight increase of 0.1%. Investors are keenly anticipating October's jobs report, which is expected to provide clarity regarding potential interest rate cuts. US stock futures exhibited mixed performance.
S&P 500 Index futures edged up marginally, while Dow Jones Industrial Average futures declined by 0.2%. Conversely, Nasdaq futures rose by 0.1% prior to the commencement of regular trading. In the realm of mortgage lending, US mortgage applications saw a minor decline of 0.1% for the week ending on October 25.
This drop coincided with a rise in average 30-year mortgage rates, climbing to 6.73%, the highest level since July. The data, provided by the Mortgage Bankers Association, noted a 6% decrease in refinance applications, contrasted with a modest 5% increase in purchase applications. The ADP Employment report for October indicated a significant rise of 233,000 jobs, surpassing the previous increase of 159,000 and far exceeding the anticipated gain of 111,000.
Additionally, the first estimate of Q3 gross domestic product (GDP) from Washington is set to be released at 8:30 am ET. September's pending home sales index is scheduled for a 10 am ET release, followed by the weekly EIA petroleum status report at 10:30 am ET. The October Atlanta Fed Survey of Business Uncertainty will be available at 11 am ET. In the cryptocurrency market, Bitcoin registered a decrease of 0.4%, with the ProShares Bitcoin Strategy ETF ($BITO) experiencing a decline of 0.2% as well. In the healthcare sector, the Health Care Select Sector SPDR Fund ($XLV) experienced a pullback of 1.3%.
The Vanguard Health Care Index Fund ($VHT) was down 1.1%, and the iShares US Healthcare ETF ($IYH) declined by 0.8%. In contrast, the iShares Biotechnology ETF ($IBB) remained inactive. Shares of Eli Lilly ($LLY) fell by approximately 10% in premarket trading after the company reported disappointing Q3 results and reduced its 2024 non-GAAP earnings guidance. In the consumer segment, the Consumer Staples Select Sector SPDR Fund ($XLP) dipped by 0.1%.
However, the Vanguard Consumer Staples Fund ($VDC) rose by 1.3%. The iShares US Consumer Staples ETF ($IYK) remained inactive, whereas the Consumer Discretionary Select Sector SPDR Fund ($XLY) increased by 0.4%. The VanEck Retail ETF ($RTH) remained inactive, and the SPDR S&P Retail ETF ($XRT) was unchanged. Brinker International ($EAT) shares saw a 6% increase before the bell after posting stronger fiscal Q1 results and raising its guidance for fiscal 2025. The industrial sector was not as fortunate, with the Industrial Select Sector SPDR Fund ($XLI) retreating by 0.2%.
Both the Vanguard Industrials Index Fund ($VIS) and the iShares US Industrials ETF ($IYJ) remained inactive. Caterpillar ($CAT) shares declined by 2.6% prior to the opening bell, attributed to lower Q3 adjusted earnings and revenue announcements. In technology, the Technology Select Sector SPDR Fund ($XLK) fell by 0.5%, while the iShares US Technology ETF ($IYW) remained unchanged.
The iShares Expanded Tech Sector ETF ($IGM.US) had a slight gain of 0.1%. Among semiconductor ETFs, the SPDR S&P Semiconductor ETF ($XSD) was inactive, while the iShares Semiconductor ETF ($SOXX) fell by 2.5%. Daqo New Energy ($DQ) shares, however, rose by 3.3% even after posting a Q3 adjusted loss with lower revenue. The energy market showed some activity with the iShares US Energy ETF ($IYE) remaining inactive, while the Energy Select Sector SPDR Fund ($XLE) increased by 0.2%.
Shares of Uranium Royalty ($UROY) were up by 1% after announcing the appointment of Ken Robertson as a director of the company. In financial markets, the Financial Select Sector SPDR Fund ($XLF) slipped by 0.1%. The Direxion Daily Financial Bull 3X Shares ($FAS.US) remained flat, while its opposite, the Direxion Daily Financial Bear 3X Shares ($FAZ), rose by 0.5%.
Meanwhile, shares of Bank of America ($BAC) decreased by 1.7% prior to the bell as the company disclosed ongoing discussions with the Consumer Financial Protection Bureau regarding a potential resolution or enforcement action related to electronic payments processing through the Zelle network. On the commodities front, front-month US West Texas Intermediate crude oil prices climbed by 1.3% to $68.08 per barrel on the New York Mercantile Exchange.
Natural gas prices slightly declined by 0.2%, reaching $2.85 per million British Thermal Units. The United States Oil Fund (USO) rose by 1.2%, whereas the United States Natural Gas Fund (UNG) fell by 0.1%. Gold futures for December showed a 0.4% increase to $2,793.20 an ounce, while silver futures decreased by 0.4% to $34.30 an ounce.
SPDR Gold Shares ($GLD) gained 0.3%, while the iShares Silver Trust ($SLV) saw a 1% decline..