The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7% and the actively traded Invesco QQQ Trust (QQQ) slipped 1.4% in Wednesday's premarket activity as investors look forward to US Federal Reserve Chair Jerome Powell's speech on the economic outlook later in the day.

US stock futures were also lower, with S&P 500 Index futures down 0.7%, Dow Jones Industrial Average futures retreating 0.1%, and Nasdaq futures losing 1.4% before the start of regular trading.

The March national retail sales data will be released at 8:30 am ET, while the February business inventories report and the April National Association of Home Builders Housing Market Index are due at 10 am ET.

The weekly EIA petroleum status report will be released at 10:30 am ET.

Federal Reserve Cleveland President Beth Hammack speaks at 12 pm ET at the Columbus Metropolitan Club weekly forum in Columbus, Ohio.

Fed Chair Jerome Powell is scheduled to speak about the economic outlook at 1:30 pm ET at the Economic Club of Chicago.

Federal Reserve Kansas City President Jeffrey Schmid speaks on the economy and community banking at 7 pm ET.

In premarket activity, bitcoin was down by 0.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.3% lower.

Power Play:

Financial

Financial Select Sector SPDR Fund (XLF) retreated 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) fell 0.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.3% higher.

Citizens Financial Group (CFG) shares fell more than 8% in recent Wednesday premarket activity, after it reported lower Q1 adjusted earnings and total revenue from a year earlier.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.1% and the Vanguard Consumer Staples Fund (VDC) gained 1.2%. The iShares US Consumer Staples ETF (IYK) slipped 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) was 0.4% lower. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) advanced 0.02%.

United Airlines (UAL) stock rose 7.1% before the bell on Wednesday, after the airline reported overnight a swing to Q1 adjusted profit and a higher operating revenue from a year earlier.

Technology

Technology Select Sector SPDR Fund (XLK) retreated 1.8% and the iShares US Technology ETF (IYW) was 2.7% lower. The iShares Expanded Tech Sector ETF (IGM) lost 2.4%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) slipped 2.1%, while the iShares Semiconductor ETF (SOXX) declined 3.4%.

Nvidia (NVDA) shares slipped 6.3% pre-bell Wednesday, a day after the company said it expects a $5.50 billion charge in fiscal Q1 linked to its H20 product line after the US government mandated it to secure an export license for China, Hong Kong, Macau, and D5 countries.

Industrial

Industrial Select Sector SPDR Fund (XLI) was down by 0.02%, while the Vanguard Industrials Index Fund (VIS) rose 6.5%. The iShares US Industrials ETF (IYJ) was inactive.

Ecolab (ECL) shares fell 1.1% before Wednesday's opening bell, after Wells Fargo downgraded it to equalweight from overweight and lowered its price target to $240 from $265.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was 0.4% higher.

Exxon Mobil (XOM) shares were up almost 1% before the bell Wednesday after multiple media outlets reported Tuesday that a company-led consortium would start installing its fourth floating production storage and offloading facility in Guyana after the vessel arrived in the country's waters this week.

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.6%. The Vanguard Health Care Index Fund (VHT) and the iShares US Healthcare ETF (IYH) were inactive. The iShares Biotechnology ETF (IBB) fell 0.1%.

Boston Scientific (BSX) shares edged up by 0.3% in recent Wednesday premarket activity, after Needham upgraded it to buy from hold with a $113 price target.

Commodities

Front-month US West Texas Intermediate crude oil gained 0.9% to reach $61.89 per barrel on the New York Mercantile Exchange. Natural gas was down 1% at $3.30 per 1 million British Thermal Units. United States Oil Fund (USO) was 0.7% higher, while the United States Natural Gas Fund (UNG) was down 0.9%.

Gold futures for June gained 2.3% to $3,313.6 an ounce on the Comex, while silver futures advanced 2% to $32.95 an ounce. SPDR Gold Shares (GLD) were up 2%, and the iShares Silver Trust (SLV) was 1.7% higher.