The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 2.2% and the actively traded Invesco QQQ Trust (QQQ) advanced 2.7% in Wednesday's premarket activity as US President Donald Trump softened his stance on Fed Chair Jerome Powell and the recently introduced tariffs.

US stock futures were mixed, with S&P 500 Index futures up 2.3%, Dow Jones Industrial Average futures slipping 1.7%, and Nasdaq futures gaining 2.7% before the start of regular trading.

US mortgage applications fell 12.7% in the week ended April 18 as rising rates curbed both refinancing and purchase activity, Mortgage Bankers Association data showed Wednesday.

The S&P Global flash PMI for April will be released at 9:45 am ET, followed by the new home sales bulletin for March and the Atlanta Fed Business Inflation Expectations report for April, at 10 am ET.

The EIA petroleum status report is slated to release at 10:30 am ET.

The Federal Reserve Beige Book, a compendium of reports from the 12 regional Fed banks, posts at 2 pm.

Chicago Federal Reserve President Austan Goolsbee speaks at 9 am ET, Fed Governor Christopher Waller at 9:35 am, St. Louis Fed President Alberto Musalem at 2:35 pm, and Cleveland Fed President Beth Hammack at 6:30 pm ET.

In premarket activity, bitcoin was up by 2.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.2% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 1%. The Vanguard Health Care Index Fund (VHT) was up 2.6% while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 2.5% higher.

Innate Pharma SA (IPHA) stock was up more than 12% premarket, while Sanofi (SNY) stock gained 1.3% after the companies said that Sanofi will invest up to 15 million euros ($17.2 million) in new Innate shares as part of a review of a January 2016 research collaboration and license agreement.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.8%, while the Vanguard Consumer Staples Fund (VDC) gained 1.3%. The iShares US Consumer Staples ETF (IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) rose 3.3%. The VanEck Retail ETF (RTH) and the SPDR S&P Retail ETF (XRT) were inactive.

Tesla (TSLA) shares were up 7% pre-bell after Chief Executive Elon Musk said his time allocation to the Department of Government Efficiency, or DOGE, is expected to "drop significantly."

Technology

Technology Select Sector SPDR Fund (XLK) rose 3%, and the iShares US Technology ETF (IYW) was 3.4% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 2.3%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) advanced 5.9%, while the iShares Semiconductor ETF (SOXX) gained 3.5%.

TE Connectivity (TEL) shares were up more than 5% in recent Wednesday premarket activity after the company reported higher fiscal Q2 adjusted earnings and sales.

Energy

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

Woodside Energy Group (WDS) stock was up more than 4% before Wednesday's opening bell after the company reported higher Q1 revenue.

Financial

Financial Select Sector SPDR Fund (XLF) advanced 1.8%. Direxion Daily Financial Bull 3X Shares (FAS) was up 5.7%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 5.4% lower.

Popular (BPOP) shares were up 4% pre-bell Wednesday after the company reported higher Q1 net income and revenue.

Industrial

Industrial Select Sector SPDR Fund (XLI) advanced 1.8% while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was inactive.

Embraer (ERJ) stock was up 3% before the opening bell after the company said late Tuesday that its backlog for Q1 rose to $26.4 billion from $26.3 billion the previous quarter and $21.1 billion a year earlier.

Commodities

Front-month US West Texas Intermediate crude oil gained 0.1% to reach $63.73 per barrel on the New York Mercantile Exchange. Natural gas advanced 0.9% to $3.03 per 1 million British Thermal Units. United States Oil Fund (USO) declined 0.2%, while the United States Natural Gas Fund (UNG) was down 0.1%.

Gold futures for June fell 2.5% at $3,334.10 an ounce on the Comex, while silver futures retreated 0.2% to $33.16 an ounce. SPDR Gold Shares (GLD) was down 1.8%, and the iShares Silver Trust (SLV) was 1.1% higher.