The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3% and the actively traded Invesco QQQ Trust (QQQ) was 0.6% higher in Wednesday's premarket activity amid reports that Iran may be seeking indirect talks with the US about ending the conflict in the Middle East.
US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures gaining 0.2%, and Nasdaq futures advancing 0.5% before the start of regular trading.
US mortgage applications rose 11% in the week ended Feb. 27 as refinancing and purchase activity increased while 30-year mortgage rates were little changed, Mortgage Bankers Association data showed Wednesday.
The ADP Institute's February employment report showed a 63,000 rise in private payrolls, higher than the expectation for a 50,000 gain.
The Purchasing Managers' Index composite final report from S&P Global (SPGI) for February will be released at 9:45 am, followed by the Institute for Supply Management's services index for the same month at 10 am ET.
The weekly EIA domestic petroleum inventories report posts at 10:30 am ET. The Federal Reserve's Beige Book, a compilation of economic and business reports from the 12 regional Fed branches, is slated for a 2 pm release.
In premarket activity, bitcoin was up by 3.9%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 3.8% higher, Ether ETF (EETH) advanced 3.6%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 3.9%.
Power Play:
Financial
The State Street Financial Select Sector SPDR ETF (XLF) retreated 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.4%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.3% higher.
Coinbase Global (COIN) shares were up more than 6% pre-bell following reports that President Donald Trump held a private meeting Tuesday with CEO Brian Armstrong before voicing support for the company's stance in a dispute with banks that has stalled key cryptocurrency legislation.
Winners and Losers:
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated 0.7%. The iShares US Consumer Staples ETF (IYK) was up 0.7%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) declined by 0.4%.
Bath & Body Works (BBWI) shares were up more than 5% pre-bell after the company posted higher-than-expected fiscal Q4 adjusted earnings and sales.
Health Care
The State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.03%, the Vanguard Health Care Index Fund (VHT) gained 0.01%, while the iShares US Healthcare ETF (IYH) and the iShares Biotechnology ETF (IBB) were inactive.
Novo Nordisk (NVO) stock was up more than 3% premarket after closing the prior session with a 2.9% fall. Multiple news outlets reported Tuesday that the drugmaker received a warning from the US Food and Drug Administration over allegedly misleading claims in an ad for Ozempic.
Technology
The State Street Technology Select Sector SPDR ETF (XLK) gained by 0.3%, and the iShares US Technology ETF (IYW) was 0.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) advanced 0.5%, while the iShares Semiconductor ETF (SOXX) rose by 1%.
Applied Digital (APLD) shares were up more than 3% in recent premarket activity after the company said its ComputeCo 2 unit priced a $2.15 billion private placement of senior secured notes maturing in 2031.
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.1%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.
Arlo Technologies (ARLO) stock was up more than 2% before the opening bell after the company said late Tuesday its board approved the repurchase of up to $50 million of its common shares through open-market purchases.
Energy
The iShares US Energy ETF (IYE) fell 1.2%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.5%.
Clean Energy Fuels (CLNE) stock was up more than 2% before Wednesday's opening bell after the company said it has concluded new RNG fueling infrastructure and supply agreements with trucking, refuse and transit fleets.
Commodities
Front-month US West Texas Intermediate crude oil gained by 0.3% to reach $74.76 per barrel on the New York Mercantile Exchange. Natural gas retreated by 0.7% to $3.03 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 0.2%, while the United States Natural Gas Fund (UNG) was 1.6% lower.
Gold futures for March advanced 1.1% to $5,177.40 an ounce on the Comex. Silver futures rose by 2.4% to $85.48 an ounce. SPDR Gold Shares (GLD) was up by 1.7%, and the iShares Silver Trust (SLV) rose by 4.2%.