Exchange-Traded Funds, Equity Futures Edge Lower Pre-Bell Wednesday Ahead of Nvidia Earnings

08:16 AM EDT, 08/28/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.2% lower in Wednesday's premarket activity, as focus shifts to the upcoming earnings report from Nvidia (NVDA) releasing after markets close.

US stock futures were also lower, with S&P 500 Index futures and Dow Jones Industrial Average futures both down 0.1%, and Nasdaq futures losing 0.2% before the start of regular trading.

US mortgage applications edged up 0.5% in the week ended Aug. 23, driven by a fourth consecutive decline in mortgage rates, according to the Mortgage Bankers Association Wednesday. The average 30-year fixed mortgage rate fell to 6.44%, the lowest since April.

The weekly EIA domestic petroleum status report will be released at 10:30 am ET, followed by the Atlanta Fed August Survey of Business Uncertainty at 11 am ET.

Atlanta Fed President Raphael Bostic speaks at 6 pm ET.

In premarket action, bitcoin was down by 3.4% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 3.5% lower.

Power Play:

Technology

Technology Select Sector SPDR Fund (XLK) advanced marginally, and the iShares US Technology ETF (IYW) was 0.1% higher, while the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) gained 1.7%, while the iShares Semiconductor ETF (SOXX) declined by 0.2%.

Ambarella (AMBA) shares were up nearly 18% in recent Wednesday premarket activity after the company reported a narrowed Q2 non-GAAP loss and higher revenue.

Winners and Losers:

Financial

Financial Select Sector SPDR Fund (XLF) was flat. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% higher.

Acri Capital Acquisition (ACAC) shares were up 23% premarket Wednesday after the company said late Tuesday its merger with Foxx Development was approved by 96.9% of votes at a special stockholder meeting on Aug. 27.

Health Care

The Health Care Select Sector SPDR Fund (XLV) was flat. The Vanguard Health Care Index Fund (VHT) was down 0.7% while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.2% higher.

Ocugen (OCGN) shares were up 1.5% premarket Wednesday after the company said that it has completed dosing in the third cohort of its phase 1/2 clinical trial of OCU410ST, a modifier gene therapy candidate being developed for Stargardt disease.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.1%, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF (IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) was unchanged. The VanEck Retail ETF (RTH) and the SPDR S&P Retail ETF (XRT) were inactive.

Chewy (CHWY) shares traded up 4% pre-bell after the company reported higher fiscal Q2 adjusted earnings and revenue.

Industrial

Industrial Select Sector SPDR Fund (XLI) decreased 0.1% while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.

Golden Ocean Group (GOGL) stock was down 2.4% before the opening bell even after the company reported higher Q2 adjusted earnings and revenue.

Energy

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

Helix Energy Solutions (HLX) stock was up 1.4% before Wednesday's opening bell after the company said late Tuesday it was awarded a new three-year vessel charter and service contracts worth roughly $786 million from Petroleo Brasileiro (PBR), better known as Petrobras.

Commodities

Front-month US West Texas Intermediate crude oil lost 1.5% at $74.42 per barrel on the New York Mercantile Exchange. Natural gas was down 1.5% at $2.05 per 1 million British Thermal Units. United States Oil Fund (USO) retreated 1.7%, while the United States Natural Gas Fund (UNG) was 1.2% lower.

Gold futures for December declined 0.6% to $2,538.70 an ounce on the Comex, while silver futures retreated 1.7% to $29.90 an ounce. SPDR Gold Shares (GLD) fell 0.8%, and iShares Silver Trust (SLV) was 1.7% lower.