09:12 AM EDT, 10/05/2022 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) and the actively traded Invesco QQQ Trust Series (QQQ) each fell about 1.2% in premarket activity Wednesday.
US stock futures were also lower, with the S&P 500 retreating about 1% ahead of the start of trading.
Traders weighed private payroll growth of 208,000 in the September national employment report from ADP, compared with the Bloomberg-compiled analyst estimate for a 200,000 increase.
Meanwhile, the Mortgage Bankers Association's report showed a 14.2% drop in mortgage applications in the week ended Sept. 30, following a 3.7% decrease in overall activity in the previous week.
The US international trade deficit narrowed to $67.4 billion in August from a revised $70.5 billion gap in July, a narrower deficit than the $67.7 billion gap expected by analysts.
The September PMI composite report is due for release at 9:45 am ET, and the ISM services index for September posts at 10 am ET.
The Energy Information Administration's weekly report on domestic oil inventories is slated for a 10:30 am ET publication.
Federal Reserve Bank of Atlanta President Raphael Bostic speaks at 4 pm ET.
In premarket action, bitcoin was slipping 1.5%, while the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was down 1.1%.
Power Play: Consumer
Consumer Staples Select Sector SPDR (XLP) was unchanged, as were the Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK).
Consumer Discretionary Select Sector SPDR (XLY) was off by 1.3%, VanEck Retail ETF (RTH) was inactive, and the SPDR S&P Retail (XRT) lost about 1%.
Helen of Troy (HELE) shares plummeted by 16% after the company reported fiscal Q2 core adjusted earnings of $2.27 per diluted share, down from $2.65 a year earlier. The company said fiscal Q2 revenue was $521.4 million, compared with $475.2 million a year ago. It also lowered its full fiscal year adjusted EPS and revenue outlook.
Winners and Losers
Select Financial Sector SPDR (XLF) plummeted by 1.2%. Direxion Daily Financial Bull 3X Shares (FAS) plunged almost 4%, while bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) advanced 4.3%.
Blackstone (BX) fell 1.6% after Bloomberg reported late Tuesday that the company is in talks to buy at least part of Emerson Electric's (EMR) commercial and residential offerings business.
Technology Select Sector SPDR ETF (XLK) was sliding 1.3%, while iShares Dow Jones US Technology ETF (IYW) and iShares S&P North American Technology ETF (IGM) were flat.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) sank 3.3%, and the Semiconductor Sector Index Fund (SOXX) dropped 1.4%.
Apple (AAPL) was 1.3% lower after Nikkei Asia reported that the company has requested suppliers shift the production of some AirPods and Beats headphones to India as part of its gradual diversification from China.
The Health Care SPDR (XLV) was down 0.8%, while iShares Dow Jones US Healthcare (IYH) and Vanguard Health Care ETF (VHT) were flat. iShares Biotechnology ETF (IBB) declined nearly 0.9%.
GSK (GSK) was down 1.4% despite saying that its Jemperli, or dostarlimab, drug candidate met its primary endpoint of objective response rate in patients with metastatic, non-squamous, non-small cell lung cancer in a phase 2 trial.
Industrial Select Sector SPDR (XLI) was off 1%, while iShares US Industrials (IYJ) and Vanguard Industrials Index Fund (VIS) were flat.
Lockheed Martin (LMT) slipped 0.8% after the US Defense Department said late Tuesday that the company secured a $35.8 million firm-fixed-price modification to an order against a previously issued basic ordering agreement from the US Navy, among other contracts.
Front-month US West Texas Intermediate crude oil crept about 0.6% higher, while natural gas gained 1.4%. United States Oil Fund (USO) was ahead by 1.6%, and the United States Natural Gas Fund (UNG) jumped 1.9%.
Gold was down by roughly 0.5% and silver tumbled by 3.4%; SPDR Gold Trust (GLD) and iShares Silver Trust (SLV) lost 0.9% and 3.4%, respectively.
Dow Jones US Energy Fund (IYE) was off by less than 0.1%, while the Energy Select Sector SPDR ETF (XLE) gained 0.2%.
Eni (E) shares were down 0.3% after the company said gas flows supplied by Gazprom through Austria have resumed after earlier regulatory changes in the country disrupted supplies.