The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 2.3% and the actively traded Invesco QQQ Trust (QQQ) was 1.8% higher in Wednesday's premarket session, as investors digest election results making Donald Trump the 47th US president.

US stock futures also rose, with S&P 500 Index futures up 2.3%, Dow Jones Industrial Average futures advancing 3.2%, and Nasdaq futures gaining 1.7% before the start of regular trading.

US mortgage applications dropped 10.8% in the week ended Nov. 1, as mortgage rates rose to their highest level since July, the Mortgage Bankers Association reported Wednesday.

October's S&P US Global PMI composite final will be released at 9:45 am ET, followed by the weekly EIA petroleum status report at 10:30 am ET.

In premarket action, Bitcoin was up by 6.9% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 7.3% higher.

Power Play:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.2%, while the Vanguard Consumer Staples Fund (VDC) was flat. The iShares US Consumer Staples ETF (IYK) advanced 3%, and the Consumer Discretionary Select Sector SPDR Fund (XLY) gained 2.7%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was up 0.9%.

ODP (ODP) shares were down 13% pre-bell after the company reported lower Q3 adjusted earnings and sales, and cut its outlook for 2024 adjusted EPS.

Winners and Losers:

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 1.2%. The Vanguard Health Care Index Fund (VHT) climbed 3.3% while the iShares US Healthcare ETF (IYH) gained 0.1%. The iShares Biotechnology ETF (IBB) was 1.9% higher.

CVS Health (CVS) stock was up more than 9% premarket after the company reported forecast-beating Q3 adjusted earnings and revenue.

Energy

The iShares US Energy ETF (IYE) climbed 2.8%, while the Energy Select Sector SPDR Fund (XLE) was up by 2.5%.

Consol Energy (CEIX) stock was up more than 7% before Wednesday's opening bell after B. Riley lifted its price target for the company following Consol's Tuesday report of higher Q3 earnings and revenue.

Technology

Technology Select Sector SPDR Fund (XLK) advanced 1.6%, and the iShares US Technology ETF (IYW) was 2.1% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 1.8%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) rose 3.8%, while the iShares Semiconductor ETF (SOXX) gained 1.4%.

AvidXchange Holdings (AVDX) shares were up more than 6% in recent Wednesday premarket activity after the company reported higher Q3 non-GAAP earnings and revenue.

Financial

Financial Select Sector SPDR Fund (XLF) rose 5.4%. Direxion Daily Financial Bull 3X Shares (FAS) soared more than 15%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) fell more than 16%.

Hamilton Lane (HLNE) shares were up 5.4% pre-bell Wednesday after the company reported higher fiscal Q2 non-GAAP earnings and revenue.

Industrial

Industrial Select Sector SPDR Fund (XLI) advanced 3.5% while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was 4.2% higher.

Howmet Aerospace (HWM) stock was up 4.5% before the opening bell after the company reported higher Q3 adjusted earnings and sales, and lifted its 2024 adjusted EPS guidance.

Commodities

Front-month US West Texas Intermediate crude oil fell by 2.1% to $70.46 per barrel on the New York Mercantile Exchange. Natural gas gained 0.5% to $2.68 per 1 million British Thermal Units. United States Oil Fund (USO) was down 2.7%, while the United States Natural Gas Fund (UNG) advanced 0.9%.

Gold futures for December decreased 1.6% to $2,706.60 an ounce on the Comex, while silver futures retreated 2.7% to $31.89 an ounce. SPDR Gold Shares (GLD) declined by 2%, and iShares Silver Trust (SLV) was 3.2% lower.