The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.02% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.2% in Wednesday's premarket activity as markets traded mixed amid investor caution ahead of Jerome Powell's testimony and the consumer price index report.

US stock futures were mixed, with S&P 500 Index futures down 0.02%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.2% before the start of regular trading.

US mortgage applications rose 2.3% in the week ended Feb. 7 as lower rates drove a 10% rise in refinancing, while purchase applications fell 2%, Mortgage Bankers Association data showed Wednesday.

The January consumer price index bulletin will be released at 8:30 am ET.

Federal Reserve Chairman Jerome Powell is slated to appear before the US House of Representatives at 10 am ET.

The weekly EIA petroleum status report will be released at 10:30 am ET.

Atlanta Fed President Raphael Bostic speaks at 12 pm ET, followed by Fed Governor Christopher Waller at 5:05 pm ET.

In premarket activity, bitcoin was up by 0.9% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.2%. The Vanguard Health Care Index Fund (VHT) was up 0.3% while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was flat.

CVS Health (CVS) stock was up more than 10% premarket after the company reported higher-than-expected Q4 adjusted earnings and revenue.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) retreated 0.02%, and the iShares US Technology ETF (IYW) was 0.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 0.4%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 0.2%.

Super Micro Computer (SMCI) shares were up 13% in recent Wednesday premarket activity after the company said late Tuesday it agreed to sell $700 million aggregate principal amount of 2.25% convertible senior notes due 2028 in a private placement to existing debtholders.

Industrial

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

Westinghouse Air Brake Technologies (WAB) stock was down 7.5% before the opening bell after the company posted lower-than-expected Q4 adjusted earnings and net sales.

Consumer

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

Smurfit Westrock (SW) shares were down 4.5% pre-bell after the company reported Q4 earnings and net sales that trailed FactSet analyst estimates.

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.

Brookfield Asset Management (BAM) shares were up over 5% pre-bell Wednesday after the company reported higher Q4 distributable earnings that beat analyst estimates.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was down by 0.2%.

EOG Resources (EOG) stock was up nearly 1% before Wednesday's opening bell after RBC Capital upgraded the company to outperform from sector perform and lifted its price target to $155 from $150.

Commodities

Front-month US West Texas Intermediate crude oil retreated 1.1% at $72.50 per barrel on the New York Mercantile Exchange. Natural gas was down 0.5% at $3.50 per 1 million British Thermal Units. United States Oil Fund (USO) retreated 1%, while the United States Natural Gas Fund (UNG) was 0.3% lower.

Gold futures for April retreated 0.9% to $2,907.30 an ounce on the Comex, while silver futures declined 0.6% to $32.12 an ounce. SPDR Gold Shares (GLD) lost 0.5%, and the iShares Silver Trust (SLV) was 0.5% lower.