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 0.4% higher in Wednesday's premarket activity as investors awaited the Federal Reserve's policy rate decision.

US stock futures also edged higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.3% before the start of regular trading.

US mortgage applications fell 6.2% in the week ended March 14 as rising rates drove a 13% drop in refinancing, while new purchase applications were little changed, Mortgage Bankers Association data showed Wednesday.

The Atlanta Fed Business Inflation Expectations report for March will be released at 10 am ET, followed by the weekly EIA domestic petroleum inventories report at 10:30 am ET.

The Fed is slated to announce its latest monetary policy decision at 2 pm ET, followed by Chair Jerome Powell's press conference at 2:30 pm ET.

In premarket activity, bitcoin was up by 1.8% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) was flat. The Vanguard Health Care Index Fund (VHT) and the iShares US Healthcare ETF (IYH) were also flat. The iShares Biotechnology ETF (IBB) was inactive.

Virpax Pharmaceuticals (VRPX) stock was up nearly 2% premarket after the company late Tuesday reported positive results from a dose range finding study of its Probudur pain relief treatment in beagle dogs, further paving the way for its investigational new drug application.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.2% while the Vanguard Consumer Staples Fund (VDC) was up 0.1%. The iShares US Consumer Staples ETF (IYK) gained 0.1%, and the Consumer Discretionary Select Sector SPDR Fund (XLY) advanced 0.5%. The VanEck Retail ETF (RTH) and the SPDR S&P Retail ETF (XRT) were inactive.

Hesai Group (HSAI) shares were down more than 3% pre-bell after falling 7.8% in the previous session. The company said it "strongly disagrees" with the allegations made in a recent short report by Blue Orca Capital.

Technology

Technology Select Sector SPDR Fund (XLK) gained 0.5%, and the iShares US Technology ETF (IYW) was 0.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.9%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 0.2%.

Sportradar Group (SRAD) shares were down more than 3% in recent Wednesday premarket activity, continuing from a 1.4% decline on Tuesday. The company reported no Q4 earnings and said it has signed a deal with Endeavor Group (EDR) to buy IMG ARENA and its global sports betting rights portfolio. Endeavor Group stock was 0.7% lower.

Financial

Financial Select Sector SPDR Fund (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.7%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.7% lower.

LexinFintech Holdings (LX) shares were down more than 3% pre-bell Wednesday after the company reported higher Q4 adjusted net income and operating revenue.

Industrial

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

Rocket Lab USA (RKLB) stock was up 1.5% before the opening bell after the company said Tuesday it has scheduled a March 27 rapid turnaround mission on Electron for OroraTech, a Germany-based provider of wildfire detection and monitoring services.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) retreated 0.01%.

Nabors Industries (NBR) stock was down 1% before Wednesday's opening bell after the company said CFO William Restrepo will retire on Sept. 30.

Commodities

Front-month US West Texas Intermediate crude oil retreated 0.1% to $66.85 per barrel on the New York Mercantile Exchange. Natural gas advanced 3% to reach $4.18 per 1 million British Thermal Units. United States Oil Fund (USO) was down 0.1%, while the United States Natural Gas Fund (UNG) was 2.7% higher.

Gold futures for April advanced 0.2% to $3,047.10 an ounce on the Comex, while silver futures retreated 0.5% to $34.65 an ounce. SPDR Gold Shares (GLD) advanced 0.1%, and the iShares Silver Trust (SLV) was 0.1% higher.