The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.8% and the actively traded Invesco QQQ Trust (QQQ) was 1.1% lower in Wednesday's premarket activity, ahead of a highly anticipated tariff announcement from US President Donald Trump due later in the day.

US stock futures were also lower, with S&P 500 Index futures down 0.7%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures losing 0.9% before the start of regular trading.

US mortgage applications fell 1.6% in the week ended March 28, as a drop in refinancing outweighed higher purchase activity, while mortgage rates edged lower, the Mortgage Bankers Association said Wednesday.

The private-sector employment rose 155,000 in March, higher than expectations of a 120,000 rise, according to ADP data released Wednesday.

The factory orders bulletin for February will be released at 10 am ET, followed by the weekly EIA petroleum status report posts at 10:30 am ET.

Federal Reserve Governor Adriana Kugler speaks at 4:30 pm ET.

In premarket activity, bitcoin was down by 0.3% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.2% lower.

Power Play:

Technology

Technology Select Sector SPDR Fund (XLK) retreated nearly 1%, and the iShares US Technology ETF (IYW) was flat, while the iShares Expanded Tech Sector ETF (IGM) was down 0.6%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) fell 0.8%, while the iShares Semiconductor ETF (SOXX) was 1.3% lower.

NCino (NCNO) shares were down more than 33% in recent premarket activity Wednesday after the company reported late Tuesday lower fiscal Q4 non-GAAP earnings.

Winners and Losers:

Health Care

The Health Care Select Sector SPDR Fund (XLV) retreated 0.01%. The Vanguard Health Care Index Fund (VHT) was down 0.2% while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) declined 0.4%.

Edgewise Therapeutics (EWTX) stock was down more than 28% premarket after the company said it priced an underwritten offering of about 9.9 million common shares at $20.13 apiece for proceeds of about $200 million. The company also reported topline results from a phase 2 trial of EDG-7500 in participants with obstructive hypertrophic cardiomyopathy.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.01%, while the Vanguard Consumer Staples Fund (VDC) lost 0.01%. The iShares US Consumer Staples ETF (IYK) retreated 0.1%, and the Consumer Discretionary Select Sector SPDR Fund (XLY) retreated 0.9%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was down 0.3%.

Tesla (TSLA) shares were down more than 2% pre-bell, partially reversing the 3.6% gain at Tuesday's close. Folksam, Sweden's largest insurer, said Wednesday that it has divested its entire stake in Tesla. Separately, Reuters reported that the electric vehicle manufacturer sold 78,828 China-made electric vehicles in March, down 11.5% from a year earlier.

Financial

Financial Select Sector SPDR Fund (XLF) retreated 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.8% higher.

Hope Bancorp (HOPE) shares were up more than 1% pre-bell Wednesday after the company said it has completed its merger with Territorial Bancorp.

Industrial

Industrial Select Sector SPDR Fund (XLI) declined 0.6%, the Vanguard Industrials Index Fund (VIS) was down 2.7%, and the iShares US Industrials ETF (IYJ) was inactive.

Rockwell Automation (ROK) stock was down 0.7% before the opening bell after a 0.1% gain at the previous close. The company said Wednesday it is partnering with Amazon's (AMZN) Amazon Web Services unit to develop products for the manufacturing industry.

Energy

The iShares US Energy ETF (IYE) retreated 0.3%, while the Energy Select Sector SPDR Fund (XLE) was down by 0.4%.

Phillips 66 (PSX) stock was down 0.8% before Wednesday's opening bell, after a 0.7% rise at the prior close. The company said late Tuesday it completed the acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP for about $2.2 billion in cash.

Commodities

Front-month US West Texas Intermediate crude oil was down 0.5% at $70.87 per barrel on the New York Mercantile Exchange. Natural gas gained 0.6% to reach $3.97 per 1 million British Thermal Units. United States Oil Fund (USO) lost 0.6%, while the United States Natural Gas Fund (UNG) was up 0.4%.

Gold futures for June gained 0.3% to reach $3,155.90 an ounce on the Comex, while silver futures advanced 1% to $34.66 an ounce. SPDR Gold Shares (GLD) were flat, and the iShares Silver Trust (SLV) was 0.3% higher.