The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 2% and the actively traded Invesco QQQ Trust (QQQ) retreated 1.7% in Wednesday's premarket activity amid China's retaliatory tariffs against the US.

US stock futures were also lower, with S&P 500 Index futures down 1.2%, Dow Jones Industrial Average futures slipping 1.4%, and Nasdaq futures retreating 0.8% before the start of regular trading.

US mortgage applications rose 20% in the week ended April 4, driven by a drop in mortgage rates to a six-month low that spurred gains in both refinancing and purchase activity, Mortgage Bankers Association data showed Wednesday.

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

Richmond Fed President Thomas Barkin is slated to speak at 12:30 pm ET.

Minutes of last month's Federal Reserve policy meeting will be released at 2 pm ET.

In premarket act, bitcoin was down by 1.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.1% lower.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) retreated 2.2%. The Vanguard Health Care Index Fund (VHT) was down 2.5% while the iShares US Healthcare ETF (IYH) slipped 2.4%. The iShares Biotechnology ETF (IBB) was 2.6% lower.

Neogen (NEOG) stock was down 14% premarket after the company reported lower fiscal Q3 adjusted earnings and revenue. The company also said Chief Executive and President John Adent will step down.

Winners and Losers:

Industrial

Industrial Select Sector SPDR Fund (XLI) retreated 1.7% while the Vanguard Industrials Index Fund (VIS) was down 2% and the iShares US Industrials ETF (IYJ) fell 2.3%.

Draganfly (DPRO) stock was up more than 5% before the opening bell after the company said that Balko Technologies selected it as the primary provider of unmanned aircraft systems.

Energy

The iShares US Energy ETF (IYE) was down 1.8%, while the Energy Select Sector SPDR Fund (XLE) retreated 3.1%.

Peabody Energy (BTU) stock was up more than 12% before Wednesday's opening bell after the company said Tuesday it is reviewing all options related to its acquisition of Anglo American's steelmaking coal assets after a fire broke out at the latter's Moranbah North mine in Australia last week.

Technology

Technology Select Sector SPDR Fund (XLK) retreated 1.5%, and the iShares US Technology ETF (IYW) was flat, while the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was down 2.3%, while the iShares Semiconductor ETF (SOXX) dropped by 1.7%.

Indie Semiconductor (INDI) shares were down 3% in recent Wednesday premarket activity after the company said in a Tuesday regulatory filing that Kanwardev Raja Singh Bal informed the company about his intention to resign as chief financial officer and chief accounting officer.

Financial

Financial Select Sector SPDR Fund (XLF) fell 2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 4.8%.

KKR (KKR) shares were down 1.6% pre-bell Wednesday, continuing from a 3.1% fall in the prior day's close. The company announced Wednesday plans to acquire Karo Healthcare and UK-based diversified healthcare REIT Assura.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.6%, while the Vanguard Consumer Staples Fund (VDC) declined 1.4%. The iShares US Consumer Staples ETF (IYK) retreated 1.3%, and the Consumer Discretionary Select Sector SPDR Fund (XLY) lost 1.2%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) fell 2.8%.

Post (POST) shares were down 1.7% pre-bell after the company said it will close two of its Post Consumer Brands cereal manufacturing facilities in Ontario and Nevada by the end of December.

Commodities

Front-month US West Texas Intermediate crude oil fell 5.9% to $56.06 per barrel on the New York Mercantile Exchange. Natural gas retreated 2.2% to $3.39 per 1 million British Thermal Units. United States Oil Fund (USO) lost 4.2%, while the United States Natural Gas Fund (UNG) was 3.5% lower.

Gold futures for June rose 2.9% to $3,077.30 an ounce on the Comex, while silver futures advanced 2.6% to $30.47 an ounce. SPDR Gold Shares (GLD) was up 2.7%, and the iShares Silver Trust (SLV) was 1.8% higher.