09:13 AM EDT, 05/13/2026 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% higher in Wednesday's premarket activity as markets traded mixed ahead of a meeting between US President Donald Trump and Chinese leader Xi Jinping.

US stock futures were also mixed, with S&P 500 Index futures down 0.03%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures gaining 0.3% before the start of regular trading.

The US Producer Price Index rose by 1.4% in April following a 0.7% gain in March, well above the 0.5% gain expected in a survey compiled by Bloomberg as of 7:35 am ET.

The weekly petroleum stocks data will be released at 10:30 am ET.

Mortgage applications rose by 1.7% in the week ended May 8 after a 4.4% fall in the previous week, with the home purchase applications driving the increase despite a small uptick in mortgage rates, according to Mortgage Bankers Association data released Wednesday.

In premarket activity, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.3% lower, Ether ETF (EETH) advanced 0.9%, and Bitcoin &Ether Market Cap Weight ETF (BETH) gained 0.4%.

Power Play:

Industrial

The State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.2%, while the Vanguard Industrials Index Fund (VIS) gained 0.7% and the iShares US Industrials ETF (IYJ) was down 0.1%.

Red Cat (RCAT) stock was down more than 13% before the opening bell after the company said it priced an underwritten public offering of 23.9 million shares at $9.40 apiece.

Winners and Losers:

Consumer

The State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 0.4% lower. The iShares US Consumer Staples ETF (IYK) retreated by 0.3%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) declined by 0.3%.

Birkenstock (BIRK) shares were down more than 5% pre-bell after the company reported lower-than-expected fiscal Q2 adjusted earnings and revenue.

Financial

The State Street Financial Select Sector SPDR ETF (XLF) declined by 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.5%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.6% higher.

Sumitomo Mitsui Financial Group (SMFG) shares were up more than 2% pre-bell after the company reported higher fiscal 2026 earnings and ordinary income.

Technology

The State Street Technology Select Sector SPDR ETF (XLK) advanced by 1.4%, and the iShares US Technology ETF (IYW) was 1.3% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 1.5%, while the iShares Semiconductor ETF (SOXX) rose by 2%.

Nvidia (NVDA) shares were up more than 2% in premarket activity after reports that Nvidia Chief Executive Jensen Huang is set to accompany US President Donald Trump on his visit to Beijing, a last-minute addition that has raised expectations of progress in stalled talks over Nvidia's H200 AI chip sales to China.

Energy

The iShares US Energy ETF (IYE) was down 1%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.3%.

Fluence Energy (FLNC) stock was down more than 2% before the opening bell after the company said it has priced an underwritten public offering of a total of 20 million of its Class A common shares on behalf of certain shareholders at $21 apiece.

Health Care

The State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.5%, the Vanguard Health Care Index Fund (VHT) was down 0.1%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.6% lower.

Novo Nordisk (NVO) shares were up 0.4% pre-bell. The drugmaker presented new analyses from its phase 3 OASIS 4 trial showing that adults treated with Wegovy pill achieved substantial weight loss and improved physical function. The company also said it is pausing further manufacturing development at its Odense, Denmark, site.

Commodities

Front-month US West Texas Intermediate crude oil retreated by 0.4% to $101.81 per barrel on the New York Mercantile Exchange. Natural gas was down 0.6% at $2.83 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 0.4%, while The United States Natural Gas Fund (UNG) was 0.8% higher.

Gold futures for May gained by 0.4% to reach $4,705.90 an ounce on the Comex. Silver futures rose by 2.6% to $87.85 an ounce. SPDR Gold Shares (GLD) was 0.7% lower, and the iShares Silver Trust (SLV) fell by 0.7%.