(Corrects the period of GDP report in fourth paragraph)
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.2% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% lower in Wednesday’s premarket activity, as fears continue to grow that inflation is not retreating as fast as it should.
US stock futures were lower, with S&P 500 Index futures down 0.3%, Dow Jones Industrial Average futures slipping 0.3%, and Nasdaq futures retreating 0.5% before the start of regular trading.
Data from the Mortgage Bankers Association Wednesday revealed a 5.6% drop in mortgage applications for the week ended Feb. 23, despite a slight decrease in mortgage rates. This decline comes after a 10.6% decrease in overall activity the previous week, with refinancing loan applications decreasing by 7% and new purchase applications by 5% on a seasonally adjusted basis.
The GDP report…
