Major market ETFs, including the SPY, DIA, UYG and others, are modestly firmer in pre-market trading. Gains do look in jeopardy after a report showed the number of weekly jobless claims rose. U.S. markets are expected to again take their cues from overseas stock action after China puts up back-to-back gains. Futures have trimmed their earlier advance this morning.

The PowerShares QQQ (QQQQ), which tracks the technology-studded Nasdaq Composite, is up 0.5% this morning. Technology Select Sector SPDR (XLK) is flat. Google (GOOG) gets an upgrade this morning.

Select Financial Sector SPDRS (XLF) is up 0.9%. The Direxion Financial Bull 3X fund (FAS) is up 2.5%; its more actively traded bearish counterpart, FAZ, is down 2.3% at last check. Major banking issues are firmer, including Citi (C) up 1.2% and BAC up 1.4%.

SPDR Retail ETF (XRT) could be under pressure after mixed earnings results from the sector. Among them, Sears Holdings (SHLD) reports a Q2 loss of $0.79 vs income of $0.50 in the year-ago quarter. Loss ex-items was $0.17. The Street looked for an ex-items profit of $0.38. Total revenues decreased $1.2 billion to $10.6 billion.

Commodities -

Oil futures have bobbed between modest gains and modest declines in electronic trading. At last check, September crude is down $0.20 at $72.24 a barrel, adding to losses after the latest economic reading. Natural gas futures are just firmer. United States Oil Fund (USO) is down 0.2%. U.S. Natural Gas (UNG) is up 0.5%.

Gold futures are up $0.50 at $945.30 an ounce. SPDR Gold Shares (GLD) is down 0.3%. The Market Vectors Gold Miners fund (GDX) is flat. iShares Silver Trust (SLV) is up 0.5%.

ETF Power Play -

Claymore/MAC Global Energy fund (TAN) and Market Vectors Solar Energy (KWT) could see increased action closer to the bell. ReneSola (SOL) announced it was granted the exclusive right in a letter of intent with the Taiyangshan Development Zone in Wuzhong city, Ningxia Hui Autonomous Region, to develop a 150 megawatt on-grid solar power project with a budgeted total investment of RMB 4.8 billion (approximately US$ 706 million).

Active-volume exchange-traded funds in Wednesday's regular session:

SPDR S&P 500 (SPY): +0.9%

iShares S&P 500 (IVV): +0.8%

PowerShares QQQ (QQQQ): +0.7%

Select Financial Sector SPDRS (XLF): -0.07%

iShares Russell 2000 (IWM): +1.2%

iShares Russell 1000 Growth (IWF): +1%

iShares MSCI Emerging Markets Index (EEM): +0.3%

United States Oil Fund (USO): +3.4%

Top-volume movers in this morning's pre-market session:

QQQQ, +0.2%

SPY, +0.5%

SSO, +0.9%

IWM, +0.3%

UNG, +0.6%