SPDR S&P 500 (SPY): -0.7%

iShares S&P 500 (IVV): -0.7%

PowerShares QQQ (QQQQ): -0.7%

Select Financial Sector SPDRS (XLF): -2.4%

iShares Russell 2000 (IWM): -1%

iShares Russell 1000 Growth (IWF): -0.4%

iShares MSCI Emerging Markets Index (EEM): -1.4%

United States Oil Fund (USO): +1.4%

The top ETF volume movers in pre-market action this morning:

QQQQ, +0.3%

SPY, +0.3%

SSO, +0.6%

GLD, +0.3%

USO, -0.5%

Winners and Losers

Major market ETFs, including the SPY, DIA, UYG and others, are firmer, in step with an expected broad market gain. The PowerShares QQQ (QQQQ), which tracks the technology-studded Nasdaq Composite, is up 0.2%.

Major banking and brokerage shares are mostly higher, though a downgrade for mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE) is diluting some of that optimism. CIT (CIT) is a sharp upside mover after it announced that it has amended its restructuring plan as part of an effort to further build bondholder support. Select Financial Sector SPDRS (XLF) is up 0.4%. The Direxion Financial Bull 3X fund (FAS) is up 1.4%; its bearish counterpart, FAZ, is down 1.3% and among the most active movers on Nasdaq.

Telecom funds, including Vanguard Telecom VIPERs (VOX) and iShares Dow Jones US Telecom (IYZ) could see increased interest after deal news within the sector.
Sprint Nextel (S) and iPCS, Inc. (IPCS) announced an agreement for Sprint Nextel to acquire iPCS for approximately $831 million, including the assumption of $405 million of net debt. Sprint expects to achieve approximately $30 million of synergies annually in the transaction and expects the transaction to be free cash flow accretive to Sprint in 2010.