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 marginally lower by 0.01% in Monday's premarket activity, ahead of key economic data and the US Federal Open Market Committee's policy announcement due this week.
US stock futures were also lower, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures retreating 0.2%, and Nasdaq futures slipping marginally by 0.01% before the start of regular trading.
In premarket action, bitcoin was down by 0.5% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.2% higher.
Power Play:
Technology
Technology Select Sector SPDR Fund (XLK) retreated 0.1%, and the iShares US Technology ETF (IYW) was 0.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 0.5%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) fell by 0.2%.
Perion Network (PERI) shares were down more than 23% in recent premarket activity after the company lowered its Q2 and 2024 revenue guidance.
Winners and Losers:
Industrial
Industrial Select Sector SPDR Fund (XLI) gained 0.07%, while the Vanguard Industrials Index Fund (VIS) was inactive and the iShares US Industrials ETF (IYJ) gained 0.05%.
Southwest Airlines Company (LUV) shares were more than 8% higher Monday premarket after The Wall Street Journal reported Sunday, citing people familiar with the matter, that activist investor Elliott Investment Management acquired a nearly $2 billion stake in the carrier.
Energy
The iShares US Energy ETF (IYE) was down 0.1%, while the Energy Select Sector SPDR Fund (XLE) was up by 0.04%.
Diamond Offshore Drilling (DO) was up more than 8% before Monday's opening bell after Noble (NE) said that it entered a definitive merger agreement to acquire Diamond Offshore in a stock plus cash transaction with an implied value of $15.52 per share.
Financial
Financial Select Sector SPDR Fund (XLF) retreated 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1% higher.
Bitfarms (BITF) shares were down more than 3% pre-bell Monday after the company said its board of directors has unanimously approved a shareholder rights plan, intended to protect the integrity of its ongoing strategic alternatives review process and counter Riot Platforms' share accumulation.
Consumer
The Consumer Staples Select Sector SPDR Fund (XLP) was flat. The Vanguard Consumer Staples Fund (VDC), the iShares US Consumer Staples ETF (IYK), the Consumer Discretionary Select Sector SPDR Fund (XLY) and the VanEck Retail ETF (RTH) were inactive. The SPDR S&P Retail ETF (XRT) was flat.
Stellantis (STLA) traded down 1% pre-bell after the National Highway Traffic Safety Administration said Chrysler is recalling about 211,581 vehicles in the US due to a software issue that may disable the electronic stability control system.
Health Care
The Health Care Select Sector SPDR Fund (XLV) was flat. The Vanguard Health Care Index Fund (VHT) and the iShares US Healthcare ETF (IYH) were inactive, while the iShares Biotechnology ETF (IBB) was flat.
Moderna (MRNA) stock gained more than 1% premarket after the company said its Phase 3 trial of the investigational combination vaccine mRNA-1083, targeting both influenza and COVID-19, has successfully met its primary endpoints, demonstrating "a higher immune response" compared to licensed comparator vaccines used in the trial.
Commodities
Front-month US West Texas Intermediate crude oil advanced 0.7% to $76.03 per barrel on the New York Mercantile Exchange. Natural gas was 3.8% higher at $3.03 per 1 million British Thermal Units. United States Oil Fund (USO) gained 1.1%, while the United States Natural Gas Fund (UNG) rose 3.4%.
Gold futures for August retreated 0.2% to $2,319.40 an ounce on the Comex, while silver futures gained 1.5% to $29.88 an ounce. SPDR Gold Shares (GLD) advanced 0.8%, and iShares Silver Trust (SLV) was 2% higher.
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