The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.3% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% lower in Monday's premarket activity, as investors await Powell's speech later in the day on the economic outlook.
US stock futures were also lower, with S&P 500 Index futures and Dow Jones Industrial Average futures both slipping 0.2%, and Nasdaq futures retreating 0.3% before the start of regular trading.
The Chicago PMI for September will be released at 9:45 am ET, followed by the Dallas Fed Manufacturing Survey for September at 10:30 am ET, while Federal Reserve Chair Jerome Powell will speak about the economic outlook at a National Association for Business Economics meeting in Nashville, Tennessee, at 1:55 pm ET.
In premarket action, bitcoin was down by 3.6% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 3.4% lower.
Power Play:
Technology
Technology Select Sector SPDR Fund (XLK) retreated 0.6% and the iShares US Technology ETF (IYW) was 0.2% lower, while the iShares Expanded Tech Sector ETF (IGM) was up 0.2%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) was down 2%.
TTEC Holdings (TTEC) shares rose 40% before Monday's bell after saying its board received an unsolicited proposal from Chairman and Chief Executive Kenneth Tuchman to take the firm private at a proposed purchase price of $6.85 a share.
Winners and Losers:
Health Care
The Health Care Select Sector SPDR Fund (XLV) retreated 0.1%. The Vanguard Health Care Index Fund (VHT) was down 0.1% while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) marginally advanced by 0.04%.
Prime Medicine (PRME) shares were up over 16% in Monday's premarket activity after saying it signed a research collaboration and license agreement with Bristol-Myers Squibb (BMY) to develop reagents for the next generation of ex vivo T-cell therapies.
Consumer
The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.01%, while the Vanguard Consumer Staples Fund (VDC) retreated 0.4%. The iShares US Consumer Staples ETF (IYK) was flat, and the Consumer Discretionary Select Sector SPDR Fund (XLY) slipped 0.4%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was 0.3% lower.
Nio (NIO) shares rose 16% before the opening bell Monday after saying that its Nio Holding unit will receive a total of 3.30 billion Chinese renminbi ($470.6 million) in investments from Hefei Jianheng New Energy Automobile Investment Fund Partnership, Anhui Provincial Emerging Industry Investment, and CS Capital for newly issued shares.
Industrial
Industrial Select Sector SPDR Fund (XLI) was down by 0.1%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.
Rio Tinto Group (RIO) shares were around 1% higher before Monday's opening bell after RBC raised its price target to 57 British pounds ($76.3) from 56 pounds with a sector perform rating.
Financial
Financial Select Sector SPDR Fund (XLF) slipped 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) gained 0.6%.
U.S. Bancorp (USB) shares were up by 1% in Monday's premarket activity after Morgan Stanley upgraded it to overweight from equalweight and raised its price target to $57 from $54.
Energy
The iShares US Energy ETF (IYE) gained 0.6%, while the Energy Select Sector SPDR Fund (XLE) was down by 0.3%.
Hess (HES) shares were slightly up before Monday's opening bell after Wolfe Research upgraded it to outperform from peer perform with a $150 price target.
Commodities
Front-month US West Texas Intermediate crude oil slipped by 0.4% to $67.89 per barrel on the New York Mercantile Exchange. Natural gas was down by 0.3% at $2.89 per 1 million British Thermal Units. United States Oil Fund (USO) retreated 0.5%, while the United States Natural Gas Fund (UNG) lost 0.4%.
Gold futures for December were down 0.2% at $2,663.20 an ounce on the Comex, while silver futures retreated 0.7% to $31.60 an ounce. SPDR Gold Shares (GLD) declined 0.4%, and iShares Silver Trust (SLV) was 1% lower.
Comments