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 prepare for major earnings week followed by Federal Reserve's presidents' speeches on the economy and outlook.
US stock futures were also lower, with S&P 500 Index futures down 0.3%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 0.5% before the start of regular trading.
Federal Reserve Dallas President Lorie Logan will speak around 9 am ET at the 2024 Securities Industry and Financial Markets Association annual meeting, followed by the leading economic indicators index for September release at 10 am ET.
Fed Minneapolis President Neel Kashkari will speak at 1 pm ET at the Chippewa Falls Area Chamber of Commerce in Wisconsin, while Fed Kansas City President Jeffrey Schmid will speak at 5 pm ET on the economic and monetary policy outlook at a Chartered Financial Analyst Society's event.
In premarket activity, bitcoin was down 0.3% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower.
Power Play:
Technology
Technology Select Sector SPDR Fund (XLK) was 0.7% lower. The iShares US Technology ETF (IYW) slipped 0.5%, while the iShares Expanded Tech Sector ETF (IGM) gained 1%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) was down 1%.
Siyata Mobile (SYTA) shares surged 122% in recent Monday premarket activity after it said that T-Mobile (TMUS) will offer the company's push-to-talk cellular radio handsets.
Winners and Losers:
Industrial
Industrial Select Sector SPDR Fund (XLI) retreated 0.2%, while the Vanguard Industrials Index Fund (VIS) was flat. The iShares US Industrials ETF (IYJ) was inactive.
Piedmont Lithium (PLL) stock fell more than 5% before Monday's bell after JPMorgan downgraded it to underweight from neutral and trimmed its price target to $8 from $9.
Health Care
The Health Care Select Sector SPDR Fund (XLV) was marginally up by 0.02%. The Vanguard Health Care Index Fund (VHT) was flat, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.2% lower.
Elevai Labs (ELAB) stock was 4% higher before the bell Monday after its Elevai Biosciences unit reported "encouraging" past preclinical data from 2022 for EL-32, a dual-action blocker for myostatin and activin-A.
Energy
The iShares US Energy ETF (IYE) was up 0.3%, while the Energy Select Sector SPDR Fund (XLE) was 0.6% higher.
BKV (BKV) shares rose around 3% before the bell on Monday, after KeyBanc initiated its coverage at overweight with a $23 price target, while Jefferies started its coverage at buy with a $28 price target.
Financial
Financial Select Sector SPDR Fund (XLF) was down 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was 0.6% lower, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.6% higher.
Sandy Spring Bancorp (SASR) shares were up 2.3% before the bell Monday after it agreed to be acquired by Atlantic Union Bankshares (AUB) in an all-stock deal valued at about $1.6 billion.
Consumer
The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.1%, while the Vanguard Consumer Staples Fund (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) declined 0.6%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) marginally advanced by 0.04%.
Delta Air Lines (DAL) shares slipped 1.8% before Monday's opening bell after media outlets reported its flight to New York made an emergency stop due to a technical fault at the Blaise Diagne International Airport in Senegal on Saturday.
Commodities
Front-month US West Texas Intermediate crude oil advanced 2% to $70.03 per barrel on the New York Mercantile Exchange. Natural gas gained 3.4% to reach $2.33 per 1 million British Thermal Units. United States Oil Fund (USO) increased by 1.4%, while the United States Natural Gas Fund (UNG) was 1.7% higher.
Gold futures for December rose 0.8% to $2,750.50 an ounce on the Comex, while silver futures gained 2.9% to reach $34.20 an ounce. SPDR Gold Shares (GLD) advanced 0.6%, and iShares Silver Trust (SLV) was 1.4% higher.
Comments