08:30 AM EDT, 08/05/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 3.1% and the actively traded Invesco QQQ Trust (QQQ) was 4.7% lower in Monday's premarket activity as traders continued to sell stocks on fears of a US recession.

US stock futures were also lower, with S&P 500 Index futures down 3%, Dow Jones Industrial Average futures falling 2%, and Nasdaq futures losing 4.5% before the start of regular trading.

The S&P Global July PMI composite final will be released at 9:45 ET, followed by the July ISM Services Index at 10 am ET.

San Francisco Federal Reserve President Mary Daly speaks at 5 pm ET.

In premarket action, bitcoin was down by 14% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 18% lower.

Power Play:

Technology

Technology Select Sector SPDR Fund ( XLK ) retreated 5.8%, and the iShares US Technology ETF ( IYW ) was 5.6% lower, while the iShares Expanded Tech Sector ETF ( IGM ) was down 5.3%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) declined 6.1%, while the iShares Semiconductor ETF ( SOXX ) dropped nearly 7%.

Apple ( AAPL ) shares were down nearly 7% in recent Monday premarket activity after Berkshire Hathaway (BRK.A, BRK.B) slashed its stake in Apple ( AAPL ) to $84.2 billion in Q2, compared with $135.4 billion at the end of the previous quarter.

Winners and Losers:

Energy

The iShares US Energy ETF ( IYE ) gained marginally by 0.04%, while the Energy Select Sector SPDR Fund ( XLE ) was down by 1.4%.

Golar LNG (GLNG) stock was down 6.3% while BP (BP) declined 3.6% before Monday's opening bell after the companies said they had executed commercial reset agreements for a floating liquefied natural gas vessel Gimi.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 0.6%. The Vanguard Health Care Index Fund ( VHT ) and the iShares US Healthcare ETF ( IYH ) were inative. The iShares Biotechnology ETF ( IBB ) was down 2.5%.

Tenet Healthcare ( THC ) stock was down 5% premarket after the company said it has agreed to sell its 70% majority ownership interest in Brookwood Baptist Health in Birmingham to Orlando Health for about $910 million in cash.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was down 0.3%, while the Vanguard Consumer Staples Fund (VDC) fell 1.5%. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) lost 3.2%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) declined 2.8%.

Freshpet ( FRPT ) shares traded up 3% pre-bell after the company reported a narrowed Q2 loss and higher revenue. The company also lifted its 2024 sales guidance.

Financial

Financial Select Sector SPDR Fund ( XLF ) retreated 2.1%. Direxion Daily Financial Bull 3X Shares ( FAS ) fell 6.6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 6.5% higher.

Banco Bradesco SA ( BBD ) shares were down nearly 3% pre-bell Monday even after the company reported higher Q2 financial results.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) was down by 1.4% while the Vanguard Industrials Index Fund ( VIS ) declined by 1.8% and the iShares US Industrials ETF ( IYJ ) was nearly 1% lower.

Timken Co. ( TKR ) shares retreated 3.3% before the opening bell after the company said it agreed to acquire CGI, a maker of precision drive systems, including those for medical robotics.

Commodities

Front-month US West Texas Intermediate crude oil retreated 2.2% to $71.93 per barrel on the New York Mercantile Exchange. Natural gas was down 3.5% at $1.90 per 1 million British Thermal Units. United States Oil Fund ( USO ) fell nearly 3%, while the United States Natural Gas Fund ( UNG ) was 3.8% lower.

Gold futures for December were down 1.8% at $2,425.80 an ounce on the Comex, while silver futures lost 5.4% to reach $26.87 an ounce. SPDR Gold Shares ( GLD ) retreated 2.1%, and iShares Silver Trust ( SLV ) fell 3.3%.