08:14 AM EDT, 07/22/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.6% and the actively traded Invesco QQQ Trust (QQQ) was 0.9% higher in Monday's premarket activity, as traders weigh news that President Joe Biden stepped away from the election run.

US stock futures were also higher, with S&P 500 Index futures up 0.5%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.9% before the start of regular trading.

The June Chicago Fed National Activity Index will be released at 8:30 am ET.

In premarket action, bitcoin was down by 0.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 0.1% higher.

Power Play:

Energy

The iShares US Energy ETF ( IYE ) was inactive, while the Energy Select Sector SPDR Fund ( XLE ) was down by 0.3%.

Tellurian (TELL) shares were up 66% before Monday's opening bell after the company said Sunday that it has entered into a definitive agreement for Woodside Energy Group to acquire all the outstanding shares of the company for $1 per share in an all-cash transaction of about $900 million.

Winners and Losers:

Industrial

Industrial Select Sector SPDR Fund ( XLI ) was flat while the Vanguard Industrials Index Fund ( VIS ) was 3.5% higher and the iShares US Industrials ETF ( IYJ ) was inactive.

Ryanair ( RYAOF ) shares were down more than 13% before the opening bell after the company reported lower fiscal Q1 financial results.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) advanced 0.2%. The Vanguard Health Care Index Fund ( VHT ) was up 0.4% while the iShares US Healthcare ETF ( IYH ) was inactive. The iShares Biotechnology ETF ( IBB ) was 0.4% higher.

Cellectar Biosciences ( CLRB ) stock was up more than 8% premarket after the company said that most of the Tranche B warrants from its September 2023 private placement have been converted into Series E preferred stock, generating about $19.4 million in gross proceeds.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.03%, while the Vanguard Consumer Staples Fund (VDC) was down 0.1%. The iShares US Consumer Staples ETF ( IYK ) , the Consumer Discretionary Select Sector SPDR Fund ( XLY ) , the VanEck Retail ETF ( RTH ) and the SPDR S&P Retail ETF ( XRT ) were inactive.

XPeng ( XPEV ) traded up nearly 4% pre-bell after the company and Volkswagen Group said that they signed a master agreement for their previously announced technical collaboration on electrical/electronic architecture for locally produced vehicles based on Volkswagen's China main platform and modular electric drive matrix platform.

Technology

Technology Select Sector SPDR Fund ( XLK ) was up 1.1%, and the iShares US Technology ETF ( IYW ) was 0.3% higher, while the iShares Expanded Tech Sector ETF ( IGM ) was up 1.4%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was inactive, while the iShares Semiconductor ETF ( SOXX ) rose by 1.5%.

NVIDIA ( NVDA ) stock was up nearly 2% in recent Monday premarket activity after Reuters reported, citing three sources, that the company is preparing a version of its new flagship "Blackwell" AI chips for the Chinese market that will be compatible with current US export controls.

Financial

Financial Select Sector SPDR Fund ( XLF ) advanced by 0.2%. Direxion Daily Financial Bull 3X Shares ( FAS ) was up 0.3%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.3% lower.

Truist Financial ( TFC ) shares were down 1.8% pre-bell Monday after the company reported Q2 adjusted earnings of $0.91 per diluted share, down from $0.92 a year earlier.

Commodities

Front-month US West Texas Intermediate crude oil lost 0.5% to $79.75 per barrel on the New York Mercantile Exchange. Natural gas fell 2.9% to $2.19 per 1 million British Thermal Units. United States Oil Fund ( USO ) declined 0.6%, while the United States Natural Gas Fund ( UNG ) was 3% higher.

Gold futures for December were up 0.4% to $2,456.90 an ounce on the Comex, while silver futures fell 0.2% to $29.26 an ounce. SPDR Gold Shares ( GLD ) gained 0.4%, and iShares Silver Trust ( SLV ) was 0.7% lower.