09:15 AM EDT, 10/07/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 0.5% and the actively traded Invesco QQQ Trust (QQQ) was 0.6% lower in Monday's premarket activity, ahead of the Q3 earnings season.

US stock futures were also lower, with S&P 500 Index futures up 0.5%, Dow Jones Industrial Average futures slipping 0.4%, and Nasdaq futures gaining 0.6% before the start of regular trading.

The US Federal Reserve's consumer credit report for August is due at 3 pm ET.

Minneapolis Federal Reserve President Neel Kashkari speaks at 1:50 pm, Atlanta Fed President Raphael Bostic at 6 pm, and St. Louis Fed President Alberto Musalem at 6:30 pm.

In premarket activity, bitcoin was up by 0.7% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.1% higher.

Power Play:

Technology

Technology Select Sector SPDR Fund ( XLK ) retreated 0.8%, and the iShares US Technology ETF ( IYW ) was 0.2% lower, while the iShares Expanded Tech Sector ETF ( IGM ) was up 0.9%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was flat, while the iShares Semiconductor ETF ( SOXX ) rose by 0.4%.

Algorhythm Holdings ( RIME ) was up 48% in recent Monday premarket activity after the company it has been awarded a service contract from an unnamed major global beverage, food, and snack company.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was flat, while the Vanguard Consumer Staples Fund (VDC) was up 0.1%. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) lost 0.6%. The VanEck Retail ETF ( RTH ) was down by 0.1%, while the SPDR S&P Retail ETF ( XRT ) was 1.1% lower.

MYT Netherlands Parent (MYTE) shares were up 40% pre-bell after the company said that it has entered into binding agreements to acquire 100% of the share capital of YOOX NET-A-PORTER from Richemont in exchange for shares representing 33% of MYT's fully diluted share capital.

Financial

Financial Select Sector SPDR Fund ( XLF ) retreated 0.2%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 0.6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.7% higher.

Citizens Financial Group ( CFG ) shares were down 3.8% pre-bell Monday after the company filed a registration statement Friday for the potential sale of an unspecified amount of securities from time to time.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 0.1%. The Vanguard Health Care Index Fund ( VHT ) gained 0.1% while the iShares US Healthcare ETF ( IYH ) increased 0.5%. The iShares Biotechnology ETF ( IBB ) was flat.

Pfizer ( PFE ) shares were up nearly 3% premarket after multiple news outlets reported Sunday that the company may become the target of a shareholder campaign led by Starboard Value, which has taken a $1 billion stake in Pfizer ( PFE ).

Industrial

Industrial Select Sector SPDR Fund ( XLI ) declined 0.3%, the Vanguard Industrials Index Fund ( VIS ) gained 0.1%, while the iShares US Industrials ETF ( IYJ ) was inactive.

Rocket Lab USA ( RKLB ) stock gained 1.8% before the opening bell after the company said that it won a NASA contract to conduct a study on "retrieving rock samples from the Martian surface and bringing them to Earth for the first time."

Energy

The iShares US Energy ETF ( IYE ) was down 0.1%, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.8%.

Chevron's ( CVX ) was up 1.2% before Monday's opening bell after the company's Canadian unit said that it and a related affiliate have signed an agreement with Canadian Natural Resources ( CNQ ) for the sale of their 20% non-operated ownership in the Athabasca Oil Sands project, 70% operated ownership in the Duvernay shale and related interests, in Alberta, for $6.5 billion in cash.

Commodities

Front-month US West Texas Intermediate crude oil gained 1.8% to reach $75.74 per barrel on the New York Mercantile Exchange. Natural gas was down 1.2% at $2.82 per 1 million British Thermal Units. United States Oil Fund ( USO ) rose nearly 2%, while the United States Natural Gas Fund ( UNG ) lost 0.7%.

Gold futures for December advanced 0.1% to $2,671.30 an ounce on the Comex, while silver futures fell 1% to $32.06 an ounce. SPDR Gold Shares ( GLD ) retreated 0.3%, and iShares Silver Trust ( SLV ) was 1.8% lower.