08:09 AM EDT, 06/10/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 0.1% and the actively traded Invesco QQQ Trust (QQQ) was marginally lower by 0.01% in Monday's premarket activity, ahead of key economic data and the US Federal Open Market Committee's policy announcement due this week.

US stock futures were also lower, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures retreating 0.2%, and Nasdaq futures slipping marginally by 0.01% before the start of regular trading.

In premarket action, bitcoin was down by 0.5% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 0.2% higher.

Power Play:

Technology

Technology Select Sector SPDR Fund ( XLK ) retreated 0.1%, and the iShares US Technology ETF ( IYW ) was 0.2% higher, while the iShares Expanded Tech Sector ETF ( IGM ) was down 0.5%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was inactive, while the iShares Semiconductor ETF ( SOXX ) fell by 0.2%.

Perion Network (PERI) shares were down more than 23% in recent premarket activity after the company lowered its Q2 and 2024 revenue guidance.

Winners and Losers:

Industrial

Industrial Select Sector SPDR Fund ( XLI ) gained 0.07%, while the Vanguard Industrials Index Fund ( VIS ) was inactive and the iShares US Industrials ETF ( IYJ ) gained 0.05%.

Southwest Airlines Company ( LUV ) shares were more than 8% higher Monday premarket after The Wall Street Journal reported Sunday, citing people familiar with the matter, that activist investor Elliott Investment Management acquired a nearly $2 billion stake in the carrier.

Energy

The iShares US Energy ETF ( IYE ) was down 0.1%, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.04%.

Diamond Offshore Drilling ( DO ) was up more than 8% before Monday's opening bell after Noble (NE) said that it entered a definitive merger agreement to acquire Diamond Offshore ( DO ) in a stock plus cash transaction with an implied value of $15.52 per share.

Financial

Financial Select Sector SPDR Fund ( XLF ) retreated 0.3%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 1%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 1% higher.

Bitfarms ( BITF ) shares were down more than 3% pre-bell Monday after the company said its board of directors has unanimously approved a shareholder rights plan, intended to protect the integrity of its ongoing strategic alternatives review process and counter Riot Platforms' share accumulation.

Consumer

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

Stellantis ( STLA ) traded down 1% pre-bell after the National Highway Traffic Safety Administration said Chrysler is recalling about 211,581 vehicles in the US due to a software issue that may disable the electronic stability control system.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) was flat. The Vanguard Health Care Index Fund ( VHT ) and the iShares US Healthcare ETF ( IYH ) were inactive, while the iShares Biotechnology ETF ( IBB ) was flat.

Moderna ( MRNA ) stock gained more than 1% premarket after the company said its Phase 3 trial of the investigational combination vaccine mRNA-1083, targeting both influenza and COVID-19, has successfully met its primary endpoints, demonstrating "a higher immune response" compared to licensed comparator vaccines used in the trial.

Commodities

Front-month US West Texas Intermediate crude oil advanced 0.7% to $76.03 per barrel on the New York Mercantile Exchange. Natural gas was 3.8% higher at $3.03 per 1 million British Thermal Units. United States Oil Fund ( USO ) gained 1.1%, while the United States Natural Gas Fund ( UNG ) rose 3.4%.

Gold futures for August retreated 0.2% to $2,319.40 an ounce on the Comex, while silver futures gained 1.5% to $29.88 an ounce. SPDR Gold Shares ( GLD ) advanced 0.8%, and iShares Silver Trust ( SLV ) was 2% higher.