08:39 AM EDT, 05/06/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% higher in Monday's premarket activity, as investors hope for the Federal Reserve to cut interest rates soon.

US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures gaining 0.3% before the start of regular trading.

Richmond Federal Reserve President Thomas Barkin speaks at 12:50 pm ET and New York President John Williams at 1 pm ET.

In premarket action, bitcoin was up by 0.4% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 3.5% higher.

Power Play:

Technology

Technology Select Sector SPDR Fund (XLK) gained 0.2%, and the iShares US Technology ETF (IYW) was 0.7% higher, while the iShares Expanded Tech Sector ETF (IGM) retreated marginally by 0.04%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was flat, while the iShares Semiconductor ETF (SOXX) rose by 0.7%.

Perficient (PRFT) was up more than 53% in recent Monday premarket activity a day after the company said it has agreed to be acquired by an affiliate of BPEA Private Equity Fund VIII, part of EQT AB, in an all-cash transaction that values the company at about $3 billion.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was 0.3% higher, while the Vanguard Consumer Staples Fund (VDC) was up 0.1% The iShares US Consumer Staples ETF (IYK) was down 0.1%, and the Consumer Discretionary Select Sector SPDR Fund (XLY) gained 0.1%. The VanEck Retail ETF (RTH) and the SPDR S&P Retail ETF (XRT) were inactive.

Freshpet ( FRPT ) traded up 11% pre-bell after the company reported Q1 earnings of $0.37 per diluted share, swinging from a loss of $0.52 a year earlier.

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.2%. The Vanguard Health Care Index Fund (VHT) was up 0.1% while the iShares US Healthcare ETF (IYH) was 0.7% higher. The iShares Biotechnology ETF (IBB) gained 0.5%.

ADC Therapeutics ( ADCT ) was up more than 5% after the company said initial data from a phase 2 clinical study evaluating its loncastuximab tesirine-lpyl cancer drug candidate Zynlonta showed a high response rate in treating marginal zone lymphoma, a type of cancer that targets the immune system.

Financial

Financial Select Sector SPDR Fund (XLF) gained 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.4%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.4% lower.

Healthcare Realty Trust ( HR ) shares were up 2.2% in premarket activity after the company announced a joint venture with KKR (KKR) ****to jointly invest in high-quality medical outpatient buildings, with expectations of receiving about $300 million in proceeds for the contribution of a seed portfolio to the venture.

Industrial

Industrial Select Sector SPDR Fund (XLI) advanced 0.4% and the Vanguard Industrials Index Fund (VIS) was inactive, while the iShares US Industrials ETF (IYJ) was also inactive.

Spirit Airlines ( SAVE ) retreated 1.4% before the opening bell a day after the company reported a wider Q1 adjusted loss of $1.46 per diluted share and lower revenue from a year earlier.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was up by 0.7%.

Genesis Energy (GEL) shares were up 1.7% before Monday's opening bell after the company said it launched a $500 million public offering of senior unsecured notes due 2032, which will be used to redeem existing notes and for general partnership purposes.

Commodities

Front-month US West Texas Intermediate crude oil advanced 1% to reach $78.92 per barrel on the New York Mercantile Exchange. Natural gas rose 1.4% to $2.17 per 1 million British Thermal Units. United States Oil Fund (USO) was up 1%, while the United States Natural Gas Fund (UNG) was 2.2% higher.

Gold futures for April advanced 0.8% to $2,326.60 an ounce on the Comex, and silver futures were up by 2.4% to $27.33 an ounce. SPDR Gold Shares (GLD) were up 0.7%, and iShares Silver Trust (SLV) was 2.2% higher.