07:59 AM EDT, 07/08/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was up 0.03% and the actively traded Invesco QQQ Trust (QQQ) was 0.1% higher in Monday's premarket activity, ahead of key inflation data and Federal Reserve Chair Jerome Powell's testimony before the Senate Tuesday and House Wednesday.

US stock futures were also edging higher, with S&P 500 Index futures up 0.03%, Dow Jones Industrial Average futures gaining 0.1%, and Nasdaq futures advancing 0.03% before the start of regular trading.

The consumer credit report will be released at 3 pm ET.

In premarket action, bitcoin was up 0.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF ( BITO ) was 1.6% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 0.1%. The Vanguard Health Care Index Fund ( VHT ) was 0.3% higher while the iShares US Healthcare ETF ( IYH ) was inactive. The iShares Biotechnology ETF ( IBB ) gained 0.3%.

Ideaya Biosciences ( IDYA ) shares were up 17% premarket after the company said it received positive clinical data in a phase 2 clinical trial of IDE397 in methylthioadenosine phosphorylase-deletion urothelial and non-small cell lung cancer patients.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund ( XLK ) gained 0.3%, and the iShares US Technology ETF ( IYW ) was 0.2% higher, while the iShares Expanded Tech Sector ETF ( IGM ) was up 0.4%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was up 0.1%, while the iShares Semiconductor ETF ( SOXX ) rose 0.7%.

Wallbox ( WBX ) shares were up 6% in recent Monday premarket activity after the company said its preliminary Q2 revenue is about 49 million euros ($53 million), nearly 50% higher than the year earlier.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) edged up 0.03%, while the Vanguard Consumer Staples Fund (VDC) was inactive. The iShares US Consumer Staples ETF ( IYK ) was inactive, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) lost 0.02%. The VanEck Retail ETF ( RTH ) was up 1% and the SPDR S&P Retail ETF ( XRT ) was nearly 1% higher.

Uxin ( UXIN ) shares traded up 3% pre-bell after the company said it would enter a joint venture with Zhengzhou Airport Automobile Industry to build a new used-car store in Zhengzhou.

Energy

The iShares US Energy ETF ( IYE ) was 0.6% lower, while the Energy Select Sector SPDR Fund ( XLE ) was down 0.3%.

EnLink Midstream ( ENLC ) stock was up nearly 3% before Monday's opening bell after Wells Fargo upgraded the company to overweight from equal weight and raised its price target to $17 from $13.

Financial

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

HIVE Digital Technologies ( HIVE ) shares gained 2% pre-bell Monday after the company said it mined 119 bitcoins in June and increased its holdings to 2,496 bitcoins.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) lost 0.2% while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Pentair ( PNR ) gained 2% before the opening bell after Citigroup lowered its price target on the company to $95 from $101 while maintaining a buy rating.

Commodities

Front-month US West Texas Intermediate crude oil retreated 1.1% to $82.28 per barrel on the New York Mercantile Exchange. Natural gas gained 0.22% to $2.32 per 1 million British Thermal Units. United States Oil Fund ( USO ) lost 0.8%, while the United States Natural Gas Fund ( UNG ) gained 0.3%.

Gold futures for August retreated 0.7% to $2,381.10 an ounce on the Comex, while silver futures fell 1.2% to $31.32 an ounce. SPDR Gold Shares ( GLD ) were down 0.6%, and iShares Silver Trust ( SLV ) was 0.5% lower.