08:59 AM EDT, 09/30/2024 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 0.3% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% lower in Monday's premarket activity, as investors await Powell's speech later in the day on the economic outlook.

US stock futures were also lower, with S&P 500 Index futures and Dow Jones Industrial Average futures both slipping 0.2%, and Nasdaq futures retreating 0.3% before the start of regular trading.

The Chicago PMI for September will be released at 9:45 am ET, followed by the Dallas Fed Manufacturing Survey for September at 10:30 am ET, while Federal Reserve Chair Jerome Powell will speak about the economic outlook at a National Association for Business Economics meeting in Nashville, Tennessee, at 1:55 pm ET.

In premarket action, bitcoin was down by 3.6% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 3.4% lower.

Power Play:

Technology

Technology Select Sector SPDR Fund ( XLK ) retreated 0.6% and the iShares US Technology ETF ( IYW ) was 0.2% lower, while the iShares Expanded Tech Sector ETF ( IGM ) was up 0.2%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) was inactive, while the iShares Semiconductor ETF ( SOXX ) was down 2%.

TTEC Holdings ( TTEC ) shares rose 40% before Monday's bell after saying its board received an unsolicited proposal from Chairman and Chief Executive Kenneth Tuchman to take the firm private at a proposed purchase price of $6.85 a share.

Winners and Losers:

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 0.1%. The Vanguard Health Care Index Fund ( VHT ) was down 0.1% while the iShares US Healthcare ETF ( IYH ) was flat. The iShares Biotechnology ETF ( IBB ) marginally advanced by 0.04%.

Prime Medicine ( PRME ) shares were up over 16% in Monday's premarket activity after saying it signed a research collaboration and license agreement with Bristol-Myers Squibb ( BMY ) to develop reagents for the next generation of ex vivo T-cell therapies.

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was up 0.01%, while the Vanguard Consumer Staples Fund (VDC) retreated 0.4%. The iShares US Consumer Staples ETF ( IYK ) was flat, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) slipped 0.4%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was 0.3% lower.

Nio (NIO) shares rose 16% before the opening bell Monday after saying that its Nio Holding unit will receive a total of 3.30 billion Chinese renminbi ($470.6 million) in investments from Hefei Jianheng New Energy Automobile Investment Fund Partnership, Anhui Provincial Emerging Industry Investment, and CS Capital for newly issued shares.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) was down by 0.1%, while the Vanguard Industrials Index Fund ( VIS ) and the iShares US Industrials ETF ( IYJ ) were inactive.

Rio Tinto Group (RIO) shares were around 1% higher before Monday's opening bell after RBC raised its price target to 57 British pounds ($76.3) from 56 pounds with a sector perform rating.

Financial

Financial Select Sector SPDR Fund ( XLF ) slipped 0.2%. Direxion Daily Financial Bull 3X Shares ( FAS ) was down 0.5%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) gained 0.6%.

U.S. Bancorp ( USB ) shares were up by 1% in Monday's premarket activity after Morgan Stanley upgraded it to overweight from equalweight and raised its price target to $57 from $54.

Energy

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

Hess (HES) shares were slightly up before Monday's opening bell after Wolfe Research upgraded it to outperform from peer perform with a $150 price target.

Commodities

Front-month US West Texas Intermediate crude oil slipped by 0.4% to $67.89 per barrel on the New York Mercantile Exchange. Natural gas was down by 0.3% at $2.89 per 1 million British Thermal Units. United States Oil Fund ( USO ) retreated 0.5%, while the United States Natural Gas Fund ( UNG ) lost 0.4%.

Gold futures for December were down 0.2% at $2,663.20 an ounce on the Comex, while silver futures retreated 0.7% to $31.60 an ounce. SPDR Gold Shares ( GLD ) declined 0.4%, and iShares Silver Trust ( SLV ) was 1% lower.