08:38 AM EDT, 04/07/2025 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 2.5% and the actively traded Invesco QQQ Trust (QQQ) was 2.6% lower in Monday's premarket activity as investor concerns intensified over President Trump's sweeping tariffs and their potential to trigger a global recession.

US stock futures were also lower, with S&P 500 Index futures down 2.4%, Dow Jones Industrial Average futures retreating 2.5%, and Nasdaq futures losing 2.5% before the start of regular trading.

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

In premarket activity, bitcoin was up by 1.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.6% higher.

Power Play:

Technology

Technology Select Sector SPDR Fund (XLK) fell 3%, and the iShares US Technology ETF ( IYW ) was 2.8% lower, while the iShares Expanded Tech Sector ETF ( IGM ) lost 3%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) declined 4.6%, while the iShares Semiconductor ETF (SOXX) retreated 3.8%.

Taiwan Semiconductor Manufacturing ( TSM ) shares were down nearly 7% in Monday's premarket activity, leading a broad decline among large tech companies following the imposition of US tariffs on imports and after China responded with reciprocal duties on US products.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was down 1%, while the Vanguard Consumer Staples Fund (VDC) retreated 1.2%. The iShares US Consumer Staples ETF ( IYK ) declined 1.5%, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) fell 2.1%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) lost 3.3%.

NIO (NIO) shares were down 6% pre-bell after Reuters reported the company is in discussions for Chinese battery giant CATL to buy a controlling stake in its power unit.

Energy

The iShares US Energy ETF ( IYE ) was down 2.3%, while the Energy Select Sector SPDR Fund ( XLE ) was 2.2% lower.

Shell (SHEL) stock was down more than 5% before Monday's opening bell after the company said it lowered its Q1 liquefied natural gas production outlook to between 6.4 million and 6.8 million metric tons from its previous forecast of 6.6 million to 7.2 million metric tons, citing weather impact and unplanned maintenance, including in Australia.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 1.5%. The Vanguard Health Care Index Fund ( VHT ) was down 1.4% while the iShares US Healthcare ETF ( IYH ) fell 2.4%. The iShares Biotechnology ETF (IBB) was 2.4% lower.

Viatris ( VTRS ) stock was up 2% premarket after the company said it plans to settle opioid-related claims through a nationwide settlement framework.

Financial

Financial Select Sector SPDR Fund (XLF) retreated 2.8%. Direxion Daily Financial Bull 3X Shares ( FAS ) fell 7.9%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 7.5% higher.

Walker & Dunlop ( WD ) shares were down 1.7% pre-bell Monday after the company said it arranged a $168 million loan to refinance the Park Sierra garden-style apartment building in Santa Clarita, California.

Industrial

Industrial Select Sector SPDR Fund ( XLI ) retreated 1.7%, and the Vanguard Industrials Index Fund ( VIS ) was down 2%, while the iShares US Industrials ETF ( IYJ ) was inactive.

Maximus ( MMS ) stock was up 4.5% before the opening bell after the company maintained its quarterly dividend at $0.30 a share.

Commodities

Front-month US West Texas Intermediate crude oil was down 2.1% at $60.67 per barrel on the New York Mercantile Exchange. Natural gas advanced 0.4% to $3.85 per 1 million British Thermal Units. United States Oil Fund ( USO ) lost 3.7%, while the United States Natural Gas Fund ( UNG ) was 1.7% higher.

Gold futures for June gained 0.7% to reach $3,055.60 an ounce on the Comex, while silver futures advanced 3.9% to $30.38 an ounce. SPDR Gold Shares ( GLD ) was down 0.4%, and the iShares Silver Trust ( SLV ) was 0.6% higher.