08:25 AM EST, 02/03/2025 (MT Newswires) -- The broad market exchange-traded fund SPDR S&P 500 ETF Trust ( SPY ) was down 1.5% and the actively traded Invesco QQQ Trust (QQQ) declined 1.7% in Monday's premarket activity amid investor concerns over President Donald Trump's newly imposed tariffs on imports from Canada, Mexico, and China.

US stock futures were also lower, with S&P 500 Index futures down 1.7%, Dow Jones Industrial Average futures slipping 1.5%, and Nasdaq futures retreating 1.9% before the start of regular trading.

The US S&P Global manufacturing PMI January final will be released at 9:45 am ET, followed by the ISM Manufacturing Index for January and the construction spending bulletin for December at 10 am ET.

Atlanta Federal Reserve President Raphael Bostic speaks at 12:30 pm ET, and St. Louis Fed President Alberto Musalem speaks at 6:30 pm ET.

In premarket activity, bitcoin was down by 2.4% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 6% lower.

Power Play:

Industrial

Industrial Select Sector SPDR Fund ( XLI ) retreated 1.9% while the Vanguard Industrials Index Fund ( VIS ) fell 1.9% and the iShares US Industrials ETF ( IYJ ) was inactive.

Air Industries ( AIRI ) stock was up more than 17% before the opening bell after the company reported an amendment to its credit facility with Webster Bank, allowing relaxed covenants, subordinated debt repayment, and a $1.6 million term loan expansion.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund ( XLP ) was down 0.9%, while the Vanguard Consumer Staples Fund (VDC) slipped 0.7%. The iShares US Consumer Staples ETF ( IYK ) retreated 0.2%, and the Consumer Discretionary Select Sector SPDR Fund ( XLY ) lost 1.8%. The VanEck Retail ETF ( RTH ) was inactive, while the SPDR S&P Retail ETF ( XRT ) was 2.2% lower.

Ford (F) and Toyota Motor ( TM ) shares were down more than 4% and 3% respectively, Honda Motor ( HMC ) more than 5%, General Motors ( GM ) more than 7%, and Stellantis ( STLA ) fell more than 5% pre-bell after Trump announced 25% tariffs on imports from Canada and Mexico.

Technology

Technology Select Sector SPDR Fund (XLK) fell 2.1%, and the iShares US Technology ETF ( IYW ) was 2.1% lower, while the iShares Expanded Tech Sector ETF ( IGM ) declined 2.6%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ( XSD ) decreased by 2.3%, while the iShares Semiconductor ETF (SOXX) retreated by 2.8%.

Nova (NVMI) shares were down 3.6% in recent Monday premarket activity, partially reversing the 1.3% gains at Friday's close. The company said it closed the acquisition of Sentronics Metrology in a cash deal valued at $60 million.

Energy

The iShares US Energy ETF ( IYE ) was up 1.1%, while the Energy Select Sector SPDR Fund ( XLE ) was up by 0.1%.

Alliance Resource Partners ( ARLP ) stock was down 3.6% before Monday's opening bell after the company reported lower Q4 earnings and revenue.

Health Care

The Health Care Select Sector SPDR Fund ( XLV ) retreated 0.7%. The Vanguard Health Care Index Fund ( VHT ) was down 1% while the iShares US Healthcare ETF ( IYH ) slipped 0.5%. The iShares Biotechnology ETF (IBB) was 1.7% lower.

Sanofi ( SNY ) stock was down 1.8% premarket after the company said it plans to repurchase about 29.6 million common shares, equivalent to 2.3% of its share capital, from L'Oreal for a total of 3 billion euros ($3.07 billion.)

Financial

Financial Select Sector SPDR Fund (XLF) was down 1.7%. Direxion Daily Financial Bull 3X Shares ( FAS ) fell 4.9%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 4.5% higher.

Bank of America ( BAC ) shares were down 1.7% pre-bell Monday, continuing from a nearly 1% fall at Friday's closing. Oppenheimer lifted its price target for the bank to $56 from $55, and JPMorgan raised it to $49.50 from $48. Both firms maintained their ratings.

Commodities

Front-month US West Texas Intermediate crude oil rose 2.7% to $74.45 per barrel on the New York Mercantile Exchange. Natural gas was up 8.9% at $3.31 per 1 million British Thermal Units. United States Oil Fund ( USO ) increased by 1.9%, while the United States Natural Gas Fund ( UNG ) advanced by 8.3%.

Gold futures for April were up 0.4% at $2,845.90 an ounce on the Comex, and silver futures gained 0.3% to reach $32.37 an ounce. SPDR Gold Shares ( GLD ) were up 0.4%, while the iShares Silver Trust ( SLV ) was 0.3% higher.