The broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) experienced a decline of 0.3%, while the actively traded Invesco QQQ Trust ($QQQ) was down 0.4% during Monday's premarket activity, as investors brace for a significant week of earnings announcements alongside speeches from Federal Reserve presidents regarding the economy and future outlook. Furthermore, US stock futures reflect bearish sentiments, with S&P 500 Index futures down by 0.3%, Dow Jones Industrial Average futures slipping by 0.2%, and Nasdaq futures retreating by 0.5% ahead of the regular trading session. Federal Reserve Dallas President Lorie Logan is slated to speak around 9 am ET at the 2024 Securities Industry and Financial Markets Association annual meeting.
This will be followed by the release of the leading economic indicators index for September at 10 am ET. Meanwhile, Fed Minneapolis President Neel Kashkari is scheduled to address attendees at the Chippewa Falls Area Chamber of Commerce in Wisconsin at 1 pm ET. Later in the day, at 5 pm ET, Fed Kansas City President Jeffrey Schmid will share insights on the economic and monetary policy outlook at a Chartered Financial Analyst Society's event. In the cryptocurrency market, bitcoin recorded a 0.3% decline, as the ProShares Bitcoin Strategy ETF ($BITO) saw a decrease of 0.5% during premarket trading. Power Play: In the tech sector, the Technology Select Sector SPDR Fund (XLK) fell by 0.7%.
The iShares US Technology ETF ($IYW) slipped 0.5%, while the iShares Expanded Tech Sector ETF ($IGM.US) managed a gain of 1%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF ($XSD) remained inactive, whereas the iShares Semiconductor ETF ($SOXX) decreased by 1%. Notably, shares of Siyata Mobile ($SYTA) surged dramatically by 122% in premarket activities after announcing that T-Mobile ($TMUS) would provide the company's push-to-talk cellular radio handsets. Examining the winners and losers within other sectors: In the Industrial sector, the Industrial Select Sector SPDR Fund ($XLI) retreated by 0.2%, while Vanguard Industrials Index Fund ($VIS) remained flat.
The iShares US Industrials ETF (IYJ) also saw inactivity. Piedmont Lithium ($PLL) shares dropped over 5% before Monday’s opening, following a downgrade by JPMorgan, which adjusted its rating to underweight from neutral and reduced the price target from $9 to $8. In Health Care, the Health Care Select Sector SPDR Fund ($XLV) showed a marginal uptick of 0.02%, while Vanguard Health Care Index Fund ($VHT) held steady.
The iShares US Healthcare ETF ($IYH) saw no activity, and the iShares Biotechnology ETF ($IBB) dipped by 0.2%. Elevai Labs ($ELAB) experienced a 4% rise in stock value ahead of the bell after its Elevai Biosciences unit disclosed 'encouraging' preclinical data from 2022 regarding EL-32, a dual-action blocker for myostatin and activin-A. In Energy, the iShares US Energy ETF ($IYE) rose by 0.3%, while the Energy Select Sector SPDR Fund ($XLE) climbed 0.6%.
BKV ($BKV) shares increased by around 3% ahead of Monday’s opening, following coverage initiation by KeyBanc at overweight with a $23 price target, and Jefferies began coverage with a buy rating and a $28 price target. In the Financial sector, the Financial Select Sector SPDR Fund (XLF) fell 0.1%.
Direxion Daily Financial Bull 3X Shares ($FAS.US) dropped by 0.6%, while the bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ), increased by 0.6%. Sandy Spring Bancorp ($SASR) shares were up 2.3% following news of its acquisition agreement by Atlantic Union Bankshares ($AUB) in an all-stock deal valued at approximately $1.6 billion. In the Consumer sector, the Consumer Staples Select Sector SPDR Fund ($XLP) declined by 0.1%, while Vanguard Consumer Staples Fund ($VDC) remained unchanged.
The iShares US Consumer Staples ETF ($IYK) reported inactivity, and the Consumer Discretionary Select Sector SPDR Fund ($XLY) fell by 0.6%. The VanEck Retail ETF ($RTH) was inactive, but the SPDR S&P Retail ETF ($XRT) saw a slight increase of 0.04%. Delta Air Lines ($DAL) stocks dropped by 1.8% before Monday’s opening after reports surfaced regarding a technical fault that necessitated an emergency stop for its flight to New York at Blaise Diagne International Airport in Senegal on Saturday. Commodities saw movement as well, with front-month US West Texas Intermediate crude oil rising by 2% to $70.03 per barrel on the New York Mercantile Exchange.
Natural gas spiked by 3.4%, reaching $2.33 per million British Thermal Units. The United States Oil Fund (USO) increased by 1.4%, while the United States Natural Gas Fund (UNG) advanced by 1.7%. In precious metals, gold futures for December climbed 0.8%, settling at $2,750.50 per ounce on the Comex, while silver futures improved by 2.9%, reaching $34.20 per ounce.
SPDR Gold Shares ($GLD) rose 0.6%, and iShares Silver Trust ($SLV) increased by 1.4%..