The SPDR S&P 500 ETF Trust ($SPY) exhibited a subtle uptick of 0.3% while the actively traded Invesco QQQ Trust ($QQQ) rose by 0.4% during the premarket hours on Monday, setting the stage for a week teeming with crucial economic data releases that could sway market dynamics significantly. U.S. stock futures mirrored this positive sentiment, with S&P 500 Index futures advancing by 0.2%, Dow Jones Industrial Average futures increasing by 0.1%, and Nasdaq futures marking a gain of 0.2% before the commencement of regular trading. A key report from the New York Federal Reserve concerning consumer inflation expectations is scheduled for release at 11 a.m.
ET, which is highly anticipated by investors seeking insights into the ongoing inflationary trends affecting the economy. In premarket trading, Bitcoin has seen a modest rise of 0.5%, while the ProShares Bitcoin Strategy ETF ($BITO) faced a near 2% decrease. The financial sector showcased mixed movements as the Financial Select Sector SPDR Fund (XLF) edged up by 0.2%.
Direxion Daily Financial Bull 3X Shares ($FAS.US) recorded a notable increase of 0.7%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ), depreciated by 0.5%. Of significant note was the surge in KeyCorp ($KEY) shares, which soared over 20% in premarket trading following the Bank of Nova Scotia’s ($BNS) announcement of a substantial $2.8 billion investment to secure a 14.9% equity stake in the firm.
The Bank of Nova Scotia shares also experienced a rise of 0.3% subsequently. Turning to the technology sector, the Technology Select Sector SPDR Fund (XLK) experienced a 0.4% rise, whereas the iShares US Technology ETF ($IYW) remained stable without much activity. The iShares Expanded Tech Sector ETF ($IGM.US) showed no change.
In the realm of semiconductor ETFs, while the SPDR S&P Semiconductor ETF ($XSD) did not see any movement, the iShares Semiconductor ETF ($SOXX) registered a gain of 0.4%. Moreover, shares of Monday.com ($MNDY) surged over 8% in premarket trading after the company announced stronger-than-expected Q2 results and heightened its revenue guidance for 2024. In the healthcare sector, the Health Care Select Sector SPDR Fund ($XLV) rose by 0.3%.
The Vanguard Health Care Index Fund ($VHT) matched this increment, while the iShares US Healthcare ETF ($IYH) saw no trading activity, and the iShares Biotechnology ETF ($IBB) remained stable. In contrast, Fortrea Holdings ($FTRE) faced a staggering decline of over 10% after reporting an adjusted loss in Q2 alongside reduced revenue figures. Within the energy landscape, the iShares US Energy ETF ($IYE) faltered by 3%, while the Energy Select Sector SPDR Fund ($XLE) appreciated by 0.6%.
Notably, Borr Drilling ($BORR) shares climbed by 4.3% after the company disclosed that its IHC unit successfully priced an offering of an additional 10% senior secured notes due in 2028, expecting gross proceeds of approximately $150 million. In the consumer sector, the Consumer Staples Select Sector SPDR Fund ($XLP) slightly inched up by 0.2%.
Conversely, the Vanguard Consumer Staples Fund ($VDC) saw no trading activity. The iShares US Consumer Staples ETF ($IYK) remained unchanged, while the Consumer Discretionary Select Sector SPDR Fund ($XLY) experienced a minimal gain of 0.1%. The VanEck Retail ETF ($RTH) was inactive, and the SPDR S&P Retail ETF ($XRT) slipped by 0.1%. Stock for Life Time Group Holdings ($LTH) dropped by more than 5% in premarket trading following the company’s announcement regarding the sale of 6 million shares by itself and existing stockholders in an underwritten public offering. In the industrial sector, the Industrial Select Sector SPDR Fund ($XLI) dipped by 0.1%, while the Vanguard Industrials Index Fund ($VIS) and the iShares US Industrials ETF (IYJ) remained inactive.
Conversely, Rocket Lab USA ($RKLB) stock rose by 1.5% after announcing it had launched its 52nd electron rocket and successfully deployed a Capella Space satellite into low-Earth orbit over the weekend. As for commodities, front-month U.S. West Texas Intermediate crude oil saw a 1.1% price increase to $77.69 per barrel on the New York Mercantile Exchange, while natural gas surged by 4.5% to $2.24 per one million British Thermal Units.
The United States Oil Fund (USO) climbed by 1%, while the United States Natural Gas Fund (UNG) gained 4% in value. Gold futures for December rose by 0.3% to $2,480.30 an ounce on the Comex, and silver futures increased by 1.3% to $27.95 an ounce. The SPDR Gold Shares ($GLD) appreciated by 0.4%, whereas the iShares Silver Trust ($SLV) advanced 1.9%..