In the latest premarket activity, the broad market exchange-traded fund SPDR S&P 500 ETF Trust ($SPY) experienced a slight decrease of 0.02%, while the actively traded Invesco QQQ Trust ($QQQ) saw a modest increase of 0.4%. These movements indicate that investors are closely monitoring the outlook for interest rates in the upcoming year, following signals from the Fed suggesting a prolonged period of elevated rates. US stock futures displayed a mixed response, with S&P 500 Index futures inching up by 0.1%, Dow Jones Industrial Average futures dipping by 0.2%, and Nasdaq futures climbing by 0.4% ahead of the regular trading session. Later today, key economic indicators will be released, beginning with November's Chicago Fed National Activity Index at 8:30 am ET.
Following that, the Conference Board will publish its consumer confidence report for December at 10 am ET. In the cryptocurrency market, bitcoin recorded a 0.6% increase, whereas the ProShares Bitcoin Strategy ETF ($BITO) fell by 4.8% in premarket trading. In the Consumer sector, the Consumer Staples Select Sector SPDR Fund ($XLP) registered a slight decline of 0.1%, with the Vanguard Consumer Staples Fund ($VDC) dropping by 1.2%.
Conversely, the Consumer Discretionary Select Sector SPDR Fund ($XLY) gained 0.4%. The iShares US Consumer Staples ETF ($IYK) and the VanEck Retail ETF ($RTH) remained inactive. A significant player in the automotive industry, Honda Motor ($HMC), saw its shares surge over 14% before the market opened after announcing a memorandum of understanding with Nissan Motor to explore a potential merger and the creation of a joint holding company. Shifting focus to the Technology sector, the Technology Select Sector SPDR Fund (XLK) rose by 0.5%, while the iShares US Technology ETF ($IYW) gained 0.3%.
The iShares Expanded Tech Sector ETF ($IGM.US) matched a 0.5% increase. Among the semiconductor ETFs, the SPDR S&P Semiconductor ETF ($XSD) was inactive, yet the iShares Semiconductor ETF ($SOXX) appreciated by 1.2%. In an interesting acquisition move, Xerox Holdings ($XRX) experienced a 5.6% rise in Monday's premarket trading after announcing an agreement to acquire Lexmark International from Ninestar, PAG Asia Capital, and Shanghai Shouda Investment Center for $1.5 billion, which includes assumed liabilities. In the Health Care sector, the Health Care Select Sector SPDR Fund ($XLV) moved ahead by 0.2%.
However, the Vanguard Health Care Index Fund ($VHT) declined by 0.7%, while the iShares US Healthcare ETF ($IYH) remained dormant. The iShares Biotechnology ETF ($IBB) also saw no trading activity. Zomedica ($ZOM) stocks dropped by 3.4% in the premarket after the company announced the launch of two new canine assays for its Truforma in-clinic biosensor testing platform. Examining the Financial sector, the Financial Select Sector SPDR Fund (XLF) saw a reduction of 0.1%.
Direxion Daily Financial Bull 3X Shares ($FAS.US) decreased by 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares ($FAZ), was up by 0.5%. Shares of National Health Investors ($NHI) also fell by 1.1% before the market opened after Truist downgraded the company's price target from $78 to $72. The Industrial Select Sector SPDR Fund ($XLI) saw an increase of 0.1%, while the Vanguard Industrials Index Fund ($VIS) rose by 0.2%.
The iShares US Industrials ETF (IYJ) remained inactive. Laser Photonics ($LASE) reported nearly a 1% rise before the opening after receiving an order for its handheld continuous wave fiber laser machine for surface preparation from the Cooper Nuclear Station in Nebraska. In the Energy sector, the iShares US Energy ETF ($IYE) increased by 0.2%, with the Energy Select Sector SPDR Fund ($XLE) also up by 0.1%.
Vermilion Energy ($VET) stock noted a near 1% rise before the opening bell following its announcement of an acquisition of Westbrick Energy for $1.08 billion in cash. Lastly, in commodity trading, the front-month US West Texas Intermediate crude oil saw a 0.3% decrease to $69.28 per barrel, while natural gas prices increased by 2.1% to $3.83 per 1 million British Thermal Units.
The United States Oil Fund (USO) fell by 0.6%, and the United States Natural Gas Fund (UNG) rose by 0.8%. Gold futures for February dropped by 0.6% to $2,629 per ounce, whereas silver futures advanced by 0.7% to $30.16 an ounce. The SPDR Gold Shares ($GLD) decreased by 0.4%, while the iShares Silver Trust ($SLV) gained 0.2%. In summary, the market shows a blend of modest advancements and declines across various sectors, with significant corporate movements and economic data releases lining up for investors to assess before the day’s trading unfolds..