The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.2% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% lower in Monday's premarket activity as investors await the White House's announcement on trade pacts, while Tesla (TSLA) Chief Executive Elon Musk launched a new US political party.

US stock futures were also lower, with S&P 500 Index futures down 0.3%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures retreating 0.4% before the start of regular trading.

The US Export Inspections report is due at 11 am ET, while the US 3-month bill auction and the 6-month bill auction are due at 11:30 am ET.

The US Crop Progress report is slated to be out at 4 pm ET.

In premarket action, bitcoin was up by 0.2% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% lower.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) retreated 0.1%. The Vanguard Health Care Index Fund (VHT) was down 0.2% and the iShares US Healthcare ETF (IYH) was 0.1% lower. The iShares Biotechnology ETF (IBB) declined by 0.2%.

Apogee Therapeutics (APGE) shares rose 16% in recent Monday premarket activity, after the company said its part A of the phase 2 Apex clinical study of anti-IL-13 antibody APG777 to treat moderate-to-severe atopic dermatitis demonstrated a 71% reduction in eczema area severity index at week 16, compared to about 34% reduction for placebo.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) was down 0.2% and the iShares US Technology ETF (IYW) was 0.3% lower. The iShares Expanded Tech Sector ETF (IGM) retreated 1.2%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) gained 1.9%, while the iShares Semiconductor ETF (SOXX) declined by 0.8%.

Tesla (TSLA) stock was down 6.5% before Monday's opening bell, after the company's Chief Executive Elon Musk said in a X post that he had formed a new US political party.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.2%, while the Vanguard Consumer Staples Fund (VDC) slipped marginally by 0.03%. The iShares US Consumer Staples ETF (IYK) was flat, and the Consumer Discretionary Select Sector SPDR Fund (XLY) was 1.1% lower. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was down by 5.5%.

Stellantis (STLA) shares slipped 3.5% before the opening bell on Monday, after the US National Highway Traffic Safety Administration said the automaker's trucks' brake transmission shift interlock system of certain models of 2013 to 2018 RAM vehicles are subject to further probe.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was down by 0.6%.

Shell's (SHEL) shares fell 3% pre-bell Monday, after the energy giant updated its Q2 guidance and said trading and optimization in the quarter is anticipated to be "significantly lower" than Q1.

Industrial

Industrial Select Sector SPDR Fund (XLI) retreated 0.2%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.

Applied Materials (AMAT) shares slipped 1.5% before Monday's opening bell, after Rothschild & Co Redburn downgraded the company to neutral from buy and lowered its price target to $200 from $225.

Financial

Financial Select Sector SPDR Fund (XLF) lost 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.6%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was flat.

Wells Fargo (WFC) shares were down around 1% before Monday's bell, after Raymond James downgraded the bank to market perform from strong buy with a $84 price target.

Commodities

Front-month US West Texas Intermediate crude oil retreated 0.1% to $66.95 per barrel on the New York Mercantile Exchange. Natural gas declined 3.2% to $3.30 per 1 million British Thermal Units. United States Oil Fund (USO) was 0.4% higher, while the United States Natural Gas Fund (UNG) was 4.3% lower.

Gold futures for August retreated 1% to $3,310 an ounce on the Comex, while silver futures were down 2% to $36.33 an ounce. SPDR Gold Shares (GLD) declined 0.9%, and the iShares Silver Trust (SLV) was 1.5% lower.