The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 1% and the actively traded Invesco QQQ Trust (QQQ) was 1.1% lower in Monday's premarket activity as surging crude prices tied to the Middle East conflict fuel worries about inflation.
US stock futures were also lower, with S&P 500 Index futures down 1.1%, Dow Jones Industrial Average futures slipping 1.2%, and Nasdaq futures retreating 1.2% before the start of regular trading.
The New York Fed's inflation expectations report for February is scheduled to be released at 11 am ET.
In premarket activity, bitcoin advanced by 0.2%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.1% higher, Ether ETF (EETH) was up 0.2%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.
Power Play:
Health Care
The State Street Health Care Select Sector SPDR ETF (XLV) declined by 1%. The Vanguard Health Care Index Fund (VHT) was down 1.1% while the iShares US Healthcare ETF (IYH) fell by 1.3%. The iShares Biotechnology ETF (IBB) lost 1.8%.
Hims & Hers Health (HIMS) stock was up more than 41% premarket, while Novo Nordisk (NVO) advanced 1.4% after Bloomberg reported Friday that Novo plans to sell its weight loss drugs on Hims & Hers Health's platform.
Winners and Losers:
Energy
The iShares US Energy ETF (IYE) was up 1.2%, while the State Street Energy Select Sector SPDR ETF (XLE) was 1.2% higher.
Borr Drilling (BORR) stock was down more than 3% before Monday's opening bell after the company said it shut down operations on four drilling rigs in the Arabian Gulf amid the ongoing hostilities in the region.
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) declined by 1.2%, the Vanguard Industrials Index Fund (VIS) fell 1%, and the iShares US Industrials ETF (IYJ) was 1.6% lower.
Beta Technologies (BETA) stock was down more than 3% before the opening bell after the company reported a wider Q4 net loss.
Financial
The State Street Financial Select Sector SPDR ETF (XLF) retreated by 1.4%. Direxion Daily Financial Bull 3X Shares (FAS) was down 4.2%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 4.2% lower.
KKR (KKR) shares were down more than 2% pre-bell after the Financial Times reported Sunday that the company is working with advisers on a potential sale of CoolIT Systems, aiming to fetch more than $3 billion for the provider of cooling equipment for data centers.
Technology
The State Street Technology Select Sector SPDR ETF (XLK) retreated 1.2%, and the iShares US Technology ETF (IYW) was 1.2% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 1.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell 2%, while the iShares Semiconductor ETF (SOXX) declined by 1.7%.
STMicroelectronics (STM) shares were down more than 1% in recent premarket activity after falling 5.9% at Friday's close. The company said Monday that it is starting "high-volume production" of its silicon photonics-based PIC100 platform, targeting to more than quadruple output by 2027.
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.7%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat. The iShares US Consumer Staples ETF (IYK) retreated by 0.7%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 1.4%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) fell by 1.8%.
Campbell's (CPB) shares were down more than 1% pre-bell after price target cuts by Piper Sandler and Stephens.
Commodities
Front-month US West Texas Intermediate crude oil rose by 12.3% to $102.10 per barrel on the New York Mercantile Exchange. Natural gas gained by 5.9% to $3.37 per 1 million British Thermal Units. The United States Oil Fund (USO) rose by 10.7%, while the United States Natural Gas Fund (UNG) was 5.8% higher.
Gold futures for March retreated 1.2% to $5,098.30 an ounce on the Comex. Silver futures gained by 0.5% to $83.42 an ounce. SPDR Gold Shares (GLD) was down by 1.2%, and the iShares Silver Trust (SLV) declined by 0.5%.