Technology stocks were lower pre-bell Monday, with the State Street Technology Select Sector SPDR ETF (XLK) retreating by 0.8% and the State Street SPDR S&P Semiconductor ETF (XSD) 0.9% lower.

Gitlab (GTLB) shares were down more than 3% premarket Monday after Barclays downgraded the company's stock to underweight from equalweight and cut its price target to $34 from $42.