The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.7% lower in Monday's premarket activity as investors react to a sharp downturn in precious metals.

US stock futures were also lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures retreating 0.7% before the start of regular trading.

The final US Manufacturing Purchasing Managers' Index for January will be released at 9:45 am ET, followed by the Institute for Supply Management's manufacturing index for January at 10 am ET.

In premarket activity, bitcoin was up by 1.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 6.9% lower, Ether ETF (EETH) fell by 13%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was down 6.3%.

Power Play:

Financial

The State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.3%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% lower.

Patria Investments (PAX) shares were down more than 6% pre-bell after the company said it has agreed to acquire WP Global Partners, a US-based private equity solutions manager focused on the lower-middle market.

Winners and Losers:

Energy

The iShares US Energy ETF (IYE) was down 0.9%, while the State Street Energy Select Sector SPDR ETF (XLE) fell by 1.5%.

Coterra Energy (CTRA) stock was down more than 3% before Monday's opening bell, while Devon Energy (DVN) retreated 1% after the companies said they have agreed to merge in an all-stock deal valued at $58 billion.

Consumer

The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained marginally by 0.03%. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.3%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was down 0.4%.

Aptiv (APTV) shares were down more than 3% pre-bell after the company's Q1 adjusted earnings guidance fell short of estimates from analysts polled by FactSet.

Health Care

The State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.2%. The Vanguard Health Care Index Fund (VHT) was down 0.02%, while the iShares US Healthcare ETF (IYH) gained 0.2%. The iShares Biotechnology ETF (IBB) was down 0.1%

Sanofi (SNY) stock was up more than 1% premarket after the company said venglustat met its primary goal in a phase 3 study involving adult and pediatric patients with neurological symptoms of type 3 Gaucher disease.

Industrial

The State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.3% while the Vanguard Industrials Index Fund (VIS) was down 0.6% and the iShares US Industrials ETF (IYJ) was 0.1% lower.

ESAB (ESAB) stock was down more than 1% before the opening bell after the company said that it signed a deal to acquire Eddyfi Technologies, which provides advanced inspection and monitoring technology, for $1.45 billion.

Technology

The State Street Technology Select Sector SPDR ETF (XLK) retreated 0.4%, and the iShares US Technology ETF (IYW) was 0.2% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 0.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 1%, while the iShares Semiconductor ETF (SOXX) decreased by 1%.

Nvidia (NVDA) shares were down more than 1% in recent premarket activity after Bloomberg cited CEO Jensen Huang as saying that the company's proposed $100 billion investment in Microsoft-backed (MSFT) OpenAI was "never a commitment," but would be Nvidia's "largest investment" ever made.

Commodities

Front-month US West Texas Intermediate crude oil was down by 4.9% at $62 per barrel on the New York Mercantile Exchange. Natural gas fell 17% to $3.60 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 5.8%, while the United States Natural Gas Fund (UNG) was 17% lower.

Gold futures for March advanced 1.4% to $4,812.30 an ounce on the Comex. Silver futures rose by 6% to $83.23 an ounce. SPDR Gold Shares (GLD) retreated by 1.4%, and the iShares Silver Trust (SLV) was down 0.5%.