The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 1.4%, and the actively traded Invesco QQQ Trust (QQQ) retreated 3% in recent Tuesday premarket activity, amid a broad technology selloff fueled by concerns over borrowing costs and heavy spending on artificial intelligence infrastructure.
US stock futures were also lower, with S&P 500 Index futures down 1.4%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures retreating 3% before the start of regular trading.
The S&P Global flash readings for June manufacturing and services conditions are due to be released at 9:45 am ET.
The state-level unemployment data for May and the Richmond Fed's services and manufacturing readings for June will be released at 10:00 am ET.
In premarket action, bitcoin was down by 4.4%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 3.4% lower, Ether ETF (EETH) retreated by 5.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.
Power Play:
Technology
The State Street Technology Select Sector SPDR ETF (XLK) retreated 3.8%, and the iShares US Technology ETF (IYW) was 3.5% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 3.4%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 5.8%, while the iShares Semiconductor ETF (SOXX) fell by 7%.
International Business Machines (IBM) shares were up more than 4% in recent premarket activity after the company said it joined the OpenAI Daybreak Cyber Partner program.
Winners and Losers:
Financial
The State Street Financial Select Sector SPDR ETF (XLF) was down 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) retreated by 1.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.
Robinhood Markets (HOOD) shares traded down 5.6% in early hours activity after the online investment platform priced a private $2 billion offering of non-interest-bearing senior convertible notes, due Oct. 1, 2029.
Consumer
The State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 1.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was gaining by 0.2%, and the iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.9%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated by 0.6%.
Tesla (TSLA) shares were down 2.7% pre-bell, following a 1.1% gain at the previous day's close. NatPower said it has signed a multiyear supply and execution deal with Tesla for more than 25 gigawatt-hours of battery energy storage systems in Italy and the UK.
Health Care
The State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.7%, the Vanguard Health Care Index Fund (VHT) was up 0.4%, while the iShares US Healthcare ETF (IYH) was up 2%. The iShares Biotechnology ETF (IBB) was down 0.7%.
Natera (NTRA) stock was down more than 2% premarket, extending the 1.1% decline at the prior close. The company said it has received a Category 1 recommendation from the National Comprehensive Cancer Network for Signatera-guided adjuvant atezolizumab treatment in patients with muscle-invasive bladder cancer.
Energy
The iShares US Energy ETF (IYE) was down 0.03%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.2%.
Energy Fuels (UUUU) stock was down more than 2% before market open after the company agreed to acquire Germany's Vaccumschmelze and associated business and subsidiaries from Ara Partners for $1.9 billion in cash and stock.
Industrial
The State Street Industrial Select Sector SPDR ETF (XLI) declined by 1.2%, while the Vanguard Industrials Index Fund (VIS) was up less than 0.1% and the iShares US Industrials ETF (IYJ) was flat.
A. O. Smith (AOS) stock little changed before the opening bell. The company said its board has elected Stephen Shafer, president and chief executive officer, as chairman, effective July 1, after Executive Chairman Kevin Wheeler retires.
Commodities
Front-month US West Texas Intermediate crude oil retreated by 0.3% to $73.60 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.6% to $3.20 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 1%, while the United States Natural Gas Fund (UNG) was 1.5% lower.
Gold futures for July were down by 1.6% to $4,134.70 an ounce on the Comex. Silver futures retreated by 5.1% to $62.21 an ounce. SPDR Gold Shares (GLD) declined by 2%, and the iShares Silver Trust (SLV) was 4.9% lower.