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Broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) fell 0.7% in premarket activity Monday, and the actively traded Invesco QQQ Trust Series (QQQ) was down 0.9%.
US stock futures were also lower, with the S&P 500 down 0.8% ahead of the start of trading.
Traders will be looking ahead to the trade balance report for April due for publication at 8:30 am ET. The consensus outlook for the total goods and services trade is for a deficit of $92 billion, according to Econoday.
The April consumer credit report is due at 3 pm ET, with expectations for an increase of $31.7 billion, according to Econoday.
In premarket action, bitcoin was 6% lower, while cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) tumbled 6.3%.
Power Play: Consumer
Consumer Staples Select Sector SPDR (XLP) was 1.3% lower, while Vanguard Consumer Staples ETF (VDC) was flat, and iShares Dow Jones US Consumer Goods (IYK) was inactive.
Consumer Discretionary Select Sector SPDR (XLY) was down 2%; among retail funds, Market Vectors Retail ETF (RTH) was inactive and SPDR S&P Retail (XRT) was unchanged.
Target (TGT) fell 8.9% after it said Tuesday that it is expecting full-year 2022 revenue growth to be in the low- to mid-single-digit range, and expects to maintain or gain market share in 2022.
Winners and Losers
Financials:
Select Financial Sector SPDR (XLF) slipped 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) edged down about 0.7%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) gained roughly 2%.
Citigroup (C) fell 0.7% after Reuters reported, citing an interview with Asia-Pacific CEO Peter Babej, that the investment bank is looking to increase its workforce in Asia by hiring around 3,000 people for its Asia institutional business in the next few years.
Energy:
Dow Jones US Energy Fund (IYE) was flat, while the Energy Select Sector SPDR ETF (XLE) added 0.1%.
Callon Petroleum (CPE) fell 1.3% after saying late Monday it now expects its 2022 capital budget to range from $790 million to $810 million, up from the $725 million it previously guided, citing inflationary service cost pressures.
Commodities:
Front-month US West Texas Intermediate crude oil was 0.2% lower, while natural gas was up 1.5%. United States Oil Fund (USO) edged up 0.2%, and the United States Natural Gas Fund (UNG) climbed 1.3%.
Gold advanced about 0.4% and silver slipped 0.2%; SPDR Gold Trust (GLD) gained almost 0.3% while iShares Silver Trust (SLV) was flat.
Technology:
Technology Select Sector SPDR ETF (XLK) was down 0.9% and iShares Dow Jones US Technology ETF (IYW) was unchanged. The iShares S&P North American Technology ETF (IGM) was inactive.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was down 0.7% while the Semiconductor Sector Index Fund (SOXX) was about 1.4% lower.
Exela Technologies (XELA) added 0.6% after saying it has signed a five-year renewal contract worth $19 million with an unnamed Irish bank.
Health Care:
The Health Care SPDR (XLV) and iShares Dow Jones US Healthcare (IYH) were both unchanged. The Vanguard Health Care ETF (VHT) and iShares Biotechnology ETF (IBB) were also flat.
Moderna (MRNA) was marginally lower after saying that the first participants have been dosed in a Phase 3 study of the biotech company’s seasonal influenza vaccine candidate mRNA-1010.
Industrial:
Select Sector SPDR-Industrial (XLI) was inching 0.6% lower, while iShares US Industrials (IYJ) and the Vanguard Industrials Index Fund (VIS) were both inactive.
Globus Maritime (GLBS) fell 6.3% after reporting late Monday Q1 earnings of $0.59 per share, compared with a loss of $0.11 per share a year earlier. Revenue for the quarter ended March 31 was $18.4 million, compared with $5.2 million a year earlier.
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