The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.8% and the actively traded Invesco QQQ Trust (QQQ) was 0.9% higher in Monday's premarket activity ahead of a fresh inflation reading later in the week.

US stock futures were also higher, with the S&P 500 Index up 0.8%, the Dow Jones Industrial Average gaining 0.7%, and Nasdaq futures 0.9% higher before the start of regular trading.

The July wholesale inventories bulletin will be released at 10 am ET, and the Fed's consumer credit report for July will be released at 3 pm ET.

In premarket activity, bitcoin was up 1.6% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 3.5% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund (XLV) advanced 0.1%. The Vanguard Health Care Index Fund (VHT) was up 0.6% while the iShares US Healthcare ETF (IYH) rose 3.5%. The iShares Biotechnology ETF (IBB) was inactive.

Summit Therapeutics (SMMT) shares were up 32% premarket after the company said that data from the primary analysis of the phase 3 HARMONi-2 trial showed that ivonescimab monotherapy has a statistically significant improvement in progression-free survival compared with pembrolizumab monotherapy as a first-line treatment in patients with non-small cell lung cancer.

Winners and Losers:

Technology

Technology Select Sector SPDR Fund (XLK) was up 1%, and the iShares US Technology ETF (IYW) was inactive while the iShares Expanded Tech Sector ETF (IGM) was up 0.1%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) was flat, while the iShares Semiconductor ETF (SOXX) rose by 1.3%.

Dell Technologies (DELL) stock was up 5.1% in recent Monday premarket activity after S&P Dow Jones Indices said Friday the computer manufacturer would join the S&P 500 on Sept. 23.

Industrial

Industrial Select Sector SPDR Fund (XLI) advanced 0.8% while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.

Boeing (BA) stock gained 3.9% before the opening bell after the company said Sunday it had reached a tentative agreement on a contract with the International Aerospace Machinists union districts 751 and W24, representing more than 33,000 of its employees.

Energy

The iShares US Energy ETF (IYE) was inactive, while the Energy Select Sector SPDR Fund (XLE) was up by 0.4%.

Obsidian Energy (OBE) stock was up 2.4% before Monday's opening bell after the company raised the lower end of its 2024 guidance for annual production to 36,400 to 37,000 barrels of oil equivalent per day.

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.04%, while the Vanguard Consumer Staples Fund (VDC) was up 0.03%. The iShares US Consumer Staples ETF (IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) gained 0.9%. The VanEck Retail ETF (RTH) was inactive, while the SPDR S&P Retail ETF (XRT) was 0.7% higher.

Carvana (CVNA) shares traded up 2.4% pre-bell Monday after the company said it is integrating its auction and reconditioning operations at its Houston site.

Financial

Financial Select Sector SPDR Fund (XLF) retreated 0.8%. Direxion Daily Financial Bull 3X Shares (FAS) was up 2.3%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was inactive.

PayPal Holdings (PYPL) shares were up 1.1% premarket after the payments company said it would become an additional online debit and credit card processor for Shopify (SHOP) in the US. Shopify stock was up 1.5%.

Commodities

Front-month US West Texas Intermediate crude oil advanced 1.2% to $68.45 per barrel on the New York Mercantile Exchange. Natural gas fell by 4.2% to $2.18 per 1 million British Thermal Units. United States Oil Fund (USO) gained 0.8%, while the United States Natural Gas Fund (UNG) was down 3.5%.

Gold futures for December gained by 0.1% to $2,527.40 an ounce on the Comex, while silver futures were up 1.1% at $28.49 an ounce. SPDR Gold Shares (GLD) rose 0.1%, and iShares Silver Trust (SLV) was 0.7% lower.