The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 1.2%, and the actively traded Invesco QQQ Trust (QQQ) was 1.5% lower in Monday's premarket activity as caution deepens amid the intensifying tariff escalations between the US and China.

US stock futures were also lower, with S&P 500 Index futures down 1.3%, Dow Jones Industrial Average futures slipping 1.1%, and Nasdaq futures 1.6% lower before the start of regular trading.

Federal Reserve Bank of Chicago Austan Goolsbee is scheduled to speak at 8:30 am ET.

The leading indicators index for March will be released at 10 am ET.

In premarket activity, bitcoin was up by 3% and the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.2% higher.

Power Play:

Financial

Financial Select Sector SPDR Fund (XLF) declined by 0.9%. Direxion Daily Financial Bull 3X Shares (FAS) was down 2.8%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) rose 2.5%.

Capital One Financial (COF) shares were up 4% pre-bell Monday, while Discover Financial Services (DFS) stock rose 6%. The companies said Friday that the Federal Reserve System's board of governors and the Office of the Comptroller of the Currency have approved Capital One's planned acquisition of Discover.

Winners and Losers:

Consumer

The Consumer Staples Select Sector SPDR Fund (XLP) was down 0.2%, while the Vanguard Consumer Staples Fund (VDC) was up 0.3%. The iShares US Consumer Staples ETF (IYK) was inactive, and the Consumer Discretionary Select Sector SPDR Fund (XLY) lost 0.9%. The VanEck Retail ETF (RTH) and the SPDR S&P Retail ETF (XRT) were inactive.

Tesla (TSLA) shares were down more than 4% pre-bell Monday. Reuters reported Friday that the EV-maker has delayed the rollout of a lower-cost version of its Model Y electric SUV in the US.

Health Care

The Health Care Select Sector SPDR Fund (XLV) retreated 0.6%. The Vanguard Health Care Index Fund (VHT) was down 0.7% while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.9% lower.

Immunovant (IMVT) stock was up 1% premarket Monday. The company said it named Eric Venker as chief executive officer and Tiago Girao as chief financial officer.

Industrial

Industrial Select Sector SPDR Fund (XLI) lost 0.6% while the Vanguard Industrials Index Fund (VIS) was down 0.8% and the iShares US Industrials ETF (IYJ) was flat.

QXO (QXO) stock was down 1.1% before the opening bell. The company said that it is extending its offer to acquire all outstanding shares of Beacon Roofing Supply (BECN) to April 28. Beacon stock was inactive in recent premarket activity. QXO also said its Queen MergerCo unit is planning an offering of $2 billion in senior secured notes due 2032.

Technology

Technology Select Sector SPDR Fund (XLK) fell 1.9%, the iShares US Technology ETF (IYW) was down 1.8%, and the iShares Expanded Tech Sector ETF (IGM) retreated 1.1%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF (XSD) declined by 0.5%, while the iShares Semiconductor ETF (SOXX) was 2.1% lower.

Uber Technologies (UBER) shares were down 1.5% in recent premarket activity after a nearly 3% rise at Thursday's closing. Bloomberg News reported last week that the company is in discussions about buying the Turkish food delivery platform Trendyol Go.

Energy

The iShares US Energy ETF (IYE) was down 2.1%, while the Energy Select Sector SPDR Fund (XLE) fell 0.9%.

Phillips 66 (PSX) stock was down 1.5% before Monday's opening bell. The company asked shareholders to support its board nominees over those proposed by activist investor Elliott, raising concerns over potential conflicts of interest.

Commodities

Front-month US West Texas Intermediate crude oil was down 2.5% at $63.04 per barrel on the New York Mercantile Exchange. Natural gas retreated 1.9% to $3.18 per 1 million British Thermal Units. United States Oil Fund (USO) lost 1.8%, while the United States Natural Gas Fund (UNG) was 1.5% lower.

Gold futures for June rose 2.6% to $3,413.70 an ounce on the Comex, while silver futures advanced 1.6% to $33.30 an ounce. SPDR Gold Shares (GLD) was up 2.5%, and the iShares Silver Trust (SLV) was 1.6% higher.