SPMO is trading 1.5% down today as the information technology sector, which comprises nearly 47% of its holdings, declines following reports that OpenAI missed revenue and user targets.
- The news sparked concerns over the sustainability of AI spending, hitting partners like ORCL (down 5-7% pre-market) and pressuring major holdings including NVIDIA and AMD.
- Broader market sentiment remains mixed with the NASDAQ down 0.84% and the S&P 500 down 0.54%, while the Dow is up 0.15%.
- Investors are showing caution ahead of the upcoming Federal Reserve meeting and key technology earnings, with no major macroeconomic data scheduled for release today.