SPMO is trading 2.1% down today as the information technology sector, which makes up over half of the ETF’s holdings, faces continued selling pressure.
- Elevated AI and semiconductor valuations are driving profit-taking and a rotation into defensive and value sectors amid rising rate and geopolitical worries.
- Overnight pressure on chipmakers following TSMC’s capex surge has reinforced concerns regarding the sustainability of AI infrastructure spending, weighing on tech-heavy indices.