🔴 SPY is trading 0.04% down today as hotter-than-expected PCE inflation fuels hawkish Fed fears

SPY is trading 0.04% lower as traders digest a hotter-than-expected May PCE inflation reading of 4.1%, the highest level since 2023.

• The data reinforces concerns regarding persistent price pressures and a potentially more hawkish Federal Reserve stance.
• Broad S&P 500 gains remain capped by rising interest rate expectations and an ongoing market rotation from growth into value and cyclical sectors.
• Select technology and semiconductor names have rebounded following strong earnings from Micron, though not enough to offset broader macro pressures.