🔴 SPY is trading 0.1% down today after tech-led weakness and quarter-end rebalancing

SPY is trading 0.1% down today following a tech-led pullback and quarter-end positioning as investors rotate out of high-valuation growth stocks.

• Weakness in large-cap AI and software names is dragging the index, particularly as information technology accounts for approximately 37% of the fund's total weight.
• The downward pressure comes ahead of this week’s PCE inflation data and scheduled rebalancing, mirroring broader selling in tech-heavy benchmarks.
• The decline persists despite a lack of major new economic releases, driven primarily by shifts in market sentiment and positioning.