SPY is trading 0.6% higher as investors digest new Trump administration tariffs on 60 trading partners and a continued rotation from large-cap tech into cyclical and value sectors.
- The S&P 500 is currently outperforming the Nasdaq, which remains flat as Alphabet and Tesla earnings weigh on AI-heavy megacaps.
- Energy and tariff-resilient sectors are seeing gains, supported by elevated oil prices and the specific details of the new tariff structure.