SPY is trading 0.7% down today, tracking a broader S&P 500 pullback driven by profit-taking in information technology and growth sectors following recent gains.
- Rising rate-hike odds ahead of the FOMC minutes and surging oil prices tied to Middle East tensions are intensifying inflation concerns and weighing on risk assets.
- Semiconductor stocks are facing renewed pressure following a drop in Samsung and fresh concerns regarding China-related AI chip restrictions.