SPY is trading at $748.72 (-0.81%) as semiconductor and AI-related weakness drags the broader market lower.
- Investors are reassessing chip valuations and capital spending ahead of upcoming earnings, contributing to a 1.55% decline in the Nasdaq.
- Geopolitical tensions and rising oil prices are fueling a risk-off sentiment, further pressuring equity markets.
- The pullback follows recent hawkish Fed commentary that has kept the outlook for future interest rate cuts uncertain.