🔴 SPY is trading 0.9% down today as surging oil and CPI fears weigh on markets

SPY is trading about 0.9% down today as surging crude prices and geopolitical tensions drive a risk-off move across the S&P 500.

• Escalating U.S.–Iran tensions around the Strait of Hormuz have sent oil prices higher, stoking stagflation worries ahead of the June CPI report.
• The broader market is under pressure as investors rotate out of richly valued technology shares amid concerns that inflation will remain sticky while growth risks persist.