SPY is trading 1.1% lower as the S&P 500 tracks a broad risk-off move driven by an escalation in the U.S.-Iran conflict and sharply higher oil prices.
- Traders are de-risking ahead of the FOMC minutes, which could reinforce hawkish Fed expectations.
- Technology and AI-linked stocks are under pressure while energy shares outperform, leaving the index down despite strength in oil producers.