🔴 XLK is trading 1.5% down today as geopolitical tensions and energy supply shocks trigger a broad market selloff

XLK is trading 1.5% down at $130.50 as escalating U.S.-Iran tensions and energy supply disruptions spark a broader market rout.

• Crude oil prices climbed above $107/barrel following Tropical Cyclone Narelle's impact on Australian LNG facilities and Strait of Hormuz closure concerns, fueling inflation expectations that pressure growth-sensitive tech valuations.
• Broader market anxiety is high with the NASDAQ Composite down 1.40% and the VIX fear gauge elevated at 27.44, signaling a significant flight from risk.
• The technology sector faces additional headwinds from a new Department of Labor proposal to increase H-1B wage requirements, potentially raising operational costs for companies reliant on foreign talent.