SPY is trading down about 1.6% as investors react to renewed Middle East conflict and rising oil prices.
- Geopolitical escalation involving Iran, U.S., and Saudi forces has pushed Brent crude sharply higher, stoking inflation concerns ahead of a key Federal Reserve rate decision.
- Tech and semiconductor weakness is amplifying the decline given the fund's heavy exposure to information technology.
Market Impact: NASDAQ Composite: -1.78%. Other indices: S&P 500: -1.61%, Dow Jones Industrial Average: -2.19%