🔴 State Street SPDR S&P 500 ETF Trust is trading 1.6% down today on hot CPI data and geopolitical escalation

State Street SPDR S&P 500 ETF Trust is trading 1.6% down today as a hot May CPI report and geopolitical instability trigger widespread risk aversion.

• The May CPI report showed inflation at 4.2%, a one-year high that has significantly reduced hopes for near-term Fed rate cuts.
• Geopolitical escalation with Iran and the potential closure of the Strait of Hormuz have driven crude oil above $94 per barrel, stoking recession concerns.
• Heavy selling in large-cap technology and AI beneficiaries, fueled by valuation risks and high capital expenditure concerns from companies like Oracle, is pressuring the tech-heavy ETF.