SPY is trading 1% down today as investors lock in profits and reassess risk amid renewed inflation and interest-rate concerns.

  • Rising oil prices and energy-driven inflation are pushing Treasury yields higher, pressuring the long-duration growth and tech stocks that dominate the index.
  • A lack of major breakthroughs on semiconductor trade from the Trump–Xi summit has further weighed on sentiment, triggering a broad risk-off move across U.S. equities.