State Street SPDR S&P 500 ETF Trust is trading 1.2% down today as investors react to a hawkish policy shift following the Federal Reserve’s first meeting under Chair Kevin Warsh.

  • The Fed held rates steady but removed expectations for any cuts in 2026, warning that the next move could be a hike, which lifted rate expectations and pressured broader market valuations.
  • The technology sector, the largest component of the S&P 500, is seeing significant selling as higher-for-longer projections weigh on high-growth and AI-linked names.
  • Investor sentiment is further dampened by a reassessment of capital-intensive expansion plans from major players like Nvidia, compounding the macro-driven risk-off move across major U.S. indices.