🔴 State Street SPDR S&P Aerospace & Defense ETF is trading 7.5% down today amid a broad risk-off shift and unwinding of the defense rotation

State Street SPDR S&P Aerospace & Defense ETF is trading 7.5% down today as a broad risk-off shift pressures industrials and triggers an unwinding of the recent rotation into the defense sector.

• U.S. equity futures are trading lower, with the Nasdaq underperforming the S&P 500 and global markets showing widespread weakness.
• The decline appears to be a reversal of the prior session's strength, as traders pull back from value and defense plays in the absence of any specific company-level catalysts.