The SPDR Portfolio S&P 500 ETF (SPLG) is experiencing downward pressure as the broader U.S. equity market faces a challenging trading session on January 10, 2025. The S&P 500 index, which SPLG tracks, is down 0.88%, reflecting a cautious sentiment among investors. This sentiment is partly driven by significant movements in individual stocks, such as the sharp decline in IGM Biosciences, which plummeted 69% after halting the development of key treatments. Additionally, eVTOL stocks like Joby Aviation and Archer Aviation are also under pressure following downgrades from JPMorgan, contributing to the overall market's negative tone.
In the premarket, U.S. stock futures fell by 0.2%, indicating a subdued start to the trading day. The "Magnificent Seven" tech stocks, including Apple, Nvidia, and Microsoft, showed mixed performances, with slight declines in most, except for Tesla, which saw a modest gain. These movements highlight the market's current volatility and investor caution, particularly in the tech sector, which has been a significant driver of market performance in recent months.
The SPLG ETF is currently priced at $68.43, marking a 1.30% decrease from its previous close.