S&P 500 ETF Hits Correction as Futures Drop 0.6% and Nasdaq Slides 0.7%
S&P 500 futures fell 0.6% and Nasdaq 100 contracts slid 0.7% as SPDR S&P 500 ETF closed its fifth consecutive weekly loss, placing the index in correction territory. Escalating US-Israeli conflict with Iran lifted oil prices and heightened downside risk ahead of this week’s jobs data in an Easter-shortened session.
1. Futures Slide Pushes ETF into Correction
On Sunday night, S&P 500 futures fell 0.6% while Nasdaq 100 contracts dropped 0.7%, extending the SPDR S&P 500 ETF’s five-week losing streak. The sustained selloff dragged the index into correction territory following steep losses across all major averages last week.
2. Middle East Tensions Drive Oil Higher
Renewed hostilities in the US-Israeli conflict with Iran sent crude prices sharply higher, exacerbating inflation concerns and putting additional pressure on profit margins for energy-dependent companies within the S&P 500.
3. Key Labor Data Looms in Shortened Week
With markets closed for Good Friday, investors will focus on this week’s Job Openings and Labor Turnover Survey, ADP private payrolls and the March jobs report. These releases will be closely watched for signs of economic resilience after recent market volatility.