SPDR S&P 500 ETF Drops 1.3% as Brent Crude Tests $120 Highs
The SPDR S&P 500 ETF dropped 1.31% after Brent crude surged 22.99% to $114, testing 52-week highs near $120. Risk-off sentiment hit travel stocks like Delta and United (-3.8%, -4.0%) while defense names and energy plays outperformed.
1. Oil Price Surge
Brent crude climbed 22.99% to $114 and WTI rose 1.20% to $110.17, with both benchmarks challenging 52-week highs near $120 after weekend conflicts in the Persian Gulf disrupted regional flows.
2. Market Reaction and SPY Performance
The S&P 500 index fell 1.88%, driving the ETF down 1.31% as futures slumped over 1,000 points overnight and volatility spiked in U.S. equity markets.
3. Sector Movers
Fuel-sensitive travel names saw steep declines—Delta, United and Carnival fell nearly 4% each—while Lockheed Martin and RTX advanced over 1% and Occidental Petroleum jumped 1.86% as investors rotated into defense and energy plays.