Why Is the SPY ETF Down Today, 3/24/2026?

The SPDR S&P 500 ETF Trust SPY -0.34% ▼ was down 0.34% today, March 24, due to fading optimism over US-Iran peace talks and rising crude oil prices.

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Importantly, SPY closely tracks the S&P 500 Index (SPX), which declined 0.37% in the regular trading session, while the tech-heavy Nasdaq-100 (NDX) closed 0.77% lower.

**Key Catalysts That Can Move the SPY ETF **

Key catalysts for the SPY ETF include ongoing developments in the Middle East conflict and sharp swings in oil prices that keep fueling persistent inflation fears. Following the March 17-18 FOMC meeting, where rates were held at 3.50-3.75%, multiple Fed officials are scheduled to speak this week.

Further, CERAWeek in Houston, a major energy conference, will feature policymakers and industry leaders whose commentary could shape expectations around global supply, energy security, and inflation pressures.

Also, key earnings reports from PDD Holdings PDD +1.91% ▲ , Chewy CHWY -0.59% ▼ , Cintas CTAS -1.70% ▼ , and Paychex PAYX -3.09% ▼ are expected to influence market sentiment this week.

Fund Flows and Sentiment

SPY’s five-day net outflows totaled $9 billion, showing that investors pulled out capital from the ETF over the past five trading days. Meanwhile, its three-month average trading volume is 83.80 million shares.

It must be noted that the retail sentiment for the SPY ETF is positive, and hedge fund managers have increased their holdings of the ETF in the last quarter.

SPY’s Price Forecast

According to TipRanks’ unique ETF analyst consensus, which is based on a weighted average of analyst ratings on its holdings, SPY has a Moderate Buy rating. The Street’s average price target of $829.93 for the SPY ETF implies an upside potential of 27.06%.

Currently, SPY’s five holdings with the highest upside potential are:

• Super Micro Computer SMCI +3.01% ▲

• Loews L +0.65% ▲

• Fair Isaac FICO -6.43% ▼

• Robinhood Markets HOOD -4.70% ▼

• ServiceNow NOW -5.68% ▼

Meanwhile, its five holdings with the greatest downside potential are:

• Moderna MRNA +0.12% ▲

• APA Corp. APA +4.53% ▲

• Valero Energy VLO +1.84% ▲

• CF Industries CF +5.61% ▲

• Ciena CIEN +5.27% ▲

Revealingly, SPY ETF’s Smart Score is seven, implying that this ETF is likely to perform in line with the broader market over the long term.

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