SPY is trading at $777.87, down -0.03% versus the October 12 close of $778.10—a slight pre-market decline, not a 3% move, amid pressure on technology and semiconductor stocks.

  • AI-spending return concerns, high borrowing costs, and Chinese chip competition weighed on global tech sentiment; the Philadelphia Semiconductor Index fell 2.7% Monday.
  • The September CPI report and major-bank earnings are also in focus, adding caution before upcoming catalysts.