🔴 S&P 500 ETF (SPY) is trading 1% down in pre-market as megacap results renew AI-trade doubts

SPY is trading at $764.87, down 1.06%, as mixed megacap results renewed doubts about the AI trade.

• Tesla cut its 2026 capital-spending forecast, while Meta raised its AI spending outlook.
• Rising Middle East tensions and oil prices added risk-off pressure; Brent reached roughly $110.70.
• U.S. futures and Asian shares weakened, with technology stocks under particular pressure.